The Online Library of Liberty

A project of Liberty Fund, Inc.

• Abbreviations
• 150.: Ricardo to Malthus1[reply to 146 & 148.—ANSWERED By 152]
• 151.: Mill to Ricardo1[reply to 149]
• 152.: Malthus to Ricardo2[reply to 150.—ANSWERED By 153]
• 153.: Ricardo to Malthus1[reply to 152]
• 154.: Trower to Ricardo1[reply to 147.—ANSWERED By 156]
• 155.: Ricardo to Murray2
• 156.: Ricardo to Trower3[reply to 154.—ANSWERED By 159]
• 157.: Ricardo to Malthus1[answered By 158]
• 158.: Malthus to Ricardo1[reply to 157.—ANSWERED By 160]
• 159.: Trower to Ricardo2[reply to 156.—ANSWERED By 161]
• 160.: Ricardo to Malthus2[reply to 158]
• 161.: Ricardo to Trower3[reply to 159]
• 162.: Ricardo to Malthus3[answered By 163]
• 163.: Malthus to Ricardo2[reply to 162]
• 164.: Crombie to Ricardo1
• 165.: Trower to Ricardo1
• 166.: Ricardo to Malthus1
• 167.: Ricardo to Mcculloch1[answered By 190]
• 168.: Broadley to Ricardo1[answered By 169]
• 169.: Ricardo to Broadley1[reply to 168]
• 170.: Trower to Ricardo1[answered By 171]
• 171.: Ricardo to Trower1[reply to 170.—ANSWERED By 176]
• 172.: Malthus to Ricardo1[answered By 174]
• 173.: Ricardo to Mill1[answered By 175]
• 174.: Ricardo to Malthus1[reply to 172.—ANSWERED By 178]
• 175.: Mill to Ricardo2[reply to 173.—ANSWERED By 177]
• 176.: Trower to Ricardo2[reply to 171]
• 177.: Ricardo to Mill1[reply to 175.—ANSWERED By 180]
• 178.: Malthus to Ricardo1[reply to 174.—ANSWERED By 179]
• 179.: Ricardo to Malthus2[reply to 178.—ANSWERED By 181]
• 180.: Mill to Ricardo1[reply to 177.—ANSWERED By 185]
• 181.: Malthus to Ricardo1[reply to 179.—ANSWERED By 182]
• 182.: Ricardo to Malthus1[reply to 181.—ANSWERED By 183]
• 183.: Malthus to Ricardo1[reply to 182.—ANSWERED By 184]
• 184.: Ricardo to Malthus1[reply to 183]
• 185.: Ricardo to Mill1[reply to 180.—ANSWERED By 186, 187 & 192]
• 186.: Mill to Ricardo1[reply to 185.—ANSWERED By 188]
• 187.: Mill to Ricardo1[reply to 185.—ANSWERED By 188]
• 188.: Ricardo to Mill1[reply to 186 & 187.—ANSWERED By 195]
• 189.: Ricardo to Mill1[answered By 195]
• 190.: Mcculloch to Ricardo1[reply to 167.—ANSWERED By 194]
• 191.: Trower to Ricardo2
• 192.: Mill to Ricardo1[reply to 185.—ANSWERED By 193]
• 193.: Ricardo to Mill1[reply to 192.—ANSWERED By 195]
• 194.: Ricardo to M2[reply to 190]
• 195.: Mill to Ricardo1[reply to 188, 189 & 193.—ANSWERED By 196]
• 196.: Ricardo to Mill2[reply to 195]
• 197.: Ricardo to Malthus2
• 198.: Trower to Ricardo2[answered By 201]
• 199.: Ricardo to Malthus2[answered By 200]
• 200.: Malthus to Ricardo2[reply to 199]
• 201.: Ricardo to Trower2[reply to 198.—ANSWERED By 203]
• 202.: Ricardo to Malthus1
• 203.: Trower to Ricardo1[reply to 201.—ANSWERED By 205]
• 204.: Ricardo to Malthus2
• 205.: Ricardo to Trower1[reply to 203.—ANSWERED By 209]
• 206.: Ricardo to Malthus2[answered By 207]
• 207.: Malthus to Ricardo2[reply to 206.—ANSWERED By 208]
• 208.: Ricardo to Malthus1[reply to 207]
• 209.: Trower to Ricardo2[reply to 205]
• 210.: Ricardo to Malthus1
• 211.: Ricardo to Malthus1
• 212.: Ricardo to Trower1[answered By 214]
• 213.: Ricardo to Malthus1
• 214.: Trower to Ricardo3[reply to 212]
• 215.: Ricardo to Sinclair1
• 216.: Trower to Ricardo1[answered By 217]
• 217.: Ricardo to Trower1[reply to 216]
• 218.: Ricardo to Barton1
• 219.: Ricardo to Trower1[answered By 224]
• 220.: Ricardo to Mill1
• 221.: Say to Ricardo1
• 222.: Ricardo to Malthus3[answered By 225]
• 223.: Ricardo to Mill1[answered By 227]
• 224.: Trower to Ricardo1[reply to 219.—ANSWERED By 226]
• 225.: Malthus to Ricardo1[reply to 222.—ANSWERED By 228]
• 226.: Ricardo to Trower1[reply to 224.—ANSWERED By 235]
• 227.: Mill to Ricardo2[reply to 223.—ANSWERED By 229]
• 228.: Ricardo to Malthus2[reply to 225]
• 229.: Ricardo to Mill1[reply to 227.—ANSWERED By 232]
• 230.: Ricardo to Malthus1[answered By 231]
• 231.: Malthus to Ricardo1[reply to 230.—ANSWERED By 233]
• 232.: Mill to Ricardo3[reply to 229.—ANSWERED By 234]
• 233.: Ricardo to Malthus1[reply to 231.—ANSWERED By 237]
• 234.: Ricardo to Mill1[reply to 232.—ANSWERED By 236]
• 235.: Trower to Ricardo2[reply to 226.—ANSWERED By 239]
• 236.: Mill to Ricardo1[reply to 234.—ANSWERED By 242]
• 237.: Malthus to Ricardo2[reply to 233.—ANSWERED By 240]
• 238.: Wakefield to Ricardo1
• 239.: Ricardo to Trower1[reply to 235]
• 240.: Ricardo to Malthus3[reply to 237]
• 241.: Say to Ricardo1[answered By 243]
• 242.: Ricardo to Mill1[reply to 236.—ANSWERED By 245]
• 243.: Ricardo to Say1[reply to 241]
• 244.: Wakefield to Ricardo1
• 245.: Mill to Ricardo1[reply to 242.—ANSWERED By 246]
• 246.: Ricardo to Mill1[reply to 245]
• 247.: Ricardo to Mill2
• 248.: Mcculloch to Ricardo1
• 249.: Ricardo to Trower2[answered By 254]
• 250.: Ricardo to Malthus1
• 251.: Grenfell to Ricardo1
• 252.: Malthus to Ricardo1
• 253.: Wakefield to Ricardo1
• 254.: Trower to Ricardo1[reply to 249.—ANSWERED By 255]
• 255.: Ricardo to Trower2[reply to 254]
• 256.: Ricardo to Malthus1[answered By 258]
• 257.: Whishaw to Ricardo1
• 258.: Malthus to Ricardo1[reply to 256]
• 259.: Trower to Ricardo1[answered By 261]
• 260.: Ricardo to Malthus1[answered By 264]
• 261.: Ricardo to Trower1[reply to 259.—ANSWERED By 268]
• 262.: Warburton to Ricardo1
• 263.: Ricardo to Mill2
• 264.: Malthus to Ricardo1[reply to 260.—ANSWERED By 266]
• 265.: Mcculloch to Ricardo1[answered By 267]
• 266.: Ricardo to Malthus1[reply to 264]
• 267.: Ricardo to Mcculloch1[reply to 265.—ANSWERED By 271]
• 268.: Trower to Ricardo2[reply to 261.—ANSWERED By 272]
• 269.: Ricardo to Sharp1
• 270.: Ricardo to Mill2[answered By 273]
• 271.: Mcculloch to Ricardo1[reply to 267.—ANSWERED By 285]
• 272.: Ricardo to Trower1[reply to 268.—ANSWERED By 276]
• 273.: Mill to Ricardo1[reply to 270.—ANSWERED By 274]
• 274.: Ricardo to Mill3[reply to 273]
• 275.: Ricardo to Mill2[answered By 278]
• 276.: Trower to Ricardo1[reply to 272.—ANSWERED By 279]
• 277.: Malthus to Ricardo1
• 278.: Mill to Ricardo1[reply to 275.—ANSWERED By 280]
• 279.: Ricardo to Trower1[reply to 276.—ANSWERED By 287]
• 280.: Ricardo to Mill2[reply to 278.—ANSWERED By 282]
• 281.: Ricardo to Murray2
• 282.: Mill to Ricardo2[reply to 280.—ANSWERED By 284]
• 283.: Ricardo to Murray1
• 284.: Ricardo to Mill4[reply to 282.—ANSWERED By 289]
• 285.: Ricardo to Mcculloch1[reply to 271.—ANSWERED By 290]
• 286.: Ricardo to Murray1
• 287.: Trower to Ricardo1[reply to 279.—ANSWERED By 295]
• 288.: Wakefield to Ricardo1
• 289.: Mill to Ricardo2[reply to 284]
• 290.: Mcculloch to Ricardo1[reply to 285.—ANSWERED By 300]
• 291.: Mill to Ricardo1[answered By 292]
• 292.: Ricardo to Mill3[reply to 291.—ANSWERED By 294]
• 293.: Ricardo to Murray1
• 294.: Mill to Ricardo4[reply to 292.—ANSWERED By 296]
• 295.: Ricardo to Trower2[reply to 287.—ANSWERED By 304]
• 296.: Ricardo to Mill1[reply to 294.—ANSWERED By 297]
• 297.: Mill to Ricardo1[reply to 296.—ANSWERED By 298]
• 298.: Ricardo to Mill4[reply to 297.—ANSWERED By 303]
• 299.: Mcculloch to Ricardo1[answered By 300]

167.

ricardo to m^cculloch1
[Answered by 190]

London, Upper Brook Street Grosvenor Square 9 June 1816

Sir

I beg to return you my thanks for the pamphlet2 which you were so kind as to send me, and which I have read with much pleasure. I cannot however agree with you in the necessity of adopting the violent remedy you propose for our present difficulties, of reducing the interest on the National Debt, because though such a measure might be beneficial to one class at the expence of another, it would afford very little relief to the country, and would be a precedent of a most alarming and dangerous nature. Many persons are of opinion, that the present agreement between the value of paper money and bullion, has been brought about by the fall in the value of the latter. If so the proposed remedy would be one of positive injustice, even to those stockholders who have lent their money to Government during the latter years of the war, and still more so to those who have been proprietors of stock for a longer period. My own opinion is that there has been both a fall in the value of the precious metals and a rise in the value of paper. Inasmuch as the latter has taken place the stockholder has been benefited, but if it would be wise to legislate for every alteration in the value of the currency we ought to have begun long ago, when the stockholders were suffering from a fall in the value of money; and such has been their situation ever since the commencement of the National Debt. No relief is ever afforded1 to those who suffer from a fall in the value of money, but every heart sympathizes with those who are losers by its rise.

Much of our present distress arises from a fall in the value of raw produce, which would have taken place under the present circumstances if our currency had uniformly consisted of the precious metals. It is a fall totally independent of any variation in the value of money. It is confined to raw produce alone, and those who suffer by it have no more claim to relief than the West India planters, or distillers, when adverse circumstances occur in their business.—The price of raw produce cannot for any length of time keep so low as to prevent farmers from getting the general profits of stock however high they may be taxed. All taxes I apprehend fall ultimately on the consumers.—Our financial prospect is not very encouraging. The first duty of ministers, it appears to me, is to lessen our expences as much as possible, —the second is to raise the taxes till they equal our expenditure. They should I think not meddle with the sinking fund, and still less should they interfere with the dividends of the [stockhol]ders.2 It is expenditure which will ruin u[s, not the taxes] which are necessary to pay the int[erest on that ex]penditure.—You will, I am su[re] excuse me for so freely expressing my opinion [on] matters which are interesting to us all, and on which our object can only be to discover truth, and improve the science of Political Economy.

I am Sir Your obed^t. and humble Serv^t.

David Ricardo

J. R M^cCulloch Esq^r.

[1 ]Addressed: ‘J. R MCulloch Esqr / Edinburgh’, and marked on cover: ‘Opened by J. McColluch Royal Hotell Edinburgh in Mistake’. On the latter (an innkeeper of princess Street) see Letters to McCulloch, p. 1, editor’s note.

MS in British Museum.—Letters to McCulloch, I.

[2 ]An Essay on a Reduction of the Interest of the National Debt, proving, that this is the only possible Means of Relieving the Distresses of the Commercial and Agricultural Interests; and establishing the Justice of that Measure on the Surest Principles of Political Economy, London, Mawman (printed at Edinburgh), 1816, 53 pp. Cp. below, p. 93, n. 2.

[1 ]‘as suggested’ is del. here.

[2 ]MS torn here and below.