Principles of Political Economy, Vol. 1Roscher, Wilhelm
History
Principles of Political Economy, Vol. 1
Roscher, Wilhelm
Economics
Section X.
Wealth.—Signs Of National Wealth.
We should have a very imperfect idea of the wealth of a people (§ 8) if we
should estimate it at the value in exchange of the sum(99)-total of the
component parts of the national resources. By the following signs,
however, an approximative notion of the value in use of the resources of a
nation may be obtained:
A. When, even the lower classes, who compose everywhere the greatest
portion of the people, are comfortable, in a condition worthy of human
beings. Thus, C. Dupin is surprised at the great quantities of meat,
butter, cheese and tea entered on the accounts of the poor-houses in
England, and the great care taken to have these of the best quality.(100)
A good symptom of such a state of things is a high average duration of
human life, especially when there is a relatively large number of births.
(§ 246.)
B. When a considerable outlay, devoted to the satisfaction of the more
refined wants, is voluntarily made, and by those only possessed of a
proper economic sense. Thus, in England, the various mission, bible, and
tract societies had, in 1841, an aggregate income of £630,000. The
expeditions in search of Franklin cost over a million pounds sterling. The
state outlay also belongs to this category, provided, that taxes are
collected and loans obtained, without any noticeable oppression. The sum
of 20,000,000 pounds sterling, voted, in 1833, by the British Parliament
for the abolition of slavery, is one of the happiest signs of the national
wealth of England.(101)
C. A large number of valuable buildings, and permanent improvements; for
instance, roads of every description, works for purposes of irrigation and
drainage. Thus, in London, from September, 1843, to September, 1845, there
were constructed squares and streets with an aggregate length of 11.1
geographical miles. The number of newly built houses in London, between
1843 and 1847, was nearly 27,000. And so, in England and Wales there are
492 geographical miles of navigable canals, while their navigable rivers
are estimated to have a length of only 449 miles. The number of miles of
railroad, in the British Empire, in 1865, was 2,897 geographical miles,
and they cost 459 million of pounds; in 1870, it was 3,270 geographical
miles, at an aggregate cost of 650 millions sterling.
D. The frequent occurrence of heavy commercial payments, which finds
expression especially in the magnitude and costliness of the most usual
medium of exchange. Thus, all payments are made in England in paper (for
sums of at least five pounds sterling) or in gold coin. Silver is used
only as small change, like copper in most other countries. (_Infra_, §
118, seq.)(102)
E. Frequent loans to foreign nations. Hence, Storch divides all countries
into borrowing or poor countries, loaning or rich countries, and
independent countries which hold a middle place between the two
former.(103)
Section XI.
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