An InFamous List of Jewish Ripoff Artists --JINFO.ORG

[CrackSmokeRepublican]

Did any of them ever mention the Rothschild-Jew connection?  

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JEWS IN ECONOMICS


    Apart from Adam Smith, the greatest of the classical economists was David Ricardo, who is regarded by many to be the founder of economics as a science involving analytical modeling and mathematical analysis.  According to John Maynard Keynes, "Ricardo's mind was the greatest that ever addressed itself to economics."1  Ricardo formulated the famous laws of comparative advantage and of diminishing returns (the latter also discovered by Malthus).  Moreover, Ricardo's principled arguments for non-inflationary monetary policy and for free trade were instrumental in gaining passage of the Peel Act and repeal of the Corn Laws in England, which played a major role in unleashing the full potential of the industrial revolution.  Other major Jewish figures in the history of economic thought include Karl Marx, Ludwig von Mises, Paul Samuelson, Kenneth Arrow, Milton Friedman, Gary Becker, and John von Neumann.2

    Jews currently constitute over 40% of the membership of the economic sciences division of the US National Academy of Sciences.  Contained below are links to lists of prominent Jewish economists and of the Jewish recipients of the two most prestigious awards in the field.

        * Jewish Economists
        * Jewish Recipients of the Nobel Prize in Economics (42% of recipients)
        * Jewish Recipients of the John Bates Clark Medal in Economics (63% of recipients)

    NOTES
    1. Quoted in The Making of Modern Economics: The Lives and Ideas of the Great Thinkers, by Mark Skousen (M. E. Sharpe, NY, 2001, p.95).
    2. In addition to inventing mathematical game theory, von Neumann is considered to be one of the three inventors (along with the Jewish mathematicians George B. Dantzig and Leonid Kantorovich) of linear programming.  This technique is probably the single most widely employed mathematical method in the world today.  The late Eugene Lawler of Berkeley characterized linear programming as follows: "It is used to allocate resources, plan production, schedule workers, plan investment portfolios, and formulate marketing (and military) strategies.  The versatility and economic impact of linear programming in today's industrial world is truly awesome"; see http://www.stanford.edu/group/SOL/dantzig.html.  For more on von Neumann's contributions to economics, see http://www.economyprofessor.com/theoris ... eumann.php.

http://www.jinfo.org/Economics.html

A list of Famous Jewish Economists (that Jew'd Over and Ripped Off the World for the Idiot J-Tribe)

    * Andrew Abel
    * Moses Abramovitz
    * Irma Adelman
    * Morris Adelman
    * Albert Aftalion
    * George Akerlof 1
    * Kenneth Arrow
    * Robert Aumann
    * Robert Axelrod
    * Lord Thomas Balogh
    * Paul Baran 2
    * Robert Barro
    * Otto Bauer
    * Lord Peter (P. T.) Bauer 3
    * William Baumol
    * Gary Becker
    * Abram Bergson
    * Ben Bernanke
    * Mark Blaug 4
    * Alan Blinder
    * Martin Bronfenbrenner
    * Michael Bruno
    * Arthur Burns
    * George Dantzig
    * Harold Demsetz
    * Peter Diamond
    * Aaron Director
    * Evsey Domar 5
    * Joseph Dorfman
    * Robert Dorfman
    * Otto Eckstein
    * Robert Eisner
    * Stanley Engerman
    * Richard Epstein
    * Solomon Fabricant
    * Martin Feldstein
    * Willian Fellner
    * Stanley Fischer
    * Franklin Fisher
    * Robert Fogel
    * Jacob Frenkel
    * Milton Friedman
    * David Gale
    * Alexander Gerschenkron
    * Arthur Goldberger
    * Claudia Goldin
    * Robert Gordon
    * Mark Granovetter
    * Alan Greenspan
    * Zvi Griliches
    * Gene Grossman
    * Herschel Grossman
    * Sanford Grossman
    * Frank Hahn
    * John Harsanyi
    * Oliver Hart
    * Jerry Hausman
    * Eli Heckscher
    * Robert Heilbroner
    * Elhanan Helpman
    * Rudolf Hilferding
    * Albert O. Hirschman
    * Jack Hirshleifer
    * Hendrik Houthakker 6
    * Leonid Hurwicz
    * Paul Joskow
    * Alfred Kahn
    * Lord Richard Kahn
    * Daniel Kahneman
    * Lord Nicholas Kaldor
    * Michal Kalecki
    * Leonid Kantorovich
    * Carl Kaysen
    * Leon Keyserling
    * Israel Kirzner
    * Lawrence Klein
    * János Kornai 7
    * Irving Kravis
    * David Kreps
    * Paul Krugman
    * Robert Kuttner
    * Simon Kuznets
    * Ludwig Lachmann
    * Wolf Ladejinsky
    * David Landes
    * Edward Lazear
    * Emil Lederer
    * Robert Lekachman
    * Wassily Leontief 8
    * Abba Lerner
    * Steven Levitt
    * Adolph Lowe
    * Fritz Machlup
    * Burton Malkiel
    * Ernest Mandel 9
    * Benoit Mandelbrot
    * Charles Manski
    * Harry Markowitz
    * Jacob Marschak
    * Karl Marx
    * Eric Maskin
    * Allan Meltzer
    * Robert Merton 10
    * Paul Milgrom
    * Merton Miller
    * Jacob Mincer
    * Ludwig von Mises
    * Franco Modigliani
    * Roger Myerson
    * Marc Nerlove
    * John von Neumann
    * Maurice Obstfeld
    * Arthur Okun
    * Elinor Ostrom 11
    * Don Patinkin
    * Joseph Pechman
    * Sam Peltzman
    * Isaac de Pinto
    * Karl Polanyi
    * Michael Polanyi
    * Robert Pollak
    * Richard Posner
    * Bernard van Praag
    * Karl Pribram
    * Matthew Rabin
    * Roy Radner
    * Howard Raiffa
    * Ayn Rand
    * Anatol Rapoport
    * David Ricardo
    * Kenneth Rogoff
    * Nathan Rosenberg
    * Paul Rosenstein-Rodan
    * Henry Rosovsky
    * Stephen Ross
    * Walt Rostow
    * Alvin Roth
    * Murray Rothbard
    * Michael Rothschild
    * Ariel Rubinstein
    * Jacques Rueff 12
    * Jeffrey Sachs
    * Paul Samuelson
    * Herbert Scarf
    * José Scheinkman
    * Myron Scholes
    * Anna Schwartz
    * Edwin Seligman
    * Reinhard Selten 13
    * Andrei Shleifer
    * Martin Shubik
    * Bernard Siegan
    * Herbert Simon 14
    * Julian Simon
    * Lord Robert Skidelsky 15
    * Robert Solow
    * Hugo Sonnenschein
    * Piero Sraffa 16
    * Herbert Stein
    * Joseph Stiglitz
    * Lawrence Summers
    * Robert Summers
    * Frank Taussig 17
    * Richard Thaler
    * Amos Tversky
    * Jacob Viner
    * Abraham Wald
    * Henry Wallich 18
    * Murray WeidenbaumNOTES
1. Jewish mother (née Hirschfelder), non-Jewish father; see  http://nobelprize.org/nobel_prizes/econ ... tobio.html.
2. See A Biographical Dictionary of Dissenting Economists, 2nd Edition, edited by Philip Arestis and Malcolm Sawyer (Edward Elgar, Cheltenham, UK, 2000, p. 36).
3. See http://www.vdare.com/pb/own_problems.htm.
4. See preface to  Not Only an Economist: Recent Essays by Mark Blaug (Edward Elgar, Cheltenham, UK, 1997); see also the third paragraph of http://www.mskousen.com/Books/Articles/turnabouts.html.
5. See page 9 of http://www.ushmm.org/conscience/analysi ... hinese.pdf.
6. Hendrik Houthakker is the son of the Dutch-Jewish art dealer Bernard Houthakker; his mother, née Lichtenstein, was also Jewish.  (Information supplied by a Dutch-Jewish family member.)   A 19 April 2003 article and interview with Houthakker in the Valley News, a Vermont newspaper, stated that he grew up in  a Jewish family and was sheltered on a farm for eight months by a Roman Catholic family after escaping from Gestapo arrest.
7. See Chapter 1, "My Family and Youth - 1928-1944," of By Force of Thought: Irregular Memoirs of an Intellectual Journey, by János Kornai (MIT Press, Cambridge, 2006, pp. 1-21), in which Kornai recounts his family's struggle to survive the Holocaust in Hungary (which took the lives of his father and a brother).  Kornai survived in part thanks to a Swedish Schutzbrief  (letter of safe conduct) provided by Raoul Wallenberg.
8.  Jewish mother, non-Jewish father; see Genia and Wassily by Estelle Marks Leontief (Zephyr Press, Sommerville, MA, 1987, pp. 8 and 18).
9. See A Biographical Dictionary of Dissenting Economists, 2nd Edition, edited by Philip Arestis and Malcolm Sawyer, (Edward Elgar, Cheltenham, UK, 2000, p. 394).
10. Jewish father (eminent Columbia University sociologist Robert King Merton, born Meyer Robert Schkolnick; see http://www.kfunigraz.ac.at/sozwww/agsoe ... /33bio.htm), non-Jewish mother.
11. Jewish father, non-Jewish mother; see 6 December 2009 Bloomington Herald-Times article by Mike Leonard: "What a prize: Nobel winner Elinor Ostrom is a gregarious teacher who loves to solve problems" and 6 December 2009 IndyStar.com article by Dan McFeely: "Ostrom overcame poverty, anti-Semitism."  Leonard states that "she attended a Protestant church as a child, and often spent weekends staying with the sister of her Jewish father, who kept a kosher home. 'That was a wonderful experience for me, the Friday night discussions they had,' she recalled."
12. See Encyclopedia Judaica (Keter, Jerusalem, 1972, Vol. 14, p. 382).
13. Jewish father, non-Jewish mother; see http://www.nobel.se/economics/laureates ... tobio.html.
14. Jewish father, mother of partial Jewish ancestry; see Models of My Life by Herbert A. Simon (BasicBooks, New York,NY, 1991, pp. 3, 17, 112, 262).
15. Jewish father, non-Jewish mother; see "A Chinese homecoming," by Robert Skidelsky in Prospect Magazine (Issue 118, January 2006).
16. See A Biographical Dictionary of Dissenting Economists, 2nd Edition, edited by Philip Arestis and Malcolm Sawyer (Edward Elgar, Cheltenham, UK, 2000, p. 618).  See also Piero Sraffa, Unorthodox Economist (1898-1983): A Biographical Essay, by Jean-Pierre Potier (Routledge, London, 1991,pp. 1-2).
17. Jewish father, non-Jewish mother; see Encyclopedia Judaica (Keter, Jerusalem, 1972, Vol. 15, p.835 ).
18. Jewish father (German banker Paul Wallich, who committed suicide in the immediate aftermath of the Kristallnacht pogrom), non-Jewish mother.  See House at the Bridge, by Katie Hafner (Scribner, New York, 1995) or its review on amazon.com.

http://www.jinfo.org/Economists.html


    * Martin Weitzman
    * Jacob Wolfowitz
    * Janet Yellen
    * Arnold Zellner

[CrackSmokeRepublican]

Corn Laws

A Corn Law was first introduced in Britain in 1804, when the landowners, who dominated Parliament, sought to protect their profits by imposing a duty on imported corn. During the Napoleonic Wars it had not been possible to import corn from Europe. This led to an expansion of British wheat farming and to high bread prices.

Farmers feared that when the war came to an end in 1815, the importation of foreign corn would lower prices. This fear was justified and the price of corn reached fell from 126s. 6d. a quarter in 1812 to 65s. 7d. three years later. British landowners applied pressure on members of the House of Commons to take action to protect the profits of the farmers. Parliament responded by passing a law permitting the import of foreign wheat free of duty only when the domestic price reached 80 shillings per quarter (8 bushels). During the passing of this legislation, the Houses of Parliament had to be defended by armed troops against a large angry crowd.

This legislation was hated by the people living in Britain's fast-growing towns who had to pay these higher bread prices. The industrial classes saw the Corn Laws as an example of how Parliament passed legislation that favoured large landowners. The manufacturers in particular was concerned that the Corn Laws would result in a demand for higher wages.  <-- JEW FACTOR AT WORK

There was a dreadful harvest in 1816. This caused bread prices to increase rapidly. This was followed by industrial unrest as workers demanded higher wages in order to pay for the increased food prices. As well as strikes there were food riots all over Britain.

The Corn Laws had an important political impact on Manchester. It was one of the main reasons why the group of middle-class moderate reformers began meeting at the home of John Potter. It also influenced working class radicals and the Corn Laws was one of the main issues that was to be addressed at the meeting that they had organised at St. Peter's Field on 16th August, 1819.

 

 

(1) Archibald Prentice, Historical Sketches and Personal Recollections of Manchester (1851)

The manufacturers had opposed the corn bill, because they believed that rising the price of food would raise the wages of labour, and thus prevent their competition with the manufacturers of other countries.

 

(2) Resolution against the Corn Laws passed by manufacturers in Manchester on 23rd February, 1815.

A large exportation of our manufactures is absolutely necessary to their support, and their sale in foreign markets can be insured only by their superiority and cheapness. The proposed restrictions on the importation of corn must materially raise its price. No policy can be more short-sighted or unjust, than that which would redress the temporary grievances of a part of the community, by permanently sacrificing the best interests of the whole.

 

(3) Samuel Bamford, Passages in the Life of a Radical (1843)
A series of disturbances commenced with the introduction of the Corn Bill in 1815 and continued, with short intervals, until the close of 1816. In London and Westminster riots ensued and were continued for several days; at Bridport there were riots on account of the high price of bread; at Bideford there were similar disturbances to prevent the export of grain; at Bury by the unemployed to destroy machinery; at Newcastle-on-Tyne by colliers and others; at Glasgow, where blood was shed, on account of soup kitchens; at Preston, by unemployed weavers; at Nottingham by Luddites who destroyed 30 frames; at Merthyr Tydvil, on a reduction of wages; at Birmingham by the unemployed; at Walsall by the distressed; and December 7th, 1816, at Dundee, where, owing to the high price of meal, upwards of 100 shops were plundered.

http://www.spartacus.schoolnet.co.uk/PRcorn.htm

[CrackSmokeRepublican]

Pretty interesting book on the First Jew-Rothschild Economist "David Ricardo" and his employment as an Agent by Nathan Rothschild:

Most of his ideas about "renting" money and the "iron law of wages" are certainly Talmudic in retrospect... CSR

The works and correspondence of David Ricardo: Biographical miscellany
 By David Ricardo, Piero Sraffa

Pages 80- 90:

http://books.google.com/books?id=q9TQou ... #v=onepage


Also this book by a J-Triber:

A splendid exchange: how (Jewish Ripoffs in) trade shaped the world
 By William J. Bernstein

pages 300-315:

http://books.google.com/books?id=cc0tUy ... IQ6AEwCA#v

[CrackSmokeRepublican]

CHAPTER IX.

" Usury the scourge of nations and the crying sin of the day."

BUT usury has its defenders, and the most celebrated is Jeremy Bentham, whose "Defence of Usury" is the text-book which is put forward as its most able vindication.  It required some courage to stand up for a system which has been condemned in all nations and in all ages, "quod semper, quod ubique, quod ab omnibus."

Let us examine this leading proposition as laid down by Mr. Bentham:--

    "What natural fixed price can there be for the use of money more than for any other thing ?" --(P.9, "Defence of Usury.")

    Because money is endowed with certain privileges.  The coined gold, the sovereign, is legal tender;  in it only can you pay debts and taxes.  The money denomination withdraws it from the list of commodities, and gives it special functions, commodities in one scale, money in the other;  thus we know that if money is cheap, commodities are dear;  if money is dear, commodities are cheap.

    " Custom, therefore, is the sole basis on which the legislator can build his injunctions, but what basis can be more weak than custom arising from free choice ?" (P.10.)

Free choice !  The freedom is not very perceptible, when the borrower must have it, if he is to pay a debt or a tax, and the lender can take advantage of his need.

    " Antecedently to custom growing from convention, there can be no such thing as usury."

Money is a conventional instrument to obviate barter, and the custom, usury, came into existence when convention superseded barter.

    " Nor has blind custom any steadiness.  Among the Romans, 12 per cent.;  in England, in Henry VIII.'s time, 10 per cent., afterwards reduced to 5.  In Hindostan, where there is no rate limited by law, the lowest customary rate is 10 or 12." (P. 11.)

So it is confessed that where the law does not interfere the rate may rise to 12.  Here it may be asked, Is any labour so profitable that it will bear any such imposition ?

    "Now of all these widely different rates, which one is there which is intrinsically better than another ?" (P. 12.)

Yes !  The lowest is the best.  All interest is a deduction from the reward of labour.  As seen in the case of Turkey, high interest is ruin.

    " Much has not been done, I think, by legislators as yet in the way of fixing the price of other commodities." (P. 13.)

This is the grand error which throws Mr. Bentham wrong. MONEY IS NOT A COMMODITY.  Take the sovereign:  the act of the mint in coining this disc of gold, with the king's head on one side, and the British arms on the other, withdraws it from the list of commodities, as the pound weight is withdrawn from the list of the articles it weighs.  This disc of gold is MONEY, in which all commodities are priced;  it is legal tender, in which alone the debtor can pay his debts.  This disc of gold once monetised, no debtor can pay his debt in kind, his creditor may demand payment in the lawful coin of the realm, and can, under the sanction of law, refuse payment in corn, cloth, fuel, or any other commodity the debtor may deal in.

Such a flagrant error as calling coined gold a commodity leavens the whole sixty pages of this "Defence," the style of which is offensively dogmatic.

Chapter IX. puts the case of horses and money on the same footing, but if horses are not legal tender, and money is, the argument goes for nothing.  Horses won't pay debts or taxes: to do that, they must be sold, -- they must pass through the gold mill.

Chapter XVI. defends compound interest without limitation, so that, in Mr. Bentham's eyes, the rate of 30 per cent. -- a rate ruling at Constantinople -- is as proper and legitimate as a rate of 5 per cent.;  and this is his illustration:

    " I who have money to lend, and Titius who wants to borrow it of me, would be glad, the one to accept, the other to give an interest somewhat higher than my neighbours.  Why is the liberty they exercise, that of dealing at a certain rate of interest, to be made a pretence for depriving me and Titius of ours ?"

Well, for Titius let us substitute a money dealer in Turkey.  He, under liberty of contract, stipulated for 30 per cent., and as his unfortunate debtor is most likely unable to pay the debt of say £100 the second year, compound interest at 30 per cent, is .... £130.  In three years the debtor finds the claim against him doubled, --£200 !

Mr. Bentham defends this last invention of Mammon, devised in one of his wickedest moods, by which a sovereign laid out at the birth of Christ would amount to a mass of gold equal to the bulk of the earth.  These "hard calculators" are magicians of a high order, to endow a sovereign with power to multiply itself a hundred-fold !  Let us take the instance of such a financier accumulating £1,000 a year, and this for fifty years.  This sum, by simple lying by, would be £50,000.  Again, suppose the case of the same sum, £1,000, put out at compound interest at 10 per cent, for the same period -- 50 years, and the £1,000 becomes £120,000 !  But if to this we add year by year a thousand pounds put by at the same rate of interest -- and how many monied men heap up many thousands ? -- the results become fabulous.  But this "multiplying figures" is mere vanity and vexation of spirit, for the sovereigns which make it negotiable are not in existence;  there is not the money to represent it, nor is labour -- the source of all wealth -- able to meet its demands, which yet are recoverable by law.  The simple question that disposes of these nefarious exactions -- the very progeny of usury -- is, "Do corn, wool, cotton;  do fuel, furniture, houses, increase in the same ratio ?"

Such are the results of a high rate of interest.  One of the great benefits of a low rate is, that the wings of a compound interest are clipped, since it takes twenty-four years for a sum of money to double itself at 3 per cent.  Compound interest is the natural result of simple interest, and its injurious working can only be counteracted by keeping the rate low.

The first principles of society are trampled upon by this prostration of industry at the feet of avarice and fraud.  Sir Robert Peel made money scarce, and then abolished the Usury Laws.  And we see, every day, one man preying upon another, and all mutual advantage lost sight of, in the certain loss, if not utter ruin, of one of the parties.  To what purpose is the property of the subject protected by the laws from the robber and the thief, who can only take what is possessed at present, if the arm of the insatiable hoarder, of the despised yet power-wielding miser, may stretch out with impunity to the future, to rob to the furthest verge of life, and to prey upon unborn generations ?

    " In society, no transaction is more frequent than loan;  none more needful, none that lies so open to avarice, none where extortion can inflict so deep an injury.

    " But in loans, when do the parties meet on equal terms ?  The one lends from his abundance, the other borrows from his necessity.  The very nature of the contract proves that the one holds an advantage over the other.

    " It may be asked, must we of necessity borrow from this particular monied man ? Oftentimes we must.  Every man must borrow where he is known;  for example, he may be known but to one banker:  his condition may be such that he cannot or dare not borrow from another.

    "But granting him liberty, will the change of creditor better his condition ?  Will it make his need the less ?  Shift as often as he will, the original difference remains.  The one lends from his abundance, the other borrows from his necessity.  In short, they grapple, not on equal ground -- the borrower is undermost.

    " Again, extortion or usury has characters of its own which mark it as more dangerous than other frauds.  In other frauds detection for the most part affords security for the future;  but in usury the borrower knows that he is defrauded without daring to complain -- extortion begets extortion, 'and the fraud,' as Dumolin justly says, 'is continued, aggravated, and multiplied, through a succession of years, ending commonly with the ruin of its victim.'

    " Closely connected with this is another reason why usury is of such danger to society, proceeding from the nature of interest, which, by its incessant increase and prodigious multiplication, differs from all those things, whether of nature or of art, by which interest is paid.  They have their times of rest;  not so interest, its progress is incessant.  And it is for this reason that compound interest is forbidden in most states." --Hannay's "Defence of the Usury Laws"

Another reason is the one already quoted, assigned by Lord Bacon, that "usury bringeth the treasure of a realm into few hands.  For the usurer being at certainties, and others at uncertainties, at the end of the game most of the money will be found in the box.  And ever the State flourisheth when wealth is more equally spread."

If such be the nature of avarice and usury, is Mr. Bentham justified in releasing them from the restraints of the Usury Laws -- laws repealed chiefly through his influence, laws which all nations, ancient and modern, have agreed to institute ?

It has been objected against Usury Laws that riches "generally diffused," "liberty of contracts," and the true interest of the borrower and lender afford sufficient protection against usury.

But the general riches of a country can afford none;  this history and experience demonstrate.  It is, alas ! too plain in this present England, that a nation may be rich beyond all parallel, and money abundant, yet whole classes of society reduced to want and despair, lying wholly at the mercy of their creditors.

All this we see and feel this very day.

" 'Liberty of contracts,' what can this avail ?  Nothing; this is proved by the history of law.  For, originally, contracts of loan and interest were unlimited until commerce increased;  and with it loans, and with loans multiplied abuses, that brought, by hard experience, every people to impose restraints on 'liberty of contracts' between the debtor driven to borrowing (and 'he who goes a borrowing goes a sorrowing') by urgent necessity, and the monied man, who can bide his time, and who knows full well that the fly must ultimately get entangled in his web and yield.

    " Does the lender ever inquire whether the borrower is to profit or lose by the loan ?  Yet there is no honest trade, the average profits of which are 10 per cent., which can borrow money at rates of 10, 15, or 20 per cent., when De Foe (p. 94) shows that even 5 per cent, must entail ruin on the trader, unless he can avoid three contingencies to sustain no losses, incur no bad debts, and to give no credit."[3] --Hannay's "Defence of the Usury Laws."

Having demonstrated clearly, by the light of history and by reference to daily experience, that usury has been the scourge of all nations, and is, at this day, the crying sin of the times, -- that it is inherent in the very nature of metallic money to bring the demands of the monied-man class into existence, it is evident that there is only one remedy: to abjure the precious metals altogether, and to resort to paper money, based on productive labour, and issued by the State.

John Ruskin has condensed the question in one paragraph;  but how many years will elapse before his words of wisdom will be listened to by a people who have given themselves up to a delirium in favour of gold ?  He writes :--

    " The intricacy of the question has been much increased by the hitherto necessary use of marketable commodities, such as gold, silver, salt, shells, etc., to give intrinsic value or beauty to currency;  but the final and best definition of money is, that it is a documentary promise, ratified and guaranteed by the State, to give or find a certain quantity of labour on demand."

Mr. Bentham, being an advocate for gold money, was logically obliged to defend its natural result, usury, but a greater than he had pronounced in favour of representative money -- a money without intrinsic value -- a paper document deriving all its significance from the signature of a treasury or exchequer official, with the proper stamp, and under the authority of an Act of Parliament.  And let it be reiterated that this is no new experiment.  We have the example of Pitt's one-pound note before us, with the remarkable results as pointed out by Sir John Sinclair (p. 27).  The unfortunate wording of that note, "I promise to pay," gave the bullionists a plausible plea for a return to specie payments.  This wording must be avoided in future, and as the specimen given at end of the proposed exchequer note declares, it must only be an engagement on the part of Government to receive it as quittance of taxation, and consequently of debts.

Let all credit, however, be given to Mr. Bentham, whose works on jurisprudence and efforts to reform our law procedures entitle him to national gratitude.  It is only when he steps out from the walk in which he stands pre-eminent, and defends the giant injustice which is afflicting all nations -- it is only when he comes forward as a vindicator of a class who, in this moral civilized Christian country, levy blackmail on trade and industry, walking among us unpunished and unabashed, dictating to the State -- "a power behind the throne greater than the throne itself" -- bearding and absorbing the old historic families, crushing the labouring portion of the nation to the earth, and holding manufacturer and merchant in thrall; -- it is only as the apologist of such that Mr. Bentham is held up to public animadversion.  How differently must we regard that great man, Bishop Berkely, who, 150 years since, laid down principles to guide us to the true philosophy of money in his celebrated Bishop work, "The Querist," a work which our political economists, including professors, have studiously kept out of sight -- a work declared by John Stuart Mill to be remarkable "for the strong hold the author has on the fundamental truths, that the industry of the people is the true source of wealth, and luxurious expenditure a detriment;"  and for the distinctness with which he perceived, being therein much in advance of his age, that money is not in itself wealth, but a set of counters for computing and exchanging wealth, and, in his own words, "a ticket entitling to power, and fitted to record and transfer such power."

James Harvey
Paper Money
CHAPTER VII.