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S. 193, Note 30
"If is not meant to be asserted by him" (Ricardo) "that two particular lots of two different articles, as a hat and a pair of shoes, exchange with one another when those two particular lots were produced by equal quantities of labour. By 'commodity' we must here understand the 'description of commodity', not a particular individual hat, pair of shoes etc. The whole labour which produces all the hats in England is to be considered, for this purpose, as divided among all the hats. This seems to me not to have been expressed at first, and in the general statements of this doctrine." (Observations on some verbal disputes in Pol. Econ. etc.", London 1821, p. 53, 54.)

S. 201, Note 31
"Where the quantity of wages, capital, and land, required to produce an article, have become different from what they where, that which Adam Smith calls the natural price of it, is also different, and that price which was previously its natural price, becomes, with reference to this alteration, its market-price; because, though neither the supply, nor the quantity wanted may have changed" (...) "that supply is not now exactly enough for those persons who are able and willing to pay what is now the cost of production, but is either greater or less than that; so that the proportion between the supply, and what is, with reference to the new cost of production. the effectual demand, is different from what it was. An alteration in the rate of supply will then take place if there is no obstacle in the way of it, and at last bring the commodity to its new natural price. It may then seem good to some persons to say that, as the commodity gets to its natural price by an alteration in its supply, the natural price is as much owing to one proportion between the demand and the supply, as the market-price is to another; and consequently, that the natural price, just as much as the market-price, depends on the proportion that demand and supply bear to each other. ('The great principle of demand and supply is called into action to determine what A. Smith calls natural prices as well as market-prices.' - Malthus.)" ("Observations on certain verbal disputes etc.". London 1821, p. 60, 61.)

S. 204, Note 32
"If each man of a class could never have more than a given share, or aliquot part of the gains and possessions of the whole, he would readily combine to raise the gains" (...): "this is monopoly. But where each man thinks that he may any way increase the absolute amount of his own share, though by a process which lessens the whole amount, he will often do it: this is competition." ("An Inquiry into those principles respecting the nature of demand etc.", London 1821, p. 105).

S. 234, Note 35
"We should also expect that, however the rate of the profits of stock might diminish in consequence of the accumulation of capital on the land, and the rise of wages, yet the aggregate amount of profits would increase. Thus, supposing that, with repeated accumulations of 100,000 £, the rate of profits should fall from 20 to 19, to 18, to 17 per cent., a constantly diminishing rate; we should expect that the whole amount of profits received by those successive owners of capital would be always progressive; that it would be greater when the capital was 200,000 £, than when 100.000£; still greater when 300,000 £; and so on, increasing, though at a diminishing rate, with every increase of capital. This progression, however, is only true for a certain time; thus, 19 per cent. on 200.000 £ is more than 20 on 100.000 £; again 18 per cent. on 300.000 £ is more than 19 per cent. on 200,000 £; but after capital has accumulated to a large amount, and profits have fallen, the further accumulation diminishes the aggregate of profits. Thus, suppose the accumulation should be 1,000,000 £, and the profits 7 percent., the whole amount of profits will be 70.000 £; now if an addition of 100.000 £ capital be made to the million, and profits should fall to 6 per cent.. 66.000 £ or a diminution of 4000 £ will be received by the owners of stock, although the whole amount of stock will ha increased from 1.000.000 £ to 1.100.000 £." Ricardo, "Pol. Econ.", chapt.VII ("Works", ed. MacCulloch, 1852, p. 68. 69).

S. 248, Note 36
"They contend the equality of profits will be brought about by the general rise of profits; and I am of opinion that the profits of the favoured trade will speedily submit to the general level." ([Ricardo, "Pol. Econ.",] "Works", ed. MaCulloch, p. 73.)

S. 290, Note 38
... "the transport of commodities from one place to another." ([Ramsay,] "An Essay on the Distribution of Wealth", p. 19.)

"in the existing economical arrangements of society, the very act, which is per formed by the merchant, of standing between the producer and the consumer, advancing to the former capital and receiving products in return, and handing over these products to the latter, receiving back capital in return, is a transaction, which both facilitates the economical process of the community, and adds value to the products in relation to which it is performed." ([S. P. Newman, "Elements of Pol. Ec." (Andover and New York 1835),] p. 174.)

... "since it adds value to products, for the same products, in the hands of consumers, are worth more than in the hands of producers" (...) "strictly [...] an act of production." (p. 175.)

S. 318f., Note 40
"Profit, on the general principle, is always the same, whatever be price; keeping its place like an incumbent body on the swelling or sinking trade <Bei Corbet: tide>. As, therefore, prices rise, a tradesman raises prices; as prices fall, a tradesman lowers price." (Corbet, "An Inquiry into the Causes etc. of the Wealth of Individuals". London 1841, p. 20.)

"The profit of trade is a value added to capital which is independent of price, the second" (speculation) "is founded on the variation in the value of capital or in price itself." (l.c.p. 128.)

S. 329f., Note 43
"De Wisselbank heeft haren naam niet ... van den wissel, wisselbrief, maar van wisselen van geldspecien. Long vóór het oprigten der Amsterdamsche wisselbank 1609 had men in de Niederlandsche koopsteden reeds wisselaars en wisselhuizen, zelfe wisselbanken ... Het bedrijf dezer wisselaars bestond daarin, dat zie de talrijke verscheidene muntspeciën, die door vreemde handelaren in het land gebragt worden, tegen wettelijk gangbare munt inwisselden. Langzamerhand breidde hun werkkring zich uit ... zij werden de kassiers en bankiers van hunne tijd. Maar in die vereeniging van de kassierderij met het wisselambt zach de regering van Amsterdam gevaar, en om dit gevaar te keeren, werd besloten tot het stichten eener groote inrigting, die zoo wel het wisselen als de kassierderij op openbaar gezag zou verrigten. Die inrigting was de beroemde Amsterdamsche Wisselbank van 1609. Evenzoo hebben de Wisselbanken van Venetië, Genua, Stockholm, Hamburg haar ontstaan aan de gedurige noodzakelijkheid der verwisseling van geldspeciën te danken gehad. Van deze allen is de Hamburgsche de eenige die nog heden bestaat, om dat de behoefte aan zulk eene inrigting zich in deze koopstad, die geen eigen muntstelsel heeft, nog altijd doet gevoelen etc." (S. Viesering, "Handboek van Praktische Staathuishoudkunde". Amsterdam 1860. I. p. 247, 248.)

S. 351, Note 54
"You" (the Bank of England) "are very large dealers in the commodity of capital?" ("Report on Bank Acts", R. of C. 1857, [p. 104].)

S. 364, Note 57
"The equitableness of taking interest depends not upon a man's making or not making profit, but upon its" (...) "being capable of producing profit, if rightly employed." ("An Essay on the Governing Causes of the Natural Rate of Interest, wherein the sentiments of Sir W. Petty and Mr. Locke, on that head, are considered", London 1750, p.49. Verfasser der anonymen Schrift: J. Massie.)

S. 365, Note 58
"Rich people, instead of employing their money themselves ... let it out to other people for them to make profit of, reserving for the owners a proportion of the profits so made." (l.c.p. 23, 24.)

S. 367, Note 60
"The ambiguity of the term value of money or of the currency, when employed indiscriminately as it is, to signify both value in exchange for commodities and value in use of capital, is a constant source of confusion." Tooke, "Inquiry into the Currency Principle", p. 77.)

S. 371, Note 61
"The natural rate of interest is governed by the profits of trade to particulars." (Massie, l.c.p. 51.)

S. 373, Note 64
... "by the accumulation of surplus capital necessarily accompanying the scarcity of profitable employment for it in previous years, by the release of hoards, and by the revival of confidence in commercial prospects." ("History of Prices from 1839 to 1847". London 1848, p. 54.)

S. 373, Note 65
"An old customer of a banker was refused a loan upon a 200,000 £ bond; when about to leave to make known his suspension of payment, he was told there was no necessity for the step, under the circumstances the banker would buy the bond at 150,000£." ([R. Roy,] "The Theory of the Exchanges. The Bank Charter Act of 1844 etc." London 1864, p. 80.)

S. 376, Note 68
"By which, gambling in discounts, by anticipation of the alterations in the bank rate, has now become half the trade of thc great heads of the money centre." ([H. Roy.] "The Theory of the Exchanges etc.", p. 113.)

S. 377f., Note 70
"This rule of dividing profits is not, however, to be applied particularly to every lender and borrower, but to lenders and borrowers in general ... remarkably great and small gains are the reward of skill and the want of understanding, which lenders have nothing at all to do with; for as they will not suffer by the one, they ought not to benefit by the other. What has been said of particular men in the same business is applicable to particular sorts of business; if the merchants and tradesmen employed in any one branch of trade get more by what they borrow than the common profits made by other merchants and tradesmen of the same country, the extraordinary gain is theirs, though it required only common skill and understanding to get it; and not the lenders', who supplied them with money ... for the lenders would not have lent their money to carry on any business or trade upon lower terms than would admit of paying so much as the common rate of interest; and, therefore, they ought not to receive more than that, whatever advantage may be made by their money." (Massie, l.c.p. 50, 51.)

S. 378, Note 71

("Daily News", vom 10. Dez. 1889.)

S. 393, Note 72
"The profits of enterprise depend upon the net profits of capital, not the latter upon the former." (Ramsay, l.c.p. 214. Net profits bei Ramsey immer = Zins.)

S.397, Note 73
"Superintendence is here" (...) "completely dispensed with." (J. E. Cairnes, "The Slave Power". London 1862. p. 48, 49.)

S. 397, Note 74 "If the nature of the work requires that the workmen" (...)"should be dispersed over an extended area, the number of overseers and, therefore, the cost of the labour which requires this supervision, will be proportionately increased." (Cairnes, l.c.p. 44.)

S. 402f., Note 78
"Masters are labourers as well as their journeymen. In this character their interest is precisely the same as that of their men. But they are also either capitalists, or the agents of capitalists, and in this respect their interest is decidedly opposed to the interest of the workmen." (p. 27.)

"The wide spread of education among the journeymen mechanics of this country diminishes daily the value of the labour and skill of almost all masters and employers by increasing the number of persons who possess their peculiar knowledge." (p. 30. Hodgskin. "Labour defended against the Claims of Capital etc.", London 1825.)

S. 403, Note 79
"The general relaxation of conventional barriers, the increased facilities of education tend to bring down the wages of skilled labour instead of raising those of the unskilled." (J. St. Mill, "Princ. of Pol. Econ.", 2^nd ed., London 1849. I, p. 479.)

S. 412, Note 82
"It is clear, that no labour, no productive power, no ingenuity, and no art, can answer the overwhelming demands of compound interest. But all saving is made from the revenue of the capitalist, so that actually these demands are constantly made and as constantly the productive power of labour refused to satisfy them. A sort of balance is, therefore, constantly struck." ("Labour defended against the Claims of Capital", p.23. - Von Hodgskin.)

S. 464f., Note 90
"It is a great error, indeed, to imagine that the demand for pecuniary accommodation (i.e. for the loan of capital) is identical with a demand for additional means of circulation, or even that the two are frequently associated. Each demand originates in circumstances peculiarly affecting itself, and very distinct from each other. It is when everything looks prosperous, when wages are high, prices on the rise, and factories busy, that an additional supply of currency is usually required to perform the additional functions inseparable from the necessity of making larger and more numerous payments; whereas it is chiefly in a more advanccd stage of the commercial cycle, when difficulties begin to present themselves, when markets are overstocked, and returns delayed, that interest rises, and a pressure comes upon the Bank for advances of capital. It is true that there is no medium through which the Bank is accustomed to advance capital except that of its promissory notes; and that, to refuse the notes, therefore, is to refuse the accommodation. But, the accommodation once granted, everything adjusts itself in conformity with the necessities of the market; the loan remains, and the currency, if not wanted, finds its way back to the issuer. Accordingly, a very slight examination of the Parliamentary Returns may convince any one, that the securities in the hand of the Bank of England fluctuate more frequently in an opposite direction to its circulation than in concert with it, and that the example, therefore, of that great establishment furnishes no exception to the doctrine so strongly pressed by the country bankers, to the effect that no bank can enlarge its circulation, if that circulation be already adequate to the purposes to which a banknote currency is commonly applied; but that every addition to its advances, after that limit is passed, must be made from its capital, and supplied by the sale of some of its securities in reserve, or by abstinence from further investment in such securities. The table compiled from the Parliamentary Returns for the interval between 1833 and 1840, to which I have referred in a preceding page, furnishes continued examples of this truth; but two of these are so remarkable that it well be quite unnecessary for me to go beyond them. On the 3^rd January, 1837, when the resources of the Bank were strained to the uttermost to sustain credit and meet the difficulties of the money market, we find its advances on loan and discount carried to the enormous sum of £ 17 022 000, an amount scarcely known since the war, and almost equal to the entire aggregate issues, which, in the meanwhile, remain unmoved at so low a point as £ 17 076 000! On the other hand, we have, on the 4^th of June 1833 a circulation of £ 18 892 000 with a return of private securities in hand, nearly, if not the very lowest on record for the lest half-century, amounting to no more than £ 972 000!" (Fullarton, l.c.p. 97, 98.)

Zweiter Teil

S. 632, Note 28
"Rien qu'à appliquer à des terres déjà transformées en moyen de production de secondes mises de capital on augmente la terre-capital sans rien ajouter à la terre-matière, c'est-à dire à l'étendue de la terre ... La terre-capital n'est pas plus éternelle que tout autre capital ... la terre-capital est un capital fixe, mais le capital fixe s'use aussi bien que les capitaux circulants." ["Misère de la Philosophie", p. 65.]

S. 834, Note 50
"Wages, profit, and rent are the three original sources of all revenue, as well as of ail exchangeable value." (A. Smith.)

"C'est ainsi que les causes de la production matérielle sont en même temps les sources des revenus primitifs qui existent." (Storch, I, p. 259.)

S. 849, Note 51
"Of net produce and gross produce, Mr. Say speaks as follows: 'The whole value produced is the gross produce; this value, after deducting from it the coat of production, is the net produce.' (Vol. II, p. 491.) There can, then, be no net produce, because the cost of production, according to Mr. Say, consists of rent, wages, and profits. In page 508, be says: 'the value of a product, the value of a productive service, the value of the cost of production, are all, then, similar values, whenever things are left to their natural course.' Take a whole from a whole and nothing remains." (Ricardo, "Principles", chap. XXXII, p. 512, Note.)

S. 850, Note 52
"In every society the price of every commodity finally resolves itself into some one or other, or all of those three parts" (viz. wages, profits, rent) ... "A fourth part, it may perhaps be thought, is necessary for replacing the stock of the farmer, or for compensating the wear and tear of his labouring cattle, and other instruments of husbandry. But it must be considered that the price of any instrument of husbandry, such as a labouring horse, is itselff made up of the same three parts: the rent of the land upon which he is reared, the labour of tending and rearing him, and the profits of the farmer, who advances both the rent of his land, and the wages of his labour. Though the price of the corn, therefore, may pay the price as well as the maintenance of the horse, the whole price still resolves itself either immediately or ultimately into the same three parts of rent, labour" (soll heißen wages) "and profit." (A. Smith.)

S.851, Note 53
" ... profits du capital, ... anéantirait la possibilité même de l'industrie. Si le travailleur est forcé de payer 100 la chose pour laquelle il n'a reçu que 80, si le salaire ne peut racheter dans un produit que la valeur qu'il y a mise, autant vaudrait dire que le travailleur ne peut rien racheter, que le salaire ne peut rien payer. En effet, dans le prix-de-revient il y a toujours quelque chose de plus que le salaire de l'ouvrier, et dans le prix-de-vente, quelque chose de plus que le profit de l'entrepreneur par exemple, le prix de la matière première, souvent payé à l'étranger ... Proudhon a oublié l'accroissement continuel du capital national; il a oublié que cet accroissement se constate pour tous les travailleurs, ceux de l'entreprise comme ceux de la main-d'œuvre." ("Revue des deux Mondes", 1848, t. 24. p. 998, 999.)

S. 854f., Note 54
"Le capital circulant employé en matériaux, matières premières et ouvrage fait, se compose lui-même de marchandises dont le prix nécessaire est formé des mêmes éléments; de sorte qu'en considérant la totalité des marchandises dans un pays, il y aurait double emploi de ranger cette portion du capital circulant parmi les éléments du prix nécessaire." (Storch, "Cours d'Éc. Pol.", II, p. 140.)

"Il est vrai que le salaire de l'ouvrier, de même que cette partie du profit de l'entrepreneur qui consiste on salaires, si on les considère comme une portion des subsistances, se composent également de marchandises achetées au prix courant, et qui comprennent do même salaires, rentes des capitaux, rentes foncières et profits d'entrepreneurs, ... cette observation ne sert qu'à prouver qu'il est impossible de résoudre le prix nécessaire dans ses éléments les plus simples." (ib., Note.)

"Il est clair que la valeur du produit annuel se distribue partie on capitaux et partie on profits, et que chacune de ces portions de la valeur du produit annuel va régulièrement acheter les produits dont la nation a besoin, tant pour entretenir son capital que pour renouveler son fonds consommable." (p. 134, 135.)

... "Peut-elles (...) "habiter ses granges ou ses étables, manger ses semailles et fourrages, s'habiller de ses bestiaux de labour, se divestir de ses instruments aratoires? D'après la thèse de M. Say il faudrait affirmer toutes ces questions." (135, 136.)

... "Sil' on admet que le revenu d'une nation est égal à son produit brut, c. à d. qu'il n'y a point de capital à en déduire, il faut aussi admettre qu'elle peut dépenser improductivement la valeur entière de son produit annuel sans faire le moindre tort à son revenu futurs." (p. 147.)

"Les produits qui constituent le capital d'une nation ne sont point consommables.' (p. 150.)

S. 861, Note 56
"It will be sufficient to remark that the same general rule which regulates the value of raw produce and manufactured commodities, is applicable also to the metals; their value depending not on the rate of profits, nor on the rate of wages, nor on the rent paid for mines, but on the total quantity of labour necessary to obtain the metal, and to bring it to market." (Ricardo, "Princ.", chap. III, p.77.)