Note A2-2-5 — Chapter III

For the reason that money, in international trade, for the most part, loses its character as money, and appears more as a commodity. Exhaustively in Adam Smith and J. B. Say, l. c. The English state paid, during the French war of the Revolution, in subsidies to foreign countries, £44,800,000; and yet, up to the end of 1797, imperial loans and the payments of private individuals included, not as much as one million in cash went out of the country. (Rose, Brief Examination into the Increase of the Revenue of Great Britain, 1799.) When France paid the five milliards to Germany, the plus value of English exportation to Germany above the English importation thence rose from 274,000,000 (1869) to 478,000,000 (1872), and the increase in the amount of French from 39,400,000 (1869) to 131,700,000 (1873). The entire German under-balance (Unterbilanz), Soetbeer (loc. cit.) estimates at 878,000,000 of marks.