The Online Library of Liberty

A project of Liberty Fund, Inc.

• 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]

415.

ricardo to trower1
[Reply to 410.—Answered by 419]

Gatcomb Park Minchinhampton Jan^y 14—1821

My Dear Trower

I am sorry that so long a time has elapsed without my returning an answer to your last kind letter, but since I received it I have not only been a great deal employed at home, but I have been to Gloucester; to my sons2 near Malvern; and to my daughter’s3 near Bath. You give me great pleasure by the favorable opinion you give of my Essay on the Funding System; I am glad to have your sanction to the view which I have taken of that subject, and that you condemn equally with myself the breach of faith to the Stockholder which is so hypocritically defended by our present Chancellor of the Exchequer, who really would have us imagine he performs all that was engaged to be done, by his nominal sinking fund of £16,000,000, while he is every year borrowing 12 millions and adding that sum with 2 or 3 more millions to the public debt. What you say about the market of 5 pc^ts. becoming more expanded by frequent repetition of funding large sums in that stock is most true, but as the capital of 3 pc^ts. was already so large at the commencement of the late war, I doubt whether it would not have been an exceedingly difficult thing to give the same currency to the 5 pc^t. Stock which has been so long possessed by the 3 pc^ts..—Probably Dr. Price and Dr. Hamilton have overrated the advantage one way, and I have underrated it the other. At some future time perhaps I may try whether I can say any thing worth publication in the shape of a pamphlet on the subject of the policy and practicability of paying off the Debt.

My remarks on Malthus’s work have been sometime with MCulloch,1 who long ago requested me to shew him any observations I might make on Malthus’s book. I am desirous of having his opinion on the remarks themselves, as well as on the expediency of publishing them. I expect soon to hear from him, and to have my papers returned to me. Although they are in a very rough form you shall see them if they possess the least interest in your estimation. Your opinion, I perceive, is in favor of publishing them as an appendix to a new edition of my “Principles of Political Economy.” That was the form in which I at first had an idea of giving them to the public, but I was strongly dissuaded from it by Mill, who thought I ought by all means to avoid giving too controversial a character to my book, and indeed he advises me not to notice any of the attacks which have been made upon me, in my third edition, which will I apprehend be printed soon after I get to London. I shall not urge the objection which you appear to anticipate, that the new modelling of my book is a work of time and labor—I should not grudge however much of these [I]2 should be called upon to bestow on it, if I thought I could give it a [be]tter chance of success, either with the present race, or any future race of Political Economists. I have carefully looked over every part of it, and with my limited powers of composition I am convinced I can do very little to improve it. When Mill, MCulloch, Malthus, and you have seen these notes of mine, and have given me your opinions of them, I shall know what to resolve upon respecting the mode of disposing of them. Perhaps the fire will be the proper place to which to consign them.

I have lately had a visit here from Malthus—he came with the expectation of seeing my notes and he would have seen them had he not after engaging to come to me, been detained in town by the illness of his sister, which made him think that his visit to me must be put off altogether.1 Before I knew of his coming I had engaged to send the notes to MCulloch, and detained them when I had reason to expect him, but finally sent them off when I despaired of seeing him. While here, he was as good natured, and as agreeable as ever. We spent many hours of each day in discussion, the result of which was only to understand more clearly the points of difference between us.2 He must be as well acquainted with my objections to his work as if he had read the notes themselves, for I believe there was not one which I forgot to urge, but he is still desirous of seeing the notes, and I have promised to pay him a visit, with them, as soon as they are returned to me.

You are mistaken in supposing that it is possible I may th[ink]3 you a very idle fellow, by the apology with which I accompanied the long quotation I sent to you. I know you are something very different from an idle fellow, and I insist that you had no right to come to any such conclusion because I hesitated about sending you a long winded performance of mine. If you never studied at all, I should not call you an idle fellow, I know that much of your time is very usefully employed. I hope now I have appeased your irascible spirit. It was not one of the acts of the late Bishop of Landaff which has contributed much to his fame, his selling his library when he retired into the country; it surely must have arisen from a sordid passion for money, for he could not fail to have preserved his relish for books.

I leave the country on thursday next, and expect to feel a great deal of interest in the approaching session of parliam^t.. I hear that Ministers are relaxing a little in their severe measures respecting the Queen—I am told that they will propose £50000 p^r Ann. for her, and a suitable sum for the

[At the end of the sheet there is written, in red ink and by another hand: ‘The rest wanting. Ch. A. Sec^y. May 12/43.’1 ]

[1 ]MS at University College, London.—Letters to Trower, XLIII.

[2 ]Osman.

[3 ]Henrietta (Mrs Clutterbuck).

[1 ]See above, p. 318–19.

[2 ]MS torn.

[1 ]See Letters 408 and 411.

[2 ]A witness of one of their discussions, the Rev. Benjamin Newton who was staying with the Smiths at Easton Grey, writes in his diary, 21 Dec. 1820: ‘Mr Ricardo and Mr Malthus came and entertained us for two hours and upwards with an argument in defence of their respective theories on Political Economy. Mr Malthus contending that the present distress arose from unemployed capital and Ricardo from misemployed capital which would soon assume its proper channels....Went to Chevenage to dine at Phelps’,...it was a woeful falling off from the intellectual treat we had in the morning.’ (Extract from the unpublished MS kindly supplied by Mr E. A. Crutchley.)

[3 ]MS torn.

[1 ]Charles C. Atkinson was secretary of the Council of University College in 1843–44.