In the same manner if any nation wasted part of its wealth, or lost part of its trade, it could not retain the same quantity of circulating medium which it before possessed.

Neither a state nor a bank ever have had unrestricted power of issuing paper money without abusing that power.

The produce of the earth - all that is derived from its surface by the united application of labour, machinery, and capital, is divided among three classes of the community, namely, the proprietor of the land, the owner of the stock or capital necessary for its cultivation, and the labourers by whose industry it is cultivated.

Labour, like all other things which are purchased and sold... has its natural and its market price.

If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread.

It is here we come to the heart of the matter. The economic principle of comparative advantage', 'a country may, in return for manufactured commodities, import corn even if it can be grown with less labour than in the country from which it is imported

It appears to me that one great cause of our difference in opinion on subjects which we often discuss is that you have always in mind the immediate and temporary effects of particular changes, whereas I put these effects quite aside, and fix my whole attention on the long-term effects that will result from them.