The Online Library of Liberty

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• 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]

190.

m^cculloch to ricardo1
[Reply to 167.—Answered by 194]

College Street Edinburgh 19 Nov^r. 1816

Dear Sir

I again take the liberty of sending you a copy of my Essay,2 which you will see I have considerably enlarged— I have attempted to obviate the objection contained in the letter you honoured me with, viz “that the reducing of the interest of the Public Debt, would be taking advantage of a rise in the value of Gold and silver”; and I have endeavoured to shew that after a reduction is made to a very considerable extent, the stockholders will still receive payment of all the bullion they lent—

I do not exactly understand what you mean by saying all taxes fall ultimately on the consumers. To me this seems just the same thing as to say, that all taxes fall ultimately on the public in general. The labouring class are consumers as well as producers—consumers who pay by far the greatest share of the taxes—Besides if the labouring class were to get their taxes completely reimbursed to them, the price of their products must thereby be increased, and the demand for them being consequently diminished, taxation must really bring on them the most serious of evils—

I am sorry to have to differ with you entirely on the subject of the sinking fund.—I am precisely of Says opinion—ce n’est pas qu’n veritable leurre1 —

You will excuse the freedom of these remarks, and believe me to be with

Much respect Dear Sir Yours Mt ob st

J. R. M^cCulloch

David Ricardo Esq^re

[1 ]Addressed: ‘David Ricardo Esq’ —not passed through the post. Received by Ricardo in London on 26 November: see his reply.

MS in R.P.

[2 ]An Essay on the Question of Reducing the Interest of the National Debt; in which the Justice and Expediency of that Measure are fully established, Edinburgh, Brown and Black, 1816, pp. viii,213. The copy presented to Ricardo is in the library at Gatcombe. A copy in the Goldsmiths’ Library of the University of London contains the autograph inscription: ‘This tract I have suppressed and disavowed long ago: J. R. McC. Edinr. 1845’.

As in the earlier Essay (see above, p. 37), of which it is an enlarged version, McCulloch proposes to reduce the interest on the national debt in proportion to the fall in the price of corn since the time when the debt was contracted. McCulloch seems to have changed his views in 1821, when Mushet’s Series of Tables (see below, VIII, 396–8) proved that the losses of the national creditor from depreciation balanced his later gains. Thereafter, he did his best to sink into oblivion his former support of what he had come to regard as ‘an open and barefaced robbery’ (Edinburgh Review, July 1821, p. 488): as Hollander (Letters to McCulloch, p. 9) notices, he omitted both Essays from the lists of his works prefixed to his later books and did not mention them in his Literature of Political Economy, 1845, or in any other of his works; also, when editing Ricardo’s Works, he quietly omitted a footnote of the Principles which inconveniently referred to Mr. McCulloch’s ‘able publication’ (see above, I, 426). In the Literature, however, a transparent apology for the views once entertained by certain ‘well-informed persons’ will be found in the comment (p. 79) on Sir James Graham’s Corn and Currency, 1827, a pamphlet which advocated a similar proposal.

[1 ]‘La caisse d’amortissement est un véritable leurre.’ J.-B. Say, De l’Angleterre et des Anglais, Paris, Bertrand, 1815, p. 14, n.