Note i-247 — INTRODUCTION (continued 2)

Even this fragmentary view of the more obvious economic principles held by Franklin offers convincing evidence that had he been less incidentally an economist he would have been at least a lesser Adam Smith. Mr. Wetzel, in Benjamin Franklin as an Economist, offers a convenient summary of Franklin as an economist, some items suggesting aspects of his views which, had space permitted, we should have included in this study: "1. Money as coin may have a value higher than its bullion value. 2. Natural interest is determined by the rent of so much land as the money loaned will buy. 3. High wages are not inconsistent with a large foreign trade. 4. Population will increase as the means of gaining a living increase. 5. A high standard of living serves to prolong single life, and thus acts as a check upon the increase of population. 6. People are adjusted among the different countries according to the comparative well-being of mankind. 7. The value of an article is determined by the amount of labor necessary to produce the food consumed in making the article. 8. While manufactures are advantageous, only agriculture is truly productive. 9. Manufactures will naturally spring up in a country as the country becomes ripe for them. 10. Free trade with the world will give the greatest return at the least expense. 11. Wherever practicable, State revenue should be raised by direct taxes."