ΤΟ

THOMAS CARLYLE,

THOUGH NOT FREE FROM ERROR,

A GREAT TEACHER OF GREAT TRUTHS,

This Work

IS INSCRIBED.

Power of monied Capitalists

Change from Barter to a Currency

A Currency enables each Seller to reserve his Power of Purchase

Currencies are formed piecemeal

Money is the Sum Total of the Paying Power

Threefold Aggregate of Money

Origin of Credit as a Paying Power

Receipts for Bullion used instead of Bullion

Bullion Receipts operate after the Bullion has been lent

Bullion Receipt leads to the Bank-note

Bank Credits from Deposits.

A simple Book-transfer effects Payment.

Bank Credits from Loans.

Bank Loans an addition to the Aggregate of Money

This third Element of Money very variable

London Private Banks form one Bank

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24

Bank Credit fluctuates from Confidence and Distrust

Confidence depends on Regularity of Commerce

Regularity depends on correct Anticipation of Supply and Consumptive

A Saving in a Currency differs from a Saving made in Commodities

Money Capital passes into Money Income

Money the Basis of industrial Calculations

The Aggregate of Income the "Return Power" to Capital

Proportion between Capital and Income

A general Glut habitual in England

Tendency to speculative Excitements progressive

Speculative Enterprises convert Capital into Income

Destruction of Capital leads to Saving

Banking Facilities after a Crisis

Money Capital lost reappears in new Hands

A definite Relation between Capital and Income

Aggregate of Income, how increased

CHAP. IV.-MONEY INCOME.

Money Income from Foreign Trade.

Origin of Income

Capital applied to Production or Distribution

Distributive limited by productive Capital

Incomes arising from creation of fixed Capital

New Money Capital saved out of Incomes

Incomes created by investing Capital in Manufactures

Incomes derived from Profits .

Revolution of Capital and Income

How is return to new Capital possible?

Return to old Capital diminished

Old Capital spent as Income

Effect of new Incomes upon Aggregate of Income .

CHAP. V.-THE REVOLUTION OF CAPITAL AND INCOME.

Verification of the Law of Revolution

Money Capital squandered returns into new Hands

The Revolution of Capital and Income may be quickened or retarded

Law of the Increase of Capital

Mr. Mill's Law of Increase

Profits and Wages may both fall

CHAP. VI.--PRICES AND CURRENCY.

Prices distribute Commodities.

Retail Prices govern Wholesale

Retail Prices limited by Incomes

Increased Money Income antecedent to Depreciation

Income and Transactions limit Currency.