DICTIONARY OF POLITICAL ECONOMY

DICTIONARY

OF POLITICAL ECONOMY

EDITED BY R. H. INGLIS PALGRAVE, F.R.S.

Ore trahit quodcumque potest atque addit acervo.

VOL. I.

A-E

Palgrave Macmillan 1894 THE MACMILLAN PRESS UMITED, LONDON STOCKTON PRESS, NEW YORK MARUZEN COMPANY UMITED, TOKYO

Dictionary of Political Economy Edited by R.H. Inglis Palgrave in three volumes, 1894, 1896 and 1899

This volume has been reprinted in its entirety from the original version and is issued to mark the publication of The New Palgrave: A Dictionary of Economics, edited by John Eatwell, Murray Milgate and Peter Newman, published in 1987 by The Macmillan Press, London, Stockton Press, New York and Maruzen Company Limited, Tokyo. Volume I first published in 1894 Soflooverreprintofthehardcover 1st edition 1894978-0-33347048-0 Reprinted in 1987

Published in the United Kingdom by THE MACMILLAN PRESS UMITED London and Basingstoke Associated companies in Auckland, Delhi, Dublin, Gaborone, Hamburg, Harare, Hong Kong, Johannesburg, Kuala Lumpur, Lagos, Manzini, Melbourne, Mexico City, Nairobi, New York, Singapore, Tokyo. Published in the United States of America and Canada by STOCKTON PRESS 15 East 26th Street, New York, NY 10010, USA

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ISBN 978-1-349-10360-7 ISBN 978-1-349-10358-4 (eBook) DOI 10.1007/978-1-349-10358-4 INTRODUCTION TO VOLUME I.

THE complete preface to a book naturally cannot be written till the work itself is finished ; but with the first volume some remarks by way of introduction will be useful, to explain the object for which this work has been written, and the method on which it is arranged. The primary object of the Dictionary of Political Ecorurmy is to provide the student with such assistance as may enable him to understand the position of economic thought at the present time, and to pursue such branches of inquiry as may be necessary for that end. The table of the contents of the work shows how large is the range of investigation which the student must follow at the present time. During recent years the course of economic study has extended so widely that it was obviously impossible to restrict the work to the old and formerly well• recognised boundaries. The development of the historical school has opened out new and fertile fields, while the wants of those who follow the mathematical method of study have also to be considered. These two main lines of treatment are here but mentioned as examples. They are far from exhausting the countless ramifi• cations of inquiry now rightly thought necessary for the complete investigation of a study bounded only by the requirements of human life in every social relation. In making the selection necessitated by the limits of space, the requirements of different classes of students have throughout been borne in mind. On the one side purely business matters, such as banking, the foreign exchanges, and the operations of the mint come in ; on the other, subjects of a philosophical character have been dealt with, such as questions of ethics and methods of definition, analysis, and reasoning ;-and the ways in which diagrams and mathematical pro• cesses may lend assistance to economic inquiry have also been discussed. Again, those interested in historical studies require an explanation of words found in early works, and those derived from classical and medireval times ; also of legal phrases, now archaic, together with the modern correlative terms, for only thus can it be understood how ancient usage has influenced present habit. Life in the present day, even in the most modern settlements in the United States, in our Australian colonies, in the new countries coming into existence in different parts vi INTRODUCTION of the world, is influenced largely by the past. The stream of existence, if the simile may be permitted, reaches us deeply coloured by the soil of the fields . through which it has flowed, by the varied strata of the cliffs-some of them undermined by it-that have bounded its long and devious course. Considerations of space have necessarily confined the scope of the work mainly to the developments of economic study in England, the United States, and our English-speaking colonies-and, in regard to these, an endeavour has been made to present under all the subjects treated an account of the best and most recent authorities ; whilst the opinions held in other countries have also, as far as the required limits allowed, been considered and mentioned. The biographies introduced have been selected with the same end. They show what has actually been written in former times, and hence will enable the reader to trace the progress of economic thought. Much attention has been given to the less-known writers. It is difficult for the student under ordinary circumstances to trace out when such authors lived, the surroundings which influenced their lives, and the opinions they held. While the oversights in science are sometimes as remarkable as the discoveries, these earlier labourers have not unfrequently been the precursors of other and better-known men, and have some. times anticipated opinions that have held sway for long periods after them. The different economic schools in the principal countries of the world are also described. Thus this volume contains notices of the American, Austrian, Dutch and English schools, and the French, German, Italian, and Spanish schools will follow in due course. A work extending over so wide a range of subjects is, necessarily, the pro• duction of many minds, of writers wltose pursuits, occupations, and studies are very diverse and varied. I desire to record my warm thanks to the contri• butors to the book, which is, I think, in itself an almost unique example of economic co-operation. Where all have assisted so heartily, it is less easy to select individual names ; but I wish to be allowed to express my special thank& to Professor Dunbar, Dr. Keynes, Professor Marshall, Professor Montague, Pro• fessor Nicholson, Signor M. Pantaleoni, Mr. L. R. Phelps, Mr. L. L. Price, Mr. E. Schuster, Professor H. Sidgwick, and General Walker for valuable assistance in different directions, and particularly to Dr. Bonar, Professor Edgeworth, Mr. Henry Higgs, and Mr. H. R. Tedder, who have kindly helped in the more arduous labour of the preparation of the work for the press. This is but an act of justice, that readers may know to whom they are specially indebted. R. H. INGLIS PALGRAVE. BELTON, NEAR GREAT YARMOUTH, Christmas 1893. TABLE OF CONTENTS

The numbers immediately following the headings of the Articles are those of the pages on whick the Articles will be found. BIOGRAPHIES in small capitals.

Abatement or Rebate, 1 AGAZZINI, M., 20 Angel, 40 ABBOT, C., Lord Colchester, 1 Agency, Law of, 21 Anna, 40

ABEILLE1 L. P., 1 Agents of Production, 21 Annates, 40 Abolitionist, 1 Agio, 22 Annealing, 40 ABOUT, E., 2 Agiotage or Agio, 22 Annual Rent, Scotch, 40 Abrasion, 2 Agnati (Adnati), 22 Annuity, 40 Abroad (see Jurisdiction), 3 Agricultural Community, 22 ANSELL, C. 1 42 Absentee, 3 Agricultural Gangs (see Gangs), 26 Antedate, 42 Abstinence, 4 Agricultural Holdings Acts, 26 Antichresis, 42 Abstract of Title, 5 Agricultural Systems, 27 Anti-Corn-Law League, 42 Abstract Political Economy, 5 Agriculture in England, 27 Anti-Rent Agitatioiis, 42 Abundance, 5 AICKIN, Rev. J., 30 ANTONINUS, ST., 43 Acceptance, 6 Aid, Auxilium, 30 A Posteriori reasoning, 43 Acceptilation, 6 Aid,Ratein (see Local Taxation),30 Appanage, 43 Acceptor, 6 Aides, Cour des, 30 APPLETON, N., 43

Accessio, 6 AIKIN, J. 1 30 Applied Economics, 44 Accession, Deed of (see Bank- AISLABIE, J., 30 Apportionment (No. 1), 44 ruptcy, Scotch), 6 Alba Firma, 30 Apportionment (No. 2), 44 Accommodation Bill, 6 Alcavala, 30 Appraisers, 45 Account, 6 ALCOCK, Rev. T., 31 Appreciation of Standard, 45 Account Duty (see Death Duties), Aleatory, 31 Apprenticeship, 45 7 Ale-taster, 31 Apprenticeship, Statute of, 46 Accounts, Merchants' (see Pre- ALGAROTTI, F., 31 Appropriation, 47 scription, Scotch), 7 Alieni Juris, 31 Approved Bill, 47 Accretion, 7 Aliens, 31 A Priori reasoning, 47 Accrue, 7 ALISON, Sir A., 32 AQUINAS, ST. THOMAS, 48 Accumulation, 7 ALISON, W.P., 32 Arable Land, Conversion to ACHENWALL 1 G., 7 Allmend (see Agricultural Com• Pasture in Great Britain, 49 ACKERSDYK, J., 8 munity), 32 Arbitrage (Stock Ex.), 50 Acknowledgment, 8 Allonge, 32 Arbitrage (General Business), 50 ACLAND, Rev. J., 8 Allotment, 32 Arbitrage (Exchange), 50 Acquittance, 8 Allowance, Tare, 33 Arbitration between Employers :A.ct of Bankruptcy (see Bank• Allowance System, 33 and Employed, 51 ruptcy, Scotch), 8 Alloy, 34 Arbitration, Scotch, 52 Actor Sequitur Forum Rei (see Alod, Alodial Land, 35 ARBUTHNOT, J., 52 Jurisdiction~ 8 Alternative Standard, 35 ARBUTHNOT, J., of Mitcham, Actuary, 8 ALTHUSIUS1 J., 36 52 Actus, 9 Altruism, 37 ARcO, G. G., DEI CONTI D'ARCO, 5 ADAMS, c. F., 9 Amana Society, The, 37 ARGENSON1 R. L. DE VOYER DE ADDISON, J., 9 Amercements, 37 PAULMY, Marquis de, 52 Ademption of Legacy, 9 American School of Political Argentarii, 52 Adjustment, Average, 9 Economy, 37 Aristocracy, 52 Administration, 10 Amortisation, 38 ARISTOTLE, 53 Administration, Letters of, 14 Amsterdam, Bank of (see Banks, Arithmetic, Political, 55 Administrator, 15 Early European), 38 Arithmetic, Political, History Adulteration, 15 Analytical Method, 38 of, 56 Ad Valorem Duty, 15 Anarchism, 38 Arithmetical Ratio, 57 Advances, 16 Anatocismus, 39 Aries or Arrhes, 57 Adventurers, Merchants, 16 ANDERSON, A., 39 Armed Neutrality, 57 Advice, 18 ANDERSON, J., 39 ARMSTRONG, C., 57 African Companies, Early, 18 ANDERSON, J. (No. 2), 40 ARND, K., 58 African Companies, Recent, 19 Angarie, Droit d', 40 ARNOULD, A. M., 58 viii TABLE OF CONTENTS

Arrangement with Creditors (see Autumnal Drain, 73 Bank Note, 111 Bankruptcy), 58 AUXIRON, C. F. J, D', 74 Bank ~ote, Laws in different Arrangement, Deed of, 58 Average, 74 Countries, I 12 Arrears, 58 Average (Maritime), 74 Bank Note, United States of Arrest,- 58 Award, 75 America, 113 Arrestment (Scots Law), 58 AzUNI, D. A., 75 Bankruptcy in Scotland, 114 Arrestment Jurisdictionis Fun- Bankruptcy Law and Administra- dandre causa (see Jurisdiction, BABBAGE, C., 75 tion (England), 116 Scotch), 58 BABBUF, F. N., 77 Banvin, droit de, 118 ARRIVABENE, G., Count, 58 Back-Bond (Scots law term), 78 Barbary Co. (see Turkey Co.), 119 Art of Political Economy, 58 Backwardation, 78 BARBON, N., 119 Artel, 59 BACON, F. (Viscount St. Albans), BARING, Sir F!, )3art., 121 Articles of Apprenticeship, 59 78 BARNARD, Sir J., 121 Articles of Association, 59 Badger, 78 Ban·ator, 121 Articles of Roup (Scotch), 60 BAGBHOT, W., 79 BARRINGTON, BishopS., 121 Arti~an, 60 Bailee, 82 Barter, 121 Arts and Crafts (see Corporations BAILBY, S., 82 Barter and Exchange, 122 of Arts and Trades), 60 BAILEY, S., on Value, 82 BARTON, J., 122 As, 60 BAILY, F., 83 BASTIAT, F., 1 23 ABGILL, J ., 60 BAINES, E., 83 BABTIAT as a Theorist, 124 ABHBURTON, A. B., 60 BAINES, Sir E., 83 BATBIB, A. P., 124 AsHLEY, J., 60 BAINES, T., 84 Bate's Case, or the Case of 1m- Assay, 60 Bairn's part of Gear (see Legitim), positions, 125 Assessed Taxes, 61 84 BAUDBAU, N., Abbe, 125 Assessment, 61 BAKOUNIN, M., 84 BAUD!, C. di V., 125 Assets, 62 Balance of Trade, 84 ·BAUMSTARK, E., 125 Assiento Treaty, 62 Balance of Trade, History of BAXTER, R. D., 126 Assignat, 62 Theory, 85 Bazaar, 126 Assignation (Scots Law Term), 64 Balance Sheet, 88 HAZARD, Saint-A., 127 Assignee, 64 Balance Sheet (2nd Statement), Bear, 127 Assigment, 64 88 Bearer (Securities), 127 Assignment, Deed of, 64 BALBI, A., 89 BECCARIA, C. B. (Marquis), 127 Assignor, 64 BALDWIN, J,., 90 BECHER, J. J., 128 Assize of Bread and Beer, 64 BALSAMO, P., 90 BECKMANN, J., 128 Assize of Weights and MeasureR, BAMFORD, S., 90 Bede (Manor), 128 64 Ban, 90 BEEKE, Re v. H., 129 Assumption, Deed of (Scots Law Banalites, 90 BELDAM, 129 Term), 65 Banco, 90 BELL, W., 129 Assurance (see Insurance), 65 BANDINI, S. A., 91 BELLBRS, J., 129 Assythment (Scots Law), 65 BANFIELD, T. C., 91 BELLITTI, G., 129 Ateliers N ationaux, 65 Banking, 91- BELLON!, G., 129 ATKINSON, W., 66 Bank of England, 92 Benefice (1), 130 Attachment, 66 Banks, England and Wales, 93 Benefice (2), 130 Attestation, 67 do. Scotland, 95 Beneficium Cedendarnm Acti- Attorney, Power of, 67 do. Ireland, 96 onum (Scots law Term), 130 Attornment, 67 do. India and Australian Beneficium Competentire, 130 ATTWOOD, T., 67 Colonies, 97 Beneficium Divisionis (Scots law), ATTWOOD, T., and Birmingham Bank of France, 97 130 School, 67 French banks, 98 Beneficium Excussionis, 130 Aubaine, Droit d', 68 Bank of Germany, 98 Beneficium Inventarii, 130 AUCKLAND, W. E., Lord, 68 German banks, 99 Benevolences, 130 Auction, 68 Chartered Banks in Scotland, BENTHAM, J ., 131 AUDIFFRET, C. L. G., Marquis d', 100 Bequest, Power of, 133 68 Banks in Canada, 100 BERKELEY, G., Bishop of Cloyne, AUDIGANNE, A., 69 Banks, National, United States, 134 Audit, 69 America, 102 Berlin Decrees (see Continental Audit (Scots Law), 71 Early European Banks- System), 135 Audit Office, 71 Amsterdam, 104 BERNARD, Sir T., 135 Auditor of Court of Session, 72 Genoa, 104 BERNHARD!, T. von, 135 Augmentations, Court of, 72 Hamburgh, 105 BESOLD, C., 135 AUGUSTINIS, M. DE, 72 Middleburgh, 106 Betterment, 136 Aulnager, 72 Rotterdam, 106 Betterness, 138 Auncel, or Handsal Weight, 73 Sweden, 104 Bezants, 139 Austrian School of Economists, Venice, 103 BIANCHINI, L., 139 73 Land Banks, Germany, 106 BIBLIA, F., 139 Authorities, Economic (see Politi• Popular Banks, Germany, 109 BIDDLE, N., 139 cal E conomy, Authorities on), Popular Banks, Italy, 109 BIEL, G., 140 73 Savings Banks, 110 BIGELOW, E. B., LL.D. , 140 TABLE OF CONTENTS ix

Bill Broking, 140 BOTERO, G., 169 Buying in, 196 Bill of Exchange, 142 Bottomry, Loan on, 169 By-law, Byelaw, 196 Bill of Exchange, Law of, 143 BOULAINVILLIERS, H. DE, 170 By-product, 197 Bill of Lading, 145 Bounties, 171 By-products, Theory of Value of, Bill of Sale, 145 Bounties, Abstract Theory of, 172 197 Billon, 146 Bounties on Sugar, 173 Bi-Metallism, 146 Bourgeois, 174 CABET, E., 197 Birth-rate, 150 Bourse, 174 Cable Transfer, 199 BIONDI, G., 151 Bourse du Travail, 174 Cadastral Survey, 199 BLACK, D., 151 BoWEN, F ., 175 CADET, F., 200 Black Death, The, 151 BoxHORN, M. Z., 175 CAGNAZZI, L. S., 200 Blackleg, 153 Boycotting, 175 CAIRNES, J. E., 201 Blairie, Droit de, 153 BRADLAUGH, C., 175 Caisse, 203 BLAKE, W.' 153 Brands and other Certificates of Cal~ 203 BLANC, J. J. L., 153 Quality, Government, 175 CALONNE, C. A. DE, 204 Bland Act, 154 Drassage, 176 CALVIN, J., 204 Blank Credit, 155 BRASSEY, T., 176 Cambage, Droit de, 206 Blank Endorsement, 155 BRAY, C. , 176 Cambist (see Exchange Broker), Blank Transfer, 155 BRAY, J. F., 177 206 BLANQUI, J. A., 155 Breach of Trust (Scots criminal CAMBON, P. J., 206 Blench (Scots law term), 155 law term), 177 CAMBRELENG, C. C., 207 Blockade, 156 Breach of Trust, 177 Cameralistic Science, 207 Board, 156 BRECK, S., 177 CAMEEARIUS, J., 208 . Board of Agriculture (1793), 156 Brehon law, 178 CAMPANELLA, T., 208 Board of Agriculture (1889), 157 Brevi Manu Traditio, 178 CAMPO MANES, P. R., 208 Board of Trade, 158 BREWSTER, Sir F., 178 Canals, 208 Boarding-out System, 159 BRIGANTI, F., 179 CANARD, N. F., 209 Boccm, R., 160 BRIGHT, J., 179 Cancel, Cancellation, 209 BocKH, A .., 160 BRINDLEY, J ., 179 CANCRIN, G., 210 Bocland, 160 BRISCOE, J., 179 Candareen, 210 BoDIN, J., 160 BRISSOT DE WARVILLE, J.P., 179 CANNING, G., 210 Body Corporate, Corporation, 161 BROGGIA, A., 180 Canon Law, 211 BBurgh, 194 Carrying Trade, 228 Do. Logismography, 165 Burgher (see Citizen), 194 Cartel, 229 Book of Rates, 167 BURIDAN, J ., 194 Cartogram, 229 Boom, 168 BURKE, E., 194 Carucage, 229 Booty, 168 BURLAMAQUI, J. J., 195 CARY, J., 230 BORNITZ, J., 168 BURTON, J . HILL (see Hill Bur- CASAREGIS, J. L. M. DE, 230 Borough, 168 ton, J.), 195 Case of Need (see Bill of Ex- Borough English, 168 BUMCH, J. G., 195 change), 230 BOSANQUET, C., 168 BiiscHINO, A. F., 196 Cash, Money, 230 BOSELLINI, C., 169 BUTEL-DUMONT, G. M., 196 Cash (or Li), 230 Boston Port Bill, 169 Butlerage, 196 Cash Account, 231 X TABLE OF CONTENTS

Cash Credit, 231 CHICKERING, J., M.D., 277 CLIFFE LESLIE (see Leslie, J. E. Cash, Sale for, 231 Chief Rent (see Rent Charge), C.), 313 Cashier, 231 277 Clipped Money, 313 Oaste, 231 CH1LD, Sir J .• 277 Cloff or Clough, 313 Casuel, 233 Childrens' Labour (Factory Acts), Coalitions (see Trades' Unions), Casus, 233 277 313 C:atallactics, 233 Chiminage, 279 Coal!ting Trade, 313 Catasto, 233 CHITTI, L., 279 COBBETT, W., 314 CATTANEO, C., 234 Chorogram, 279 COBDEN, R., 316 Cattle Plague Orders, 234 Choses in Action, 279 CocHUT, P. A., 317 Caution (Scots Law Term), 234 Choses in Possession, 279 Code Napoleon, 317 Caution, 234 Chrematistic (or Money-making), Codicil, 318 Caveat, 234 279 Coinage, The Right of, 318 Caveat Emptor, 234 Christian Socialism, 280 Coinage, Decimal (see Decimal CAVOUR, Count C. B. DI, 234 Christianity and Economics• System), 318 CAYLEY, E., 237 Church, the Medireval, Econ• COKE, R., 318 Cedula, 237 omic Influence of, 280 COLBERT, J. B., 319 Cens, 237 Roman Catholic School of Collateral Security (see Caution), Census, 238 Economics, 283 320 Census, United States, 243 Influence of Protestant Thought Collation (see Succession, Scot- Cent, Centesimo, or Centavo, 250 on Economic Opinion and land), 320 Cent, Dutch, 250 · Practice, 285 Collect, 320 Centesimi, Centimes, Centimos, Chronogram and Hexogram, 287 Collective Goods, 3 20 250 Church Seed, 287 Collectivism, 320 Centralisation, 250 CIBRARIO, G. A. L., Count, 287 Collegium, 320 Certainty, 251 Cinque Ports, 287 Colonies- Certificate, Share, 251 Ciompi, 288 Colonies, description of, 321 CESARE, C. DE, 252 Circulating Medium, 288 Colonial Policy, 322 Cess, 252 Citation (see Jurisdiction, Scotch), Colonial Lands, 323 Cessio Bonorum (see Bankruptcy, 288 Public Debts of Colonies, Scotch), 25 2 Citation, 288 324 Cessionary (Scots law term), 252 Cite Ouvriere, 288 Trade and the Flag, 324 CEVA, G., 252 Citizen, 289 Methods of Government, 326 CHADWICK, Sir E., 252 City- Currency in British Colonies, Chaffer, 254 Ancient, 290 326 CHALMERS, G., 254 Medireval, 292 Denominational Currency in, CHALMERS, T., 255 Modern, 295 328 CHAMBERLAYNE, E., 256 City of London, Companies of Government of, by Companies, CHAMBERLEN, H., 257 (see Companies, City of Lon• 329 Chambers of Agriculture, 257 don), 297 Systems of Colonisation, 333 Chambers of Commerce, 258 Civil Law, 297 CoLQUHOUN, Patrick, 334 Chambre Ardente, 260 Civil List, 300 CoLTON, Rev. Calvin, 335 CHAMILLART, M. DE, 260 Civilisation, 302 COLWELL, Stephen, 335 Champart, 260 CLARKSON, T., 303 Combination- Champion and Severalty, 260 Classical Economists, 303 Production, 335 Change, Abbreviation for Ex- Classification, 303 Distribution, 336 change, 261 CLAY, H., 304 Production and Distribution, Change (Agents de), 261 CLAYTON, D., 305 336 Chapman, 262 Clearing System- Distribution and Consumption, Charging Order, 262 Clearing Houses, 305 336 Charitable Foundations, 262 London Bankers' Clearing Combination Laws, 336 Charitable Institutions, 264 House, 306 Comfort, Standard of, 337 Charity, 265 Provincial Clearing Houses, Commandite, Societe en, 338 Charity Organisation, 266 307 Commerce, 338 Charity, State, 268 Foreign Clearing Houses, 307 Commerce British (History of), Charter, 271 Statistics, 309 341 Charter Party, 271 Other Classes of Clearings, 310 Commercial Instrument, 346 Chartism, 271 Stock Exchange Clearing, 310 Commercial Law, 346 -- The Points of the Charter, Beetroot Sugar Association, 310 Commercial Routes (History of), 272 London Produce Clearing, 311 347 CHASTELLUX, F. J., Marquis de, Railway Clearing, 311 Commercial Science, 351 273 Cotton Clearing, 311 Commercial System, 351 Chattel or Chattel Personal, 273 CLEMENT, A., 312 Commercial Treaties, 354 Checks on Population, 273 CLEMENT, P., 312 Commissary (see Succession, Scot- Cheques, Law of, 273 CLEMENT, S., 312 land), 355 CHERBULIEZ, A. E., 27 4 Clergy, Benefit of, 313 Commission Agent, 355 Chevage, 27 4 Client, 313 Commissions of Enquiry, 355 CHEVALlER, M., 27 5 Client, Stockbroker's, 313 Commissions, Judicial, 356 TABLE OF CONTENTS xi

Commissioner (see Factor), 357 Consignee, 389 Copyright in Foreign Countries, Commissioners of Sequestrated Consolidated Fund, 389 422 Estate (see Bankruptcy, Scot• Consolidatio, 390 International Copyright, 422 land), 357 Consols, 390 Basis of Copyright, 423 Committee (Lunacy), 357 Conspiracy, Common-Law Doc- COQUELIN, c., 423 Committee of Inspection, 357 trine of, 390 CORBET, T., 423 Commodatum, 357 Constitutum debiti, 391 CORBETTA, E., 423 Commodity, 357 Constitutum possessorium, 391 Corn Laws, 423 Common Assurance, 358 Consul, 391 Corn Rents, 426 Common Employment, Doctrine Consular Reports, 391 Corn Returns, 426 of, 358 Consumables (see Consumptibles), Cornage, 426 Common Good (Scotland), 358 392 Corner on Stock Exchange, 427 Commons, 358 Consumers' Goods (or Consump• CORNIANI, G., 427 Commonty (Scotch), 360 tion Goods), 392 Corporation, Municipal, 427 Commune, 360 Consumers' Rent, 392 Corporation, Aggregate, 428 Commune of Paris (1871); 361 Consumptibles. A term em- Corporation, Sole, 428 Communication, Means of, 361 ployed by the Schoolmen, 393 Corporations of Arts and Trades- Communio, 362 Consumptibles (Modern Economic England, 428 Communism, 362 Term), 393 France, 430 Compagnonnages, 367 Consumption, 393 Germany, 431 Companies- Consumption, Taxes on, 395 CORTI, A., 432 Companies, English and Scotch Continuation or Contango, 396 CORVAIA, Baron, 432 Law, 368 Continental System, 396 Corvee, 432 Increase of, 369 Contraband, 398 CORVETTO, L.-E., Comte de, 433 Influence on Business, 370 Contract, 399 Coshery, 434 Companies, City of London, 371 Contract, Law of, 401 Cost (Comparative and Relative), Companies, Staple, 373 Contract Note, 402 434 Companies, Trading (see Foreign Contractors, 402 Cost, in the Sense of Price, 434 Trade, Regulation of), 375 Contractus Trin us (see Eck, Cost Book, 434 Compensation, 375 Johann), 402 Cost of Collection of Taxes, 435 Competition and Custom, 376 Contribution, Contributory (see Cost of Labour (see Cost of Pro- Competition and Regulation, Company), 402 duction), 437 378 Convention of Royal Burghs of Cost of Production, 437 Complementary Goods, 380 Scotland, 403 Cost, Relative (see Cost, Compara- Composition (see Bankruptcy), Conventional Tariff, 403 tive), 439 380 Conventional Value, 404 Cottie~;s, 439 Compound Interest, 380 Conversion of British National Cotton Famine (1861-65), 439 Compromise (Scots law), 380 Debt, 404 Cotton Lists, 441 Comptes, Chambre des, 380 Conversion, Colonial and Foreign COTTON, Sir R. B., 441 Compulsory Pilotage, 380 Stocks, 405 Coulisse, 441 Compulsory Preference, 381 Conversion of Arable Land into Council Bills (India Council Compulsory Taking of Land, 381 Pasture in England, 406 Drawings), 442 COMTE, AUGUSTE, 381 Convertibility of Bank Notes, 407 Countervailing Duty, 443 COMTE, AuG., and English Politi- Conveyance, 408 County Borough, 443 cal Economy, 382 Coolie System, 408 County Council, 443 COMTE, CHAS., 383 COOPER, T. {1759-1840), 408 County Rate, 444 Concession, 384 COOPER, T. (1805-1892), 408 Coupon, 444 Conciliation, Boards of, 384 Co-operation, 409 COURCY, A. de, 444 Concourse (Scots Law), 385 Co-operative Associations, 409 COURNOT, A. A., 445 Concurrence (Scotland), 385 Co-operative Farming, 413 COURT, P. de Ia, 447 CONDILLAC, E. B. de, 385 Co-operative Workshops, 415 Court Rolls, Manorial Accounts Conditioning, 385 Co- operation, Partial (Oldham and Extents, 447 CdNDORCET, M. C., Marquis de, Cotton Spinning Companies), COURTEN, Sir W., 1572-1636 (see 386 417 Interlopers) CONDUITT, J., 387 Co-operation, Social Aspects of, Courtier, Broker (see Change, Confident Person (see Bankruptcy, 418 Agents de), 448 Scotland), 387 Coparceners, 420 Courts of Law (England), 448 Confirmation of Executor (Scots COPERNICUS, Nicolaus, 420 Courts (Ireland), 449 Law), 387 COPPLESTON, E. (Bishop of Llan- Courts (Scotland), 449 Conflict of Laws (Foreign), 387; daff), 420 Coverture, 450 (Domestic), 387 Copper Money (England), 421 COWELL, J. W., 450 Confusio, 387 Copper Money (Sweden), 421 Cowrie, 450 Conjunctur, 387 Copyhold, 422 CoXE, T., 450 Conquest, 388 Copyright, 422 CRADOCKE, F., 451 CONRING, H., 388 Literary Copyright, 422 Craft Guilds (see Corporations of Conscription, 388 Dramatic Copyright, 422 Arts and Trades), 451 Conseils de Prud'hommes, 389 Works of Art, 422 CRAIG, John, 451 Consideration, 389 Designs, 422 Credit, 451 xii TABLE OF CONTENTS

Credit, Influence on Prices, 452 Dearness, Artificial, 487 Delictum, 538 Credit Fancier of France, 454 Dearth (see Famine), 490 Delivery (of Bills of Exchange), Credit, Letter of, 455 Death Duties, 490 538 Criminal Prosecution, 455 Death-rate- Delivery (of Deeds,-see Deed), Crises, Commercial and Financial, Analysis, Definition of Subject, 538 455 493 Delivery (of Chattels), 538 Crises (1857-1866-1890), 462 Death-rate as Factor in in- Delivery, Good, 539 Crises, Periodicity of, 466 crease of Population, 494 DE LucA, G. B., 539 CROMBIB, A., 467 Causes of variation in Death- Demand, 539 CROME, A. F. W., 467 rate, 494 Demand Curves, 542 Cross Drawing, 468 Death-rate, as indicating Na- Demand Schedules (see Demand), Crossed Cheque, 468 tiona! Prosperity, 497 544 Crown Debts, 468 In relation to Insurance, 497 Demesne, 544 Crown, English (Gold Coin), 468; Debasement of Coin, History of DB MBTZ-NOBLAT, A., 544 Silver Coin, 468 the, 498 Demise, 544 Crown (Scandinavian), 468 Debenture, 501 Demography, 544 Crown Lands, 469 Debenture Stock, 502 DE:MOIVRE, A., 545 CRUMPE, S., 469 Debit, 503 Demology (see Demography), 546 Crusade, 469 Debitum Fundi (Scot.), 503 Demonetisation, 546 ' Crusades, Economic Effects of, 469 Debouches TMorie des, 503 Demonstrative Legacy, 546 Culpa, 470 DB BROUCKERB, C., 503 Demurrage, 546 CULPEPER, Sir 'J'. (the elder), 470 Debt- Denarius, 546 CULPEPER, Sir T. (the younger), Debt, 503 Denarius Dei, 547 470 Imprisonment for, 504 Denier (Coin), 547 Culture, Large and Small, 470 Debtor and Creditor, Law of, Denier (Tax), 547 Cum Dividend, 472 505 Denier (as denoting Price), Curator Bonis, 472 Debtor's Summons, 506 547 Currency, 472 Debts, Public, 506 Deniers de Calais, 547 Currency Doctrine or Principle, Debt, Public, Statement of, 509 Denizen, 548 472 Debts, Public, Local, Great DENNY, W., 548 Curves, 473 Britain and Ireland, 509 Denominational Currency (see CUSTODI, P., 474 DE CARDENAS DI MAQUI!DA, Colonial Currency), 548 Custodia, 474 D. R., 513 Denominations of Bank Notes, Custom, Customs Duties, 47 4 Decentralisation, 513 548 Custom, Habit, 476 DecimalSystem(Coinage, Weights Denominator, Common, 549 and Measures), 514 Deodand, 549 DAIRE, E., 477 Decime, 518 DEPARCIEUX, A., 549 DALBIAC, General Sir J. C., 478 Decimes, 518 DE PARIEU (see Parieu, Esquirol DALRYMPLE, Sir J., 478 DECKER, Sir M., 518 . de), 550 Damages, 478 Declaration of Paris, 520 Department, 550 Damages, Measure of, 479 Declaration of War, 521 Department (France), 551 DAMETH, H., 479 Declared and Real Values, 521 Depopulation (Term), 551 Damnum Emergens, 479 Decreasing Returns (see Diminish- Depopulation (in Relation to Eco- Damnum Fatale (Scot), 480 ing Returns), 522 nomic History), 551 Danegeld, 480 Decree of Registration (Scot.), Depopulation (Causes), 552 DANGI!UL, Marquis de Plumart, 522 ·Deposit (Sales of Land), 559 480 Deductive Method, 523 Deposit (Deposits, Banking), 559 Darg, 481 Deed (Scot.), 526 Deposition, 560 Daric, 481 Deed of Arrangement, 527 Depositum, 560 Darien Company, 481 Deed Poll, 529 DepMs et Consignations (Caisse Darwinism, 481 Defalcation, 529 des), 560 Date of Drawing, 482 Defence, 529 Depreciation, 561 Davach, 482 Defence, Cost of, 529 Depreciation of Monetary Stand- DAVANZATI, B., 482 Deferred Payments, 532 ard, 562 DAVI!NANT, c., 483 Deferred Stock, 532 Depression, Agricultural, 563 DAVIES, David, D.D., 484 Deficiency Advances, 533 Depression of Trade, 565 DAVILA, el Padre Bautista, 485 Deficiency Bills, 533 Deputy, 568 DAVILA Y Luoo, Don Francisco, Deficit, 533 DE QUINCEY, T., 568 485 Definitions, 534 Derelict, 5 70 Day, Day Work, and Diet, 485 DEFOE, D., 535 Derelictio, 570 Days of Grace, 485 Degree of Utility, 536 DE SANCTIB, M.A., 570 Dead Freight, 486 DE LA CoURT (see Court, Pieter Descent of Property, 570 Deadly, Warrandice against All de la), 537 . Designs, Copyright in, 571 (Scot.), 486 DE LAJONCHERB, 537 DBSMARETS, N., 571 Dead Rent, 486 DE LA MARE, N., 537 DESTUTT DE TRACY, A, L. C., Dead's Part (Scot.), 486 Del Credere, 537 5 72 Deadweight Annuity, 486 Delegation, 537 Destutt de Tracy and Ricardo, Dealer (Stock Exchange), 486 DELFICO, M., 537 572 TABLE OF CONTENTS xiii

Detraction, Droit de, 572 Distribution, Ethics of, 596 Maria Theresa or Levantiner Development, 572 Distribution, Law of, 599 Thaler, 628 DE VIO, F. T., 573 Distribution (uses of the Term), Mexican, or Peso, 628 Devise, 573 602 South and Central American DEw, T. R., 573 Distribution, Cost of (see Produc• Republics, and British Hon• Diagrams, 574 tion and Distribution), 603 duras, 628 Dialogus de Scaccario, 576 Distribution, Statutes of, 603 Spanish (see Hard Dollar), 628 Dica, 576 Distribution of the Precious Dolus, 628 DICKINSON, J., 576 Metals, 603 Domaine, 628 DICKSON, REv. A., 577 Distributive Justice, 606 DOMBASLBB, A. M. de, 628 DIDBROT, D., in his relation to Distringas, 606 Domesday Book, 629 Econotnic.q, 577 D'lvBRNOIS, Sir F. (see Ivernois, Domestic System of Industry, 630 DIBTBRICI, K. F. W., 579 Sir F. de), 606 Domicil or Domicile, 631 Differential Duties (see Discrim- Disutility (see Discommodity), Domicile (Scotland), 632 inating Duties), 579 606 Domiciled Bill, 632 Difficulty of Attainment, 579 Dividend (on Stock and Shares), Dominium, 632 Diffusion 'l'heory of Taxation, 582 606 Domus Conversorum (see Jews in DIGGES, Sir D., 582 Dividend (Medireval), 607 England), 632 Diligence (Scot.), 582 Dividend (in Bankruptcy), 607 Donatio Mortis Causa, 632 Diligentia, 582 Dividend Warrant, 607 Donation (Scotland), 632 Dime, 582 Divisibility of Money. Divisions DONATO, N., 632 Ditne Royale, 583 of Money, 608 Don Gratuit, 632 Dimensions of Economic Quan• Division of Labour, 608 DORIA, P. M., 633 tities, 583 Dizain, 611 Dormant (or Sleeping) Partner, Diminishing Returns, 585 DoBBS, A., 611 633 Diminishing Utility (see Utility), Dock, 611 DORMER, D. J., 633 586 Development of the Modern Dos, 633 Dinar {Ancient), 586 Dock System, 611 Doses {of Capital), 633 Dinar (Modern), 586 London Docks, 611 Douane (Fr. Customs), 633 DIODATI, D., 586 Provincial Dock Development, Double Entry (see Book-keeping), DIODATI, L., 586 613 634 Direct Taxation, 586 Mechanical Appliances at DOUBLEDAY, T., 634 Directors, Legal Duty of, 587 Docks, 615 Double-Florin, 634 DIROM, Major A., 587 Warrants, 615 Double Standard (see Bimetal- Disabilities of Aliens, 587 Effect of Economic Changes !ism; Standard of Value), 634 Disabilities of Infants, 587 upon Docks, 615 Doubloon, History of, 634 Disabilities of Lunatics and Competition in relation to Doubloon, 635 Drunkards, 588 Docks, 616 DOUGLASS, W., 635 Disabilities of Married Women, Incidence of Dock Charges, DOVE, P. E., 635 588 616 Dower, 636 Discharge (Scot.), 588 Dock Finance, 617 Drachma, 637 Discharge in Bankruptcy, 589 Dock Ownership, 617 Drafts on Demand (see Cheques, Disclaimer, 589 Public Ownership, 617 Law of), 637 Discommodity, 589 (1) Management, 617 DRAGONETTI, G., 637 Discount, 58 9 (2) Public Convenience, DRAGONETTI, L., 637 Discount, French Stock Exchange, 617 Drain of Bullion, 637 590 (3) Finance, 617 DRAKE, J ., 639 Discount (London Stock Ex• List of Mercantile Docks in the Drapier's Letters, 639 change), 590 United Kingdom, 618 Drawbacks, 640 Discount Houses (see Bill Brok• Dock Labour, 621 Drawer of a Bill of Exchange, 640 ing), 591 Dock Warrant, 623 Drawing, 640 Discoveries, Geographical {Influ• Docqnet, 623 Drengage, 641 ence on Trade of), 591 Doctrinaire, 623 Drinks, Taxes on (see Taxes), Discoveries of Precious Metals Doctrine of Population-Malthns 641 (see Gold-Silver, Discoveries (see Malthus, Rev. T. R. ; Drolland, or Dryfland, 641 of), 591 Population), 624 Droit, Annuel (see Paulette), Discovery in Actions, 591 Dogma, 624 641 Discriminating or Differential Doitkin, 625 Droits of Admiralty, 641 Duties, 591 Dole Fish, 625 Droits d'Aubaine (see Aubaine), Discussion (Scot.), 592 Doles, 625 641 Dishonour of a Bill, 592 Dollar, 626 DROZ, J., 641 Disposition (Scot.), 592 History of, 626 DRUMMOND, H., 641 Distance in Time as an Element Of Account, 627 Drunkards, Legislation respect- of Value, 592 Hard (Stock Exchange nse of ing, 642 Distress, 594 word), 627 Dry Exchange (Cambium Biccum ), Distress (Legal Term), 594 Hard (Spanish), 627 643 Distribution (or in full The Dis- United States, 627 Dry Rent (Rent sec.), 643 tribution of Wealth), 595 Trade (United State.s), 627 DUBOS, Abbe J. B., 643 ::riv TABLE OF CONTENTS

Ducat, History of, 643 Economic Harmony, 674 Employments (see Occupations), Ducat (Modern), 644 Economic History, 675 708 DucHATEL, Comte T., 644 Economic Law, 676 Emption, 708 DUCPETIAUX, E., 645 Economic Man, 676 Emptio-Venditio, 708 Due (gerihta, rectitudo, rectum), Economics(seePoliticalEconomy), Emulation, Effects of, on Society, 645 677 708 Due Date (Bill of Exchange), Economic Science and Economics, Encabezamiento, 709 648 677 Enclosures, 709 DUFAU, F. P., 648 Economistes, 679 Encomienda, 712 DUHAMEL DU MONGEAU, H. L., Ecu, 679 Encroachment (see Trespass), 712 648 EDEN, Sir F. M., 679 Encyclical, Papal, on Labour DuMOULIN (see Molinaeus), 648 EDGEWORTH, M., 680 (1891), 712 DONCAN, H., D.D., 648 EDMONDs, T. R., 681 Endorsement (see Bill of Ex- DUNCAN, JOHN, 650 Education, Economic Aspects of, change), 713 DUNCAN, JONATHAN, 650 681 Endowments, 713 DUNDAS, H., 650 EDWARDS, B., 681 Enemy Goods, 714 DUNNING, R., 650 EDWARDS, G., M.D., 682 EnfacedPaperorRupeePaper,715 DUN OYER, C., 650 Effects, 682 Enfacement, 715 Duodecimal System, 651 Effectual Demand (see Demand ENFANTIN, P., 715 DUPIN, Baron C., 651 Effectual), 682 Enfranchisement, 716 DUPIN, CLAUDE, 652 Efficiency of Labour, 682 Enfranchisement of Land from DUPONT (Du Pont), P. S. de Efficiency of Money, 685 Copyhold and similar Tenures, Nemours, 652 Egoism, 685 History of, 717 DUPONT-WHITE, C., 653 EGRON, A. C., 687 English Early Economic History, DUPRE DE SAINT-MAUR, N. F., Eight-Piece, 687 719 654 Eight Hours Movement, 687 English School of Political DUPUIT, A. J. E., 654 EINERT, C., 690 Economy, before Adam Smith, DUQUESNOY, A. c., 655 ErSDELL, J. S., 690 730 Duration of Life (as an element EISELEN, J. F. G., 690 English School of Political of well-being), 655 Eject, Ejectment, Ejection, 690 Economy, Modern Economics, DUSSARD, H., 655 Elasticity, 691 733 Dutch Auction (see Auction), 655 Elasticity of Demand (see De- Engrossing (see Forestallers and Dutch School of Economists, mand), 691 Regrators), 737 656 ELDER, W., 691 Enregistrement, 737 DUTENS, J. M., 660 Election, 691 ENSENADA, Z., Marquis, 737 DUTOT, 660 Elegit (Writ of), 692 Entail, Law of, 738 Duty, Customs (see Customs), Elevator, 692 Entail (Scotland), 7 40 660 ELIBANK, P. M., 692 Entrepots, 7 41 Duty, Export (see Exports, Duties ELIOT, F. P., 692 Entrepreneur, 741 on), 660 Elizabethan Legislation (see Legis- Entry, Bill of, 7 42 Duty, Import (see Imports, Duties lation), 693 Entry, Right of, 7 42 on), 660 ELKING, H., 693 Enumerated Commodities, 743 Duty, Legacy, Probate, Succes• ELLIOTT, E., 693 Ephemerides, 743 sion (see Death Duties), 660 ELLIS, W. (1758), 693 Epices, 747 Du VERNEY (see Paris Du ELLIS, W. (1800-81), 693 Equalis!!.tion of International De- Verney), 660 ELLMAN, J., 694 mand, 747 DUVILLARD DE DURAND, E., Elus, 694 Equality, 748 660 Emancipation, 694 Equation of Supply and Demand Dwellings, Industrial, 660 Embargo, 695 (see Demand), 749 Dwellings, Model, of Working Embezzlement, 696 Equilibrium, 749 Classes in France, 664 Emblements, 696 Equitable Assets, 749 Dwellings (Regulation by the EMERSON, GOUVERNEUR, M.D., Equitable Estate, 749 State in England), 665 696 Equitable Execution, 749 Emigration, its Effect on the Equitable Mortgage, 7 49 Eagle, 667 Country of Origin, 696 Equitable Waste, 750 Earnest Money, 667 Eminent Domain, 702 Equity, 750 Earnings and Interest Fund, 667 EMMERY DE SEPT :E'ONTAINEB, H. Equity of Redemption, 751 Earnings of Management, 667 C., 703 Equity to a Settlement, 751 Easement, 668 Empanel, 7.03 Error Excepted, 751 Easterlings, 668 Emphyteusis, 703 Error, Law of, 751 East India Company, 669 Empiricism, 703 Escheat (historical), 753 Eastland Company, 672 Employers and Employed, 704 Escheat (modern law), 754 EATON, D. I., 673 Employers' Liability Act, 706 Escudo, 754 EBAUDY DE FRESNE, 673 Employing Class, 707 Escusado, 754 EcK, J., 673 Employment, 707 Essart, Exart, or Assart, 754 Economic Freedom, 67 4 Employment of Women and Estate, 754 Economic Goods (see Goods, Children in Agriculture (see Estate Duty (see Dea.th Duties), Economic), 674 Female Labour), 708 755 TABLE OF CONTENTS XV

EsTCOURT, T., 755 Exchange, Stock, Provincial, in Execution, 789 EsTERNO, P., 755 Great Britain and Ireland, 770 Executor, 789 Estimo, 755 Exchange, Foreign, 770 Executry (Scottish), 790 Estoppel, 756 Exchange,Foreign,practical work- Exercitor (Scottish), 790 Estovers, 7 56 ing of, 772 Exhereditatio, 790 Etats Generaux, The, or States Exchange between Holland and Ex. New, 790 General of France, 756 Dutch India, 773 Expectation of Life, 790 Ethel (see Alod), 756 Exchange between Great Britain Expeditation, 790 EvANS, D. M., 756 and British India, 776 Expenditure or Spending, 790 EvANs, T., 757 Exchange, Internal, 777 Expenses of Production (see Pro- EVERETT, A. H., 757 Exchange of Notes, 778 duction), 790 EvERETT, G., 757 Exchange Broker, 778 Experience, 790 EVELYN, J. {1620-1706), 757 Exchanger, Royal, 778 Experimental Methods in Econo- EvELYN, J. (1830), 758 Exchequer, Early History of, 779 mics, 791 Evolution (see Development), 758 Exchequer, Present Constitution Expert, 792 Eviction, 7 58 of, 7 81 Expertise (French), 793 Ex. All, 758 Exchequer (Scotland), 784 Exploit, 793 Examples, 758 Exchequer Bill, 784 Exports and Imports (see Imports Excambion, 758 Exchequer Bill, History of, 784 and Exports), 794 Exchange, 758 Exchequer Bond, 785 Exports, Duties on, 794 Exchange, Value in, 759 Exchequer Bond, History of, 785 Expropriation, 797 Exchange, Value in. History of Exchequer, Closing of the, 786 Extensive Cultivation (see Inten• Growth of Theory, 762 Excise, The, 786 sive), 798 Exchange, Usury (see Usury), Excise Scheme of Sir R. Walpole, Extents (see Court Rolls, Manorial 767 788 Accounts, and Extents), 798 Exchange, as Bourse, 767 Ex. Dividend, 789 Extraneus, 798 Exchange, Stock, 768 Ex. Drawing, 789 I EYTON, R. w., 798 THE great art therefore of political ceconomy is, first to adapt the different {)perations of it to the spirit, manners, habits, and customs of the people ; and afterwards to model these circumstances so, as to be able to introduce a set of new and more useful institutions. The principal object of this science is to secure a certain fund of subsist• ence for all the inhabitants, to obviate every circumstance which may render it precarious ; ~ provide everything necessary for supplying the wants of the society, and to employ the inhabitants (supposing them to be free men) in such a manner as naturally to create reciprocal relations and dependencies between them, so as to make their several interests lead them to supply one another with their reciprocal wants.-SIR JAMES STEUART, Inquiry into the Principles of Political CEconomy.

The more extende'd our research becomes, the more we find that know• ledge is a thing of slow progression, that the very notions which appear to ourselves new have arisen, though perhaps in a very indirect manner, from successive modifications of traditional opinions. Each word we utter, each thought we think, has in it the vestiges, is in itself the impress, of antecedent words and thoughts.-SIR W. R. GROVE, Correlation of Physical Forces. AND truly as we look for greater knowledge of human things and a riper judgment in the old man than in the young, because of his experience and of the number and variety of the things which he has seen and heard and thought of; so in like manner from our age, if it but knew its own strength and chose to essay and exert it, much more might fairly be expected than from the ancient times, inasmuch as it is a more advanced age of the world, and stored and stocked with infinite experiments and observations.-BACON, Novum Organum (Ellis and Spedding's edition, 1858), vol. iv. p. 82 (translation).

• . . So far is it from being true, as some would seem to suppose, that economic science has done its work, .. ud thus become obsolete for practical purposes, an object of mere historical curiosity, it belongs, on the contrary, to a class of sciences whose work can never be completed, never at least so long as human beings continue to progress; for the most important portion of the data from which it reasons is human character and human institutions, and everything consequently which affects that character or those institutions must create new problems for economic science.-CAIRNES, The Character and Logical Method of Political Economy, 2nd edition, lecture i., introductory, p. 22. DICTIONARY OF POLITICAL ECONOMY

DICTIONARY

OF POLITICAL ECONOMY

EDITED BY R. H. INGLIS PALGRAVE, F.R.S.

Ore trahit quodcumque potest atque addit acervo.

VOL. II.

F-M

Palgrave Macmillan 1896 THE MACMILLAN PRESS LIMITED, LONDON STOCKTON PRESS, NEW YORK MARUZEN COMPANY LIMITED, TOKYO

Dictionary of Political Economy Edited by R.H. Inglis Palgrave in three volumes, 1894, 1896 and 1899

This volume has been reprinted in its entirety from the original version and is issued to mark the publication of The New Palgrave: A Dictionary of Economics, edited by John Eatwell, Murray Milgate and Peter Newman, published in 1987 by The Macmillan Press, London, Stockton Press, New York and Maruzen Company Limited, Tokyo. Volume II first published in 1896 Softcover reprint of the hardcover 1st edition 1896 978-0-333-47048-0

Reprinted in 1987

Published in the United Kingdom by THE MACMILLAN PRESS LIMITED London and Basingstoke Associated companies in Auckland, Delhi, Dublin, Gaborone, Hamburg, Harare, Hong Kong, Johannesburg, Kuala Lumpur, Lagos, Manzini, Melbourne, Mexico City, Nairobi, New York, Singapore, Tokyo. Published in the United States of America and Canada by STOCKTON PRESS 15 East 26th Street, New York, NY 10010, USA

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The New Palgrave is a trademark of The Macmillan Press Limited ISBN 978-1-349-10360-7 ISBN 978-1-349-10358-4 (eBook) DOI 10.1007/978-1-349-10358-4 INTRODUCTION TO VOLUME II.

THE remarks made by way of introduction to the first volume of this work, both as to the method followed and the general plan, may be usefully continued here. The work has been carried on upon the lines previously proposed, with the assistance which the experience thus gained has given. The great desire of the Editor has been to assist the student to understand the existing position of economic thought. To do this effectively, the past also has had to be investigated, and the many lessons which it contains brought again before the mind. In this reference attention may particularly be drawn to the article on the Historical School of Economists, and the articles on the French, German, and Italian Schools of Economics, which the present volume contains. It has been encouraging to the Editor to be assured that the histories of the Dutch and the English schools, which appeared in the first volume, have been found of value by other economists, and he sincerely trusts that the histories specified above will also be serviceable in a similar manner. The better knowledge of economic teaching in other countries, which has extended itself among us of recent years, is, of itself, one proof of the more fruitful attention given to the study. In every branch of science it is always advantageous to know how a subject has been regarded by those who have examined it from other points of view than our own. This is especially the case with such a study as economics. The ruling modes of thought and of training, the very conditions of society, all tend to cause differences in the way of regarding social questions. Familiar instances of this are found in the fiscal arrangements of different coun• tries, the modes of levying taxation, the laws regulating labour, and many other matters. For instance, large sums are raised by methods of taxation in France• e.g. the Octroi duties-which would never be borne in this country. Here they would be considered to shackle trade and to oppress the working classes ; there they are regarded as an equitable mode of collecting the sums needed for local administration. Again, there are always some differences of treatment, some differences of surroundings, which colour and shape with their special influences the work of students in other lands. The sketch of the French school shows what progress economic thought had made in France before the end of the 18th century; the improvements in fiscal legislation, which were effected by successive ministers, influenced by the teaching of the Eccmomistes, and exemplified by Turgot. In Germany, the attention given to "cameral science," even in the medireval period, gave early economic study a different and more practical turn from that followed in any other country of Europe. It will be new to many of our readers vi DICTIONARY OF POLITICAL ECONOMY to learn that a Zollverein for the empire was proposed in the Imperial Diet of 1522-23. But the most brilliant period in German economic thought is found in the present century. The influence of the great leaders of the German mind--Qf Fichte, Hegel, and Kant-was slow to develop. itself in economics, but it has leavened all the subsequent literature of the subject. Of the historical articles the one on the Italian school will probably contain most that is new to English readers. The political subdivision of Italy, carried on for centuries and perpetuated to a comparatively recent period, had its counterpart in the prolific wealth of Italian economic literature. The number of small principalities and independent states with the most dissimilar forms of government-from free-trade Tuscany, the great commercial republics of Venice and Genoa, to the militant medirevalism of Naples, with almost every intermediate form of political association-had the result of enriching Italian economic literature with the works of many writers who had continual opportunities of recording the effect of the different systems pursued. The works of the writers noticed throughout the volume are widely unlike in character. Some are the labours of practised scholars with a perfect command of the vocabulary they employ, enforcing the broad views which wider experi• ence enables them to express. Others have been the jottings down of hard· working but comparatively uneducated men, full of practical common sense and of shrewd observation, but sometimes exhibiting a deficiency in dialectic skill which prevents them from setting forth the truths they desire to inculcate to fullest advantage. Again, the history of science has often to record periods of abatement in energy, but after a time of quiescence the vigour of a living study invariably revives. Besides the historical articles and those describing the works of economic writers, the side of pure theory has also received due attention. Thus, to select merely the subject of Method, the volume contains articles on Graphical Method, Historical Method, and Inductive Method, Logic and Political Economy, and Method of Political Economy, Mathematical Method, and many other articles on similar subjects, and the Laws of Political Economy, giving a full explanation of this difficult and often debated expression. Under the heading of Labour Exchange will be found illustrations of the Labour Notes issued by associations under the influence of Owen and Place. This phase of an earlier movement, designed to bring all labour to a parity of value, is now almost forgotten. But in its time it bore an important part among the passing influences on current thought. I desire again to express my best thanks for many valuable suggestions, much kind help and useful information most liberally supplied. This has been to me a source of constant pleasure and a great advantage to the work; especially I desire to record that this volume has greatly benefited both as to its form and its substance through the special help of Dr. Bonar, Mr. Henry Higgs, Mr. E. Schuster, and Mr. H. R. Tedder. Only the Editor can know the value of this assistance. Considerable progress has been made with Vol. III. R. H. INGLIS PALGRAVE. BELTON, NEAR GREAT YARMOUTH, Midsummer 1896. TABLE OF CONTENTS OF VOL. II.

PLATES Equitable Labour Exchange Note To face page 521 Central Equitable Labour Exchange Note • 521 Central EKchange Labour Bank Note " 521 " " The numbers immediately foll!YIJYing the headings of the Articles are those of the pages on which the Articles will be found. BIOGRAPHIES in small capitals.

F's, the Three• Farmer-General, 22 Fee Simple, 48 Fixity of Tenure, 1 Farmers' Organisations in the Feeling of Value (see Value), 48 Fair Rent, 1 United States- Fee Tail, 48 Free Sale, 2 Order of Patrons ofHusbandry, Feldage (see Faldage), 49 FABBRONI, G., 2 23 FELT, J. R, 49 Face Value, 3 National Farmers' Alliance and Female Labour, 49 Factor (Scots law), 3 Industrial Union, 24 Females and Children, E~rnings Factor, (English law-see Factors' Farmers' Organisations in the of, 50 Acts), 3 North and West, 24 FENELON, F. S. M., 52 Factories, 3 Coloured Farmers' National Feod or Fend, 5-2 Factors' Acts, 4 Alliance and Co-operative Feodary, 52 Factory Acts, 4 Union, 25 Feoffment, 52 Factory Laws in the United Other Organisations, 25 Feormfnltnm, 52 States, 8 General Principles and Present Ferdel or Ferling, 52 Factory System, 9 Demands, 25 FERGUSON, A., 53 Facts, 11 Ocala-IndianapolisDemands,25 Ferro or Firma, 53 Failure (see Bankruptcy), 12 Business Features, 26 FERRARI, J., 53 Fair Price, 12 Political Action, 26 FERRETTI, J., 54 Fair Rents, 12 Farming, 27 Ferries (Scotland), 54 Fair Trade, 13 Farm, of the Counties, 32 FERRONI, P., 54 Fairs and Markets, The Develop• Farming of Taxes, 32 Feu (Scotland), 54 ment of, 13 Farming Taxes, Principle of, 33 Fend (see Feod), 54 FAJARDO or FAXARDO, Count FAI\R, w., 33 Feudalism, its Economic Charac- D. deS. F., 16 Farthing, 35 teristics, 54 Faldage, 17 Fashion, Economic Influence of, 35 Fiars Prices (Scotland), 55 Fald-Silver, 17 Fastnyngseed, 38 Fiat Money, 55 Fallacies, 17 Fathers, The, Their Economic FIBONACCI, L. P., 55 FALLATI, J., 18 Teaching and Influence, 38 FICHTB, J. G., 55 Falsa Demonstratio non N ocet, FAUCHER, J., 40 Fictitious Examples (see Ex- 18 FAUCHER, L., 40 amples), 56 Familistere, 18 FAUQUIER, F., 41 Fictitious Payee, 56 Family Budget, 18 Favoured, Most, Nation Clause, Fideicommissum, 56 Family, Joint (see Joint Family), 41 (see Most Favoured Nation Fides, Bona, Mala, 57 19 Clause) Fiduciary, 57 Famine- FAVRE, A. (also Faber and Faure), FIELDING, H., 57 Economic Study of, 19 41 Field Systems, 57 Social Conditions Predisposing FAWCETT, H., 41 Fieri Facia$, Writ of, 58 to, 19 F AXARDO (see Fajardo), 43 Fifteenths and Tenths, 58 Price of Com as a Symptom Fealty, 43 FILANGIERI, G., 59 of, 21 Federal Co-operation, 43 FILIUCCI, V., 59 Natural Remedies, 22 Federation, commercial, 45 Final Degree of Utility, 59 Remedial Action by the State, Fee, 48 Finances, Public (see Budget, The ; 22 Fee (Scots law), 48 Direct Taxation; Debts,Public; viii TABLE OF CONTENTS

Finances, Public---rontinued FONFREDE, H., 95 Fractional Currency, 126 Floating Debt; Indirect Taxa• FONTANELLI, C., 95 Franc, History of, 126 tion ; Taxation, Articles on), FONTEYRAUD, A., 95 Franc, Coin, 126 61 Food-Rents, 95 France, Bank of (see Banks), 126 Finances- Food, Taxes on, 95 Francfief, droit de, 126 General Principles of, 61 FORBONNAIS, F. V. de, 96 FRANCHI, C., 126 of United Kingdom, 65 Forced Currency, 96 Franchise, 127 I. Imperial Finance, 65 Forced Labour, Common Charac- FRANCIS, J., 128 (a) Revenue, 65 teristics of, 96 FRANCIS, P., 128 (b) Expenditure, 66 Forced Labour, Instances of, Frankalmoign, 129 II. Local Finance, 66 97 FRANKLIN, B., 129 Colonial and Indian, 67 FoRD, Sir E., 99 Frankpledge, 130 Belgium, 68 Foreclosure, 99 Fraud, 130 France, 68 Foreign Dividends, 99 Frauds, the Statute of, 130 Germany, 71 Foreign Exchanges (see Exchange, Fraudulent Conveyance, 132 Netherlands, 75 Foreign), 99 Fraudulent Preference (in bank- United States, 77 Foreign Investments, 99 ruptcy), 132 I. Revenue, 77 Foreign Labour, 101 Free Banking, 13"3 (a) Import Duties, 77 Foreign Law in English Courts, Free Bench, 134 (b) Internal Revenue, 78 105 Free Coinage, 134 (c) Other Sources of Foreign Trade, Regulation of (see Freedom in the Middle Ages, 135 Revenue, 78 Trade, Foreign, Regulation of), Freedom of the City of London, II. Expenditure, 78 100 10 III. Debt, 79 Foreign Traders and their Rights, Free Enterprise (see Laissez- State and Local Finance, 80 History of, 106 Faire), 137 (a) Debts, 80 Foreshore, 107 Freehold, Historical, 137 (b) Revenue and Expendi• Forestall, 107 Freehold, Legal, 138 ture, 80 Forestallers and Regrators, 107 Free List, 139 Fine, 82 Forests, 108 Freeman, 139 Fineness of Coins, 82 Forests, Medireval, 108 Free Towns, 140 FINESCHI, F. V., 83 Forest, Beasts of (see Forests, Free Trade, Theory of, 143 FINLAISON, J., 83 Medireval), 113 Free Trade, Early History of, FIORENTINO, N., 83 Forest Charter (see Forests, 146 Fire Insurance (see Insurance), 83 Medireval), 113 IFree Trade, Modern History of, Firm, 83 Forest, Courts of (see Forests, 148 FIRMIN, T., 84 Medireval), 113 FREGIER, A., 151 First-Fruits and Tenths, 85 Forest, Names and Extents of Freight, 151 Fiscal Systems (see Taration), 85 (see Forests, Medireval), 113 Freight, Dead, and other terms Fisc, 85 Forest, Officers of (see Forests, (see Freight), 154 Fiscus, 85 Medireval), 113 Freight is the Mother of Wages, Fish-Silver, 85 Foresters (see Forests, Medireval), 154 FITZHERBERT, Sir A., 85 113 French School of Political Eco- Five-Franc Piece, 8 7 Forests, Economic Aspects of, nomy, The- Five-Pound Piece, 87 113 Period I. (1615-1803), 154 Fix, T., 87 Forethought, 118 Period II. (1803-1848), 156 Fixed and Floating Capital, 87 Forfeiture, 119 Period III. (1848-1878), 157 Fixed Incomes, 88 Forged Transfer, 120 Period IV. (1878-1892), 158 Fixtures, 88 Forgery, 120 French Treaty of 1860 (see Com- FLEETWOOD, W., 89 FoRMALEONI, V., 120 mercia! Treaties), 160 FLETCHER, A., 89 Formariage, Droit de, 120 Friction in Economics, 160 Fleyland, 90 FORONDA, V. de, 120 FRmDRICH, Margrave K. (see Floating Charge, 90 FORONDA, V., 120 Karl Friedrich), 161 Floating Debt, 90 FoRSTER, N., 120 Friendly Societies, 161 Floating Policy, 91 FORTI, E., 121 Friendly Societies, their Numbers FLOREZ ESTRADA, A., 91 FORTREY, S., 121 and Constitution, 163 FLORIDA-BLANCA, J. M., 92 FORTUNATO, N., 121 Frith-Gilds (see Gilds), 166 Florin- FORTUNE, E. F. T., 121 Frugality (see Thrift), 166 History of the English Gold, 92 FossoMBRONI, V., Count, 121 Fugre Warrant (Scotland), 166 Florin, Eng

Fungibles, 169 GHEm, L., 207 Goods, Classification of-contd. Fuoco, F., 169 GIANNI, F. M., 207 (5) Appropriable Goods and FURSTENAU, K. G., 170 GIBBONS, J. S., 207 Unappropriable Goods, 229 FUBTEL DE COULANGES, N. D., Gift, 207 ( 6) Transferable Goods and 170 GIGINTA, M. de, 207 Non-Transferable Goods, 230 Future Goods and Services, 172 GILBART, J. W., 208 Goods, Economic, 230 Futures, 175 GILBERT, T., 208 Goodwill, 230 Futures in Cotton, 175 Gilbert's Act, 208 GOOGE, B., 231 Fyrd, 175 Gilds, 209 GOSSEN, H. H., 231 Early History, 209 Gothenburg System, The, 234 Gabelle, 176 Religious Gilds, 210 GOUGE, W. M., 23~ Gablatores, 175 The Gild Merchant, 210 GOULD, Sir N., 235 GAETA, Duke of(M. M. C. Gaudin) Craft Gilds, 211 Gourde, 235 176 of Newcastle-upon-Tyne, 213 GOURNAY, J. C. M. V. de, 235 Gafol, Gabel or Gable, 177 Gild System in Spain, 213 Government, Economic Effects of, Gainage or Wainage, 177 GIOG.ALLI, S., 214 236 GAITO, G. D., 177 GroJA, M., 214 Government Regulation of In• GALANTI, G. M., 177 GIRARDIN, E. de, 214 dustry- GALDI, M., 177 GrusTINIANI, D. B., 215 Earlier History, 239 Gale, and Hanging Gale. 178 GLANVILL, R., 215 In the 19th Century, 242 Galeon, 178 Glebe Land, 216 Grace, Days of (see Days of Grace; GALIANI, F., 178 GLOCK or GLOCKE (see KLOCK, Bill of Exchange, Law of), 243 GALITZIN, D., Prince, 179 KASPAR), 216 Grading, 243 GALLATIN, A., 179 Glut, 216 Graduated Taxation- GAMBRINI, F., 179 GODFREY, M., 216 Meaning of Term, 244 Game Laws, 179 GODIN, J. B. A., 216 History of, in different coun• Gaming Contracts, 181 GODWIN, W., 217 tries, 244 Gangs, Agricultural, 181 GOGEL, I. J. A., 218 Athens, Florence, Holland, GANILH, C., 182 Gold- Great Britain, Switzer• Garbled Coin, 183 as consumed in Industry, 218 land, Australasia, New GARDINER, or GARDNER, R., 183 as Standard, 220 Zealand, Canada, 244 GARELLIDELLAMOREA,G.E.,183 Bullion, as a Commodity at the Theory of, 246 GARFIELD, J. A., 183 Mints, 224 Arguments for, 246 GARNIER, Comte G., 184 Discoveries of (see Precious Arguments against, 248 GARNIER, J., 184 Metals, Discoveries of), 225 GRAHAM, Sir J. G. R., 249 Garnishee, 185 Distribution and Production of, GRAMONT, S. de, 250 GARRATI, M., 185 225 Grand Livre (Fr.), 250 .GARVE, C., 186 Gold and Silver Ware (see Hall Grangers and Granger laws, 250 GASKELL, P., 186 Marking), 226 GRANT, J., 251 GASPARIN, A. E. P., Count of, 186 Certificates, 226 GRANT, Sir R., 251 GASPARIN0 1 B., 187 Mining Royalties (see Royalty), Graphical or Graphic Method, 251 GASSER, S. P., 187 226 GRASLIN, L. F. de, 255 GAUDIN, M. M. C. (see Gaeta, Notes, 226 GRASWINCKEL, D., 256 Duke of), 187 Points in Foreign Exchanges, Gratuitous Utility, 256 Gauger, 187 226 GR.AUMAXN, J. P., 256 GAUTIER, J., 187 Gold Queen (see Queen Gold), 227 GRAUNT, J., 257 Gavelkind, 188 Goldsmiths ; Goldsmiths' Notes, GRAY, J., LL.D., 257 Gazette, 188 227 GRAY, J., 19th cent., 257 Gebur, 188 Good, 228 GRAY, S., 257 GEE, J., 188 Good Delivery, 228 Great Tithes (see Tithes), 258 GEIJER, E. G., 189 Good-for (see Good), 228 GREELEY, H., 258 GEMELLI, F., 189 Good for Trade, 228 Greenback, 258 Generalite, 189 Goods and Chattels, 228 Greenland Company, 258 Genoa, Bank of (see Banks), 189 Goods of the First Order ; Goods GREG, W. R., 259 GENOVESI, A., 189 of the Second Order (see Pro• Greniers a Sel (Fr.), 259 GENTLEMAN, T., 190 duction, Instruments of), 228 Greniers ci' Abondance (Fr.), 259 GENTZ, F. von, 190 Goods, Classification of, 228 GRENVILLE, G., 260 Geography, Commercial, 191 (1) Material Goods and Per• GRENVILLE, W. W., Baron, 261 Geometrical Ratio or Progression, sonal Goods, 229 GRESHAM, Sir T., 261 195 (2) Durable Goods (Accumul• Gresham's Law, 262 G~RANDO, J. M., Baron de, 196 able or Potential) and Tran• Griffith's Valuation, 263 German School of Political Eco- sient Goods (Unaccumulable Grist Tax (see Macinato ), 263 nomy, 196 or Actual), 229 Groat (see Fourpence), 263 Period I. (to 1648), 196 (3) Consumption Goods and Groschen (Coin), 263 Period II. (1648-1790), 197 Production Goods, 229 Gross and Net, 264 Period III. (1790-1895), 201 (4) Gratuitous Goods (or Natu• GROTIUS, H., 264 GERSON, J. C. de, 206 ral) and Onerous Goods (or Ground-Annual (Scotland), 267 GHENT, Henry of, 206 Acquired), 229 Ground Rents, 267 TABLE OF CONTENTS

Growing Crops, 268 Harmonies of Industries (see HOBBES, T., 315 Growth, Proportionate, 268 Harmonies of Economics), 290 HocK, Baron K. von, 316 GRUNDLER, C. G., 268 Harmonists (see Communism), :l90 HODGSKIN, T., 316 Guarantee, 268 HARRINGTON, J., 290 HODGSON, J., 317 Guarantyism, 269 HARRIS, J., 291 HODGSON, W. B., 317 Guard Rents, Castle-Guard Rents, HARRISON, W., 291 HoEcK, J. D. A., 318 269 HARTE, Rev. W., 291 HOFACKER, J. D., 318 Guardians of the Poor, 269 HARTLIB, S., 291 HOFFMANN, J. G., 318 GuARINI, G. B., 269 HABSIA, H. de (see Langenstein), HOGENDORP1 G. K. van, 318 GUERARD, B., 269 292 Holder of a Bill of Exchange, GUERRY DE CHAMPNEUF, J., 269 HAWKINS, E., 292 319 GUICCIARDINI, F., 270 HAWKINS, Sir J., 292 Holdings of Land (Fluctuations GUICCIARDINI, L., 270 HAYES, J, L., 293 in size and their economic Guilder (see Florin, Dutch), 270 HAYNE, S., 293 effects), 320 Guilds (see Gilds), 270 HAYNES, C., 293 Holidays, 323 Guilds, Craft (see Gilds, Craft), 270 I HAYNES, J., 293 HoLLAND, J., 324 Guilds, Frith(seeGilds,Frith),270 HAXTHAUSEN, A. F., Freiherr Holograph, 325 Guilds, Merchant (see Gilds, Mer- von, 293 Home Industries, 325 chant), 270 HEARN, W. E., 294 Homestead and Exemption Laws Guilds, Town (see Gilds, Town), Hearth-money or Hearth-tax, 295 of the United States, 325 270 HEATHFIELD, R., 295 Homologation (Fr.), 330 Guilds, System in Spain (see Gilds, Hedgmint, 295 Honour, 330

System in Spain), 270 1 Hedonism, 295 Honour (Payment for), 330 GUILLARD, A., 270 HEEREN, A. H. L., 295 HooKE, A., 330 GUILLAUMIN, u. G., 270 I HEGEL, G. w. F., 296 HoRN, I. E. (or E.), 330 Guinea, Introduction and Rating Heir, 297 HORNE, A., 331 of, 270 Heirlooms, 297 HORNECK, P. W. von, 331 Guinea Trade, 271 HELD, A. von, 297 HORNER, F., 331 HELFERICH, J. A. R. von, 298 HORSLEY, W., 332 Habit, 272 Heller, 298 HORTON, S. D., 332 HAGEN, K. H., 272 HELVETIUS, 298 Hospitals (see Charity), 332 Haia (see Forests, Medireval), HENLEY, W. of, 299 Hotchpot, 333 272 HENRY OF GHENT (see Ghent, HouGHTON, J., 333 HAINES, R., 272 Henry of), 299 Hours of Labour, 333 HALE, Sir M., 273 HERBERT, 0.-J., 299 Houses, Taxes on (see Taxation), HALE, N., 273 Hereditament, 299 334 HALES, J., 273 Hereditas, 299 HOWARD, J., 334 Half-crown, 27 4 Heredity, 299 HowE, J. B., 335 Half-imperial (see Imperial), 274 Heriot, 300 HOWLETT, J., 335 Halfpenny, 274 Heritable and Moveable (Scots HUBNER, 0., 335 Half-sovereign, 27 4 Law), 301 Hue, E., Abbe, 335 HALIFAX, Earl of, 274 Heritable Securities (Scots Law), Hudson's Bay Company, 335 HALL, C., 275 301 HUET, F., 336 HALL, VAN (see Van Hall), 275 HERMANN, F. B. W., 301 HuET, P. D., 336 Hall·marking, 275 HERRENSCHWAND1 30:l HUFELAND, G., 336 HALLER, K. L. von, 276 HERRERA, C. P. de, 302 HiiLLMANN, K. D., 337 HALLEY, E., 276 HERRIES, J. C., 303 Humanism, its Influence on Econ· Hamburg, Bank of (see Banks), HEUSCHLING, P. F. X. T., 303 omics, 337 277 HEYSHAM, J., 304 HuMBOLDT, A. von, Baron, 339 HAMILTON, A., 277 Hidage, 304 HUMBOLDT, W. von, 340 HAMILTON, R., 278 Hide, 304 HUME, D., 340 Hanaper, 278 Higgling of the market, 304 HUME, J. D., 343 HANCOCK, W. N., 278 Highway rates (see Rates), 305 HUME, J., 343 Handicraft (see Home Industries), HILDEBRAND, B., 305 Hundred, 344 279 HILDRETH, R., 306 Hundred Rolls, 345 Handsal (see Auncel), 279 HILL, Sir R.. 306 Husband (as to Wife's Property), Hansards, 279 HILL BURTON, also Burton, J. 345 Hanse of Dondon, 279 Hill, 307 HUSKISSON, W., 345 Hause towns, 280 Hire, 308 HUTCHESON, A., 346 Hanseatic League, 280 Hire and Purchase Agreements, HUTCHESON, F., 346 HANWAY, J., 286 308 HUTCHINSON, J. Hely, 347 HARCOURT, F. E. G., Duke of, Hiring, 308 HUYSERS, A., 347 286 Historical method, 308 HYPOTHEC (Scots law), 347 Hard-dollar, 287 Historical School of Economists, Hypotheca, 348 Hard money, 287 310 Hypothecation, 348 HARDENBERG, K. A., Prinz von, History of Prices (see Prices), 314 Hypothesis, 348 287 HITCHCOCK, R., 314 ( 1) The Illustrative Hypo• Harmonies of Economics, 288 Hoarding, 314 thesis, 348 TABLE OF CONTENTS xi

Hypothesis-continued Income Tax on the Continent Insurance-continued (2) The Approximate Hypo• of Europe-continued Mutual, 419 thesis, 348 Germany, PruBBia, and North State (Germany), 419 (3) The Tentative Hypothesis, German States, 378 Insurance against SickneBB (see 349 Holland, 379 Insurance State), 423 (4) The Explanatory Hypo• Italy, 379 Insurance Theory in Taxation thesis, 350 Switzerland, 379 (866 Taxation), 423 (5) The Working Hypothesis, Income Tax in the United States, Integral and Differential Calculus, 350 380 428 (6) Relations between the dif. Inconvertible Currency, 380 Intensive Cultivation, 424 ferent types of Hypo· Incorporation of Companies, 380 Intercursus Magnus, 424 thesis, 350 Incorporeal Property, 381 Intercursus Malus, 425 Increasing Returns, 381 Interdict (Scots law term), 425 Icaria (866 Cabet, Etienne ; Com- Increment, the Unearned, 381 Interdicta Aqure Et Ignis, 425 munism), 351 Incrementum or Crementum, 384 Interdiction, 425 IDDBBLBIGH, Earl of, 351 lndemnite (Fr.), 384 Interdiction (Scots law), 425 Ideal, the Economic, 352 Indemnity, 384 Interdictum, 426 Idealist, 352 Indenture, 384 Interesse Termini, 426 Ideal Money, 353 Index Numbers, 384 Interest, 426 Ideologue, 353 Indifference, Law of, 387 Theory of, 426 Illegal Contract, 353 Indirect Taxation, 388 Interest and Usury, 429 Illegitimacy, 353 Indirect Utility, 389 Interlopers, 436 Immaterial Capital and Imma· Individualism, 389 Internal Customs and Tolls, 438 terisl Wealth, 354 Indorsement (s118 Bill of Ex- Internal Revenue Taxes in the Immaterial Rights (s118 Incorpor· change), 390 United States, 440 eal Property), 355 Inductive Method, 390 International, The (866 Interna• Immeubles (Fr.), 355 Industrial Colonies, 392 tional Working Men's Associa· Immigration, 355 Industrial Colonies (Belgium), 393 tion, The), 440 Immoral Contract (866 Illegal Industrial Colonies (Germany), International Coinage, 440 Contract), 360 393 International Law, 441 Immovables, 360 Industrial Colonies(Holland),395 I. Introduction, 441 Impeachment of Waste, 360 Industrial Education in England, II': The Laws of Peace, 442 Imperial, 360 396 (1) Independence, 442 Imports and Exports, 361 Industrial Education in the (2) Property, 442 Import Duties, 367 United States, 397 (8) Jurisdiction, 442 History of Import Duties, 367 Industrial Partnership, 398 (4) Equality, 443 Incidence of, 369 Industrial R~gime, 398 (5) Diplomacy, 443 Specific 11. ad 'Valorem, 369 Industrial Revolution, The, 399 III. The Laws of War, 443 Amount of Duty, 369 Industries, Large and Small, 401 (1) Preliminary points, 443 Imports and Exports, Freedom Industry, Captains of, 402 (2) Enemy Pemons, 444 and Restraint of, 370 Industry, Organisation of, 402 (3) Enemy Property on Free Imports, 370 Infants, 404 Land, 444 Free Exports, 370 Inflation, 405 (4) Enemy Property at Sea, Imports, Restraint on, 371 Great Britain, 1797-1819, 405 444 Imp6t Unique (or Single Tax), United States, 1862-1879, 406 (5) Agents and Instrtpnents 372 Ingot, 407 of Warfare, 444 Impound, 373 Inhabited House Duty, 407 IV. The Law of Neutrality, 444 ImpreBBment, 373 Inheritance, Estate of, 408 (1} The Nature of Neutral• Imprest, 37 4 Inhibition (Scots law), 408 ity, 444 Imprisonment for Debt (s118 Debt, Inland Navigation (see Canals), (2) R~hts and Obligations Imprisonment for), 374 408 as between Belligerent Income, 374 Inofficiosum Testamentum, 408 and Neutral States, 445 Income Tax in the United King- Inscribed Stock, 408 (3) Ordinary Maritime Cap· dom, 375 Inscription Maritime (France), ture, 445 History, 375 408 _ (4) Contraband Trade, 445 Scope of the Tax, 375 Insolvency (see Bankruptcy Law (5) Blockade, 445 Basis of Cbarge, 376 and Administration, England), ( 6) U nneutral Service, 4 46 Exemptions, 376 409 International Law, private, 446 Inequalities, 377 Inspirationists (see Amana I. Introduction, 446 Differentiation, 377 Society), 409 II. Domicile and Nationality, Graduation, 877 Instalment, 409 447 Incidence, 878 Institoria Actio, 409 III. Capacity, 447 Rate and Yield, 278 Instrument, Negotiable, 409 IV. Minors and Lunatics, 447 Income Tax on the Continent Insuram:e, 409 V. Marriage and Divorce, 447 of Europe, 378 History, 409 VL Property and Wills, 44 7 Austria, 379 Life, Theory of, 410 VII. Contracts and Torts, 448 Bavaria, Wurtemburg, and Law and Practice of Life, 416 VIII. Limitation of Actions, Mecklenburg, 379 Marine, 418 448 xii T.ABLE OF CONTENTS

International Law, private-cont. Joint Debtors, 485 King's Peace, 506 IX. Bankruptcy, 448 Joint Production; Joint Pro- KINGSLEY, C., 507 X. Foreign Judgments, 448 ducts, 485 Kite, 508 XI. Procedure, 449 Joint Family, 486 KLOCK, K., 508 XII. The Method of Amend- Joint Ownership, 486 Knighthood, Distraint of, 508 ment, 449 Joint-Stock Companies, 486 Knight's Fee, 508 International Securities, 449 Joint Tenancy, 489 Knight's Service, 608 International Trade, 449 Jointure, 489 Origin, 508 International Value, Theory of, JoNES, D., 489 Description of, 509 451 JoNEs, E. C., 489 Personal Service, 510 International Working Men's JONES, R., 490 Scutage, 510 Association, The, 452 JOURDAN, A., 491 Economic Aspects of, 510 Interpleader, 453 Journey (Mint), 491 Knights of Labour (see Trades Interruption of Prescription (see Journeyman, 491 Unions, U.S.A.), 512 Prescription), 453 Journeymen's Societies, 492 KNOX, J. J., 512 Interstate Commerce Law JovELLANOS, G. M. de, 493 Kopeck, 512 (U.S.A.), 453 JOYCE, J., 493 KoPS, J. L. de Bruyn, 512 Intestacy (England), 455 Judgment, 493 KOSEGARTEN, W., 512 INTIERI, B., 455 Judgment Debtor, 494 Kran (see Khran), 512 Intrinsic Value, 455 Judicial Factor (Scotland), 494 KRAus, C. J., 512 Invecta et Illata, 456 Judicial Rent (see Land Legisla- Kreutzer, 513 Inventory Duties (see Death tion, Irish), 494 KRIES, K. G., 513 Duties), 456 JUNO STILLING, J, H., 494 KRONCKE, K., 513 Investment, 456 Jurande, 495 KRUG, J. L., 513 Invoice, 457 Jurisdiction, 495 KURICKE, R., 514 INVREA, F., 457 Jurisdiction, Scotch, 495 I.O.U., 457 Jurisdiction of State (see Inter- LABORDE, A., Comte de, 514 Irish Currency, 457 national Law), 495 LABOULAYE, E. R. L., 514 Irish Land Laws (see Land Legis- Juros (Spanish term), 495 LABOULINIERE, P., 515 lation, Irish), 458 Jury, England, 496 Labour, 515 Iron and Steel as Money, 458 Jury, Scotland, 496 Labour and Capital, 516 Irregularity of Employment, 458 Jus Ad Rem: Jus In Re, 497 Labour Department, 519 lnitancy (Scots law), 459 Jus Naturre, 497 Labour Exchange, 520 ISELIN, I., 459 Jus Naturale, Jus Gentium, Jus I. The Proposal, 520 lsNARD, A. N., 460 Divinum, Jus Humanum, 497 II. The Scheme, 520 ISOLA, F.' 460 Jus Relictre (Scots law), 499 III. Labour Exchange Notes, Italian School of Economists, 460 Jus Stillicidii (see Servitude), 521 Introduction, 460 499 IV. The Principles on which The Early Phase, 461 Just Price (see Justum Pretium), Labour Notes were based, Superficial and Optimistic 499 522 Phase, 465 Justa Causa., 499 Labour in Prisons (see Prison Scientific Phase, 466 JusTI, J. H. G. von, 499 Labour), 523 IVERNOIS, Sir F. d', 470 Justice or J usticiare, 500 Labour in Relation to the Law, JusTICE, A., 500 523 JACINI, CountS., 470 Justice Seat (see Forests, Medi• Labour, Mobility of, 525 JACOB, W., 471 reva.l), 500 Labour Notes (see Labour Ex• Jactus Navis Levandi Gratia, 471 Justum Pretium, 500 change; Owen, Robert), 526 JAKOB, L. H. von, 471 Labour Organisation (see In• JANNET, C., 471 Kacorawns, 501 dustry, Organisation of; Trades JANSSEN, Sir T., 472 KANE, Sir R. J., 501 Unions), 526 JARROLD, T., 472 KANT, 1., 501 Labour, Productive (see Produc• JARVIS, E., 472 KARL FRIEDRICH, Grand Duke tive Labour), 526 JENKIN, H. c. F., 473 of Baden, 502 Labour Rent (see Rent, Labour), JENNINGS, R., 473 KAY-SHUTTLEWORTH, Sir J. P., 526 JENYNS, S., 474 502 Labour, Skilled, 526 Jetons de Presence (Fr.), 474 KELLEY, W. D., 503 Labour Statutes, 528 Jetsam and Flotsam (see Flotsam KELLOGG, E., 503 Labour, Unproductive (see Pro• and Jetsam), 474 Kelp, Rent of, 503 ductive Labour), 531 JEVONS, W. S., 474 KEMPER, J. de Bosch, 503 Labourers, Law of (see Labour Jews, Economic Position and Kernetty, 504 Statutes), 531 Influence of, in England, 478 KERSSEBOOM, W., 504 Laches, 531 Jews, Exchequer of the, 481 Keys, Queen's (Scots law), 504 LACROIX,E.DE(inLatinCRUCEUS), Jews, Houses for Converted, 483 Khran (Persia), 504 531 JOBARD, J. B. A.-M., 484 Kind, Payments in, 504 Lading, Bill of (see Bill of Lading), Jobber, 484 KING, C., 505 532 Joe, 484 KING, G., 505 Lrenland, 532 Johannes (Portuguese), 484 KINo, P., Lord, 506 J.A FARELLE, F. F., 532 JOHNSON, S., 484 King's Cattle, 506 LAFFEMAS, B. DE, 532 '!'ABLE OF CON'l'EN'l'S xiii

LAFFEMAS, I. DE, Sieur de, 632 LAUDERDALE, Eighth Earl of, Letters Patent (su Patents), 598 LAF~'ITTII, J.' 533 James Maitland, 574 Leii (Roumania), 598 LAGRANGE, J. L., 533 Laurel, English Coin (aee Guinea, Lev (Bulgaria), 598 LAING, S., 534 Introduction and Rating of), 57 4 Levant Company (su Turkey Laissez - Faire, Laissez - Passer, LAVELEYB, E. DE, 574 Company), 598 History of the Maxim, 534 LAYERGNE, L. G. L. G. de, 575 Levant Dollar (see Dollar, Maria Laissez-Faire in England, 535 LAVOISIER, A. L., 575 Theresa), 598 Theory, 535 Law- Levantine Thaler (see Dollar, Legislation, 537 List of Articles on, 576 Maria Theresa), 598 Laissez- Faire (from American LAw, J., 576 LEVI, L., 598 point of view), 539 Law Merchant, 577 LEWIS, Sir G. c., 599 LA JoNcHlmE, DE (see De La Lawa of Political Economy, Ex- LEWIS, M., 600 Jonchere), 541 amples, 582 Lex Loci Contractus, 601 Lakh or Lac, 541 Law of Constant Return, 582 Lex Mercatoria (see Law Mer- LALOR, J., 541 Law of Costs, 582 chant), 601 LA LUZERNE, C.-G. DE, 541 Demand, 582 LEYMARIE, A., 601 LA MARE, DE (see De La Mare), Derived Demand, 582 Liability, Limited, 601 541 Diminishing Returns, 583 Liabilities on Shares, 602 LAMBE, S., 541 Diminishing Utility, 583 Li (su Cash), 602 LAMBIN DE SAINT FELIX (see Increasing Returns, 583 Liard (France), 602 Lottin, A. P.), 541 Indifference, 583 Liber Homo, 602 Lammas - Lands, Lammas - Mea- Satiable Wants, 583 Libere Tenentes, 603 dows, 541 Subordination of Wants, 583 Libertus, 603 LAMOND, E., 542 Substitution, 584 Licenses for Sale of Goods, etc. LAMPREDI, G. M., 542 Supply, 584 (su Taxation), 604 Land, 542 Laws of Political Economy, Licenses, History of, 604 List of Articles on, 544 General Principles, 584 Licenses (Continental war), 604 Land Companies, 544 Lawful Hours, 585 Lien, 606 Land, Domaine Congeable, 544 LAWSON, J. A., 586 Life Insurance (see Insurance), Landgafol, 545 Lay Days, 586 606 Land, Law relating to, 545 LEAKE, S. M., 586 Life Tables (see Insurance), 606 Land Legislation, Irish, 54 7 Lease, 586 Light Gold and Silver Coin, With• Land, N ationalisation of, 550 Leasehold Property, 587 drawal of, from Circulation in Land, public, of the United Least Squares, Method of, 587 the United Kingdom and States, 553 LEBER, C., 587 Colonies, 606 Land Purchase Act (see Land LEBLANC, F., 588 Limit of Credit (see Credit), 608 Legislation, Irish), 554 LECLAIRE, E.-J., 588 Limitation, Statutes of, 608 Land Registration, 554 Leet Court, 589 Limited Companies (su Joint- Landsettus, 556 LEFEVRE DE BEAUVRAY, P., 589 Stock Companies) 608 Laud System in the American Legacy, 689 Limited Liability Acts (see Joint- Colonies, 556 Legacy Duties (su Death Duties), Stock Companies), 608 Land Tax, 560 590 LINGUET, S. N. H., 608 Land Tenures (or Landlord and Legal Tender, 590 LIPS, A., 609 Tenant in the United Kingdom), Legatum, 590 Liquid Assets, 609 561 Legislation (Elizabethan), 590 Liquidated Damages, 610 Land Banks, Schemes of, in Eng- LE GENDRE, F., 592 Liquidation, 610 land, 1695-96, 563 Legitim, 592 Liquidator (a) Provisional ; (b) Landes- Creditkassen, 564 LEGOYT, A., 592 Official, 611 Landing-Waiter, 565 LE HARDY DE BEAULIEU, C., Liquor Laws, 611 LANGE, F. A., 565 592 Lira (Italy), 612 LANGENSTEIN, H. of, 565 LEIB, J. G., 592 LIST, F., 612 Lapse of time as creating or LEIBNIZ (Leibnitz), Baron G. W. Literary Property (see Copyright), extinguishing rights, 565 von, 592 614 Large and Small Trade (see Trade), LEMONNIER, C., 593 Little Goes, 614 567 Lenda, or Lezda, 593 LITH, J. W. VON DER, 614 LA RrvikRE, MERCIER DE (see LENZI, D., 593 Livery, 614 Mercier de la Riviere), 567 LE PLAY, P. G. F., 593 Liverymen, 614 LA RocHEFOUCAULD LIA.NcouRT, Lepta (Modern Greek), 595 Livery Companies, 615 A. F., Duke of, 567 LEROUX, P., 595 LIVERPOOL, first Earl of, 615 LA ROCHEFOUCAULD LIANCOURT, LESLIE, T. E. CLIFFE, 596 LIVERPOOL, second Earl of, 616 F. G., Marquis de, 567 LETROSNB (alias Letrone), G. F., Living Wage, 617 LARRUGA, E. DE, 567 597 Livre (Fr.), 617 LABSALLE, F., 567 Letter of Administration (see Ad- Livre de Raison (Fr.), The, 619 LASTRI, M., 569 ministration, Letters of), 598 Livret (Fr.), 619 Lathes (of Kent), 569 Letter of Allotment, 598 Lloyd's, 619 Latifundium, 569 Letter of Application, 598 Lloyd's Bonds, 619 LATIMER, H., 5i0 Letter of Credit (see Credit, Loan (Mutuum), Canonist Defini• Latin Union, 670 Letter of), 598 tion of, 620 xiv TABLE OF CONTENTS

Loans, Forced, 620 Lushboroughs, or Lusshebournes, MANDEVILLE, B. DE, 682 Loans, Local (su Local Govern• 652 MANGOLDT, H. K. E. VON, 683 ment), 620 LUTHER, M., 653. Manifest, 683 Loans, Public- Luxury, 653 MANLEY, T., 683 Method of Raising, 621 LuZAc, E., 655 Manor, The (Historical), 683 Internal Loans, 621 Manorial Accounts (su Court External Loans, 621 MABLY, G. B., Abbe de, 655 Rolls), 688 Conversion Loans, 621 MACADAM, J. L., 656 Manorial Extents (see Manor), Forms of Documents of Owner- MACANAZ, M. D!!,~W 688 ship, 622 M'CuLLOCH, J. R., 657 MANSFIELD, First Earl of, William Underwriting, 622 Mace (China), 658 Murray; 688 Issue of Loans above and under M'FAI!LAN, J., 658 Mansus (Mansum), 688 par, 622 MACGREGOR, J., 658 MANTELLIER, P., 688 Local Finance, 622 MACHAULT D'ARNOUVILLE, J. B., Manufacture, 688 Local Government, 624 658 Manumission, 689 Local Government in the United Macinato, or Grist Tax, 659 Manuoperationes (Manopera), 689 States, 625 MACLEAN, J. H., 660 MANZONI, A., 689 Local Option, 627 M'LENNAN, J. F., 660 MARACHIO, M., 690 Local Taxation (see Local Fin- MACNAB, H. G., 660 Marc (see Measures and Weights), ance); 628 MACPHERSON, D., 661 690 Localisation of Industry, 628 Macuta, 661 MaRCET, Mrs. J., 690 Lock-out, 631 MADDISON, Sir R~ 661 MARESCOTTI, A., 690 LOCKE, J., 631 MADISON, J., 661 Margin (in monetary transac· LOCKE on Currency, 634 MADOX, T., 662 tions), 691 Locomotion, Taxes on (see Taxa- MAFFEI, S., 662 Margin (in economics), 691 tion), 637 MAGENS, MAGEN, or MEGGENS, Marginal labour (see Margin), 692 LoCRE, J. G., Baron de Roisey, N., 662 Marginal Utility (see Final Degree 637 MAGLIANI, A., 663 of Utility and Margin), 692 Lodland, 637 MAITLAND, J. (see Lauderdale, 8th MARIANA, J. DE, 692 Logic and Political Economy, 637 Earl of), 663 Marine Insurance (see Insurance, Lombards, 638 MAIZERES, P. DE, 66.3 Marine), 692 Lombard Loan, 639 Majestas, 663 Maritagium, 692 Lombard Street, 639 MAJOR, J., 663 Maritima Anglire, 692 LoMENIE, L. DE, 639 Majorat, 664 Mark (English money), 692 LOMENIE DE BRIENNE, E. C., Maker (of Promissory Note), 664 Mark (German), 693 Comte de, 640 Making-up (on the Stock Ex- Mark System, The, 693 LONGFIELD, M., 640 change), 664 Marked Cheque, 695 LoRD, E., 640 Mala Fides (su Fides, Bona, Mala), Market (as Place of Sale), 695 Lotteries (Continent of Europe), 665 Market (on the stock exchange), 640 Malatolta, Maletoute, Maltolte, 697 Lotteries (English), 643 665 Market Overt, 697 LOTTIN, A. P., 644 MALCHUS, K. A. VON, 665 Market Value (see Value), 697 Lotto (su Lotteries, Continent of MALEBRANCHE, N., 665 Markets and Fairs (see Fairs and Europe), 644 MALEBHERBES, C. G. DEL. DE, 666 Markets), 697 LoTZ, J. F. E., 644 MALESTROIT, Seigneur de, 666 Markka (Finland), 697 Lours, D., Baron, 645 MALLET, J. R., 666 MARLO, K., 698 Louis d'or, History of, 645 MALLET, Sir 1., 666 MARMONTEL, J. F., 699 Louis d'or, 646 MALLET DU PAN, J., 666 MAROGNA, Conte G. G., 699 Li"t of Coins known under MALLET, P. H., 667 MARPERGER, P. J., 699 the title of "Louis d'or," MALON, B., 667 Marque, Letters of, 699 646 MALOUET, P. V., Baron, 667 Marriage (Feudal System), 700 LoWE, J., 646 Malt Silver, 667 Marriage-rate, 701 LOWE, R. (su Sherbrooke, Vis- Malt Tax (see Taxation), 668 Marriage Settlement, 702 count), 646 MALTHUS, T. R., 668 Married Women in Factories (sel LOWNDES, W., 646 Malthusianism (see Malthus), 677 Female Labour), 702 LOYD, S. J., 0VERSTONE, Baron, MALYNEB, G. DE, 677 MARSHALL, W., 702 647 Management, Payment for (see MARTIN, F., 703 LUBBOCK, Sir J. W., 647 Earnings of Management), 678 MARTIN, R. M., 703 LucAS, C. J. M., 648 Manchester School, The, 678 MARTINEAU, H., 703 Luck, 648 MANCINI, C., 681 MARTINEZ DE I.A MATA, F., 703 Lucrum Cessans, 648 Mancipatio, 681 MARULLI, V., 704 Luddites, 649 Mancus, 681 MARX, H. K., 704 LODER, A. F., 649 Mandat {Fr.), 681 MASERES, F., 706 LUDEWIG, J. P., 649 Mandat de Change, 681 MASLOV, 706 Lunacy, Law of, 650 Mandat de Poste, 681 MASSELIN, J., 706 Lundinarinm, 651 Mandata Territoriaux, 681 MaSSI!!, J., 706 LUNETTI, V., 651 Mandat (a Proxy), 682 Master and Servant, 709 LUPO, G., 651 Mandatum, 682 Masters' Associations, 710 TABLE OF CONTENTS XV

MASTROFINI, M., 710 Merchants' Petition of 1820, The, Mine Cost Book Principle (sa Material Property ( sw Property), 733 Cost Book), 765 711 Merchet, 734 Mines, 765 Material Services (sw Personal MERCIER (alias LEMERCIER), DE Mines and Minerals, Exhaustion Services ; Services), 711 LA RIVIlmE, P. P., 734 of, 766 Mathematical Method in Political MERCIER, L. S., 735 Mining Royalties (sw Royalties), Economy, 711 MEREDITH, Sir W., 735 768 MATHIAS DE SAINT JEAN, J. E. MERELLO, M., 735 MINGHETTI1 M., 768 (Frere), 713 MERENDA, A., 735 Minimum (Rate of Discount), 768 MATTIA (Di), N., 713 Merger, 736 Minimum of Subsistence, The, 769 Matriculation Tax (see Finance, MERIV ALE, H., 736 MinimumWage(swLivingWage), Germany), 713 Merton, The Statute (or Provi- 770 Maturity of Bonds, 713 sions) of, 736 Minorat, 770 MAUGHAM, R., 713 MESNIL MARIGNY, J. DU, 736 Mint, 770 Maundy Money, 714 MESSANCE, M., 737 Mint, United States, 772 MAURICE, J. F. D., 714 Messor, 737 Mint Par of Exchange, 773 MAUVILLON, J., 715 Messuage, 737 Mint Price of Bullion, 77 4 Maximum (see Revolution, French, Mesta, 737 Mintage, Free, 77 4 717 Metals, Precious (see Gold; Pre• Mir, 774 Maximum Satisfaction, 717 cious Metals, Discoveries of ; MIRABEAU, V. R., Marquis de, Mayor, 717 Silver), 738 774 Mean, 718 Metayage, Metayer, 738 MIRABEAU, H. G. R., Comte de, Mean Afterlifetime, 718 Metayer (in West Indies), 739 778 Mean, Arithmetical (sw Average), Method of Political Economy- MIRO, V. DE, 778 718 (a) Scope of Economics, 739 MISSELDEN, E., 778 Mean Prices (sw Prices), 718 (b) Economics and General Mistery (or Mysterye; Mystery Means, Method of, 718 Sociology, 7 41 is a form dating from the 17th Measure of Value (see Standard), (c) Divisions of the Science, century), 779 718 741 MOFFAT, R. S., 779 Measures and Weights, 718 (d) Formal Economics, 741 MOREAU, 779 Mechanics of Industry, 720 (e) Narrative Economics, 7 42 MoHL, R. VON, 779 Media Anata, 721 (f) Constructive Economics, Mohur, 780 Medireval Fairs, 721 743 Mohur, History of, 780 Medici, The, 721 (g) Inductive Methods, 744 Moidore (Portuguese), 780 MEDINA, fray J. de, 723 (h) Deductive Methods, 746 MOLESWORTH, Sir W., 781 Medium of Exchange (see Money), (k) Criticism and Combination MoLINA, L., 781 723 of Methods, 7 4 7 MOLIN..EUS, C. (Dumoulin), 781 Medjidie, 723 Methuen Treaty, 7 48 MOLLIEN, F. N., Comte, 782 MEEK, Sir J., 723 Metric System-England, 749 Molmen, 782 MEES, W. C., 723 Metric System (France, etc.), 749 MOLSTER 1 J. A., 782 Meeting, Company, 724 Metropolis, Management of (see l\IONCADA, 8. DE, 783 MELANCHTHON, P., 724 also Companies, CityofLondon), Mondayland (see Lundinarium), MELON, J. F., 724 751 783 Memorandum of Association, 725 Metz N oblat ( sw De Metz- N oblat ), l\loneda Forera, 7 83 Mendicity, 725 753 Moneda, Pedidos, or Servicios, 783 l\hNGOTTI, F., 726 Meubles (sw Immeubles), 753 Monedage, 783 MENIER, E. J., 726 MEYNIEU, Madame M., 753 Monetary Conferences (Interna- Mensarins, 726 MEZAGUES, V. DE, 753 tional), 783 Mercantile System, 727 MICHAELIS, 0., 753 Money, 787 Mercantilism (see Mercantile MICHEL, F., 753 Money and Prices (s& Prices), 79G System), 728 Middleman, 7 53 Money (Quantity Theory). Sw Mercers, 728 Middle Price, 754 the Quantity Theory of Money, Merchandize, Marks on (see Trade Mil (United States), 754 796 Marks), 729 Mill, 754 Money of Account, 796 Merchantableness, Implied War• MILL, J., 755 Money Market, 796 ranty of, 729 MILL, J. S., 756 Money Bill (in Parliament), 798 Merchant Adventurers (see Ad• Early Works, 756 Moneys to be provided by Parlia- venturers, Merchants), 729 Essays on &me Unsettled Ques• ment, 798 Merchant Law(seeLawMerchant), tions of Pol. Ec., 757 Moneyers, 798 729 Principles ofPolitical Economy, Monometallism, 7S9 Merchant, Statute of (s& Law 757 Monopolies, 802 Merchant), 729 Other works, 763 Monopolies in the United States, Merchants, Staple (see Staple), MILLAR1 J., 764 803 729 MILLES 1 T., 764 Monopoly, 805 Merchants- Millones y Cientos, 764 Monroe Doctrine, 807 Merchants, History of English, MILNE, J., 764 MoNTAIGNE, M. DE, 808 729 MILNER, J., 765 MONTANARI, G., 808 Merchants, Alien, 731 Milreis (Portuguese), 765 Montnzgo, 808 xvi TABLE OF CONTEXTS

MONTCHRETIEN, A. DE, 808 MORPUBGO, E., 820 Municipality-contin'!Wd MONTESQUIEU, C. DE S., Baron de MORRIS, C., 821 Medireval, 830 la Brede et de Montesquieu, 809 MORSTADT, E., 821 Modern, 831 Monthly Assessments, 810 Mortgage, 822 Municipal Government in Months, Fourths of, 810 Mortgage Banks, 822 Belgium, 831 Monts de Piete, 810 Mortgage Bond, 824 In France, 832 MONTYON, A. R. A., Baron de, 812 Mortgage Debenture, 824 In Italy, 834 MONYPENNY, D., 812 Mortgagee, 824 In Prussia, 834 MOORE, A., 812 Mortgages, Registration of, 824 In United States of America Mora, 813 Mortgagor, 824 (Pennsylvania, Philadelphia), Moral Restraint (see Malthns), 813 MORTIMER, T., 824 837 Morality, Systems of, in Relation Mortmain, 824 Municipal Government in England to Political Economy, 813 Morton's Fork, 825 (see Corporation, Municipal ; Moratory Law, 814 Mos, 825 Metropolis; Municipality), 831 Morcellement, 814 MosER, J., 825 1\fuiloz, A., 841 MORE, Sir T., 816 MOSER, F. K. VON, 825 MONSTER, 8., 841 MOREAU, C., 818 MOSER, J. J., 826 MURATORI, L. A., 841 MOREAU DE BEAUMONT, J.L., 818 MOSSE or MOSES, M., 826 Murdrum, 841 MOREAU DE JONNES, A., 818 Most Favoured Nation Clause, 826 MURRAY, R., 842 MoREL VINDE, C. G., Vicomte Motives, measurable, 826 MURRAY, W. (see MANSFIELD, de, 818 Movables, 827 First Earl of), 842 MORELLET, Abbe A., 818 MULLER, A. H., 827 Muscovy Co. (see Russia Co.), 842 MORELLY, 819 Multiplication of Services, 828 MUSHET, R., 842 MORGAN, A. DE, 820 MUN, T., 828 Mutual Insurance (see Insuran~e, MORGAN, W., 820 Municipality- Mutual), 843 MORHOF, D. G., 820 Roman, 829 Mutuum, 843 DICTIONARY OF POLITICAL ECONOMY 0 ~• DICTIONARY

OF POLITICAL ECONOMY

EDITED BY R. H. INGLIS PALGRAVE, F.R.S.

Ore trahit quodcumque potest atque addit acervo.

VOL. III

N-Z

Palgrave Macmillan 1899 THE MACMILLAN PRESS LIMITED, LONDON STOCKTON PRESS, NEW YORK MARUZEN COMPANY LIMITED, TOKYO

Dictionary of Political Economy Edited by R.H. Inglis Palgrave in three volumes, 1894, 1896 and 1899

This volume has been reprinted in its entirety from the original version and is issued to mark the publication of The New Palgrave: A Dictionary of Economics, edited by John Eatwell, Murray Milgate and Peter Newman, published in 1987 by The Macmillan Press, London, Stockton Press, New York and Maruzen Company Limited, Tokyo. Volume III first published in 1899 Reprinted in 1987 Softcover reprint of the hardcover 1st edition 1987 978-0-333-47048-0

Published in the United Kingdom by THE MACMILLAN PRESS LIMITED London and Basingstoke Associated companies in Auckland, Delhi, Dublin, Gaborone, Hamburg, Harare, Hong Kong, Johannesburg, Kuala Lumpur, Lagos, Manzini, Melbourne, Mexico City, Nairobi, New York, Singapore, Tokyo. Published in the United States of America and Canada by STOCKTON PRESS 15 East 26th Street, New York, NY 10010, USA

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ISBN 978-1-349-10360-7 ISBN 978-1-349-10358-4 (eBook) DOI 10.1007/978-1-349-10358-4 TO THE DEAR MEMORY OF .Sir .francis 'algrabt, lt.Jl., anlJ ILalll! 'algrairt

HIS PARENTS, TEACHERS, FRIENDS

THIS WORK IS DEDICATED BY

R. H. INGLIS PALGRAVE PREFACE

THE aim of this work is the assistance of the English-speaking student of Economic Science to the better understanding of the questions in which he is interested. These questions, while dealing with matters of ordinary life, are often more abstruse and intricate than appears to a superficial observer, and they require careful thought and study to unravel. The performance of this task, difficult and laborious enough in itself, has not been rendered more easy by the fact that the work has to cover an absolutely new field in English literature. There exists at the present time no completed work in our language which exactly fills the same place, or which could in any way serve as a guide. The laborious com~encement made by MacLeod extends only as far a!l the letter C. The Standard Library Gyclopwdia of Political, Con• stitutiorwl, Statistical, and Forensic Knowledge, 1860, does not cover the same ground; nor does the American Cyclopwdia of Political Science, Political Economy, and United States History, 1888, undertake what has been attempted here. In the French and German languages there are very valuable works on the subject, among which may be cited the Dictionnaire de l'Ecorwmie Politique, edited by Coquelin and Guillaumin, 1853; the Nouveau Dictionnaire d'Economie Politiqu:e, edited by Leon Say and Joseph Chailley, 1891; the Dictionnaire des Finances, edited under the direction of Leon Say by Louis Foyot and A. Lanjolley, 1889; and the Handworterbuch der Staatswissenschaften, edited by Conrad, Elster, Lexis, and Loaning, the first part of the first edition of which was published in 1890, the second edition having been commenced in 1898. These works have been studied and their arrangement considered. But the dictionaries which cover the corresponding ground in other languages, though written by very competent and erudite men, could not serve exactly as models for a book intended for the English student, whose requirements had particularly to be provided for. Yet, although specially written for the English-speaking races, it is believed that this book may claim that international or cosmopolitan character which should mark any work on economic science; for, among the contributors, besides the many very able English, are numbered some of the most distinguished American and foreign Economists. I now thankfully bring my work to a conclusion, greatly indebted to the consideration of my publishers, Messrs. Macmillan and Co., who have kindly waited till a. book, promised, with a sincere expectation of fulfilment, in three years, has viii DICTIONARY OF POLITICAL ECONOMY been completed in the twelfth year, and who have also, greatly to the advantage of the reader, allowed an extension of space from two volumes to thre~, thus permit• ting a greater fulness of treatment than could otherwise have been possible. The time spent in the actual construction of the work represents, however, but a comparatively small part of that period during which it has been the subject of my thoughts, a period which covers a very large part of my life. And yet after these years of labour I am most deeply conscious not only of omissions but also of imperfections inevitable in a work of this description. I may now turn, and with more pleasure, to an explanation of the plan which has been followed. It was obvious that the limits of space did not permit an absolutely exhaustive treatment of most, if of any of the subjects contained in the Dictionary. Each heading, however, has been dealt with as fully as possible. Every effort has been made to give the most complete information attainable by means of cross-references to the other articles contained in the work which take up different portions of the subject and will thus assist the reader. Clear• ness has not been sacrificed to the exigencies of space. Where, indeed, clearness could not be attained without employing some considerable space or even some repetition, this has been allowed, and, equally wherever possible, care has been taken to supply an adequate bibliography of each subject. It is thus hoped that the Dictionary will assist the student to carry out any special investigation, by giving him some preliminary information, and by referring him to the best authorities. In selecting these authorities, while due attention has been given to the more important writers, reference has also been made to many whose works, . valuable in themselves, are less generally studied, and who may 'perhaps have only contributed a monograph on the particular subject under notice. The works of· men comparatively unknown, remote from us through the countries where they lived or the period when they wrote, are often of considerable service in elucidating particular cases or illustrating special points in . history. The same principle has been applied to the biographies. Considerable attention has been given to the ·less known writers, for the same reason. It is easy for the student to find out all that he requires about the works of the more celebrated men, while he frequently finds it difficult to obtain information about the more obscure, a knowledge of whose investigations, however, may be necessary to him. Better that fifty should consider an explanation super• fluous than that one should find a difficulty unsolved. It may be claimed for the Dictionary that it contains many examples of original research into the literary history of unknown English worthies whose writings have not hitherto been adequately discussed. The biographical articles have been confined to notices of writers no longer living with the single exception of Prof. Leon W alras, who so closely carried on the work of his father Prof. Antoine W alras that it was not possible to mention the latter without also describing the works of his son. The works of authors now living are quoted in connection with the subjects which they elucidate. The turn which the study of economics has taken in recent years has necessi• tated corresponding developments in this work. The historical side of the study PREFACE ix has been constantly remembered as well as the more recent effort to gain greater exactness through the employment of mathematical methods. In connection with the first branch of the subject, articles will be found both on the Historical Method and on the Historical School of Economists. The early history of economic movements has been explained with reference both to theory and to practice, as in the articles on the Canon Law and Gilds, and the Mercantile System-all of which may be claimed as still having survivals in modern thought. Some space also has been devoted to short histories, as of the trading companies formerly so powerful in this country, and of the Hanseatic League, whose influence on the continent of Europe extended so widely. In connection with the employment of mathematical methods the use of Diagrams is also explained, as well as the Graphic Method. These articles show the use which may be made of Diagrams both in abstract theoretic exposition and in the explanation of concrete economic phenomena. A practical application of these methods for the use either of students or business men will be found in the article on Polegraphy, the name given to a graphic method recently devised to enable those concerned to obtain a clear view for practical purposes of complex combina• tions of operations either on the stock or produce exchanges. This article contains, it is believed, the first explanation of this method available for the English reader. Whatever method we use we must ever bear in mind the necessity of constant, careful, and exact observation of facts. We must " classify our facts before we generalise, and seek for narrower generalisations and inductions before we aim at the highest." As the limits of space compelled concentration, and this work is intended mainly for the service of students among the English-speaking peoples, the developments of economic thought in other countries, however interesting, have necessarily not received the same fulness of treatment as those which have taken place within our own shores. Yet these subjects have not been neglected. The Dictionary contains, it is believed, the first attempt which has ever been made in a work of this description to give, under separate heads, an account of the labours of the principal writers and the characteristics of the different schools of economic thought throughout the civilised world. The work of the economic Schools of England, in which last we may include the growing and powerful body of thinkers in America ; the labours of the Schools of Austria, of France, Germany, Holland, Italy, Russia, and Spain, have thus formed the subjects of separate articles. These may be commended to the special attention of the reader. They will help him to understand the various modifica• tions of doctrine and opinion which the study has undergone. And if, in all cases, opinions are not agreed, much may be ascribed to the different requirements of national life in different countries. The student who examines these articles will find that he is able to carry his investigations further by means of the separate notices of the principal writers named, and of the special subjects to which reference is made. Thus the reader of the article on the French School will have his attention called to the writings of the many able Frenchmen who have written on Economics, X DICTIONARY OF POLITICAL ECONOMY

"to the work, for example, of the Physiocrats, and their organs, the EpMrnerides and the Nouvelles Ephemerides-the only known complete set of which was liberally placed at the disposal of Dr. Bauer, who wrote the article on that subject. The many important writers referred to in the article on the German School show, especially in recent years, the influence of the great German thinkers, Kant, Fichte, and Hegel, who, though they can scarcely be claimed as economists, yet influenced and modified economic thought far beyond the boundaries of their own country. The student of Economics will do well to examine these articles care• fully, as well as those on the Italian, Russian, and Spanish Schools. These articles contain much information on points in the economic develop• ment of the countries concerned, which may be new to the readers of the Dictionary. In our own country, to give merely two examples, the spirit of enterprise which has marked British character and peopled British colonies has been largely influenced b'y the English Law of Wills, which has fostered the energetic side of life through the necessity for hard work. A reference to the articles on this subject will show how completely the English law differs in principle from the law of other European countries, and how far more free in this respect the power of bequest in this country is. Again as to agricultural matters it is well to be reminded that in our older English land-holding system the leases for a long term, formerly possessed by English yeomen, helped to develop a class whose existence strengthened an interest of the highest economic importance to the country. The plan of the work has been set out all through as broadly as possible. Due consideration has been given to theory and method. That so often misinter• preted expression, the Laws of Political Economy, is explained-that these are not rules to be obeyed but scientific uniformities. There are also articles on the Method of Political Economy and on Political Economy itself, with explanatory articles on the main headings into which Economic Method is divided. The practical side of Economics also has not been neglected. Articles are given on Business subjects, on Banks, Clearing Houses, Commercial Crises, Docks, Railways, Insurance, Bills of Exchange, and the Precious Metals, with a summary of recent events in Silver Legislation in the U Rited States. The use of statistics is also explained, with articles on the kindred subjects of Index Numbers and the Tabular Standard. Financial subjects are dealt with, including Taxation, which, according to the manner in which it is levied, exercises so vast an influence on the welfare of a country. Articles will be found on the National Debt, on the Budget, on Finance generally, on Export and Import Duties, on the Income Tax both in England and abroad, on Graduated Taxation, on Death Duties, on Taxation as a whole, on the Internal Customs formerly in use in France, and on Octroi Duties. But levying taxation, though one of the most important, is not by any means the only manner in which the powers exercised by legislation influence the welfare of a country. Government regulation of Industry, the Factory Acts, the laws affecting Labour generally, may be mentioned as subjects dealt with in this connection. PREFACE xi

Perhaps in the legislation on the poor law the influence of economic thought is more perceptible than in any other branch of our administration. A reference to the economic writers of all ages and of all countries who have dealt with questions of charitable relief, and whose biographies will be found in these volumes, will show how universal the difficulty of assisting the poor. without pauperising them has always been. The charitably-disposed have often had to deplore the injury which well-meant efforts have inflicted on those for whom help was intended. The study of these volumes themselves will supply many and complete examples of what has briefly been recapitulated here. I venture to bring to an end this explanation of the object and scope of my work with a passage from one of my father's oldest friends, Mr. Henry Hallam, which I well remember reading with much interest in years past, little as I imagined then how closely it would describe my own feelings at this time. "An author who waits till all requisite materials are accumulated to his hands, is but watching the stream that will run on for ever ; and though I am fully sensible that I could have much improved what is now offered to the public by keeping it back for a longer time, I should but then have had to lament the impossibility of exhausting my subject. EIIOIEI, the modest phrase of the Grecian sculptors, well expresses the imperfection that attaches to every work of literary industry or of philosophical investigation. But I have other warnings to bind up my sheaves while I may,-my own advancing years, and the gathering in the heavens." In conclusion I have to express my sincere thanks to those who have assisted me by contributing to these volumes, and who have taken pains and trouble of which only the Editor can be aware. Specially my thanks are due to Dr. James Bonar, Prof. A. Caldecott, Prof. F. Y. Edgeworth, Mr. Henry Higgs, Dr. Ernest Schuster, and Mr. H. R. Tedder, who have helped in many ways as well as in preparing the work for the press, and to Miss Ethel 'Faraday for the labour and great attention she has bestowed on the Index. My earnest hope as Editor is that this work may promote and facilitate the study of sound economic doctrine, the knowledge of which is essential to the lasting prosperity of our country. R. H. INGLIS PALGRAVE.

BELTON, NEAR GREAT YARMOUTH. Midsum'TIWI', 1899. La Filosofia escritte. in questo grandissimo libro, che continuamente ci sta aperto innanzi agli occhi (io dico l'Univerilo ), ma non si puo intendere, se prima non s'impam a intender la lingua, e conoscer i caratteri, ne quali e scritto.--GALILEo, IZ Saggiatore. Opere, vol. vi (ed. l 811), p. 229.

As in going of a way we do not only gain that part of the way which is passed, but we gain the better sight of that part of the way which remaineth ; so every degree of proceeding in a science giveth a light to that which followeth.- BACON, On the Advancement of Learning, vol. iii. p. 392 (Ellis and Spedding ed., 1867).

In short we are very greatly in want of a Johnson's Dictionary of Political Economy, and possibly it may be in reserve for some young man, now of twenty years of age, to supply the deficiency by the time he shall be five and thirty.-Lectures on the Nature and Use of M01wy, by JoHN GRAY (Edinburgh), 1848, p. 96. TABLE OF CONTENTS OF VOL. III.

The numb61's im'!Mdiately following the wdings of the Articlea are those of the pagu on which the Articlea wi/J, be fown.d. BIOGBAI'IDES in 81Tia/,l capitola.

Napoleon (Coin), 1 New Impost, 17 Octroi, 31 NABBE, E., 1 New Subsidy, 17 0DDY, J. J., 33 Nation, 1 NEWBURY, Jack of, 17 Odel Tenure (see Udal Tenure), 33 National Banks, U.S.A. (see NEWBNHAH, T., 17 Official Receiver, 33 Banks), 2 NBWHABCH, W., 17 Official Values, 33 National Debt- NEWTON, Sir I., 18 0GILYIE, W., 33 1. Introduction, 2 NICitBON, J. P., 20 OLIPHANT, C., 35 2. National Debt of United NicHOLLS, Chevalier J., 20 0LIV ARES, D. de, 35 Kingdom, 3 NICHOLLS, Sir G., 20 0LUFBEN, 0. C., 35 8. The Funding System, 4 NICOLAI, 21 One Pound Note, 35 National Debt, Redemption of NIFO, A., 21 ONELY, Rev. R., 36 (see Redemption of National Nihilism (Russian), 21 Onerous Property, 36 Debt), 4 NITZBCH, K. W., 23 Onerous Utility (see Gratuitous National Economy, 4 Noble (Coin), 23 Utility), 36 NationalisationofLand(seeLand, Noble of Raymond Lully (Coin), Open Fiefd System (see Manor and N ationalisation of), 5 28 Three Field System), 36 Nationalist (U.S.A.), 5 Nominal Value (see Value), 23 Open Policy (Marineinsurance),36 Nationality, 5 Normal Value (see Value), 23 Operarius, 36 Natural Agents .(see Agents of NORMAN, G. W., 23 Opium, as a State Monopoly, 36 Production), 5 NOBl!lANTB Y CABOAVIELLA, Doc- Optimism, 38 Naturalization, 5 tor L., 24 Options, 39 Naturalization in the United NORTH, Sir D., 24 Ora {Anglo-Saxon Coin), 39 States, 6 . N OBTH, The Hon. R., 25 Order (bill or note payable to), 39 NAVARRETE, P. F., 7 NOBTHCOTB, Sir Stafford (see Order and Disposition, 39 NAVABBUB DB AzPILCUBTA1 M., 8 IDDESLEIGH1 Earl of}, 25 Orders in Council, 39 NAVEAU, J. B., 8 Not Negotiable, 25 ~re (Coin), 42 Navigation Acts (see Navigation Notables, Assemblees des, 25 0BBBME, N., 42 Laws), 8 Notables CommelY&nts, 25 Organisation of Industry (see In- Navigation Clause, 8 Note Circulation, 26 dustry, Organisation of), 43 Navigation Laws- Notes, Bought and Sold, 26 0BTEB, G., 43 I. History, 8 Notice, 26 Orthodox Economists, 44 Chief provieions, 9 Noting of Bills, 27 ORTIZ, J. A., 44 II. Policy, 10 Novatio, 27 ORTIZ, L., 44 (a) Naval Aspect, 10 Novation, 27 OscAR I., king of Sweden,.45 (b) Commercial Aspect, 11 NoY, W., 27 Ounce (Coin), 45 NAVILLB, F. M. L., 12 Nudum Pactum, 27 Out-Door Relief(see Poor Law), 45 NEALE, E. V., 12 Numerical Determination of the Outlaw, 45 NBBBNIUB, K. F., 13 Laws of Utility, 28 0UVEARD, G. J., 45 Necessarii Heredes, 13 NuYTz, G., 28 Over-Production, 45 NECKER, J., 13 Overseers (of the Poor), 46 Negative Quantities, 14 OASTLER, R., 28 0VERSTONE, Lord (see LoYD, S. J. ), Negotiable Instrument, 15 Objective Exchange Value (see 46 NBBI, P., 15 Value), 29 Overt-Market (see Market, Overt), NEUMANN SPALLABT, F. X., 15 Obligatio, 29 46 Neutral Markets, 16 0 bligation, 29 OWBN, R., 46 Neutral Property, 16 OBRECHT, G., 29 Owlers, 52 Neutrality (see International Observation and Experiment, 29 Law), 16 Occupatio, 81 PACIOLI or PACIOLO, FBA L., 52 NEVES, J. A. das, 17 Occupation, 31 Packman, 52 New Customs, 17 Ochr-el-Guerch (Coin), 81 Pacotille (Fr.), 52 xiv DICTIONARY OF POLITICAL ECONOMY

PAGANO, F. M., 52 Investigation by Patent Au• PERCEVAL, S., 93 PAGE, F., 53 thorities prior to grant of PERDIGUIER, A., 93 PAGET, A., 53 patent, 76 PEREIRA, G. P., 93 PAGNINI, G. F., 53 Duration of Patents, 76 PEREIRE, E., 94 Pagoda, History of (Coin), 53 Regulations as to Fees, 76 PEREIRE, 1., 94 PAINE, T., 54 Provisions for ensuring working PERI, G. D., 94 Pale (Ireland), 54 of Invention, 76 Periculum Sortis, 94 PALEY, W., 54 Provisions for ensuring benefit PERIER, C., 94 PALISSY, B. de, 56 of inventions useful for Periodicity of Crises (see Crises), PALMER, J. H., 56 public purposes to Govern• 94 PALMERI, N., 56 ment Authorities, 77 Periot (or Perit), 94 PALMIERI, G., 56 Patent Journals and Patent Permit, 95 PALMIERI, M., 57 Libraries, 77 Perpetuities, Rule against, 95 Panic, Commercial (see Crises), 57 International Arrangements, 77 Personal Property, 96 Pannage, 57 Patente (Fr.), 77 Personal Services, 96 PAOLETTI, F., 57 PATERSON, T., 78 PESCATORE, M., 97 PAOLINI, G. B., 57 PATERSON, W., 78 Peseta, Mexicana and Provincial PAOLINO, 58 PATRIZI, F., 79 (Coin), 97 Paper Blockade, 58 Patronage, 79 Peso(Coin-seeDollar, Mexicana), Paper Money (see Money), 58 Patronage(intheFrenchsense), 79 97 Paper, Taxes on, 58 Patronus, 79 Pessimism, 97 Par, 59 Paulette, 79 PESTEL, F. W. von, 98 Par of Exchange (see Mint Par), 59 PAULUS JULIUS, 80 Peter's Pence, 98 PARADIS!, A., 59 Pauperies, 80 Petit Serjeanty (see Serjeanty), 98 Paragium, 59 Pauperism, 81 PETIT1'1 DI RORETO, C. 1., 98 Parceners, 59 Pawn, 81 Petty Bag, 99 PARDESSUS, J. M., 60 Pawnbroking, 82 PETTY, Sir W., 99 PARE, W., 60 Payee, 82 PFEIFFER, J. F. von, 102 PARIEU, F. E. de, 61 Payment, 82 Pfennig (German Coin), 102 PlRIS-DUVERNEY, J., 61 Payment for Honour (see Honour, PHILIPS, E., 102 Parish, 62 Payment for), 82 PHILLIPS, W., 103 Parity of Value, 63 Peace of God (see Truce of God), 82 Physiocratie (see Physiocrat•), 103 Park (see Forests, Mediooval), 63 PEACOCK, G., 82 Physiocrats, The, 103 PARK, J. A., 63 PEARSON, C. H., 83 Piastre (Coin), 108 PARKER, H., 63 Peasant Proprietors, 83 Pie (British Indian Coin), 108 Parliament, Rolls of, 64 Peasants' Revolt, 85 Piepowder Court, 108 PARNELL, H. B., 64 PEccHIO, G., 86 PIETRO DA ANCARANO, 109 Parquet (Fr.), 64 PECQUEUR, c., 86 PlGEONNEAU, H., 109 Pars of Exchange (see Exchange, Pedido (see Moneda, Pedidos, or Pignus, 109 Foreign), 64 Servicios ), 86 Pillar Dollar(Coin, see Dollar), 109 Parsimony (see Thrift), 64 Pedlar, 86 PILLET·W~ Count, 109 Particular Average, 64 PEEL, Sir R., 86 PINKERTON, J., 109 Particular Estate, 65 Pells, Clerk of, 88 PINTO, 1., 109 Partnership- Penni (Coin, Finland), 88 Pipe (see Measures and Weights), History of, 65 PENNlNGTON, J., 88 110 Canonist Theory, 68 Penny (Coin, English), 88 Pipe Roll!, 110 Form of, as Commandite, 68 Pensions- Pistareen, History of (Coin), 111 Industrial (see Profit Sharing), Pensions, General Character, 88 Pistole (Coin), 111 69 Perpetual or Hereditary Pen- PITT, W., 111 Law of, 69 sions, 89 PLACE, F., 112 Mediooval, 71 Ci vii Service Pensions, 89 Plantation, 113 PARUTA, P., 72 Political Pensions, 90 Plantation Office (see Plantation), PASCOLI, L., 72 Judicial Pensions, 90 113 PASHLEY, R., 73 Civil List Pensions, 90 Plantation Duties, 113 PASLEY, Lieut.-General Sir C. W., Old Age Pensions, 90 PLATO, 113 73 Pensions, Old Age• PLAY, LE (see LE PLAY), 116 Passe-Debout (Fr.), 73 England, 90 PLAYFAIR, W., 116 Passenger Duty (see Taxation), 74 Mr. C. Booth, 90 Pleasure and Pain, 117 PASSY, H. P., 74 Modifications of Mr. Booth's Pledge, 117 Patent and Patent Law• plan, 90 Ploughgate, 118 Patent, 74 Contributory Schemes, 91 Plough-team, 118 Historical Observations on Canon Blackley, Mr. Joseph PLUMART, Marquis de (see DL'i- Patent Law, 75 Chamberlain, 91 GEUL), 118 Specification of Invention, 75 Germany, 91 Plutology, 118 Requirements as to Validity of Denmark, 91 Plymouth Adventurers, 118 Patent, 75 France, 91 PococKE, R., 119 Requirements as to Person of Pensions in the United States, 91 Poinding of the Ground (Scots Patentee, 75 PERAVY, DE (see ST. PiRAVY), 93 Law), 120 TABLE OF CONTENTS XV

Polegraphy, 120 Pound- Proclamations, 208 Police, 124 Pound, Egyptian (Coin), 178 Procuration by Signature, 209 Political Arithmetic (see Arith• Sterling (Coin), 178 Prodigns, 209 metic, Political), 128 Tower, Troy, Avoirdupois, 178 Produce, 209 Political Economy- Turkish (Coin), 179 Produce Clearing, 210 Political Economy and Sci• Poundage (see Tonnage and Producers' Goods, 212 ence- Poundage), 179 Producers' Rent, 213 I. Scope, 128 Poverty, 179 Production- II. Method, 133 Power of Attorney (see Attorney, Production, 213 III. Political Economy and Power of), 180 Production and Consumption, Ethics, 137 PoWNALL, T., 180 213 IV. PoliticalEconomy,Ap• Poynings' Act (Law), 180 Production, Cost of (see Cost plications of Logical Praepositus, 180 of Production), 216 Conceptions to, 139 Prrescriptio, 181 Production, Instruments of, V. Political Economy and PRATT, J. T., 181 216 Psychology, 140 Precarire (see Precarium), 181 Productive (the terms), 216 VI. PoliticalEconomy,Re• Precarium, 181 Capital, 216 cent Developments Precious Metals, Discoveries of, Expenditure, 216 of, 143 181 Consumption, 216 VII. Political Economy, Pre-emption, Right of, 184 Services, 217 Postulates of, 148 Preference Shares, 185 Utility, 217 VIII. Political Economy, Premium, 185 Productive and Unproductive Authorities on, 149 PRENTICE, A., 185 Labour, 217 Poll Taxes (see Taxation), 150 Pre-Roman Industry in Britain, Productivity of Capital, 220 Pollards and Crockards (Coins), 186 Produit Net, 222 150 Prescription- Proficuum (see Farm of the POLLEXFEN, J., 150 Prescription, 186 Counties ; Incrementum ; Pipe PONT de Nemours, Du (see Du Prescription (Fr.), 187 Rolls), 222 PoNT de Nemours), 151 Prescription (Scots Law), 187 Profit, \!22 Pontage, 151 Prescriptive Right, 187 Profit and Loss Account (se~ PONTANO, G., 151 Present Goods, 187 Balance Sheet), 224 Pool, 152 Pressure, Monetary, 187 Profit Sharing, 225 Poor, 152 Prestation (Fr.), 188 Profits a Prendre (see Property), Poor Law, Administration of, 153 PRicE, B., 188 227 Poor-Law History, 155 PRICE, Dr. R., 189 Progress, Influence of, on Value, Poor Law, Scotch, 158 Price and Prices- 227 Poor Rates (see Rate, Incidence Price, 189 Progressive Taxation (see Taxa- of), 160 Price (Rate of Wages in Cotton tion; 'Graduated Taxation), 228 Poor Relief Among the Jews of Trade), 189 Progressive Wage, 228 England- Price of Gold and Silver, 189 Promissory Note, 228 !. General, 160 Prices, History of, 190 Promissum, 228 II. Historical, 160 Prices, History of (1850-96), Promoter, 228 III. Institutions, 161 195 Prompt, 228 Population, Economic Theory, 162 Prices and Money, 198 Property- Populist Movement in the United Prices, Real and Nominal, 199 Property, the Right of, 228 States, 169 Prices, Short Period Supply I. What is meant by the PORPHYRY, 170 and Long Period Supply, 200 Right of Property, 228 Portazgo, Pontazgo, and Barcage, Prices, Theory of, 200 II. Restrictions on the Right 170 Prime, Primes (Fr.), 201 of Property, 229 PORTER, G. R., 170 Primer Seisin, 202 (a) Right of Possession, Portreeve, 17 0 Primogeniture, 202 229 Positive Law, 171 PRINCE-SMITH, J., 203 (b) Right of Enjoyment, Positive Theory of Capital, 171 Principal, 204 229 Positivism, 171 Principal and Agent, 204 (c) Right of Alienation Possession ; Possessio, 17 3 PRINSEP, C. R., 204 or Disposition, 230 Post (see Post Office, The), 173 PRioR, T., 204 III. Divisibility of the Right Post Office, The, 173 Prisage, 205 of Property, 230 Postal Note (see Post Office, The), Prise (see Purveyance), 205 (a) Servitudes or Ease• 176 Prison Labour, 205 ments, 230 POSTLETHWAYT, J., 176 Private International Law (see (b) Pledge or Mortgage, POSTLETHWAYT, M., 176 International Law, Private), 230 Postliminium, 176 208 IV. Origin of the Right of POTHIER, Abbe R., 177 Private Property (see Property), Property, 230 POTHIER, R. J., 177 208 V. Grounds on which the POTTER, W., 177 Probability and Calculus of Pro• Right of Property has been. POULETT SCROPE (see SCROPE), babilities, 208 Justified, 231 177 Probate, 208 VI. Real and Personal Estate, POULLAIN, H., 177 Proci~s Verbal (Fr.), 208 233 VOL. III. b xvi DICTIONARY OF POLITICAL ECONOMY

Property Tax (see Taxation), 233 Quotation, 249 Referendu~n, 273 Propios y Arbitri6s, 233 Quotite Disponible (Fr.), 249 Refining (see Assay), 275 Proportional Taxation (see Taxa- Quotite and Repartition (Fr.), 249 Reformatories (see Prison Labour), tion), 233 275 Proprietor (see Property), 233 Rack Rent, 250 Regale, 275 Prospectus, 233 Radmanni, 250 Regalia, 27 5 Proprietor (see Property), 233 RAE, J., 250 Regarders (see Forests, Medireval), Prospectus, 238 RAIFFEISBN, F. W., 251 275 Protection, and Protective System, Railways- Regie, 275 234 Railways, 252 Registration, Scottish Land Sys• Protest (of Bills), 236 Light Railways, 258 tem (see Land Registration ; PROUDHON, J,, 237 Railways (Freneh), 258 Sasine), 275 Provable Debt, 238 Railways, State(seeRailways), 259 Regrator (see Forestallers and Provisors, Statute of, 238 RALEGH, Sir W., 259 Regrators), ~75 Proxy, 239 RAMos, Enrique (see Muioz), 260 Regulated Companies, 275 Prud'hommes (Fr.), 239 RAMSAY, Sir G., Bart., 260 Regulation of Labour (see In- ProLBMY OF LUOOA, 239 RAPER, M., 261 dustry, Organisation of), 276 Public Administration (see Ad• Rapidity of Circulation, 261 Rehabilitation (Fr.), 276 ministration), 240 RAPP, G., 262 Rei (Coin), 276 Public Assistance, 240 Rate, 262 Reichsbank (see Banking: Ger• Public Loans (see Debts, Public), Rate ; Rates, Incidence of, 262 many), 276 · 240 Rate in Aid, 264 Reichsmark (see Mark, German), Public Policy, 240 Ra.ti (see Rupee), 264 276 Publicani, 240 Rating of the Guinea (see Guinea, Relativity, Principle of, in Politi- PUFBNDORF, S., 241 Introduction and Rating of), cal Economy, 276 Pullus (see Pipe Rolls), 241 264 Release, 279 Purchase and Sale (see Vendor Ratio between Gold and Silver Relegatio, 280 and Purchaser), 241 (see Gold ; Silver ; Precioua. Relief, 280 Purchasing Power of Money (see Metals, Discoveries of), 264 Relief (see Poor Law), 281 Money), 241 Ratio of Exchange (see Exehange, Remainder, 281 Purchasing Power of Wages (see Foreign ; also Mint Par of Ex• Remedy (Mint), 281 Wages, Purchasing Power of), change; Gold Points), 264 Remittance, 281 241 RAu, K. H., 264 Remonetisation, 281 Purlieu (see Forests, Medireval), BAUDOT, C. M., 265 RENAUDOT, T., 281 241 RAYN.AL, G. T. F., 265 RENNY, R., 282 Purpresture (see Forests, Medire- READ, S., 266 RENOUARD, A. 0., 282 val), 241 Real (Coin), 266 Rent- PURVBS,G.(seeGRAY, Simon), 241 Real Es1;ate (see Real Property), Rent, Basis of, 282 Purveyance, 24~ 267 Rent, does not enter into Cost Put and Call, 2>!2 Real Property, 267 of Production, 284 Pyx, 243 Realise, 267 Rent of Ability, 285 Pyx, Trial of, 243 Rebate, 267 Rent-Charge, 286 Receipt, 267 Rent-Charge, Medireval, 286 Quadruple (Coin), 243 Receiver, 267 Rent, Labour, Medireval, 287 Qualification, 243 Receiving Order, 267 Rent of Land, 287 Qualified Acceptance, 244 Reeiprocity, 267 Rent Sec., 289 Quantity Theory of Money, 244 Reciprocity in the United States, Rentas Esta:.wadas, 289 Quarantine, 244 268 Rente (Fr.), 289 Quarter, Measure (see Measures Recognition- Rentless Land (see Rent; Ricardo), and Weights), 245 ( a) Recognition of New Form 290 Quartillo or Cuartillo (Coin), 245 of Government, 269 Repartition, Impots de (Fr.) (see Quasi-Contract, 245 (b) of Independenee, 269 Quotite), 290 Quasi-Rent (see Rent), 245 (o) of Belligereney, 269 Reproductive Industry (see Pro• Qua.ttie (Coin), 245 Recognitions, 27 0 ductive, The Terms, Articles Quayage, 245 Reeoinages, 270 on), 290 Queen Anne's Bounty, 245 RBCORDB, R., 271 Repudiation, United States, 290 Queen Gold, 246 Recoup, 271 Requisites of Produetion (see QUBSNAY, F., 246 Recourse, 27 2 Production, Instruments of), QUBTBLBT, L. A. J., 247 Recovery, 272 291 Quia Emptores, 248 Recta Prisa., 272 Res Nullius, 291 Quinarius (Coin), 248 Redemption of National Debt, Reserve, 291 QUINCBY, T. de (see DB QuiNCBY), 272 Reserve Liability (see Liabilities 248 Redemption, Equity. of (seeEquity on Shares), 291 Quintos, 248 of Redemption), 273 Reserves (Banking), 291 Quit Rent, 248 Re-entry, 273 Residual and Waste Products, 291 Quittance, 249 REBs, 0. Van, 273 Residual Share (Wages), 292 Quorum, 249 Reeve, 273 Respondentia Bonds, 298 Quota. 249 Referee, 273 . RESSI, A., 295 TABLE OF CONTENTS xvii

Rest, The (Bank of England), 295 RUMELIN, G. von, 333 I Satiety Price, 354 Restitutio in Integrum, 295 Rundale, 333 Saturate, 354 Restraint of Trade (Law of), 295 Rupee (Coin), History of, 333 SAUNDERS, N. (see BANDER, N.), Restraint on Anticipation, 295 Rural Depopulation (see Depopu- 354 Restrictions on Labour, 296 lation), 335 SAUNDERS, R., 354 Restrictions on Trade (see Trade), Russia Company, 335 SAVARY FAMILY.-SAVARY, JAc• 298 Russian School of Political Econ• QUEs,- SAVARY des Brulons, Resumption (in U.S.A.), 298 omy- Jacques,-SAVARY, Abbe L. P., Resumption of Specie Payments 1st Period (18th century), 336 355 in the United Kingdom (see 2nd Period (First half of 19th SAVIGNY, F. C. von, 355 Suspension of Cash Payments), century), 338 Saving, Productive and Unpro• 299 3rd Period (Second half of 19th ductive (see Productive, the Retail and Wholesale, 299 century), 340 Terms), 356 Retaliation, 299 Ryot, 343 Saving, 356 Retenue, 300 Savings Banks (see Banking), 356 Retire a Bill, 300 s. w., 344 SAY, H. E., 356 Revenue, Public (see Finances, W. S. (STAFFORD, see W. STAF· SAY, J. B., 357 Public), 300 Jo'ORD), 344 SAY, L., 358 Revival, Trade, 300 SAAVEDRA- FAXARDO (see FAJ• SAY, L.A., 359 Revolution, French (Economic ARDO), 344 SCACCIA, S., 360 Aspects of), 301 Sac and Soc (see Socmen and Scaet (see Sceatta), 360 REYBAUD, M. R. L., 304 Socage), 344 8CARUFFI, G., 360 RICARDO, D., 304 SADLER, M. T., 34.4 Sceatta (Sceat, Sceatt, Scaet), RICCI, L., 309 SAINT-AUBIN, C., 344 (Coin), 361 RICHARD DES GLANIERES, 310 SAINT CHAMANS, Vicomte A. de, Schilling or Skilling (Coin), 361 RICHELIEU, Cardinal, 310 345 SCHLETTWEIN, J, A., 361 RIDOLFI, C., 311 SAINT HAIPPY1 M. de (see LOTTIN, ScHLOZER, A. L. von, 362 Right to Labour, 311 A. P.), 345 SCHMALZ, T. A. H., 363

RILEY, H. T., 313 SAINT-NIRAVY (J. N. M. G. de), SCHMEITZEL1 M., 363 Rin (Coin), 313 345 SCHMIDT, C. (see STIRNER, MAX), Ring, 313 SAINT-PIERRE, C. I. C., Abbe de, 363 Ring Money, 313 345 ScHON, H. T. von, 363 Risk, 314 ST. SIMON (ST. SIMONISM), C. H., SCHRODER, W., Freiherr von, 364, Ristourne (Fr.), 314 Comte de, 345 SCHULZE·DELITZSCH, F. H., 365 Rixdaler (Dutch Coin), 314 Sale of Goods, 34 7 SC!ALOJA, A.' 366 ROBERTS, L., 315 Sale and Purchase (see Vendor Science, Economic, as distin- ROBERTSON, G., 3] 5 and Purchaser), 348 guished from Art, 366 ROBINSON, H., 315 Sale and Resale (see Interest and Sciences, Moral and Political, 367 RODBERTUS 1 K. J. (RODBERTUS• Usury), 348 Scire Facias, 368 JAGETZOW), 316 SALMASIUS (C. de 8AUMAISE), 348 Scou, G., 368 RODRIGUEZ DE COLMENAR (see SALMOUR, R. G., Count of, 348 Scot and Lot, 368 COLMENAR, RODRIGUEZ DE), Salt Duties (see Gabelle ; Salt, ScoTT, W., 368 318 Taxes on), 348 Scrip, 369 RCEDERER, P. L. Comte, 318 Salt, Taxes on, 348. ScROFANI, S., 369 ROESLER, K. F. H., 319 Saltsilver, 349 ScROPE, G. P., 369 ROGERS, J. E. Thorold, 319 Salvage- Scudino (Coin), 370 ROHR, J. B. von, 319 Civil Salvage, 349 Scudo (Coin), 370 RoLT, R., 320 Military Salvage, 349 Scutage (see Knight's Service), 370 ROMAGNOSI, G. D., 320 Insurance Salvage, 349 Scythe-Penny, 370 Roman Law, 321 Sample, 349 Search, Right of, 370

ROSCHER, W., 323 Sampling (Conditioning), 350 8ECKENDORFF1 V. L. von, 370

RosB, Right Hon. G., 327 SANCTIS, M. A. (see DB SANCTIS), 8ECRETAN1 C., 371 BOSLER (see ROESLER, K. F. H.), 350 Securities, 371 327 Sanctuary, Economic Aspects of, SEGNI, G. B., 372 ROSSI, P. L. E., 327 350 Seignorage, 372 RoTA, P., 329 SANDELIN, P. A., 351 Seign Prive, 374 Roturier, 329 SANDER (or SANDERS), N., 351 Seisin, 374 ROUBAUD, P. J. A., Abbe, 329 SANDYS, THOMAS (see Interlopers), Self-interest, 374 Rouble (Coin), 329 351 SELKIRK, T. D., Fifth Earl of, 375 Roundsman, 329 SAN SALVATORE (Di), PADRE A., SELLA, Q., 376 ROUSSEAU, J. J., 330 351 8EMPERE Y GUARINOS, J., 376 Routes, Commercial (see Com- SANSOVINO, F., 352 Sen (Coin), 376 mercialRoutes, History of), 331 SARCHIANI, G., 352 SENAC DB MEILHAN, G., 376 Royalty (Royalties), 331 Sarpler (of Wool), (see Measures SENECA, L.A., 376

ROYER, C. E., 331 and Weights), 352 SENEUIL J. G. COURCELLE- 1 377 RUDING, Rev. R., 332 SARTORIUS, G. F., 352 SENIOR, W. N., 377 RUGE, A., 332 Sasine (Scots Law), 353 Separate Estate, 379 RUGGLES, T., 332 BASSETTI, F., 354 Sequestration, 380 x.viii DICTIONARY OF POLITICAL ECONOMY

Sequin, or Zecchino (Coin), 380 Slave Trade, 409 Socmen, 439 Serf (Serfdom), 380 Slave Labour, 410 SODEN, F. J. H., REIOHSGRAFVON, Serjeanty, Petit, 380 Sliding Scale (Wages)- 440 SERRA, A., 381 Sliding Scale, 410 SOETBEER, A., 440 Services- The Standard Wage in the Soetbeer's Table of Prices, 441 Materia.! and Personal, 881 Sliding Scale, 411 Soft Money, 443 Predial and Military• Slip, 411 Soke, 443 Predial, 883 Small Holdings Act, 1892, 411 Sokemanemot, 443 Villein, 888 Small Notes (see Bank Notes), 412 Sol (Coin), 444 Free Tenant, 888 SIIIITH, .Adam, 412 Soldo (Coin), 444 Military, 884 Sli!ITH, C., 424 Solidarity, 444 Servicio (or Pedido ), 384 SMITH, E., 424 Solidus (Coin), 445 Ser\itude, Natural, 884 SMITH, E. P., 424 Solutio, 446 Servitudes, 384 SMITH, H., 425 SONNENFELS, J., Reichsfreiherr Servitus, 385 SMITH, J., 425 von, 446 Servus, Roman Law, 885, SIIIITH, J. (18th century), 425 Sorchin, 446 Medimval, 385 SMITH, J. T., 426 Sou (Coin), 446 Sestertius (Coin), 386 SMITH, PRINCE (see PRINCE- Sons de Cloche (Coins), 447 Set-off, 386 SMITH), 426 South Sea Company (South Sea Settled Land (see Settlement), 886 SMITH, Sir T., 426 Bubble), 447 Settled Land Acts (see Entail, Law SNELLING, T., 426 Sovereign (Coin), 448 of; Settlement), 886 Socage, 426 Sovereignty, 448 Settlement- Social Contract and Social Spanish School of Political Econ- Land, 386 Science- omy, 449 Poor Law, 387 Social Contract, 427 Speciality Debt, 452 Settling Day, 389 Social Science, 428 Specie (see Mint), 452 SEYD, E., 389 Social Science (Sociology), 430 Specie Point (see Gold Points), Shareholders, 390 Socialism- 452 Shares, 390 Definitions ·and Character of Specific Performance, 452 SHEFFIELD, J. B. H., Earl of, 390 Socialism, 431 SPENCE, T., 453 SHERBROOKE, Viscount (R. Lowe), merges into Social Democracy, SPENCE, W., 453 391 431 Spendings, 454 Sheriff, 392 Reaction against Laissez-Faire, Spoils System, 454 Shilling (Coin), 392 and Individualism estab- SPEINGBR, J., 454 Ship-Money, 393 lished by French Revolution, Stability of Value (see Value), Shoddy, 394 1794, 432 454 SHORT, T., 394 Influence of St. Simon, 432 STAFFORD, W., 454 Short Exchange, 394 A. Comte, 432 STAIR, J. D., Fifth Earl of, 455 Sight (=Demand), 394 Fourier, 482 Stamp Duties, 455 SILIO, G., 894 in connection with French Re- Stamps (see Stamp Duties), 457 Silver- volution of 1848, 432 Standard Gold and Silver, 457 as Standard, 895 Spread from France to other Standard of Comfort (see Com- Discoveries of, 396 countries of Europe, 432 fort, Standard of), 457 Silver Legislation in the United Scientific Socialism and K. Standard of Value, 457 States, 401 Marx, 432 Standard Rate (of Wages), 458 SIMON, J,, 402 German Social Democracy and Standards, Warden of the, 459 Simony (see Patronage), 402 Lassalle, 433 Stannaries, 459 Simple Contract, 402 Statistics of Socialistic Vote in Staple, the Staple System, 460 SINCLAIR, Sir J., 402 different countries, 433 State-aided Pensions, 463 Sinecure, 403 in Germany, 432 State Insurance (see Insurance, Sinecures, Colonial, 403 in Austria, 483 State), 464 Single Tax, The, 404 in Switzerland, 434 State Interference (see Govern- Sinking Fund- in France, 434 ment Regulation of Industry), History of the Sinking Funds, in Belgium, 434 464 405 in the United Kingdom and State Notes, 464 Walpole's Sinking Fund, 1716, the Colonies, 435 State Socialism (see Socialism, 405 in the United States, 485 State), 465 Sinking Fund, 1717-1758, 405 Political Influence of Socialists, States General (see ~ts-Gener- Sinking Fund, 1786, 405 435 aux), 465 W. Pitt's Sinking Fund, 405 Internationalism and Anarchy, Statics, Social, and Social Dyna· Vansittart's Sinking Fund, 435 mics, 465 1813, 406 Socialism, Christian (see Christian Stationary State, 466 Principle of a Sinking Fund, 407 Socialism), 436 Statistics- Sisa, 408 Socialism, State, 486 Statistical Method, 467 S!SMONDI, J. c. L. s. de, 408 Socialists of the Chair, 437 Statistics, p. 469 Sixpence (Coin), 409 Societas, 438 Statute of Merchants, 470 Slavery- Socil\tes Commerciales (Fr.), 488 Statute of Merton (see Merton, Slavery, 409 Sociology (see Social Science), 489 Statute of), 471 TABLE OF CONTENTS xix

Statu tum Mercatorum (see Statute Supply Parliamentary• (5) Customs, 521 of Merchants and Law Mer• General Remarks, 496 (6) Excise, 522 chant), 471 Estimates, 496 (7) Communications and Steelbow Tenants, 471 Motions and Resolutions, 497 Transport, 522 Steelyard, The, 471 Appropriation Act, 497 (8) Stamps, 523 STEIN, H. F. K., Freiherr vom, 4 72 Supply-Curves, 497 (9) Death duties, 523 STEIN, L. von, 474 Surenchere (Fr.), 498 Taxation, Equality of (see Taxa• STEPHEN, J., 474 Surety, 498 tion), 524 Sterling (see Easterlings; Pound Surplus, 498 Taxation, Grinding (see Macinato), Sterling), 475 Surplus, Law of (see Surplus), 500 524 STEUART, Sir J., 475 Surplus Value (see Marx, H. K.; Taxation, Incidence of (see Taxa• STEWART, D., 476 Value), 500 tion), 524 Stint, 477 Survival of the Fittest, 500 Taxation, Indirect (see Indirect Stipulatio, 477 Suspense Account, 501 Taxation), 524 STIRLING, P. J., 477 Suspension of Specie Payments, Taxation, Maxims of (see Taxa• 8TIRNER, M., 478 501 tion), 524 Stiver (Coin), 47 8 SUSSMILCH, J. P., 502 Taxes (see Taxation), 524 Stock, 478 S. W. (see W. S. ), 502 Taxes, Cost of Collection of (see Stock Exchange (see Exchange SwAN, Col. J., 502 Cost of Collection of Taxes), Stock), 478 Swanimote(see Forests, Mediooval), 524 Stock Jobbing (see Jobber), 478 503 Taylors, Merchant, 524 Stone (see Measures and Weights), Sweating, 503 'l'einds (Scotland), 525 478 SwiFT, J., 504 Telegraphic Transfers, 526 Stoppage in Transitu, 478 Sycee, 506 Telegraphs (see the Post Office), STORCH, H. F. von, 479 1 Syndicate, 506 527 STORY, J., 479 Syndicats, Professionels (Fr.), Tellers of the Exchequer, 527 Stotinki (Coin), 480 506 Templars, The Knights, 527 STRACCA, B., 480 Synthesis and Synthetic Method, TEMPLE, Sir W., 528 Strikes, 480 506 TEMPLE, W., 529 Stringency in the Money Market, Systeme, 507 Tenant-at-Will, 529 482 Tenant Right, 529 STRUZZI, A., 482 Tabular Standard, 509 Tenement, 529 Style or Trade Name, 482 TACITUS, C. C., 511 Tenths (see First Fruits and Sub-Contract, 483 Tack, Tacking, 511 Tenths), 529 Subinfeudation, 484 Tael, 511 Tenure of Property (see Land Subsidies, 484 Tail (see Entail, Law of), 512 Tenure), 529 Substitution, Law of (see Law of Taille, 512 Tercias Reales, 529 Substitution), 485 Tailzie (see Entail, Scotch), Tercio Diezmo, 530 Succession (Scots Law), 485 513 Term of Years, 530 SuccessionDuty(see Death Duties; Tale, 513 Terminable Annuities, 530 Taxation), 486 Talent, Greek, 513 Termon Lands, 531 SUGDEN, E. B., 486 Talent, Hebrew, 513 Territorium, 531 SULLY, M. de B., Due de, 486 Tallage, 513 Tertius Denarius, 531 Sumptuary Laws, 487 Tallies, 513 TEBAURO, G. A., 531 Supplementary Estimate, 488 Tally (see Tallies), 514 Testa de Nevill, 531 Supply- Tally Shops (see Truck), 514 Testament (see Wills, Bequest by), (1) Conditions of Supply, 488 Tally Trade, 514 532 (2) The Supply of Com- Talon, 514 Testamentum, 532 modities, 488 Tammany Hall, 514 Testoon (Coin), 532 (3) Diminishing, Constant and Tanistry, 515 THACKRAH, C. T., 532 Increasing Returns, 489 Tanteo, 515 Thaler (see Dollar, History of; (4) Components of Supply TAPIA, C. (di) Marchesedi B., 515 and Dollar, Maria Theresa), Price, 489 Tare and Tret, 516 532 (5) Supply Price as connected TARGIONI, L., 516 THELLUSSON, P., 532 withRentandQuasi-Rent,489 Tariff, 516 Theory, 532 Supply and Demand- TATHAM, W., 516 THIERB, L. A., 534 (1) The General Theory of Tania de Camhi, 516 Thirlage, 534 Supply and Demand, 490 Tavereel (or Tafereel), 516 Thistle Rent, 534 (2) Consideration of the Term Taxation- THOMAS, P. E., 535 Supply and Demand, 492 History, 517 THOMASIUS, C., 535 (3) Equilibrium between Sup- General Principles, 518 THOMPSON, T. P., 535 ply and Demand, 493 Tax Systems, 519 THOMPSON, W., 536 (4) Joint and Alternative De- Classificationandincidence,520 THONISSBN, J. J., 537 maud, Joint and Alternative (1) Taxes on Land, 520 THORNTON, H., 537 Supply, 494 (2) On Houses, 521 THORNTON, W. T., 537 (5) Connection between the (3) On Property and Capital, Thrall, 538 Theories of Distribution and 521 Three-Field System and Two• of Exchange, 495 ( 4) On Income, 521 Field System, 538 DICTIONARY OF POLITICAL ECONOMY

Threepence (Coin), 539 Trade- Tret (see Tare and Tret), 580 Thrift- Trade, 556 Trial of Pyx (see Pyx, Trial of), 580 1. Natural Conditions, 539 Trade, Balance of (see Balance Trial Plate (Assay), 580 2. Political Conditions, 539 of Trade), 557 Tribal System, the, 581 3. Opportunities for enjoyment, Trade, Chambers (see Chambers Tributarius, 581 and religious and moral of Commerce), 557 Trinoda Necesaitas (see Fyrd), ideas, 539 Trade Coins, 557 582 4. Opportunities forsaving,and Trade Disputes, Law as to, Triple Assessment, 582 the reward of saving, 539 558 Triple Contract (see Eck, J. ; Thrymsa, 540 Trade Dollar (see Dollar), 559 Major, John), 583 THUNBN, J. H. von, 540 'l'rade, Foreign, Regulations of, Tronage, 583 Tical (Coin), 541 559 TROTTER, Sir C., Bart., 583 Tillage Duties, 541 Trade, Free (see Free Trade), Troy Pound (see Pound), 583 Time Bargains- 561 Truce of God, 583 Defined, 541 Trade, Large and Small, 561 Truck- Contracts for Future Delivery, Trade Mark, 562 Truck, 583 541 Trade Name (see Firm), 563 Truck Acts, Fines and Deduc· Options, 541 Trade Revival (see Revival, tions, 584 Time Bargains in Specified Trade), 563 Truck System, 586 Goods, 542 Trader, 563 Trust and Trustee- Time Bargains in Goods de• Trades Unions, 563 Trust and Trustee, 586 scribed by Quality, 542 Trades Unions (United States)- Trustee (Judicial), 586 Produce Clearing Arrange• Early History, 565 Trusts- ments, 542 Present Size, 566 Trusts, 587 German Legislation on Time Benefits, 567 Trusts, Combinations (see Mono- Bargains, 542 International Typographical polies ; Ring ; Syndicate ; Effect of German Legislation Union, 567 Trusts), 587 on Business, 543 Cigar - Makers' International Trusts, Charitable, 587 Tithes- Union, 567 TucKER, G., 588 General Statement, 543 United Brotherhood of Car- Tuc.KBR, J., 588 Tithe Commutation Act, 1836, penters and Joiners, 568 Tunnage and Poundage (see Ton- 545 Knights of Labour, 568 nage and Poundage), 590 Terms of Commutation, 545 Railroad Unions, 569 TuRBOLI, G. D., 590 Impropriated Tithes, 545 United Green- Glass Workers TURGOT, A. R. J., Baron de Incidence of Tithe, 545 and National Association of L'Aulne, 590 Tithing, 546 Stationary Engineers, 569 Turkey Company, 694 TOOQUEVILLE, A. C. H. C. de, 546 The American Federation of Turnpike Trusts, 596 Token-Money (see Money), 547 Labour, 570 TURTON, T., 596 Tokens (Coins), History of, 547 State Activity, 571 TUBBER, T., 596 Tolls, Internal, Medireval (see In- Strikes and Lockouts, 572 Twelve Tables, Roman Law (see ternal Customs and Tolls), 547 Objections to Trade Unions, Roman Law), 596 Toman (Coin), 547 572 TWiss, Sir T., 596 Tonnage and Poundage, 548 Apprentices, 572 Two- Field System (see Three- Tontine, 548 Labels, 573 field System), 597 TOOKE, T., 548 Labour Papers, 573 TYDEMAN, H. W., 597 Tool- Labour Leaders, 573 Tool, 549 Authorities, 573 Udal Tenure, 597 Tool Rent, 549 Traffic (see Communication, Means ULLOA, B. de, 597 TORRE, R. della, 550 of), 573 Ulster Tenant Right, 597 TORBBN8- Transfer, 573 Ultra Vires, 598 Col. Robert, 550 Transfer Days, 573 Undertakers (see Employers and Sir R. Richard, 550 Transfers, Telegraphic (see Tele• Employed; Entrepreneur), 598 Torrens Act, 550 graphic Transfers), 573 Underwriter, 598 TORRI, L., 551 Transhumance, 573 Underwriting, 598 Tort, 551 Transit, Tolls on (see Internal Unearned Increment (see Incre• Total Utility, 551 Customs and Tolls), 574 ment, the Unearned), 598 Town Reeve (see Reeve), 552 Transport, Cost of Inland, 57 4 UnfundedDebt(seeDebts, Public}, TOWnS- Transportation, 576 598 Decay of (medireval), 552 Treasury- Union, Poor Law, 599 Policy of the (medireval), 552 Treasury, 578 Unions, Monetary (see Latin ToWNSEND, Rev, J., 553 Treasury Bill, 579 Union), 599 Township-- Treasury Bond, 579 Unit of Account, 599 Township, 554 Treasury Department of the Unit of Value, 599 Township and Towns in the United States, 579 Unite (Coin), 600 United States, 554 Treaties (see Commercial Treaties), Unproductive Consumption, 600 ToYNBEE, A., 555 580 Unproductive Labour (see Pro- Tracy, Destutt de (see Destutt de TREITSCHKE, H. von, 580 ductive and Unproductive Tracy), 556 Trespass, 580 Labour, 600 TABLE OF CONTENTS :u:i

Unskilled Labour (see Labour), Vend, Newcastle, 614 Wages Statistics, 643 600 Vendor and Purchaser, 617 Wages, Statistics of (in United Usance, 600 VENTURI, G., 618 States of America), 643 Use, Value in (see Utility; Value), VBNUSTI, M. A. M., 618 Wages of Women, 646 601 V m:derers (see Forests, Media!val), Waif, 647 Uses, Charitable (History of Law 618 Wainage (see Amercements; as to), 601 VERGANI, P., 618 Waynage), 647 USSELINCX1 W., 601 VERRI, P., 619 WAKEFIELD, D., 647

USTARIZ, J. de (see UZTARIZ, Y. Vert, 619 WAKBFIELD1 E., 647 de), 601 VBTHAKB, H., 619 WAKEFIELD, E. G., 648 Usucapio, 601 Vicesim:a Haereditatum, 620 WALES, W., 648 Usury, Usury Laws (see Canon Vroo, G., 620 WALKER, A., 648 Law ; Dry Exchange ; Interest Victual Brethren, 621 WALKER, F. A., 649 and Usury), 601 VIDAL, F;, 621 WALKER, R. J., 650 Usus, 601 VIGANO, F., 621 WALLACE, R., 651 Uti Possidetis, 602 Village Communities, 621 WALLACE, T., 651 Utility, 602 VILLANO, F., 624 W ALPOLB, Sir R. (Earl of Orford), Utopias- Villanus- 651 Utopias, 602 Villanus, 624 W ALRAS, A. A., 652 Utopias and Modern Socialism, Villein Tenure, 626 W ALRAS, M. E. L., 653 604 Villenage, 626 WALSH, Sir J. B., 655 Utter or Circulate (see Banking ; Villein (see Villanus), 626 W ALBH, R. H., 655 Bank Note), 604 Villeinage (see Villenage), 626 Wants, (see Demand; Luxury), UzTARIZ, J. de, 604 VILLENEUVE- BARGEllt:ONT, Vi- 656 comte A. de, 626 WARD, B., 656 Vacantia Bona, 605 VrLLERllt:E, L. R., 626 Ward-Penny, 656 Vagrancy, 605 Villes Franches and Chartered Warden of the Standards (au V ALBRIANI, L. M., 605 Towns, 627 Standards), 657 Vales Beales, 606 Villes N euves, 627 Wards, 657 Valuable Consideration, 606 VILLIAUllt:li, N., 627 Warehouses (see Warehousing Value- VINOBNT1 J. C. M. de (see System), 657 Value and Utility, 606 GoURNAY)1 627 Warehou~ing System• Total Utility, 606 Vingtieme, 627 Warehousing System, 657 Monopoly, 607 VIOLET, T., 628 Warehousing System, United Competition, 607 Virga, 629 States, 658 Cost, 608 Virgate, 629 Warrandice (Scots Law), 658 Value in Use, 608 VmaiLio, J., 629 Warrants, 658 Value, Normal, 609 Virginia Company, The, 629 Warranty, 658 Value, Origin of, 609 Viticulture, 630 W ARRBN, J., 658 Value, Stability of, 609 Visa- Warren (see Forests, Medialval), Value, Standard of, 609 Visa (France, 18th century), 659 Value, Subjective and Objec- 630 W ARVILLB (see BRISSOT DE WAR· tive, 609 Visa (Passport), 631 VILLE), 659 Value, Intrinsic, 610 VISSBRL.'iG1 S., 631 Waste, 659 Value, Feeling of, 610 VIVANT DB Ml!ZAGUEB (see Ml!z• Waste (see Forests, M£direval), Value, Surplus, 610 AGUBB), 631 659 Value, Measure of (see Value, Vrvss, J. L., 631 W.aste Lands Enclosing (see En• Standard of), 610 VIVORI01 A., 632 closures), 659 Values, Official (.•ee Official VoLTAmB, F. M.A. de, 632 Waste Products (see Residual and Values), 610 Volume of Money (see Money), 632 Waste Products), 659 VAN HALL, F. A., 610 Voluntary Deed, 632 Watering Stock, 659 VANDBLBUR, J. S. (see Co-operative VON BIBLFELD, J. F., 633 W ATTBVILLE, A. de G., Baron de, Farming; and OWEN, Robert), Voucher (see Receipt), 633 659 610 VUITRY, A., 633 Way, Right of, 659 VANDERLINT,J., 610 WAYLAND, F., 660 VANDERMONDE, A. T., 611 W.,J. (seeWORLIDGB, John), 634 Waynage, 660 VANSITTART, N., Lord BEXLEY, W., S. (see S. W. Gent), 634 Ways and Means (see Supply, 611 W., S. (see STAFFORD, W. ), 634 Parliamentary), 660 VARRO, M. T., 612 Wager Policy, 634 Ways of Communication (see V ASOO, G. B., 612 Wages- Communication, Means of), 660 VAUBAN, S.le P., Seigneurde,612 Wages and Prices of Com· Wealth, 660 VAUGHAN, R., 613 modities, 634 WEBER, F. B., 661 VAUGHAN, R., D.D., 613 Wages Fund, 636 WEBSTER, D., 661 V AUVBNARGUBB, L. de C. 1 Mar- W&oaes, Nominal and Real, 639 WEBSTER, P., 662 quis de, 614 Wages, Purchasing power of, Week-work, 662 Vavasseur, 614 641 Weighted Observations, 662 Vectigales Agri, 614 Wages, Standard Rate of (see Weighting (see Weighted Obser· Vellon, 614 Standard Rate oCWages), 643 vations), 662 xxii DICTIONARY OF POLITICAL ECONOMY

Weight!! and Measures (see Meas- Women's Wages (see Wages of Years, Estate for (see Term of ures and Weights), 662 Women), 672 Years), 683 WEITLING, W., 662 WOOD, W., 672 Yen (Coin), 683 WEST, Hon. Sir E., 663 Work, Regulation of (see In- Yen (Money of Account), 683 WEYLAND, John, 663 dustry, Organisation of; Labour Yeomanry of Crafts (see Journey· WHATELY, R., 663 in Relation to the Law), 672 man and Journeymen's Socie· WHEATLEY, J., 664 Workhouses- ties), 684 WHEELER, J., 665 Workhouse, 672 Yeomen- WHEWELL, W., 665 W orkhouse Test, 67 4 Meaning of the Term, 684 White Bonnet, 666 Workmen's Budgets- Their Numbers, 685 WHITTINGTON, Sir R., 666 English, 67 4 Their History, 686 WILL, G. A., 666 America and Belgium, 676 YOUNG, A., 687 Will, Bequest by, 667 Workmen's Livret (see Livret), YouNG, Major G., 689 WILSON, G., 669 679 ZACHARIAS, 0., 689 WILSON, Rt. Hon. J., 669 Workshop, 679 ZACCHIA, L., 689 WILSON, T., 670 WORLIDGE, J., 680 ZANON, A., 689 WINCHCOMBE, John (see NEW· Worseness (in Assaying), 680 ZECCHI, L., 689 BURY, Jack of), 670 Writ, 680 Zecchino (see Sequin), 689 Winding-up, 670 Zemindar, 689 Window Tax (see Taxation), 670 XENOPHON, 680 ZERBI, G. A., 690 WINKELBLECH, K. G. (see MARLO, ZINCKE, The Rev. F. B., 690 Karl), 670 Yantar, 681 ZINCKE, G. H., 690 WITT, J. de, 670 Yardland, 681 Zollverein, 690 WOLFF, C. von, 671 Y ardling or Y erdling, 681 ZuccoLO, L., 691 WoLOWSKI, L. F. M. R., 671 YARRANTON, A., 681 Zunft, 691

LIST OF ABBREVIATIONS USED IN INDEX • • 692 INDEX 693-757 LIST OF CONTRIBUTORS TO THE PRESENT AND PREVIOUS VOLUMES • 759