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• Preface to Volumes Vi - Ix
• Introductory Notes to the Correspondence
• 1.: Ricardo to Horner
• 2.: Ricardo to Horner
• 3.: Ricardo to Sir Philip Francis
• 4.: Mill to Ricardo1[answered By 5]
• 5.: Ricardo to Mill3[reply to 4—answered By 6]
• 6.: Mill to Ricardo1[reply to 5]
• 7.: Ricardo to Dumont
• 8.: Malthus to Ricardo1[answered By 9]
• 9.: Ricardo to Malthus1[reply to 8.—ANSWERED By 10]
• 10.: Malthus to Ricardo1[reply to 9]
• 11.: Malthus to Ricardo
• 12.: Ricardo to [malthus][fragment]
• 13.: Malthus to Ricardo
• 14.: Ricardo to [malthus] [a Note On the Jamaica Exchange]
• 15.: Malthus to Ricardo 3[answered By 16]
• 16.: Ricardo to Malthus 2[reply to 15.—ANSWERED By 17]
• 17.: Malthus to Ricardo 1[reply to 16]
• 18.: Ricardo to Perceval 1[answered By 19]
• 19.: Perceval (by Rosenhagen) to Ricardo 1[reply to 18]
• 20.: Ricardo to Bentham 2
• 21.: Malthus to Ricardo 1
• 22.: Mill to Ricardo 1[answered By 23]
• 23.: Ricardo to Mill 1[reply to 22.—ANSWERED By 24]
• 24.: Mill to Ricardo 1[reply to 23]
• 25.: Ricardo to Malthus 1[answered By 26]
• 26.: Malthus to Ricardo 1[reply to 25.—ANSWERED By 27]
• 27.: Ricardo to Malthus 1[reply to 26]
• 28.: Malthus to Ricardo1
• 29.: Ricardo to Tierney 1[answered By 30]
• 30.: Tierney to Ricardo1[reply to 29]
• 31.: Malthus to Ricardo1
• 32.: Ricardo to Malthus3[answered By 33]
• 33.: Malthus to Ricardo5[reply to 32]
• 34.: Ricardo to Horner1
• 35.: Malthus to Ricardo2
• 36.: Ricardo to Malthus1[fragment]
• 37.: Ricardo to Malthus1
• 38.: Ricardo to Malthus1
• 39.: Ricardo to Malthus2
• 40.: Ricardo to Malthus 1
• 41.: Ricardo to Malthus2
• 42.: Ricardo to Malthus1
• 43.: Ricardo to Malthus1
• 44.: Ricardo to Trower1
• 45.: Ricardo to Malthus1
• 46.: Ricardo to Malthus1
• 47.: Trower to Ricardo1[answered By 48]
• 48.: Ricardo to Trower1[reply to 47]
• 49.: Mill to Ricardo1
• 50.: Ricardo to Malthus1[answered By 51]
• 51.: Malthus to Ricardo3[reply to 50.—ANSWERED By 53]
• 52.: Ricardo to Bentham and Mill1
• 53.: Ricardo to Malthus1[reply to 51.—ANSWERED By 54]
• 54.: Malthus to Ricardo1[reply to 53.—ANSWERED By 55]
• 55.: Ricardo to Malthus3[reply to 54.—ANSWERED By 56]
• 56.: Malthus to Ricardo1[reply to 55.—ANSWERED By 58]
• 57.: Mill to Ricardo1
• 58.: Ricardo to Malthus1[reply to 56.—ANSWERED By 59]
• 59.: Malthus to Ricardo3[reply to 58.—ANSWERED By 60]
• 60.: Ricardo to Malthus1[reply to 59.—ANSWERED By 62]
• 61.: Mill to Ricardo1
• 62.: Malthus to Ricardo1[reply to 60.—ANSWERED By 64]
• 63.: Sinclair to Ricardo1
• 64.: Ricardo to Malthus1[reply to 62.—ANSWERED By 67]
• 65.: Sinclair to Ricardo1[answered By 66]
• 66.: Ricardo to Sinclair1[reply to 65]
• 67.: Malthus to Ricardo2[reply to 64.—ANSWERED By 70]
• 68.: Mill to Ricardo1
• 69.: Place to Ricardo1
• 70.: Ricardo to Malthus1[reply to 67.—ANSWERED By 72]
• 71.: Ricardo to Say2
• 72.: Malthus to Ricardo1[reply to 70.—ANSWERED By 73]
• 73.: Ricardo to Malthus1[reply to 72]
• 74.: Ricardo to Malthus1[answered By 75]
• 75.: Malthus to Ricardo1[reply to 74.—ANSWERED By 76]
• 76.: Ricardo to Malthus2[reply to 75]
• 77.: Ricardo to Malthus3[answered By 78]
• 78.: Malthus to Ricardo2[reply to 77]
• 79.: Trower to Ricardo2
• 80.: Malthus to Ricardo1[answered By 81]
• Malthus to Horner4
• 81.: Ricardo to Malthus3[reply to 80.—ANSWERED By 82]
• 82.: Malthus to Ricardo2[reply to 81.—ANSWERED By 83]
• 83.: Ricardo to Malthus1[reply to 82.—ANSWERED By 84]
• 84.: Malthus to Ricardo3[reply to 83.—ANSWERED By 85]
• 85.: Ricardo to Malthus1[reply to 84.—ANSWERED By 86]
• 86.: Malthus to Ricardo1[reply to 85.—ANSWERED By 87]
• 87.: Ricardo to Malthus2[reply to 86.—ANSWERED By 88]
• 88.: Malthus to Ricardo1[reply to 87.—ANSWERED By 89]
• 89.: Ricardo to Malthus1[reply to 88.—ANSWERED By 90]
• 90.: Malthus to Ricardo1[reply to 89]
• 91.: Ricardo to Malthus1[answered By 92]
• 92.: Malthus to Ricardo3[reply to 91.—ANSWERED By 93]
• 93.: Ricardo to Malthus1[reply to 92.—ANSWERED By 94]
• 94.: Malthus to Ricardo2[reply to 93]
• 95.: Malthus to Ricardo1[answered By 96]
• 96.: Ricardo to Malthus1[reply to 95]
• 97.: Malthus to Ricardo1
• 98.: Ricardo to Murray1
• 99.: Malthus to Ricardo1[answered By 100]
• 100.: Ricardo to Malthus1[reply to 99.—ANSWERED By 101]
• 101.: Malthus to Ricardo1[reply to 100.—ANSWERED By 103]
• 102.: Trower to Ricardo1
• 103.: Ricardo to Malthus1[reply to 101.—ANSWERED By 110]
• 104.: Grenfell to Ricardo1
• 105.: Whishaw to Ricardo2
• 106.: Say to Ricardo1[answered By 107]
• 107.: Ricardo to Say1[reply to 106.—ANSWERED By 117]
• 108.: Ricardo to [say]1[answered By 117]
• 109.: Mill to Ricardo5[answered By 114]
• 110.: Malthus to Ricardo1[reply to 103.—ANSWERED By 116]
• 111.: Grenfell to Ricardo1
• 112.: Grenfell to Ricardo1[fragment]
• 113.: Grenfell to Ricardo1
• 114.: Ricardo to Mill3[reply to 109.—ANSWERED By 134]
• 115.: Grenfell to Ricardo1
• 116.: Ricardo to Malthus2[reply to 110.—ANSWERED By 126]
• 117.: Say to Ricardo1[reply to 107 & 108]
• Say to Ricardo
• 118.: Grenfell to Ricardo1
• 119.: Grenfell to Ricardo1
• 120.: Trower to Ricardo1[answered By 136]
• 121.: Grenfell to Ricardo1
• 122.: Grenfell to Ricardo1
• 123.: Grenfell to Ricardo1
• 124.: Grenfell to Ricardo1
• 125.: Grenfell to Ricardo1
• 126.: Malthus to Ricardo5[reply to 116.—ANSWERED By 127]
• 127.: Ricardo to Malthus1[reply to 126.—ANSWERED By 128]
• 128.: Malthus to Ricardo1[reply to 127.—ANSWERED By 130]
• 129.: Malthus to Ricardo1[answered By 130]
• 130.: Ricardo to Malthus1[reply to 128 & 129.—ANSWERED By 137]
• 131.: Malthus to Ricardo2[answered By 132]
• 132.: Ricardo to Malthus1[reply to 131.—ANSWERED By 137]
• 133.: Grenfell to Ricardo1
• 134.: Mill to Ricardo1[reply to 114.—ANSWERED By 135]
• 135.: Ricardo to Mill1[reply to 134.—ANSWERED By 138]
• 136.: Ricardo to Trower2[reply to 120.—ANSWERED By 141]
• 137.: Malthus to Ricardo3[reply to 130 & 132]
• 138.: Mill to Ricardo2[reply to 135]
• 139.: Malthus to Ricardo1
• 140.: Ricardo to Mill2[answered By 142]
• 141.: Trower to Ricardo1[reply to 136.—ANSWERED By 147]
• 142.: Mill to Ricardo1[reply to 140.—ANSWERED By 143]
• 143.: Ricardo to Mill3[reply to 142.—ANSWERED By 145]
• 144.: Ricardo to Malthus1[answered By 148]
• 145.: Mill to Ricardo1[reply to 143.—ANSWERED By 149]
• 146.: Malthus to Ricardo1[answered By 150]
• 147.: Ricardo to Trower1[reply to 141.—ANSWERED By 154]
• 148.: Malthus to Ricardo1[reply to 144.—ANSWERED By 150]
• 149.: Ricardo to Mill1[reply to 145.—ANSWERED By 151]

126.

malthus to ricardo5
[Reply to 116.—Answered by 127]

Oct^r 1^st [1815]

My dear Sir

I dare say you have been enjoying greatly the late fine season, and have found but little time for study. I felt myself in the same predicament at Claverton in the summer, and in consequence did nothing. I am now thinking about a new edition of the Essay1 which Murray wishes to have finished before anything else is done. I am now casting the chapters about the agricultural and commercial systems, and making them apply more directly to the main subject; but am greatly puzzled about what to do with the chapter on the bounty, the greatest part of which I still think quite correct, and am unwilling therefore to throw out, lest it should give rise to charges of a change of opinion which I do not feel. My real change of opinion is very partial indeed.

I hope you have begun to do something now the weather has altered. I quite agree with you in thinking that the Government ought to participate more largely in the profits of a paper circulation, but from the experience of the last 5 or 6 years I own I feel great doubts of the practicability of keeping a very large paper circulation on a level with the precious metals, without great and distressing variations in the whole quantity of currency. What has happened clearly proves that there may be a great demand for the precious metals in times of war and convulsion, on account of their superior convenience; and such a demand operating upon a country possessing a small quantity of them, must occasion either a great rise of price, or an extraordinary and most inconvenient diminution of currency. To keep a paper currency on a level with the precious metals without great fluctuations in the value of the currency, I fear we must have hoards, and a partial metallic circulation.

The more I consider our old subject, the less I find I can agree with you in the new view which you have taken of capital as depending with respect to profits, on facility of production rather than as was formerly supposed on quantity and competition. Because of small quantity of capital compared with the means of employing it is always accompanied with facility of production, you attribute the high profits which are yielded in this case, to the latter cause instead of the former; although it is quite certain that great facility of production, accompanied by abundant capital compared with the demand, could only shew itself in increased rents and wages, and could not possibly appear in the shape of profits. In Otaheite where perhaps the facility of production is the greatest of any country we know, there is scarcely any capital wanted, and almost the whole of the produce goes to rent and wages. Universally where land is limited in quantity, the facility of production upon it, will go mainly to rent; and the soil of a country might be of such fertility as to yield 60 fold instead of 8 or 10, and yet the profits of stock be only 6 per cent, and the wages of labour both nominally and really low;—only just sufficient, in short, to support a stationary population.

You appear to me to overlook a most important distinction between productiveness of industry and productiveness of capital. They are in fact very different, and do not necessarily go together except perhaps in the last capital that can be employed on the land, where the productiveness of industry finally limits the productiveness of capital. In manufactures they have very little indeed to do with each other; and in land except in the case above mentioned, they seldom increase and decrease in the same proportion. I have no doubt, it frequently happens that with regard to the last capital employed upon the land in two countries, the soil of one may be such as to yield ten fold, and the soil of the other only eight fold, and yet the capital on the latter, from the greater demand for corn, and the greater relative price, may yield a higher per centage profit.

When you speak of difficulty or facility of production, do you mean to refer to industry or capital. If you refer to capital, of course difficulty or facility of production must be synonimous with low, or high profits, and our difference is merely verbal. If you refer to industry or labour, the difference is real, and I am not I fear likely to see the subject in the same light with you. Pray give me a definition of productiveness in your next.

Your doctrine that high profits depend upon the low money price of corn appears to me still more objectionable and still more uniformly contradicted by experience, than the dependance of profits upon facility of production. Facility of production on land does not always necessarily occasion a cheap money price, the high profits often counterbalancing such facility; and in a similar manner low profits will often counterbalance in price, difficulty of production. For a hundred and fifty years after the reign of Edward the third, corn continued to fall, and so it did from 1640 to 1750—profits falling at the same time.

By the by surely we have been both wrong in thinking that in the progressive cultivation of poor land, the price of corn compared with manufactures would very greatly rise. I much question whether the natural and necessary rise of the raw material will not in general be nearly in proportion to the additional labour employed on the land. In wool, leather, and flax, I have little doubt that this is the case. Is it possible that a difficulty in the production of corn, should, without the operation of any other peculiar cause, make the precious metals abundant and cheap in a country, and greatly raise the price of labour compared with other states. Surely with regard to money prices, we have attributed too much to difficulty of production.

We have had young Clarke1 to tea who seems a nice lad, and I believe is doing very well. Mrs. M desires to be kindly remembered to Mrs. Ricardo.

Believe me most truly Yours

T R Malthus.

[5 ]Addressed: ‘D. Ricardo Esqr / Gatcomb Park / Minchinghampton / Gloucestershire’. Postmark, 1815.

MS in R.P.

[1 ]The 5th ed. of the Essay on Population was not published till 1817.

[1 ]George Clerk; see above, p. 240, n. 3.