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• Abbreviations
• 300.: Ricardo to Mcculloch1[reply to 290 & 299]
• 301.: Ricardo to Murray1
• 302.: Ricardo to Mill1[answered By 303]
• 303.: Mill to Ricardo2[reply to 298 & 302]
• 304.: Trower to Ricardo1[reply to 295.—ANSWERED By 307]
• 305.: Ricardo to Place2
• 306.: Sharp to Ricardo2
• 307.: Ricardo to Trower2[reply to 304]
• 308.: Ricardo to Mcculloch1[answered By 309]
• 309.: Mcculloch to Ricardo1[reply to 308.—ANSWERED By 310]
• 310.: Ricardo to Mcculloch1[reply to 309.—ANSWERED By 314]
• 311.: Trower to Ricardo1[answered By 312]
• 312.: Ricardo to Trower1[reply to 311]
• 313.: Ricardo to Trower2
• 314.: Mcculloch to Ricardo4[reply to 310.—ANSWERED By 315]
• 315.: Ricardo to Mcculloch3[reply to 314]
• 316.: Trower to Ricardo1[answered By 317]
• 317.: Ricardo to Trower1[reply to 316]
• 318.: Ricardo to Mill2[answered By 319]
• 319.: Mill to Ricardo1[reply to 318]
• 320.: Mill to Ricardo1
• 321.: Ricardo to Mill4[answered By 322]
• 322.: Mill to Ricardo3[reply to 321.—ANSWERED By 323]
• 323.: Ricardo to Mill1[reply to 322.—ANSWERED By 325]
• 324.: Malthus to Ricardo2[answered By 328]
• 325.: Mill to Ricardo4[reply to 323.—ANSWERED By 329]
• 326.: Ricardo to Place1
• 327.: Trower to Ricardo3[answered By 330]
• 328.: Ricardo to Malthus1[reply to 324.—ANSWERED By 338]
• 329.: Ricardo to Mill2[reply to 325.—ANSWERED By 332 & 337]
• 330.: Ricardo to Trower1[reply to 327.—ANSWERED By 339]
• 331.: Mcculloch to Ricardo1[answered By 333]
• 332.: Mill to Ricardo2[reply to 329]
• 333.: Ricardo to Mcculloch1[reply to 331.—ANSWERED By 344]
• 334.: Brown to Ricardo1[answered By 336]
• 335.: Brown to Ricardo1[answered By 336]
• 336.: Ricardo to Brown1[reply to 334 & 335]
• 337.: Mill to Ricardo1[reply to 329]
• 338.: Malthus to Ricardo1[reply to 328.—ANSWERED By 345]
• 339.: Trower to Ricardo3[reply to 330.—ANSWERED By 346]
• 340.: Bentham to Ricardo1
• 341.: Ricardo to Place2
• 342.: Place to Ricardo1[answered By 343]
• 343.: Ricardo to Place1[reply to 342]
• 344.: Mcculloch to Ricardo2[reply to 333.—ANSWERED By 349]
• 345.: Ricardo to Malthus2[reply to 338]
• 346.: Ricardo to Trower2[reply to 339]
• 347.: Say to Ricardo1[answered By 352]
• 348.: Mcculloch to Ricardo1[answered By 349]
• 349.: Ricardo to Mcculloch1[reply to 344 & 348]
• 350.: Ricardo to Heathfield1
• 351.: Ricardo to Trower1
• 352.: Ricardo to Say1[reply to 347.—ANSWERED By 356]
• 353.: Lord Grenville to Ricardo2
• 354.: Ricardo to Trower1
• 355.: Ricardo to Mcculloch1[answered By 358]
• 356.: Say to Ricardo1[reply to 352]
• 357.: Ricardo to Trower1
• 358.: Mcculloch to Ricardo1[reply to 355.—ANSWERED By 359]
• 359.: Ricardo to Mcculloch1[reply to 358.—ANSWERED By 360]
• 360.: Mcculloch to Ricardo1[reply to 359.—ANSWERED By 361]
• 361.: Ricardo to Mcculloch1[reply to 360—answered By 366]
• 362.: Ricardo to Mcculloch2[answered By 366]
• 363.: Ricardo to Malthus2
• 364.: Ricardo to Sinclair1
• 365.: Ricardo to Napier1
• 366.: Mcculloch to Ricardo3[reply to 361 & 362.—ANSWERED By 368]
• 367.: Ricardo to Bentham2
• 368.: Ricardo to Mcculloch3[reply to 366.—ANSWERED By 372]
• 369.: Bentham to Ricardo5
• 370.: Ricardo to Mill3
• 371.: Trower to Ricardo3[answered By 373]
• 372.: Mcculloch to Ricardo1[reply to 368.—ANSWERED By 375]
• 373.: Ricardo to Trower1[reply to 371.—ANSWERED By 376]
• 374.: Ricardo to Mill2
• 375.: Ricardo to Mcculloch2[reply to 372.—ANSWERED By 377]
• 376.: Trower to Ricardo1[reply to 373—answered By 380]
• 377.: Mcculloch to Ricardo1[reply to 375.—ANSWERED By 381]
• 378.: Malthus to Ricardo1[answered By 379]
• 379.: Ricardo to Malthus2[reply to 378.—ANSWERED By 388]
• 380.: Ricardo to Trower2[reply to 376.—ANSWERED By 384]
• 381.: Ricardo to Mcculloch1[reply to 377]
• 382.: Mill to Ricardo1[answered By 383]
• 383.: Ricardo to Mill1[reply to 382]
• 384.: Trower to Ricardo1[reply to 380.—ANSWERED By 387]
• 385.: Mill to Ricardo2[answered By 386]
• 386.: Ricardo to Mill1[reply to 385.—ANSWERED By 389]
• 387.: Ricardo to Trower1[reply to 384.—ANSWERED By 390]
• 388.: Malthus to Ricardo1[reply to 379.—ANSWERED By 392]
• 389.: Mill to Ricardo1[reply to 386.—ANSWERED By 394]
• 390.: Trower to Ricardo1[reply to 387.—ANSWERED By 391]
• 391.: Ricardo to Trower1[reply to 390.—ANSWERED By 397]
• 392.: Ricardo to Malthus1[reply to 388.—ANSWERED By 395]
• 393.: Say to Ricardo1[answered By 430]
• 394.: Ricardo to Mill1[reply to 389.—ANSWERED By 398]
• 395.: Malthus to Ricardo1[reply to 392.—ANSWERED By 402]
• 396.: Grenfell to Ricardo1
• 397.: Trower to Ricardo4[reply to 391.—ANSWERED By 403]
• 398.: Mill to Ricardo2[reply to 394.—ANSWERED By 400]
• 399.: Mill to Ricardo2[answered By 400]
• 400.: Ricardo to Mill3[reply to 398 & 399]
• 401.: Ricardo to Mccullochcculloch3[answered By 406]
• 402.: Ricardo to Malthus1[reply to 395.—ANSWERED By 404]
• 403.: Ricardo to Trower1[reply to 397.—ANSWERED By 410]
• 404.: Malthus to Ricardo1[reply to 402.—ANSWERED By 405]
• 405.: Ricardo to Malthus1[reply to 404.—ANSWERED By 408]
• 406.: Mcculloch to Ricardo1[reply to 401.—ANSWERED By 407]
• 407.: Ricardo to Mccullochcculloch1[reply to 406.—ANSWERED By 412]
• 408.: Malthus to Ricardo1[reply to 405]
• 409.: Ricardo to Mcculloch3[answered By 412]
• 410.: Trower to Ricardo2[reply to 403.—ANSWERED By 415]
• 411.: Malthus to Ricardo2
• 412.: Mcculloch to Ricardo1[reply to 407 & 409.—ANSWERED By 416]
• 413.: Mill to Ricardo3[answered By 414]
• 414.: Ricardo to Mill2[reply to 413]
• 415.: Ricardo to Trower1[reply to 410.—ANSWERED By 419]
• 416.: Ricardo to Mcculloch2[reply to 412.—ANSWERED By 417]
• 417.: Mcculloch to Ricardo2[reply to 416.—ANSWERED By 418]
• 418.: Ricardo to Mcculloch1[reply to 417.—ANSWERED By 421]
• 419.: Trower to Ricardo1[reply to 415.—ANSWERED By 420]
• 420.: Ricardo to Trower1[reply to 419]
• 421.: Mcculloch to Ricardo1[reply to 418.—ANSWERED By 422]
• 422.: Ricardo to Mcculloch1[reply to 421.—ANSWERED By 424]
• 423.: Trower to Ricardo3[answered By 426]
• 424.: Mcculloch to Ricardo1[reply to 422.—ANSWERED By 428]
• 425.: Tooke to Ricardo3
• 426.: Ricardo to Trower1[reply to 423]
• 427.: Tooke to Ricardo2
• 428.: Ricardo to Mcculloch1[reply to 424.—ANSWERED By 431]
• Malthus to Sismondi1
• 429.: Mcculloch to Ricardo1
• 430.: Ricardo to Say2[reply to 393.—ANSWERED By 446]
• 431.: Mcculloch to Ricardo2[reply to 428.—ANSWERED By 433]
• 432.: Ricardo to Sinclair1
• 433.: Ricardo to Mcculloch2[reply to 431.—ANSWERED By 434]
• 434.: Mcculloch to Ricardo1[reply to 433.—ANSWERED By 436]
• 435.: Trower to Ricardo1[answered By 437]
• 436.: Ricardo to Mcculloch1[reply to 434.—ANSWERED By 474]

366.

m^cculloch to ricardo3
[Reply to 361 & 362.—Answered by 368]

Edinburgh, 15 May 1820

My Dear Sir

I was exceedingly gratified by your letter of the 2^nd—Although I think I understand your theory pretty well, still if you could spare as much time from your other and more important engagements, as would enable you to send me a brief abstract of your opinions respecting the effect that the relative times which must elapse before commodities can be brought to market must have on their comparative value, it will be of particular service to me; and will enable me the better to support the sound principles of the science against the attacks of those who will avail themselves of the authority of Mr. Malthus to revive all those errors which Dr. Smith would have been the first to have abandoned—I do not exactly know whether Mr. Jeffrey will allow me to review Malthus—I rather think he will not1 —However no commendations will be bestowed on his work and I will occasionally shew the hollowness of particular parts of it—Perhaps I am wrong, but it appears to me that there is much more of art than of ingenuousness in Mr. Malthus work—There is no clearness in his statements and no force in his reasoning. The former is loaded with modifications and limitations, and the latter is weakened by an affectation of candour, a quality of which the book is in reality but too destitute—Should I write a Review of it I shall certainly send you the proof sheets for your revisal—I have desired Mr. Napier to allow me to write the article Value in the Supplement;2 so that I will then have an opportunity of discussing the new doctrines at length, and of doing all in my power to assist in their dissemination—

I cannot help differing with you on the subject of taxation. Exclusive of the destruction of capital I think there is a very great difference in the effects produced by taxes on luxuries and taxes on necessaries—Suppose Ireland is obliged to remit a subsidy of 10 millions to Russia and that there are two methods of raising it—a duty on potatoes and a duty on claret and coaches—If the first method be adopted it is plain wages will not rise in proportion to the duty; for as the subsidy is to be remitted to a foreign country it cannot enable the Government to employ more labour, and as the number of labourers will remain the same, and the demand for their labour is not increased, they must continue to suffer the extreme of misery untill the pressure of famine or the slackened operation of the principle of population shall have equalised the supply and demand—But an increased duty on claret and coaches would be productive of these effects only in a very slight degree—The love of accumulation must on the average be always stronger than the passion of expence—The increased duty on luxuries would be met by a proportionable saving on those and other articles of expence; and few or no labourers would be thrown out of employment, inasmuch as this would in fact lessen the means of paying the duties—

But although I am of opinion that it is better to impose taxes on luxuries than on necessaries, I should object to any scheme for repealing the taxes on commodities and substituting a property or income tax in their stead—Such a measure would most certainly add to the public distresses—It might no doubt give a momentary relief; but it would widen the basis of taxation, and enable ministers to divert a much greater portion of the wealth of the country into the coffers of the Treasury—

I have sent Colonel Torrens a copy of an article I have written for the Review on the subject of our restrictions on foreign commerce1 —Though it is entirely practical and hardly worth your attention, I desired him to put it into your hands—I hope the present session will not be permitted to elapse without some specific motion on the subject of the trade with France being brought forward—Nothing I am sure would give greater pleasure to the country at large than to see this subject in your hands.

I was exceedingly sorry to learn from Col. Torrens the misfortune which has occurred in your family1 —I will expect to have the pleasure of hearing from you at your convenience—And I am with every sentiment of respect and esteem

Yours most faithfully

J. R. M^cCulloch

[3 ]MS in R.P.—Letters of McCulloch to Ricardo, VI.

[1 ]The first ed. of Malthus’s Political Economy was not reviewed in the Edinburgh Review.

[2 ]‘Value’ is not a separate article in the Supplement to the Encyclopaedia Britannica; it is dealt with in Part iii, Sec. iv of the article ‘Political Economy’, by McCulloch.

[1 ]Edinburgh Review, May 1820, Art. III.

[1 ]See above, p. 183, n. 3.