106 fn 1: ...There can be no greater error than in supposing that capital is increased by non-consumption.

107: Taxes are not necessarily taxes on capital because they are laid on capital; nor on income because they are laid on income. (Not our sense of what taxes are "on").

110: In the case of a tax on raw produce, of a land-tax, or tithes, the corn rent of land will vary, while the money rent will remain as before.

117: If my revenue be £1000 per annum, and I must pay taxes to the amount of £100, it is of little importance whether I pay it from my revenue, leaving myself only £900, or pay £100 in addition for my agricultural commodities, or for my manufactured goods.

121: A tax on rent, as rent is constituted, would discourage cultivation, because it would be a tax on the profits of the landlord.

125: In the second case, he pays more than in the first, but all he pays in addition is not received by the state, it is an increased price caused by difficulty of production, which is incurred because the easiest means of production are taken away from us by being fettered with a tax.

127: and consequently the consumer of corn will be taxed, not only to pay the exigencies of the state, but also to give to the cultivator of the better land £100 per annum during the period of his lease, and afterwards to raise the rent of the landlord to that amount.

134: This, perhaps, would be more particularly the case with respect to a metal used for money than any other commodity; because the demand for money is not for a definite quantity, as is the demand for clothes, or for food. The demand for money is regulated entirely by its value, ... and its value by its quantity.

135: upon that portion which was used for money, though a large tax might be received, nobody would pay it.

146: it appears, however, as we have just seen, that in a country where commodities are taxed, they will not all vary in price in the same proportion, either in consequence of a rise or of a fall in the value of currency.

148: This circumstance is curious. By taxing the profits of the farmer you do not burthen him more than if you exempted his profits from the tax, and the landlord has a decided interest that his tenants' profits should be taxed, as it is only on that condition that he himself continues really untaxed.

150: A tax on wages is wholly a tax on profits; a tax on necessaries is partly a tax on profits and partly a tax on rich consumers.

157: If they could all raise the price of their goods so as to remunerate themselves, with a profit, for the tax: as they are all consumers of each other's commodities, it is obvious that the tax could never be paid; for who would be the contributors if all were compensated

158: a tax on wages is in fact a tax on profits.

159: If any cause should raise the price of a few manufactured commodities, it would prevent or check their exportation; but if the same cause operated generally on all, the effect would be merely nominal, and would neither interfere with their relative value, nor in my degree diminish the stimulus to a trade of barter, which all commerce, both foreign and domestic, really is.

167: This tax would fall wholly on foreign consumers, and part of the expansesof the government of England would be defrayed by a tax on the land and labour of other countries.

182: but in a stationary, or in a retrograde country, so far as capital could not be withdrawn from the land, if a further rate were levied for the support of the poor, that part of it which fell on agriculture would be paid, during the current leases, by the farmers; but, at the expiration of those leases it would almost wholly fall on the landlords.

182: ¹In a former part of this work I have noticed the difference between rent, properly so called, and the remuneration paid to the landlord under that name for the advantages which the expenditure of his capital has procured to his tenant; but I did not perhaps sufficiently distinguish the difference which would arise from the different modes in which this capital might be applied. As a part of this capital, when once expended in the improvement of a farm, is inseparably amalgamated with the land, and tends to increase its productive powers, the remuneration paid to the landlord for its use is strictly of the nature of rent, and is subject to all the laws of rent. Whether the improvement be made at the expense of the landlord or the tenant, it will not be undertaken in the first instance unless there is a strong probability that the return will at least be equal to the nature of rent, and will be subject to all the variations of rent. Some of these expenses,however, only give advantages to the land for a limited period, and do not add permanently to its productive powers; being bestowed on buildings, and otherperishable improvements, they require to be constantly renewed, and therefore do not obtain for the landlord any permanent addition to his real rent.

(read this carefully - it foreshadows Marshall's distinction between rent and quasi-rent).

191: By constantly increasing the facility of production, we constantly diminish the value of some of the commodities before produced, though by the same means we not only add to the national riches, but also to the power of future production.

198-9: But these natural agents, though they add greatly to value in use, never add exchangeable value, of which H. Say is speaking, to a commodity: as soon as by the aid of machinery, or by the knowledge of natural philosophy, you oblige natural agents to do the work which was before done by man, the exchangeable value of such work falls accordingly.

207: M. Say allows that the rate of interest depends on the rate of profits; but it does not therefore follow that the rate of profits depends on the rate of interest. One is the cause, the other the effect, and it is impossible for any circustances to make them change places.

209: The ultimate effect then of a bounty on the exportation of corn is not to raise or to lower the price in the home market, but to lower the price of corn to the foreign consumer--to the whole extent of the bounty, if the price of corn had not before been lower in the foreign than in the home market--and in a less degree if the price in the home had been above the price in the foreign market. (Why is this wrong? Does Ricardo correct the error later?)

217: It is the worst species of taxation, for it does not give to the foreign country all that it takes away from the home country, the balance of loss being made up by the less advantageous distribution of the general capital.

223: It will be observed, too, that no permanent alteration could be made in the distribution of capital between agriculture and manufactures, because, as there would be no alteration either in the amount of capital or population, there would be precisely the same demand for bread and manufactures.

225: We have seen that, as the demand of the country for corn and commodities would be the same, whatever direction the bounty might take, there would be no temptation to remove capital from one employment to another; but this would no longer be the case if there were foreign commerce, and that commerce were free.

276: and, therefore, his means of employing labour would be reduced in the proportion of £13,000 to £5500, and, consequently, all the labour which was before employed by £7500 would become redundant.

274: As the labourers, then, are interested in the demand for labour, they must naturally desire that as much of the revenue as possible should be diverted from expenditure on luxuries to be expended in the support of menial servants.

276: The demand for labour will continue to increase with an increase of capital, but not in proportion to its increase; the ratio will necessarily be a diminishing ratio.