[...] (3) the price relations of goods of identical tenchnological composition among trading countries ; [...]
Page 84: Footnote 3: "Andreades" -> Andréadès
Page 101: par. 3: period
Addington's statement, whatever might be its merits or demerits, represented the view of the Government and of business circles during the peroid.
Page 109: par. 0: Wheatley
Wheatly himself explicitly recognized that his doctrine differed from that of Hume,1 and tried to defend his own position by attempting to refute the latter’s doctrine.
Page 119: par. 2: international
Ricardo seemed to have found it necessary to concede that a subsidy payment might affect the rate of exchange and internatioanl price relationships.
Page 140: Footnote 2: Friedrich
Tooke, Inquiry, p. 123. See also pp. 67-76. The best exponents of the income theory of the value of money are Freidrich von Wieser, R. G. Hawtrey, and Albert Aftalion.
Page 150: par. 1: vigorously
It was very ably stated by Senior and vigoriously expounded by Mill, who modified it.
Page 162: par. 0: substitution-curve
We can derive the conditions of substitution between the two commodities and express them in the form of a sub-sitution-curve, when many different factors of production are available just as well as when there is only homogeneous labour.
Page 223: par. 0: necessary
It was necesssary to keep in mind, however, that “the influence of credit or the rate of interest is only one of the factors acting on prices; the other is the volume of metallic money itself, [...]
Page 227: par. 3: themselves
Nor did Wicksell accept uncritically Mill’s doctrine, namely that prices would tend to stand highest “in the countries for whose exports there is the greatest foreign demand, and which have themsleves the least demand for foreign commodities Wicksell made the following comment:—
Page 253: par. 0: recognized
[...] he recognzied that the actual rate of exchange may permanently deviate from the purchasing power parity, because of obstacles to trade.
Page 283: par. 3: right double quote right before Footnote 3 in the text
“Nevertheless,” he said, “even with this correction, Taussig’s argument still holds that without gold movements and changes in price levels there is no visible mechanism whereby increased purchases by the borrowers of foreign commodities, and of those domestic commodities which otherwise would be exported, will exactly equal the amount of the borrowings.’3
Page 295: Footnote 2: classical
We must also take into consideration of the influence of the shift of the demand curves (to the right in the borrowing country, to the left in the lending country) which brings about a much quicker adjustment of the balance of international payments than the mechanism described in the clasical doctrine.
Page 296: par. 1 (first line of page): Pigou
Similar conclusions have been reached by Professor Pegou.1
Page 323: "Boisquilbert" -> Boisguilbert
Page 324: Gresham
Burgon, J. W. Life and Time of Sir Thomas Greshams. London, 1839.
Page 328: "Serra, Antanio" -> "Serra, Antonio"
Page 180 same as earlier image/formula on page 160
On many of the formulas, I generated them into images at 800 dpi. Some of the fractions on fractions are just impossible to emulate/unreadable using basic text.
Page 136: par. 2: No idea if this is correct (?)
It is quite clear that paper created and so paid away by the Government not beingereturnable to the issuer, will constitute a fresh source of demand, and must be forced into and permeate all the channels of circulation.
Throughout the book, there was quite often the usage of "v" and "I" instead of "u" and "J". Was this just some old way of spelling in ~1600 before the letter "v" and "j" was in the English language? Example:
Towards the bottom of page 326:
———England’s View, in the Vnmasking of Two Paradoxes (of de Malestroict) with the Replication vnto the Answer of Maister Iohn Bodine. London, 1603.
https://en.wikipedia.org/wiki/John_Ramsay_McCulloch. Throughout the book, his name is spelled in 4 ways:
Page 71: Footnote 6 should be a 7 (see Footnote 6 on page 67)
Page 91: last par.: coconut (Is this an old/English spelling?) (UNCHANGED)
Man alone regularly makes use of external objects as indirect agents to get what he wishes—not using merely his own bodily members. Primitive man saw the cocoanut hanging above his head out of reach.
Page 109 and 110 both have a footnote 1.
Page 110: Footnote 1 should be a 2 (See Footnote 1 on page 109)
Page 128: par. 1: likely (Is this an alternate spelling?) (UNCHANGED)
If there are various agents of different degrees of excellence, and only the better grades are being used to meet this particular demand, then an increase in the demand is likly to result not only in a more intensive utilization of the superior agents, but also in the calling of some of the inferior agents into use.
Page 429 footnote 7, the 'a' and 'b' are not superscript.
Page 429: Footnote 7: In the table, the superscript "2"s should be changed to b.
Page 440: Footnote 9 should be a 10 (See Footnote 9 on page 436)
Page 460 Footnote 1, may be missing a period at the end (could be scanning error)
Page 503: par. 1: on
He saw no problem om monopoly anywhere except in connection with land ownership.
Page 511: par. 2: of (Scanning artifact? or actual book typo?)
§ 10. Conflict cf individual and general interests.
I changed the figure description paragraphs for Figure 46 to better match the rest of the book.
I changed the look of the copyright page to try to match the first Volume.
Page 22: par. 1: California
For some time after the discovery of gold in Calfornia, gold dust was roughly measured out on the thumb-nail.
Page 54: In the sections right below the Chapter: bimetallism
§ 10. Nature and object of bimetal-ism.
Page 81: par. 0: elementary
[...] mining to keep up the quantity of gold ought to be apparent to any one with the most elemetary understanding of monetary principles.
Page 94: par. 0: ability
The indispensable condition to the exercise of this function by a bank is public confidence in its abilty to fulfil its promise to pay whenever it is due.
Page 101: par. 2: inconvertible
In this view it is overlooked that bank-notes, unlike inconvertable paper money, depend for their value on the credit of the bank, not on their legal-tender quality and on political power.
Page 102: par. 1: predominant
The predominent opinion to-day is that in their economic nature bank-notes share to some extent the character both of private promissory notes and of political paper money.
Page 114: par. 2: manufacturing
Another aspect of this concentration of surplus money and available funds in the larger cities was the comparatively ample provision of banking facilities in the cities and in the manufacturng sections, and imperfect provision in the agricultural districts.
Page 125: par. 0: discount
Then the circulation might be doubled with the same reserves, the proportion thus falling to not less than 20 per cent of outstanding notes, and the rate of discout to customers rising to 13.5 per cent (5 plus 8.5).
Page 139: par. 0: wave-like
[...] in a wavelike manner, going through a somewhat regular series of changes that is called a business cycle.
Page 139: par. 1: precedes
What preceeds has not the appearance of disease, but rather that of exuberant health.
Page 141: par. 0: correspond
But the disturbances are so modified by the particular conditions (of crops, politics, and speculation) that the phenomena never corres-spond exactly in time of occurrence, in duration, or in intensity.
Page 175: par. 1: coöperators
The general plan and principles of local building and loan associations was extended in 1916 to groups of rural co-operators in the joint-stock land banks, enabling them to make loans to their members11; [...]
Page 237: par. 0: elementary
[...] the elemetary principles of foreign exchange is required, and to this we may now turn.
Page 241: Footnote 6 is also on page 235... all on this page until the end of the chapter should be one number higher.
Page 246: interference
§ 1. Military and political motives for inteference with trade.
Page 260: par. 2: monopoly
§ 11. Protection as a monoply measure.
Page 276: par. 0: divisions
The purposes for which the debts are incurred by specially organized districts are mainly indicated in the names (e. g., drainage, irrigation), while the regular political divisons of counties, cities, villages, towns, townships, incur debts for many objects, such as streets, sewage disposal, water supply, electric-light or gas plants, schoolhouses, libraries, and other public buildings.
Page 295: par. 2: products
Goods imported are taxed at the time of entering the country; domestic prod-ducts, such as cigars, spirituous or malt liquors, playing cards, [...]
Page 311: par. 0: distinction
[...] income of husband and wife living together (this distincton, it will be observed, offers a reward of $20 per annum to make marriage a failure).
Page 313: par. 2: administration
Before the adoption of the sixteenth amendment, the need for new revenue in the Taft adminstration led to the enactment, August 5, 1909, of an “excise tax” on corporations, measured by net profits within the taxing period.
Page 341: par. 1: eligible
The national organization was composed of local chapters, to membership in which every one was elegible excepting bankers, lawyers, gamblers, and saloon-keepers.
Page 394: par. 1: experiment
Great Britain, after some exexperiment with a local system, established in 1909 the first national system of “labor exchanges.”
Page 405: par. 0: companies
[...] gation of the business of the large industrial insurance com-ponies, that but 28 per cent of the premiums paid by employers were paid to workmen as indemnity.
Page 446: par. 1: campaign
Despite the fact that frequently in economic legislation the farmer has been the victim, every compaign orator admits that there is no other occupational class that is of greater importance to the nation than are the farmers, or more deserving of prosperity.
Page 462: par. 0: transferring
The greater ease of tranferring landed property in America and the greater mobility of our population have always made it more natural here than in Europe to look upon land as a capital investment.
Page 469: par. 1: coöperation (missing 'ö')
This type of producers’ selling coöperation is proving in America to be far more successful than producers’ co-operation among workingmen; [...]
This form of coöperation, with the related form of consumers’ co-operation that is fostered by it, promises to have a wide extension.
Page 472: par. 0: opportunities
[...] of better opportunties for credit in the agricultural districts was long recognized.
Page 473: par. 1: coöperation (missing 'ö')
These schools and meetings are helping, as are automobiles, good roads, telephones, rural free delivery, better schools, and an active rural press, to destroy the isolation of country life and to make farmers as a class more broadly educated, more co-operative and more public-spirited than the average urbanite.
Page 523: par. 0: coöperation (missing 'ö')
Yet there are some men interested in “large business” who look upon competition as bad, and upon monopoly as having essentially the nature of friendly co-operation.
Page 537: par. 1: Commision
The anti-trust legislation of 1914, passed by the Democratic party to carry out its program, is embodied in two acts: the Clayton Act and the Federal Trade Commision Act.
Page 550: par. 1: numerous
Civilized government requires the use of numer-out material agents to make possible the exercise even of the primary political functions.
Page 693: par. 1: non-existent (matching hyphenation in rest of the book)
But utopian (from utopia, Greek for no place) means nonexistent, and Marxian socialism surely was that.
Page 476, Figure 1 belongs in Chapter 28. I moved it to after Section 1 in Chapter 28.
Page 490, Figure 1 belongs in Chapter 29. I moved it to after Section 1 in Chapter 29.
Page 568 is missing the Caption/Figure information.
Page 13: I removed the text of Footnote "1" because it does not make sense in the digital version of the book. It states:
"The source of this reference, as well as all other numerical references, is found on page 101ff."
I removed the References section and moved the footnotes to each individual chapter.
Page 15: par. 1: Two footnote 6s
Not counting the normal river channel, 463,000 acres of this land are now submerged below the normal level of the man-made lakes that TVA has created as a part of its flood control program.6 An additional 128,000 acres are held for flooding when the reservoirs are full.6
Page 62: par. 1: Two footnote 49s
In 1934, the federal government was producing less than one-half of one per cent of all the electricity produced in the United States.49 At the end of 1946, the federal government was producing more than twelve per cent.49
Thousands who had imagined themselves rich, sunk at once into poverty and distress ; and as coin was hardly to be had, and nothing but coin would be accepted in payment, it was difficult to find the means of purchashing the necessaries of life.
Page 28: par. 0: acquiescence
The people at large knew very little about the matter ; but satisfied with the acquiesence of the government and the merchants, they followed in the wake ; and presently things went on exactly as if the Bank had never failed.
Page 33: par. 0: resolve
In this condition of things, the nation, the ministry, and the merchants had not the courage to rosolve upon an instant resumption of specie payments.
Page 33: bottom par.: procedure
Now, what was the natural, certain, and inevitable consequence of this mode of proceedure?
Page 35: par. 0: magnificent
This acknowledgement was attended with an increased intercourse with those states; loans were opened in London on their behalf ; companies were established with large capitals, to work the American mines ; and the most mag-nificient reports were manufactured and circulated, touching the certain profits of these new undertakings.
Page 36: par. 1: disastrous
The resumption of specie payments had nothing to do with the panic of 1825,—except, indeed, that the delay with which that resumption had been attended, had been constantly producing, as I have already shown, a most disasterous influence upon the industry of the country.
Page 52: par. 2: subtleties
An assembly of lawyers rather chose to rest the decision upon legal quibbles and verbal subtilties, at which many of them were sufficiently adroit.
Page 77: par. 0: development
This is contrary to all their experience ; and they wait with fear and trembling for the final developement of this wonderful phenomenon.
Page 80: par. 0: controlled
A change took place in the national administration which did not extend to the Bank; the government were of one party in politics, and those who controled the Bank, of another.
Page 84: par. 3: disbursement
Notwithstanding all that has been said to the contrary, that act of the President’s was clearly legal ; and if we recollect that the charter of the Bank was to expire in less than three years, and that it was necessary seasonably to arrange some other system for the keeping and disburs-ment of the public moneys, we shall be inclined to pronounce that celebrated removal, not only an act of punishment, but an act of prudence.
Page 91: par. 1: improvement in
Such a steady drain, together with the improvementi n business throughout Europe, has raised the rate of interest there ; and this rise will cause to cease that fertilizing tide, which otherwise the Bank of England would try in vain to stop.
Page 106: par. 1: harassing
The gains of the bank are tolerably certain ; but the customers, a far more numerous body, and one in whose welfare, the public have a much deeper stake,—they are kept in a constant state of the most harrassing and servile dependence.
Page 110: par. 2: synonymous
Value, that is price,—for in matters of trade, these two words are synoni-mous,—depends 1st, upon supply, 2nd, upon demand.
Page 111: bottom par.: permanent
For this purpose they are adapted by their capability of being subdivided to almost any degree, without loss; by their small comparative bulk, which enables a large comparative value to be easily carried about and transported from place to place ; and by their capability of receiving a permament imprint, expressive of their weight [...]
Page 118: par. 1: possession
[...] to a certain sum of coin, at a certain place described in the bill, to the possesssion of which coin, the holder of the bill is entitled. In itself a bill of exchange is nothing but a piece of paper; [...]
Book 2 (Page 9) (159 in PDF): par. 1: controlling
With respect to prices, there is an influence exercised over them, upon which political economists have not yet dwelt ; but an influence which exerts a controling power [...]
Book 2 (Page 9) (159 in PDF): par. 2: to run
He, then who knows how liable opinions are to vary, and indeed torun from one extreme to another, will not think it necessary to seek the origin of fluctuation in prices, in the state of the currency.
Book 2 (Page 9) (159 in PDF): bottom par.: independently
Gold and silver have been universally fixed upon as standards of value, independantly of [...]
Book 2 (Page 10) (160 in PDF): bottom par.: American
The Amer-can Congress and the French Convention, exerted all their powers in vain, in attempting to establish, the one, continental bills of credit, and the other, assignats, as a standard of mercantile value.
“Such simple desires show the modesty of the demands upon nature; yet they also indicate that there were no puritannical restrictions on the use of leisure time or on any pleasant relationship between man and nature.”
I made the chapter headings centered, instead of being a sort of "left-centered" heading in the original.
I am tempted to remove the "Man and Nature in America" between the end of the Preface and Chapter 1. It had zero use in a digital version of the book.
I made the image 1.6 ratio in this book, (1000x1600), instead of the usual 1.5 (800x1200). This may take longer to load on older devices. Hopefully everything runs smoothly.
I removed the ending LvMI information page, and replaced it with the typical EPUB LvMI page.
Page 103: par. 0: employees
“If we continue to adhere strictly to the theory that competition must continue regardless of the fate of the producer, it may become so keen as to deprive him of any return on capital invested and deny a living wage to his employes.”
Page 280: Index: At the end of "Pricing and production information", there should not be a semi-colon at the end, right before "Prigogine, Ilya"