An Inquiry into the Nature and Causes of the Wealth of Nations

Adam Smith, from the Warren J. Samuels Portrait Collection
Smith, Adam
(1723-1790)
CEE
Display paragraphs in this book containing:
Editor/Trans.
Edwin Cannan, ed.
First Pub. Date
1776
Publisher/Edition
London: Methuen & Co., Ltd.
Pub. Date
1904
Comments
5th edition.

Notes to the Electronic Edition:

* The Library of Economics and Liberty electronic edition is taken from Edwin Cannan's 1904 edition of Smith's Wealth of Nations, based on the 5th and last edition published in Smith's lifetime. The text and footnotes are presented here in full.

** Each footnote is marked in the text by a colored-coded superscript and in this footnote file according to its authorship as follows:

  • The author's original notes, color-coded blue in the text, are unbracketed and unlabeled below.
  • The editor's (Cannan's) notes, color-coded gold in the text, are bracketed below.
  • The website (Library of Economics and Liberty) Editor's notes, color-coded red in the text, are unbracketed and indicated by asterisks rather than numbers.

Book V, Chapter I

1. [Lectures, p. 14.]

2. [Ed. 1 reads `is'.]

3. [What Thucydides says (ii., 97) is that no European or Asiatic nation could resist the Scythians if they were united. Ed. 1 reads here and on next page `Thucidides'.]

4. [Lectures, pp. 20, 21.]

5. [Ed. 1 reads `a good deal of'.]

6. [Ed. 1 reads `or fifth'.]

7. [Ed. 1 reads `so short a'.]

8. [VII., 27.]

9. [Livy, v., 2.]

10. [Livy, iv., 59 ad fin.]

11. [Above, p. 216.]

12. [Ed. 1 reads 'never can'.]

13. [Ed. 1 reads 'at whose expence they are employed'. Repeated all but verbatim below, p. 296.]

14. [Ed. 1 reads `is acquired'.]

15. [As ed. 1 was published at the beginning of March, 1776, this must have been written less than a year after the outbreak of the war, which lasted eight years.]

16. [The Seven Years' War, 1756-1763. Ed. 1 reads `of which in the last war the valour appeared'.]

17. [`This' is probably a misprint for `his,' the reading of eds. 1-3.]

18. [Ed. 1 reads 'which'.]

19. [Almost certainly a misprint for `demonstrate,' the reading of ed. 1.]

20. [Lectures, p. 29. 'Cromwel,' which is Hume's spelling, appears first in ed. 4 here, but above, p. 111, it is so spelt in all editions.]

21. [Lectures, p. 263.]

22. [Hume, History, ed. of 1773, vol. ii., p. 432, says the `furious engine,' artillery, 'though it seemed contrived for the destruction of mankind and the overthrow of empires, has in the issue rendered battles less bloody, and has given greater stability to civil societies,' but his reasons are somewhat different from those in the text above. This part of the chapter is evidently adapted from Part iv. `Of Arms' in the Lectures, pp. 260-264, and the dissertation on the rise, progress and fall of militarism in Part i., pp. 26-34.]

23. [Ed. 1 reads `or'.]

24. [Misprinted `their' in eds. 4 and 5.]

25. [Lectures, p. 10.]

26. [Lectures, p. 15: 'Till there be property there can be no government, the very end of which is to secure wealth and to defend the rich from the poor.' Cp. Locke, Civil Government, § 94, `government has no other end but the preservation of property'. ]

27. They are to be found in Tyrrel's History of England. [General History of England, both Ecclesiastical and Civil, by James Tyrrell, vol. ii., 1700, pp. 576-579. The king is Richard I., not Henry II.]

28. [Ed. 1 reads 'except when they stand in need of the interposition of his authority in order to protect them from the oppression of some of their fellow subjects'.]

29. [Iliad, ix., 149-156, but the presents are not the `sole advantage' mentioned.]

30. [The extraordinary accent here and seven lines lower down appears first in ed. 2.]

31. [Smith was in Toulouse from February or March, 1764, to August, 1765.—Rae, Life of Adam Smith, pp. 174, 175, 188.]

32. [Lectures, p. 49. Above, vol. i., p. 415.]

33. [These two lines are not in eds. 1 and 2. See below, p. 253, note 2.]

34. [Eds. 1-4 read `is'; cp. below, p. 282, note 3.]

35. [Ed. 1 reads `tear and wear'.]

36. [Ed. 1 reads `seems to be capable'.]

37. Since publishing the two first editions of this book, I have got good reasons to believe that all the turnpike tolls levied in Great Britain do not produce a neat reveal that amounts to half a million; a sum which under the management of Government would not be sufficient to keep in repair five of the principal roads in the kingdom. [This and the next note appear first in ed. 3.]

38. I have now good reasons to believe that all these conjectural sums are by much too large.

39. [Ed. 1 reads here and two lines lower down `tear and wear'.]

40. [Ed. 1 reads `partly in the six days' labour'.]

41. [Here and in the next sentence for `the labour of the country people,' ed. 1 reads `the six days labour'.]

42. [Voyages de François Bernier, Amsterdam 1710, can scarcely be said to discredit the ordinary eulogy of Indian roads and canals by an account of any particular works, but it does so by not mentioning them in places where it would be natural to do so if they had existed or been remarkable. See tom. ii., p. 249, 'les grandes rivières qui en ces quartiers n'ont ordinairement point de ponts'.]

43. [Ed. 1 reads 'or'.]

44. [Ed. 1 reads `tyranny by which the intendant chastises any parish or communauté which has had the misfortune to fall under his displeasure'.]

45. [This section (ending on p. 282) appears first in Additions and Corrections and ed. 3. ]

46. [Anderson, Commerce, A.D. 1606.]

47. [Ibid., A.D. 1620, and cp. A.D. 1623.]

48. [Sir Josiah Child, New Discourse of Trade, etc., chap. iii., divides companies into those in joint stock and those `who trade not by a joint stock, but only are under government and regulation'.]

49. [The company or society of the Merchant Adventurers of England.]

50. [Additions and Corrections reads 'Russian,' probably a misprint, though `Russian,' which is incorrect, appears on the next page.]

51. [Eds. 1-3 read 'restraints'.]

52. [Anderson Commerce, A.D. 1643: the fine was doubled in that year, being raised to £100 for Londoners and £50 for others.]

53. [Anderson, Commerce, A.D. 1661, under which the other two years are also mentioned. ]

54. [Additions and Corrections and eds. 3 and 4 read 'has'. Smith very probably wrote 'there has been no complaint'.]

55. [The preamble recites the history of the company.]

56. [Anderson, Commerce, A.D. 1672.]

57. [New Discourse of Trade, chap. iii., quoted by Anderson, Commerce, A.D. 1672. This part of the book was not published till long after 1672, but seems to have been written before the closing of the Exchequer in that year.]

58. [Anderson, Commerce, A.D. 1605, 1643, 1753.]

59. [Additions and Corrections reads `extensive'.]

60. [See the preamble to 26 Geo. IL, c. 18.—Anderson, Commerce, A.D. 1753.]

61. [New Discourse of Trade, chap. iii.]

62. [Below, p. 266.]

63. [Additions and Corrections reads `all the other'.]

64. [A joint-stock company here is an incorporated or chartered company. The common application of the term to other companies is later.]

65. [Anderson, Commerce, A.D. 1723.]

66. [It stood at this amount from 1746 to the end of 1781, but was then increased by a call of 8 per cent.—Anderson, Commerce, A.D. 1746, and (Continuation) A.D. 1781.]

67. [Anderson, Commerce, A.D. 1672 and A.D. 1698.]

68. [Ibid., A.D. 1670.]

69. [Ibid., A.D. 1698.]

70. [10 Ann., c. 27. Anderson, Commerce, A.D. 1712.]

71. [Ibid., A.D. 1730. The annual grant continued till 1746.]

72. [Ibid., A.D. 1733.]

73. [23 Geo. II., c. 31; 25 Geo. II. c. 40; Anderson, Commerce, A.D. 1750, 1752; above, p. 261.]

74. [Anderson, Commerce, A.D. 1618, 1631 and 1662.]

75. [Ibid., A.D. 1743, quoting Captain Christopher Middleton.]

76. [Anderson, Commerce, A.D. 1670.]

77. ['Eight or nine private merchants do engross nine-tenth parts of the company's stock.' Anderson, Commerce, A.D. 1743, quoting from An Account of the Countries Adjoining to Hudson's Bay... with an Abstract of Captain Middleton's Journal and Observations upon his Behaviour, by Arthur Dobbs, Esq., 1744, p. 58.]

78. [In his Account, pp. 3 and 58, he talks of 2,000 per cent., but this, of course, only refers to the difference between buying and selling prices.]

79. [Commerce, A.D. 1743, but the examination is not nearly so comprehensive, nor the expression of opinion so ample as is suggested by the text.]

80. [Anderson, Commerce, A.D. 1713.]

81. [Ibid., A.D. 1731, 1732 and 1734.]

82. [Ibid., A.D. 1724 and 1732. But there was no successful voyage; the company were `considerable losers in every one' of the eight years.]

83. [By 9 Geo. I., c. 6. Anderson, Commerce, A.D. 1723.]

84. [This was done by 6 Geo. II., c. 28. Ibid., A.D. 1733.]

85. [Ibid., A.D. 1732 and A.D. 1733.]

86. [Ibid., A.D. 1748 and A.D. 1750.]

87. [`Until this time the English East India trade was carried on by several separate stocks, making particular running-voyages; but in this year they united all into one general joint-capital stock.' Anderson, Commerce, A.D. 1612.]

88. [Ibid., A.D. 1693.]

89. [Ibid., A.D. 1676.]

90. [Ibid., A.D. 1681 and A.D. 1685.]

91. [The whole of this history is in Anderson, A.D. 1698.]

92. [Ibid., A.D. 1701.]

93. [Ibid., A.D. 1730.]

94. [`This coalition was made on the 22nd of July, 1702, by an indenture tripartite between the Queen and the said two companies.'—Anderson, Commerce, A.D. 1702.]

95. [6 Ann., c. 17. Anderson, Commerce, A.D. 1708.]

96. [7 Geo. III., c. 49, and 8 Geo. III., c. II.]

97. [In 1772-3. Additions and Corrections and ed. 3 read 'subjects'.]

98. [13 Geo. III., c. 63.]

99. [House of Commons Journals, April 27, 1773. ]

100. [The spelling in other parts of the work is `neat'. The Additions and Corrections read `nett' both here and seven lines above. The discrepancy was obviously noticed in one case and not in the other.]

101. [Examen de la réponse de M. N** [Necker] au Mémoire de M. l'Abbé Morellet, sur la Compagnie des Indes: par l'auteur du Mémoire, 1769, pp. 35-38.]

102. [6 Ann., c. 22.]

103. [At least as against private persons, Anderson, Commerce, A.D. 1720.]

104. [Eds. 4 and 5 insert 'it' here, by a misprint.]

105. [Additions and Corrections and ed. 3 read `was'.]

106. [Above, vol. i., pp. 310-318. ]

107. [Anderson, Commerce, A.D. 1690, 1704, 1710, 1711.]

108. ['This section, beginning on p. 253, appears first in Additions and Corrections and ed. 3.]

109. [Ed. 1 reads `the youth' as in the first line of the text.]

110. [Eds. 1-4 read `is.]

111. [Ed. 1 reads 'the year'.]

112. [Rae, Life of Adam Smith, p. 48, thinks Smith's salary at Glasgow may have been about £70 with a house, and his fees near £100.]

113. [Eds. 1 and 2 read `in physic'.]

114. [Ed. 1 does not contain 'the'.]

115. [Ed. 1 reads `and they still continue to be so in some universities'.]

116. ['Necessarily' and 'naturally' are transposed in ed. 1.]

117. [Ed. 1 reads `those'.]

118. [Ed. 1 reads 'Those two chapters were'.]

119. [Ed. 1 reads 'What was called Metaphysics or Pneumatics was set in opposition to Physics, and was cultivated'.]

120. [Ed. 1 reads `of'.]

121. [Above, p. 283.]

122. [Repeated all but verbatim from above, p. 218.]

123. [Hist., vi., 56; xviii., 34.]

124. [Ant. Rom., ii., xxiv. to xxvii., esp. xxvi.]

125. [Repub., iii., 400-401.]

126. [Politics, 1340 a.]

127. [Hist., iv., 20.]

128. [Esprit des lois, liv. iv., chap. viii, where Plato, Aristotle and Polybius are quoted.]

129. [Iliad, xiii., 137; xviii., 494, 594; Odyssey, i., 152; viii., 265; xviii., 304; xxiii., 134.]

130. [Ed. 1 places `those parents' here.]

131. [Plutarch, Life of Solon, quoted by Montesquieu, Esprit des Lois, liv. xxvi., ch. v.]

132. [The words `one of' do not occur in eds. 1 and 2. They are perhaps a misprint for 'some of' or a misreading suggested by a failure to understand that `his own life' is that of Marcus Antoninus. See Lucian, Eunuchus, iii.]

133. [Above, p. 296.]

134. [Ed. 1 reads `the minds of men are not'.]

135. [Ed. 1 reads `from'.]

136. [Ed. 1 reads `the'.]

137. [Ed. 1 reads `as it is capable of being'.]

138. [Ed. 1 reads `the use of those members'.]

139. [Eds. 1-3 read 'is'.]

140. [In `Discourses on the First Decade of Titus Livius,' book iii., chap. i.]

141. [The original reads `finances, armies, fleets'.]

142. [Hume, History, chap. xxix., vol. iv., pp. 30, 31, in ed. of 1773, which differs verbally both from earlier and from later editions.]

143. [Ed. 1 reads `of each sect'.]

144. [Ed. 1 reads `the most numerous sect'.]

145. [Ed. 1 reads `of each sect'.]

146. [Ed. 1 reads `Roman catholic church'.]

147. [Ed. 1 does not contain `and'.]

148. [These nine words are not in ed. 1.]

149. [Ed. 1 reads `great and consistorial'.]

150. [Daniel Histoire de France, 1755, tom. vii., pp. 158, 159; tom. ix., p. 40.]

151. ['Il ne lui resta que deux domestiques pour le servir et lui préparer à manger, encore faisient-ils passer par le feu les plats oł il mangeait, et les vases oł il buvait pour les purifier, comme ayant été fouillés par un homme retranché de la communion des fidèles.'—Ibid., tom. iii., pp. 305-306. Hénault's account is similar, Nouvel Abrégé chronologique, 1768, tom. i., p. 114, A.D. 996.]

152. [Ed. 1 reads `by the general prevalence of those doctrines'.]

153. [Eds. 1 and 2 read `take party'.]

154. [The `Act concerning Patronages,' 53rd of the second session of the first parliament of William and Mary, is doubtless meant but this is a separate Act from the 'Act ratifying the Confession of Faith and settling Presbyterian Church Government,' Acts of the Parliaments of Scotland, 1822, vol. ix., pp. 133, 196.]

155. [The preamble of the Act mentions `the great hardship upon the patrons' as the 'great heats and divisions'.]

156. [Ed. 1 reads `small benefice'.]

157. [Voltaire's expression is not quite so strong as it is represented. He says in the catalogue of writers in the Siècle de Louis XIV., 'Porée (Charles), né en Normandie en 1675, Jésuite, du petit nombre des professeurs qui ont eu de la célébrité chez les gens du monde. Eloquent dans le goût de Sénèque, poëte et très bel esprit. Son plus mérite fut de faire aimer les lettres et la vertu à ses disciples. Mort en 1741.]

158. [Quaere as to Suetonius. Ed. 1 continues here `Several of those whom we do not know with certainty to have been public teachers appear to have been private tutors. Polybius, we know, was private tutor to Scipio Æmilianus; Dionysius of Halicarnassus, there are some probable reasons for believing, was so to the children of Marcus and Quintus Cicero.]

159. [The Lectures leave little doubt that this is a fragment of autobiography.]

160. [Ed. 5 reads `expenses,' but this seems to be a misprint or misreading suggested by the fact that several expenses have been mentioned.]

Book V, Chapter II

1. See Memoires concernant les Droits & Impositions en Europe: tome i. page 73. This work was compiled by the order of the court for the use of a commission employed for some years past in considering the proper means for reforming the finances of France. The account of the French taxes, which takes up three volumes in quarto, may be regarded as perfectly authentic. That of those of other European nations was compiled from such informations as the French ministers at the different courts could procure. It is much shorter, and probably not quite so exact as that of the French taxes. [The book is by Moreau de Beaumont, Paris, 1768-9, 4 vols., 4to. The correct title of vol. i. is Mémoires concernant les Impositions et Droits en Europe; vols. ii.-iv. are Mémoires concernant les Impositions et Droits, 2de. Ptie., Impositions et Droits en France. Smith obtained his copy through Turgot, and attached great value to it, believing it to be very rare. See Bonar, Catalogue, p. 10.]

2. [Hist. of Florence, bk. viii., ad fin.]

3. [Details are given above, p. 274, but that is in a passage which appears first in ed. 3.]

4. [Above, p. 336.]

5. See Memoires concernant les Droits & Impositions en Europe; tome i. p. 73.

6. [The figures are those of the Land Tax Acts.]

7. [See on these estimates Sir Robert Giffen, Growth of Capital, 1889, pp. 89, 90.]

8. See Sketches of the History of Man [1774, by Henry Home, Lord Kames vol.i.] page 4'74 & seq. [This author at the place quoted gives six 'general rules' as to taxation:

    1. 'That wherever there is an opportunity of smuggling taxes ought to be moderate.'
    2. 'That taxes expensive in the levying ought to be avoided.'
    3. 'To avoid arbitrary taxes.'
    4. 'To remedy' inequality of riches 'as much as possible, by relieving the poor and burdening the rich.'
    5. 'That every tax which tends to impoverish the nation ought to be rejected with indignation.'
    6. 'To avoid taxes that require the oath of party.']

9. [In ed. 1 'as they could contrive' comes here instead of three lines earlier.]

10. [Ed. 1 reads `is imposed according to'. For the origin of the stereotyped assessment of the land tax see Cannan, Hist. of Local Rates in England, 1896, pp. 114-119.]

11. [Ed. 2 reads `They contribute'.]

12. [Ed. 1, beginning after the same revenue,' six lines higher up reads 'As the tax does not rise with the rise of the rent, the sovereign does not share in the profits of the landlord's improvements. The tax therefore does not discourage those improvements.']

13. Memoires concernant les Droits [tom. i.] p. 240, 241.

14. Memoires concernant les Droits, &c. tome i. p. 114, 115, 116, &c.

15. [Ibid., pp. 117-119.]

16. Id. p. 83, 84 [and 79].

17. Id. p. 280, &c. also P. 287, &c. to 316.

18. [As stated just above.]

19. [Mémoires, tom. i., p. 282.]

20. [Misprinted 'tallie' here and six lines lower down in eds. 2-5.]

21. Memoires concernant les Droits &c. tome ii. p 139, &c. [pp. 145-I47].

22. [31 Geo. II., c. 12, continued by 5 Geo. III., c. 18.]

23. [Genesis xlvii. 26.]

24. [Above, p. 204.]

25. [Eds. 1-4 read 'a fifth'.]

26. [Above, vol. i., p. 296.]

27. Since the first publication of this book, a tax nearly upon the above-mentioned principles has been imposed. [This note appears first in ed. 3. The tax was first imposed by 18 Geo. III., c. 26, and was at the rate of 6d. in the pound on houses under £50 annual value, and 1s. in the pound on houses of higher value, but by 19 Geo. III., c. 59, the rates were altered to 6d. in the pound on houses of £5 and under £20 annual value, 9d. on those of £20 and under £40, and 1s. on those of £40 and upwards.]

28. [Ed. 1 reads `the houses'.]

29. [Ed. 1 does not contain this sentence.]

30. Memoires concernant les Droits, &c. [tom. i.], p. 223.

31. [Chap. ix.]

32. [Above, vol. i. pp. 99, 100.]

33. Memoires concernant les Droits, tome i. p. 74.

34. [The Mémoires only say `La taille consiste dans le quart pour cent que tout habitant, sans exception, est obligé de payer de tout ce qu'il possède en meubles et immeubles. Il ne se fait aucune répartition de cette faille. Chaque bourgeois se cottise lui-même et porte son imposition à la maison de ville, et on n'exige autre chose de lui, sinon le serment qu'il est obligé de faire que ce qu'il paye forme véritablement ce qu'il doit acquitter.' But Lord Kames, Sketches of the History of Man, vol. i. p. 476, says, 'Every merchant puts privately into the public chest, the sum that, in his own opinion, he ought to contribute.']

35. [Ed. 1 reads 'Underwold'.]

36. [Ed. 5 adds `it' here, doubtless a misprint.]

37. Memoires concernant les Droits, tome i. p. 163, 166, 171. [The statements as to the confidence felt in these self-assessments are not taken from the Mémoires.]

38. [Proposed by Legge in 1759. See Dowell, History of Taxation and Taxes in England, 1884, vol. ii., p. 137.]

39. [Ed. 1 does not contain 'a'.]

40. [Above vol. i., p. 417.]

41. [Above, p. 361.]

42. Memoires concernant les Droits, &c. tome ii. p. 17.

43. [Ed. 1 reads `nor to'.]

44. [Above, vol. i., p, 417.]

45. [Ed. 1 reads `West India'.]

46. [E.g., by Montesquieu, Esprit des lois, liv. xiii., chap. xiv.]

47. [17 Geo. III., c. 39.]

48. [This paragraph is not in ed. 1.]

49. Lib. 55 [(25) quoted by Burman and Bouchaud]. See also Burman de Vectigalibus Pop. Rom. cap. xi. [in Utriusque thesauri antiquitatum romanarum graecarumque nova supplementa congesta ab Joanne Poleno, Venice, 1737, vol. i., p. 1032B] and Bouchard de l'impôt du vingtieme sur les successions [et de l'impôt sur les marchandises chez les Romains; nouv. ed., 1772, pp. 10 sqq.]

50. See Memoires concernant les Droits, &c. tome i. p. 225.

51. [All eds. read `fiftieth' but the Mémoires say `quinzième' and the `only' in the next shows that Smith intended to write `fifteenth'.]

52. [Ed. 1 does not contain `very'.]

53. Memoires concernant les Droits, &c. tome i. p. 154.

54. Id. p. 157.

55. Memoires concernant les Droits, &c. tome i. p. 223, 224, 225.

56. [Ed. 1 reads `or the mortgage'.]

57. [Ed. 1 reads `give only'.]

58. [Ed.1 does not contain `neat'.]

59. [The word is used in its older sense, equivalent to the modern `pamphlets'. See Murray, Oxford English Dictionary, s.v.]

60. [Ed. 1 does not contain 'in proportion to the tax'.]

61. [Ed. 1 does not contain `in that proportion'.]

62. Memoires concernant les Droits, &c. tom. ii. p. 108.

63. Id. tom. iii. [really i.] p. 87.

64. [Above, vol. i., pp. 112-123.]

65. ['Was supposed to be' is equivalent to 'was nominally but not really'.]

66. [Eds. 1 and 2 read 'a real tax of five shillings in the pound upon the salaries of offices which exceeded a hundred pounds a year; those of the judges and a few others less obnoxious to envy excepted.' Under 31 Geo. II., c. 22, a tax of 1s. in the pound was imposed on all offices worth more than £100 a year, naval and military offices excepted. The judges were not excepted, but their salaries were raised soon afterwards. See Dowell, History of Taxation and Taxes, vol. ii., pp. 135-136. The 6d. seems a mistake; the 5s. is arrived at by adding the 4s. land tax (which was 'real' in the case of offices) and the 1s.]

67. [The first of these is under 1 W and M., sess. 1, c. 13.]

68. [1 W. and M., sess. 2, c. 7, § 2.]

69. [Under 1 W. and M., c. 13, § 4, serjeants, attorneys and proctors, as well as certain classes, were to pay 3s. in the pound on their receipts. Under 1 W. and M., sess. 2, c. 7, § 2, attorneys and proctors and others were to pay 20s. in addition to the sums already charged. Under 2 W. and M., sess. 1, c. 2, § 5, serjeants-at-law were to pay £15, apparently in addition to the 3s. in the pound. Under 3 W. and M., c. 6, the poundage charge does not appear at all. The alterations were doubtless made in order to secure certainty, but purely in the interest of the government, which desired to be certain of getting a fixed mount. Under the Land Tax Act of 8 and 9 W. III., c. 6, § 5, serjeants, attorneys, proctors, etc., are again charged to an income tax.]

70. [Ed. 1 reads `portion'.]

71. [Mémoires, tom. ii., p. 421.]

72. [Dr. John Arbuthnot, in his Tables of Ancient Coins, Weights, and Measures, 2nd ed., 1754, p. 142, says that linen was not used among the Romans, at least by men, till about the time of Alexander Severus.]

73. [In Lectures, p. 179, and above in ed. i., vol. i., p. 488, note, beer seems to be regarded as a necessary of life rather than a luxury.]

74. See Book I., Chap. 8.

75. [1 Geo. III., c. 7.]

76. [Leather is Decker's example, Essay on the Decline of the Foreign Trade, 2nd ed., 1750, pp. 29. 30. See also p. 10.]

77. [See Dowell, History of Taxation and Taxes, 1884, vol. iv., pp. 318, 322. 330.]

78. [Saxby, British Customs, p. 307. 8 Ann., c. 4; 9 Ann., c. 6.]

79. [Above, vol. i., p. 443.]

80. Memoires concernant les Droits, &c. p. 210, 211 [and 233. See below, p. 438.]

81. Le Reformateur. [Amsterdam, 1756. Garnier in his note on this passage, Recherches, etc. tom. iv., p. 387, attributes this work to Clicquot de Blervache, French Inspector-general of Manufactures and Commerce, 1766-90, but later authorities doubt or deny Clicquot's authorship. See Jules de Vroil, Étude sur Clicquot-Blervache, 1870, pp. xxxi-xxxiii. ]

82. De Divinatione ii., 58, `Sed nescio quomodo nihil tam absurde dici potest quod non dicatur ab aliquo philosophorum.']

83. (Essay on the Causes of the Decline of the Foreign Trade, 2nd ed., 1750, pp. 78-163.]

84. [Eds. 1-3 read `was'.]

85. [Eds. 1 and 2 read `which'.]

86. [Eds. 1-3 read `was'.]

87. [Above, vol. i., pp. 487, 520.]

88. [Gilbert, Treatise on the Court of Exchequer, 1758, p. 224, mentions a Book of Rates printed in 1586. Dowell, History of Taxation and Taxes, 1884, vol. i., pp. 146, 165, places the beginning of the system soon after 1558.]

89. [C. 23.]

90. [2 and 3 Ann., c. 9; 3 and 4 Ann., c. 5.]

91. [21 Geo. II., c. 2.]

92. [32 Geo. II., c. 10, on tobacco, linen, sugar and other grocery, except currants, East India goods (except coffee and raw silk), brandy and other spirits (except colonial rum), and paper.]

93. [Ed. 1 reads, more intelligibly, `later'. Another example of this unfortunate change occurs below, p. 468.]

94. [Above, p. 4, written after the present passage.]

95. [Eds. 1-3 read 'peculiar,' and `particular' is perhaps a misprint.]

96. [Above, pp. 165-169.]

97. [Above, pp. 175, 176.]

98. [Swift attributes the saying to an unnamed commissioner of customs. `I will tell you a secret, which I learned many years ago from the commissioners of the customs in London: they said when any commodity appeared to be taxed above a moderate rate, the consequence was to lessen that branch of the revenue by one-half; and one of these gentlemen pleasantly told me that the mistake of parliaments on such occasions was owing to an error of computing two and two make four; whereas in the business of laying impositions, two and two never made more than one; which happens by lessening the import, and the strong temptation of running such goods as paid high duties, at least in this kingdom.'—' Answer to a Paper Called a Memorial of the Poor Inhabitants, Tradesmen and Labourers of the Kingdom of Ireland' (in Works, ed. Scott, 2nd ed., 1883, vol. vii., pp. 165-166). The saying is quoted from Swift by Hume in his Essay on the Balance of Trade, and by Lord Karnes in his Sketches of the History of Man, 1774, vol. i., p. 474.]

99. [Saxby, British Customs, p. 266.]

100. [Eds. 1-3 read `was'.]

101. [Ed. 1 reads 'both upon'.]

102. [Ed. 1 reads `both from'.]

103. [Ed. 1 reads `and from'.]

104. [Ed. 1 reads '£3,314,223 18s. 10¾d.']

105. [Ed. 1 reads `is not to expose private families to'.]

106. [Eds. 1-3 read `was'.]

107. Though the duties directly imposed upon proof spirits amount only to 2s. 6d. per gallon, these added to the duties upon the low wines, from which they are distilled, amount to 3s. 10 2/3d. Both low wines and proof spirits are, to prevent frauds, now rated according to what they gauge in the wash. [This note appears first in ed. 3; ed. 1 reads '2s. 6d.' in the text instead of `3s. 10 2/3d.']

108. [Political and Commercial Works, ed. Sir Charles Whitworth, 1771, vol. i., pp. 222, 223. But Davenant does not confine the effect of the existing tax to the maltster, the brewer and the retailer. The tax, he says, 'which seems to be upon malt, does not lie all upon that commodity, as is vulgarly thought. For a great many different persons contribute to the payment of this duty, before it comes into the Exchequer. First, the landlord, because of the excise, is forced to let his barley land at a lower rate; and, upon the same score, the tenant must sell his barley at a less price; then the maltster bears his share, for because of the duty, he must abate something in the price of his malt, or keep it; in a proportion it likewise affects the hop merchant, the cooper, the collier, and all trades that have relation to the commodity. The retailers and brewers bear likewise a great share, whose gains of necessity will be less, because of that imposition; and, lastly, it comes heaviest of all upon the consumers.' If the duty were put upon the maltster, it would be `difficult for him to raise the price of a dear commodity a full 1/3d. at once: so that he must bear the greatest part of the burden himself, or throw it upon the farmer, by giving less for barley, which brings the tax directly upon the land of England.']

109. [Ed. 1 does not contain `it'.]

110. [Ed. 2 reads `are perhaps'.]

111. [Ed. 1 does not contain `all'.]

112. [Ed. 1 reads `should'.]

113. [Ed. 1 reads £5,479,695 7s. 10d.']

114. The neat produce of that year, after deducting all expenses aid allowances, amounted to 4,975,652l. 19s. 6d. [This note appears first in ed. 2.]

115. [Above, p. 352.]

116. Memoires concernant les Droits, &c. tom. i. p. 455. ['La première branche, connue soul la dénomination de Alcavala y Cientos, consiste dans un droit qui se perçoit sur toutes les chosen mobiliaires et immobiliaires qui sont vendues, échangées et négociées: ce droit qui dans le principe avoit été fixé à quatorze pour cent a été depuis réduit à six pour cent.' The rest of the information is probably from Uztariz, Theory and Practice of Commerce and Maritime Affairs, trans. by John Kippax, 1751, chap. 96, ad init., vol. ii., p. 236. `It is so very oppressive as to lay 10 per cent. for the primitive Alcavala, and the four 1 per cents. annexed to it, a duty not only chargeable on the first sale, but on every future sale of goods, I am jealous, it is one of the principal engines, that contributed to the ruin of most of our manufactures and trade. For though these duties are not charged to the full in some places, a heavy tax is paid.']

117. [See the preceding note. Uztariz' opinion is quoted by Lord Karnes, Sketches of the History of Man, 1774, vol. i., p. 516.]

118. [Ed. 1 reads `rent certain'.]

119. [Ed. 1 reads `the taxes'.]

120. [Above, p. 385.]

121. [Ed. 1 does not contain `the traites'.]

122. [These estimates seem to have been quoted in England at the time, since the Continuation of Anderson's Commerce, under the year 1773, mentions `the calculations of the Abbé D'Expilly published about this time in Paris' which gave 8,661,381 births and 6,664,161 deaths as the number taking place in the nine years, 1754 to 1763, in France, inclusive of Lorraine and Bar. In his Dictionnaire géographique, historique et politique des Gaules et de la France, tom. v. (1768), s.v. Population, Expilly estimated the population at 22,014,357. See Levasseur, La Population française, tom. i., 1889, pp. 215 and 216 note.]

123. [Sur la législation et le commerce des grains (by Necker), 1775, ch. viii., estimates the population at 24,181,333 by the method of multiplying the deaths by 31.]

124. [Above, p. 405.]

125. [Below, p. 466.]

Book V, Chapter III

1. [Above, vol. i., pp. 433, 434.]

2. [Above, vol. i., p. 440.]

3. [Cp. vol. i., p. 301.]

4. [Above, vol. i., p. 468.]

5. [Repeated verbatim from vol. i., p. 468.]

6. [Above, vol. i., p. 463.]

7. [Above, p. 344.]

8. [Ed. 5 omits 'along,' doubtless a misprint.]

9. See Examen des Reflexions politiques sur les Finances. [P. J. Duverney, Examen du livre intitulé Réflexions politiques sur les finances et le commerce (by Du Tot), tom. i., p. 225.]

10. [James Postlethwayt, History of the Public Revenue, 1759, pp. 14, 15, mentions discounts of 25 and 55 per cent. The discount varied with the priority of the tallies and did not measure the national credit in general, but the probability of particular taxes bringing in enough to pay the amounts charged upon them. See also above, vol. i., p. 338.]

11. [Ed. 1 reads 'unprovident,' as do all editions below, p. 450.]

12. [Postlethwayt, op. cit., p. 38. Ed. 5 misprints 9½d.']

13. [Ibid., p. 40.]

14. [Ibid., p. 59.]

15. [Ibid., pp. 63, 64.]

16. [Postlethwayt, op. cit., p. 68.]

17. [Ibid., p. 71.]

18. [Ibid., p. 311.]

19. [Ibid., pp. 301-303, and see above, vol. i., p. 339.]

20. [Ibid., pp. 319, 320.]

21. [The odd £4,000 of the £206,501 13s. 5d. was for expenses of management. See above, vol. i., p. 339.]

22. [Ed. 1 reads `payment,' perhaps correctly.]

23. [Postlethwayt, History of the Public Revenue, p. 305.]

24. [This Act belongs to 1716, not 1717.]

25. [Above, vol. i., pp. 99,100.]

26. [In 1717, under the provisions of 3 Geo. I., c. 7. Postlethwayt, History of the Public Revenue, pp. 120, 145.]

27. [Anderson, Commerce, A.D. 1717.]

28. [Ibid., A.D. 1727.]

29. [This should be 1750 Ibid., A.D. 1749]

30. [5 and 6 W. and M., c. 7.]

31. [4 W. and M., c. 3.]

32. [Anderson, Commerce, A.D. 1719.]

33. [Ibid., A.D. 1720.]

34. [Ed. 1 reads `just as long as'.]

35. [Anderson, Commerce, mentions these reductions under their dates, and recalls them in reference to the British reductions in 1717.]

36. [Ed. 1 reads `long and short'.]

37. See James Postlethwaite's history of the public revenue. [Pp. 42, 143-145, 147, 224, 300. The reference covers the three paragraphs in the text above.]

38. [Above, p. 451.]

39. [Present State of the Nation (above, vol. i., p. 465), p. 28.]

40. [Anderson, Commerce, postscript ad init.]

41. [`But the expenses of the war did not cease with its operations.'—Considerations (see a few lines below), p. 4.]

42. [Ibid., p. 5.]

43. [The account is given in the Continuation of Anderson's Commerce, A.D. 1764, vol. iv., p. 58. in ed. of 1801. The '¾d.' should be `¼d.']

44. [Considerations on the Trade and Finances of this Kingdom and on the measures of administration with respect to those great national objects since the conclusion of the peace, by Thomas Whately, 1766 (often ascribed to George Grenville), p. 22.]

45. [This is the amount obtained by adding the two items mentioned, and is the reading of ed. 1. Eds. 2-5 all read '£139,516,807 2s. 4s.,' which is doubtless a misprint. The total is not given in Considerations.]

46. [Considerations, p. 4.]

47. [Ed. 1 reads `Among'.]

48. [Above, p. 90, note 5.]

49. [Eds. 1-3 read 'was'.]

50. It has proved more expensive than any of our former wars; and has involved us in an additional debt of more than one hundred millions. During a profound peace of eleven years, little more than ten millions of debt was paid; during a war of seven years, more than one hundred millions was contracted. [This note appears first in ed. 3.]

51. [Garnier's note, Recherches etc., tom. iv., p. 501, is `Pinto: Traité de la Circulation et du Crédit,' a work published in 1771 (`Amsterdam'), 'par l'auteur de l'essai sur le luxe,' of which see esp. pp. 44, 45, 209-211. But an English essay of 1731 to the same effect is quoted by Melon, Essai Politique sur le Commerce, chap. xxiii., ed. of 1761, p. 296, and Melon seems to be referred to below, p. 463. Cp. Lectures, p. 210.]

52. [Eds. 1-3 read the indicative, `destroys'.]

53. [Misprinted `it' in ed. 5.]

54. [`Les Dettes d'un État sont des dettes de la main drone à la main gauche, dont le corps ne se trouvera point affaibli, s'il a la quantité d'aliments nécessaires, et s'il sait les distribuer.'—Melon, Essai politique sur le Commerce, chap. xxiii., ed. of 1761, p. 296.]

55. [Ed. 1 reads `most.]

56. [Above, p. 439.]

57. [Eds. 1 and 2 read `seems'.]

58. [Raynal says `L'évidence autorise seulement à dire que les gouvernements qui pour le malheur des peuples ont adopté le détestable système des emprunts doivent tôt ou tard l'abjurer: et que l'abus qu'ils en ont fait les forcera vraisemblablement à être infidèles.'—Histoire philosophique, Amsterdam, 1773, tom. iv., p. 274.]

59. [Eds. 1 and 2 read `later'; cp. above, p. 410.]

60. [This chapter of Roman history is based on a few sentences in Pliny, H.N., lib. xxxiii., cap. iii. Modern criticism has discovered the facts to be not nearly so simple as they are represented in the text.]

61. See Du Cange Glossary, voce Moneta; the Benedictine edition. (This gives a table of the alterations made in the coin and refers to Le Blanc. Traité historique des Monnoyes de France, 1792, in which the fact that the officers were adjured by their oaths to keep the matter secret is mentioned on p. 218, but the adjuration is also quoted in the more accessible Melon, Essai politique sur le Commerce, chap. xiii., ed. of 1761, p. 177.]

62. [Misprinted 'never' in eds. 2-5.]

63. [Ed. 1 reads `either of'.]

64. [Ed. 1 reads `or'.]

65. [Above, pp. 353, 360, 361.]

66. [Above, p. 89.]

67. [Above, pp. 406-407.]

68. [Eds. 1-3 read 'was'.]

69. [Given in the Continuation of Anderson's Commerce, A.D. 1774, vol. iv., p. 178, in ed. of 1801.]

70. [Above, p. 85.]

71. [Ed. 1 reads `late'; cp. above, vol. i., p. 524.]

72. [Eds. 1 and 2 read `West Indian'.]

73. [Eds. 1-3 read 'was' here and five lines below.]

74. [Eds. 1-3 read `was'.]

75. [Above, vol. i., pp. 309-315.]

76. [Ed. 1 omits `the'.]

77. See Hutchinson's Hist. of Massachusett's Bay, Vol. II., page 436 & seq. [History of the Colony of Massachusets Bay, 2nd ed., 1765-8.]

78. [Ed. 1 reads `of'.]

79. [Ed. 1 reads 'must generally'.]

80. [Ed. 1 reads `paid either'.]

81. [Above, p. 90, note 5.]

82. [Ed. 1 reads `gold and silver'.]

83. [Eds. 1-3 read `was'.]

84. [Above, vol. i., p. 463.]

85. [Above, pp. 103-146.]

Notes to the Appendix

86. [See above, p. 25.]

87. [In Additions and Corrections this matter is printed in the text, and consequently the reading here is 'confirm what is said above'.]

End of Notes for Book V.

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