# Principles of Political Economy (Mill), vol. 2

This is the seventh edition of the Principles, which was first published 1848.
PRINCIPLES
OF
POLITICAL ECONOMY.
VOL. II.
PRINCIPLES
OF
POLITICAL ECONOMY
WITH
SOME OF THEIR APPLICATIONS TO SOCIAL PHILOSOPHY.
BY
JOHN STUART MILL.
IN TWO VOLUMES.
VOL. II.
SEVENTH EDITION.
LONDON:
LONGMANS, GREEN, READER AND DYER.
1871.
LONDON:
SAVILL, EDWARDS AND CO., PRINTERS, CHANDOS STREET.
COVENT GARDEN.
CONTENTS
OF
THE SECOND VOLUME.
* BOOK III.  EXCHANGE.—(Continued.)  Chapter VII. Of Money.
* Page
* § 1.Purposes of a Circulating Medium................................................................................................................................................................................................................................................................................................................................................................................................3
* 2.Gold and Silver, why fitted for those purposes................................................................................................................................................................................................................................................................................................................................................................................................5
* 3.Money a mere contrivance for facilitating exchanges, which does not affect the laws of Value................................................................................................................................................................................................................................................................................................................................................................................................8
* Chapter VIII. Of the Value of Money, as dependent on Demand and Supply.
* § 1.Value of Money, an ambiguous expression................................................................................................................................................................................................................................................................................................................................................................................................11
* 2.The value of money depends, cæteris paribus, on its quantity ................................................................................................................................................................................................................................................................................................................................................................................................12
* 3.—together with the rapidity of circulation ................................................................................................................................................................................................................................................................................................................................................................................................17
* 4.Explanations and limitations of this principle ................................................................................................................................................................................................................................................................................................................................................................................................19
* Chapter IX. Of the Value of Money, as dependent on Cost of Production.
* § 1.The value of money, in a state of freedom, conforms to the value of the bullion contained in it ................................................................................................................................................................................................................................................................................................................................................................................................23
* 2.—which is determined by the cost of production................................................................................................................................................................................................................................................................................................................................................................................................26
* 3.This law, how related to the principle laid down in the preceding chapter ................................................................................................................................................................................................................................................................................................................................................................................................28
* Chapter X. Of a Double Standard, and Subsidiary Coins.
* § 1. Objections to a double standard ................................................................................................................................................................................................................................................................................................................................................................................................32
* 2. The use of the two metals as money, how obtained without making both of them legal tender ................................................................................................................................................................................................................................................................................................................................................................................................34
* Chapter XI. Of Credit as a Substitute for Money.
* § 1. Credit not a creation but a transfer of the means of production ................................................................................................................................................................................................................................................................................................................................................................................................36
* 2. In what manner it assists production ................................................................................................................................................................................................................................................................................................................................................................................................37
* 3. Function of credit in economizing the use of money ................................................................................................................................................................................................................................................................................................................................................................................................40
* 4. Bills of exchange ................................................................................................................................................................................................................................................................................................................................................................................................41
* 5. Promissory notes ................................................................................................................................................................................................................................................................................................................................................................................................47
* 6. Deposits and cheques ................................................................................................................................................................................................................................................................................................................................................................................................48
* Chapter XII. Influence of Credit on Prices.
* § 1. The influence of bank notes, bills, and cheques, on price, a part of the influence of Credit ................................................................................................................................................................................................................................................................................................................................................................................................51
* 2. Credit a purchasing power similar to money ................................................................................................................................................................................................................................................................................................................................................................................................52
* 3. Effects of great extensions and contractions of credit. Phenomena of a commercial crisis analyzed ................................................................................................................................................................................................................................................................................................................................................................................................54
* 4. Bills a more powerful instrument for acting on prices than book credits, and bank notes than bills ................................................................................................................................................................................................................................................................................................................................................................................................59
* 5. — the distinction of little practical importance ................................................................................................................................................................................................................................................................................................................................................................................................62
* 6. Cheques an instrument for acting on prices, equally powerful with bank notes ................................................................................................................................................................................................................................................................................................................................................................................................68
* 7. Are bank notes money? ................................................................................................................................................................................................................................................................................................................................................................................................70
* 8. No generic distinction between bank notes and other forms of credit ................................................................................................................................................................................................................................................................................................................................................................................................72
* Chapter XIII. Of an Inconvertible Paper Currency.
* § 1. The value of an inconvertible paper, depending on its quantity, is a matter of arbitrary regulation ................................................................................................................................................................................................................................................................................................................................................................................................75
* 2. If regulated by the price of bullion, an inconvertible currency might be safe, but not expedient ................................................................................................................................................................................................................................................................................................................................................................................................78
* 3. Examination of the doctrine that an inconvertible currency is safe if representing actual property ................................................................................................................................................................................................................................................................................................................................................................................................80
* § 4. Examination of the doctrine that an increase of the currency promotes industry ................................................................................................................................................................................................................................................................................................................................................................................................83
* 5. Depreciation of currency a tax on the community, and a fraud on creditors ................................................................................................................................................................................................................................................................................................................................................................................................86
* 6. Examination of some pleas for committing this fraud ................................................................................................................................................................................................................................................................................................................................................................................................87
* Chapter XIV. Of Excess of Supply.
* § 1. Can there be an oversupply of commodities generally? ................................................................................................................................................................................................................................................................................................................................................................................................92
* 2. The supply of commodities in general cannot exceed the power of purchase ................................................................................................................................................................................................................................................................................................................................................................................................94
* 3. —never does exceed the inclination to consume ................................................................................................................................................................................................................................................................................................................................................................................................95
* 4. Origin and explanation of the notion of general oversupply ................................................................................................................................................................................................................................................................................................................................................................................................97
* Chapter XV. Of a Measure of Value.
* § 1. A Measure of Exchange Value, in what sense possible ................................................................................................................................................................................................................................................................................................................................................................................................101
* 2. A Measure of Cost of Production ................................................................................................................................................................................................................................................................................................................................................................................................103
* Chapter XVI. Of some Peculiar Cases of Value.
* § 1. Values of Commodities which have a joint cost of production ................................................................................................................................................................................................................................................................................................................................................................................................107
* 2. Values of the different kinds of agricultural produce ................................................................................................................................................................................................................................................................................................................................................................................................110
* Chapter XVII. Of International Trade.
* § 1. Cost of production not the regulator of international values ................................................................................................................................................................................................................................................................................................................................................................................................113
* 2. Interchange of commodities between distant places, determined by differences not in their absolute, but in their comparative, cost of production ................................................................................................................................................................................................................................................................................................................................................................................................115
* 3. The direct benefits of commerce consist in increased efficiency of the productive powers of the world ................................................................................................................................................................................................................................................................................................................................................................................................118
* 4. —not in a vent for exports, nor in the gains of merchants ................................................................................................................................................................................................................................................................................................................................................................................................119
* 5. Indirect benefits of commerce, economical and moral; still greater than the direct ................................................................................................................................................................................................................................................................................................................................................................................................121
* Chapter XVIII. Of International Values.
* § 1. The values of imported commodities depend on the terms of international interchange ................................................................................................................................................................................................................................................................................................................................................................................................124
* 2. —which depend on the Equation of International Demand ................................................................................................................................................................................................................................................................................................................................................................................................126
* 3. Influence of cost of carriage on international values ................................................................................................................................................................................................................................................................................................................................................................................................131
* § 4. The law of values which holds between two countries and two commodities, holds of any greater number ................................................................................................................................................................................................................................................................................................................................................................................................132
* 5. Effect of improvements in production on international values ................................................................................................................................................................................................................................................................................................................................................................................................136
* 6. The preceding theory not complete ................................................................................................................................................................................................................................................................................................................................................................................................140
* 7. International values depend not solely on the quantities demanded, but also on the means of production available in each country for the supply of foreign markets ................................................................................................................................................................................................................................................................................................................................................................................................142
* 8. The practical result little affected by this additional element ................................................................................................................................................................................................................................................................................................................................................................................................147
* 9. The cost to a country of its imports, on what circumstances dependent ................................................................................................................................................................................................................................................................................................................................................................................................150
* Chapter XIX. Of Money, considered as an Imported Commodity.
* § 1. Money imported in two modes; as a commodity, and as a medium of exchange ................................................................................................................................................................................................................................................................................................................................................................................................154
* 2. As a commodity, it obeys the same laws of value as other imported commodities ................................................................................................................................................................................................................................................................................................................................................................................................155
* 3. Its value does not depend exclusively on its cost of production at the mines ................................................................................................................................................................................................................................................................................................................................................................................................158
* Chapter XX. Of the Foreign Exchanges.
* § 1. Purposes for which money passes from country to country as a medium of exchange ................................................................................................................................................................................................................................................................................................................................................................................................160
* 2. Mode of adjusting international payments through the exchanges ................................................................................................................................................................................................................................................................................................................................................................................................160
* 3. Distinction between variations in the exchanges which are self-adjusting, and those which can only be rectified through prices ................................................................................................................................................................................................................................................................................................................................................................................................166
* Chapter XXI. Of the Distribution of the Precious Metals through the Commercial World.
* § 1. The substitution of money for barter makes no difference in exports and imports, nor in the law of international values ................................................................................................................................................................................................................................................................................................................................................................................................169
* 2. The preceding theorem further illustrated ................................................................................................................................................................................................................................................................................................................................................................................................173
* 3. The precious metals, as money, are of the same value, and distribute themselves according to the same law, with the precious metals as a commodity ................................................................................................................................................................................................................................................................................................................................................................................................177
* 4. International payments of a non-commercial character ................................................................................................................................................................................................................................................................................................................................................................................................179
* Chapter XXII. Influence of the Currency on the Exchanges and on Foreign Trade.
* § 1. Variations in the exchange which originate in the currency ................................................................................................................................................................................................................................................................................................................................................................................................181
* 2. Effect of a sudden increase of a metallic currency, or of the sudden creation of bank notes or other substitutes for money ................................................................................................................................................................................................................................................................................................................................................................................................182
* 3. Effect of the increase of an inconvertible paper currency. Real and nominal exchange ................................................................................................................................................................................................................................................................................................................................................................................................187
* Chapter XXIII. Of the Rate of Interest.
* § 1. The rate of interest depends on the demand and supply of loans ................................................................................................................................................................................................................................................................................................................................................................................................191
* 2. Circumstances which determine the permanent demand and supply of loans ................................................................................................................................................................................................................................................................................................................................................................................................192
* 3. Circumstances which determine the fluctuations ................................................................................................................................................................................................................................................................................................................................................................................................196
* 4. The rate of interest, how far, and in what sense connected with the value of money ................................................................................................................................................................................................................................................................................................................................................................................................199
* 5. The rate of interest determines the price of land and of securities ................................................................................................................................................................................................................................................................................................................................................................................................205
* Chapter XXIV. Of the Regulation of a Convertible Paper Currency.
* § 1. Two contrary theories respecting the influence of bank issues ................................................................................................................................................................................................................................................................................................................................................................................................207
* 2. Examination of each ................................................................................................................................................................................................................................................................................................................................................................................................210
* 3. Reasons for thinking that the Currency Act of 1844 produces a part of the beneficial effect intended by it ................................................................................................................................................................................................................................................................................................................................................................................................214
* 4. — but produces mischiefs more than equivalent ................................................................................................................................................................................................................................................................................................................................................................................................220
* 5. Should the issue of bank notes be confined to a single establishment? ................................................................................................................................................................................................................................................................................................................................................................................................235
* 6. Should the holders of notes be protected in any peculiar manner against failure of payment? ................................................................................................................................................................................................................................................................................................................................................................................................238
* Chapter XXV. Of the Competition of different Countries in the same Market.
* § 1. Causes which enable one country to undersell another ................................................................................................................................................................................................................................................................................................................................................................................................240
* 2. Low wages one of those causes ................................................................................................................................................................................................................................................................................................................................................................................................248
* § 3.—when peculiar to certain branches of industry ................................................................................................................................................................................................................................................................................................................................................................................................245
* 4.—but not when common to all ................................................................................................................................................................................................................................................................................................................................................................................................247
* 5. Some anomalous cases of trading communities examined ................................................................................................................................................................................................................................................................................................................................................................................................249
* Chapter XXVI. Of Distribution, as affected by Exchange.
* § 1. Exchange and Money make no difference in the law of wages ................................................................................................................................................................................................................................................................................................................................................................................................252
* 2.—in the law of rent ................................................................................................................................................................................................................................................................................................................................................................................................255
* 3.—nor in the law of profits ................................................................................................................................................................................................................................................................................................................................................................................................256
* BOOK IV.  INFLUENCE OF THE PROGRESS OF SOCIETY ON PRODUCTION AND DISTRIBUTION.
* Chapter I. General Characteristics of a Progressive State of Wealth.
* § 1. Introductory Remarks ................................................................................................................................................................................................................................................................................................................................................................................................263
* 2. Tendency of the progress of society towards increased command over the powers of nature; increased security; and increased capacity of co-operation ................................................................................................................................................................................................................................................................................................................................................................................................264
* Chapter II. Influence of the Progress of Industry and Population on Values and Prices.
* § 1. Tendency to a decline of the value and cost of production of all commodities ................................................................................................................................................................................................................................................................................................................................................................................................270
* 2.—except the products of agriculture and mining, which have a tendency to rise ................................................................................................................................................................................................................................................................................................................................................................................................272
* 3.—that tendency from time to time counteracted by improvements in production ................................................................................................................................................................................................................................................................................................................................................................................................274
* 4. Effect of the progress of society in moderating fluctuations of value ................................................................................................................................................................................................................................................................................................................................................................................................275
* 5. Examination of the influence of speculators, and in particular of corn dealers ................................................................................................................................................................................................................................................................................................................................................................................................277
* Chapter III. Influence of the Progress of Industry and Population on Rents, Profits, and Wages.
* § 1. First case; population increasing, capital stationary ................................................................................................................................................................................................................................................................................................................................................................................................282
* 2. Second case; capital increasing, population stationary ................................................................................................................................................................................................................................................................................................................................................................................................286
* 3. Third case; population and capital increasing equally, the arts of production stationary ................................................................................................................................................................................................................................................................................................................................................................................................287
* 4. Fourth case; the arts of production progressive, capital and population stationary ................................................................................................................................................................................................................................................................................................................................................................................................288
* 5. Fifth case; all the three elements progressive ................................................................................................................................................................................................................................................................................................................................................................................................295
* Chapter IV. Of the Tendency of Profits to a Minimum.
* § 1. Doctrine of Adam Smith on the competition of capital ................................................................................................................................................................................................................................................................................................................................................................................................300
* 2. Doctrine of Mr. Wakefield respecting the field of employment ................................................................................................................................................................................................................................................................................................................................................................................................302
* 3. What determines the minimum rate of profit ................................................................................................................................................................................................................................................................................................................................................................................................304
* 4. In opulent countries, profits habitually near to the minimum ................................................................................................................................................................................................................................................................................................................................................................................................307
* 5. — prevented from reaching it by commercial revulsions ................................................................................................................................................................................................................................................................................................................................................................................................310
* 6. — by improvements in production ................................................................................................................................................................................................................................................................................................................................................................................................312
* 7. — by the importation of cheap necessaries and instruments ................................................................................................................................................................................................................................................................................................................................................................................................314
* 8. — by the emigration of capital ................................................................................................................................................................................................................................................................................................................................................................................................316
* Chapter V. Consequences of the Tendency of Profits to a Minimum.
* § 1. Abstraction of capital not necessarily a national loss ................................................................................................................................................................................................................................................................................................................................................................................................319
* 2. In opulent countries, the extension of machinery not detrimental but beneficial to labourers ................................................................................................................................................................................................................................................................................................................................................................................................322
* Chapter VI. Of the Stationary State.
* § 1. Stationary state of wealth and population, dreaded and deprecated by writers ................................................................................................................................................................................................................................................................................................................................................................................................326
* 2. — but not in itself undesirable ................................................................................................................................................................................................................................................................................................................................................................................................328
* Chapter VII. On the Probable Futurity of the Labouring Classes.
* § 1. The theory of dependence and protection no longer applicable to the condition of modern society ................................................................................................................................................................................................................................................................................................................................................................................................333
* 2. The future well-being of the labouring classes principally dependent on their own mental cultivation ................................................................................................................................................................................................................................................................................................................................................................................................338
* 3. Probable effects of improved intelligence in causing a better adjustment of population — Would be promoted by the social independence of women ................................................................................................................................................................................................................................................................................................................................................................................................340
* 4. Tendency of society towards the disuse of the relation of hiring and service ................................................................................................................................................................................................................................................................................................................................................................................................341
* 5. Examples of the association of labourers with capitalists ................................................................................................................................................................................................................................................................................................................................................................................................345
* 6.— of the association of labourers among themselves ................................................................................................................................................................................................................................................................................................................................................................................................352
* 7. Competition not pernicious, but useful and indispensable ................................................................................................................................................................................................................................................................................................................................................................................................376
* BOOK V.  ON THE INFLUENCE OF GOVERNMENT.
* Chapter I. Of the Functions of Government in general.
* § 1. Necessary and optional functions of government distinguished ................................................................................................................................................................................................................................................................................................................................................................................................381
* 2. Multifarious character of the necessary functions of government ................................................................................................................................................................................................................................................................................................................................................................................................382
* 3. Division of the subject ................................................................................................................................................................................................................................................................................................................................................................................................388
* Chapter II. Of the General Principles of Taxation.
* § 1. Four fundamental rules of taxation ................................................................................................................................................................................................................................................................................................................................................................................................390
* 2. Grounds of the principle of Equality of Taxation ................................................................................................................................................................................................................................................................................................................................................................................................392
* 3. Should the same percentage be levied on all amounts of income? ................................................................................................................................................................................................................................................................................................................................................................................................395
* 4. Should the same percentage be levied on perpetual and on terminable incomes? ................................................................................................................................................................................................................................................................................................................................................................................................400
* 5. The increase of the rent of land from natural causes a fit subject of peculiar taxation ................................................................................................................................................................................................................................................................................................................................................................................................407
* 6. A land tax, in some cases, not taxation, but a rent-charge in favour of the public ................................................................................................................................................................................................................................................................................................................................................................................................410
* 7. Taxes falling on capital, not necessarily objectionable ................................................................................................................................................................................................................................................................................................................................................................................................412
* Chapter III. Of Direct Taxes.
* § 1. Direct taxes either on income or on expenditure ................................................................................................................................................................................................................................................................................................................................................................................................415
* 2. Taxes on rent ................................................................................................................................................................................................................................................................................................................................................................................................415
* 3.—on profits ................................................................................................................................................................................................................................................................................................................................................................................................417
* 4.—on wages ................................................................................................................................................................................................................................................................................................................................................................................................420
* 5. An Income Tax ................................................................................................................................................................................................................................................................................................................................................................................................422
* 6. A House Tax ................................................................................................................................................................................................................................................................................................................................................................................................426
* Chapter IV. Of Taxes on Commodities.
* § 1. A Tax on all Commodities would fall on profits ................................................................................................................................................................................................................................................................................................................................................................................................432
* 2. Taxes on particular commodities fall on the consumer ................................................................................................................................................................................................................................................................................................................................................................................................433
* 3. Peculiar effects of taxes on necessaries ................................................................................................................................................................................................................................................................................................................................................................................................435
* 4.—how modified by the tendency of profits to a minimum ................................................................................................................................................................................................................................................................................................................................................................................................439
* 5. Effects of discriminating duties ................................................................................................................................................................................................................................................................................................................................................................................................444
* 6. Effects produced on international exchange by duties on exports and on imports ................................................................................................................................................................................................................................................................................................................................................................................................448
* Chapter V. Of some other Taxes.
* § 1. Taxes on contracts ................................................................................................................................................................................................................................................................................................................................................................................................458
* 2. Taxes on communication ................................................................................................................................................................................................................................................................................................................................................................................................461
* 3. Law Taxes ................................................................................................................................................................................................................................................................................................................................................................................................463
* 4. Modes of taxation for local purposes ................................................................................................................................................................................................................................................................................................................................................................................................464
* Chapter VI. Comparison between Direct and Indirect Taxation.
* § 1. Arguments for and against direct taxation ................................................................................................................................................................................................................................................................................................................................................................................................466
* 2. What forms of indirect taxation most eligible ................................................................................................................................................................................................................................................................................................................................................................................................471
* 3. Practical rules for indirect taxation ................................................................................................................................................................................................................................................................................................................................................................................................473
* Chapter VII. Of a National Debt.
* § 1. Is it desirable to defray extraordinary public expenses by loans? ................................................................................................................................................................................................................................................................................................................................................................................................477
* 2. Not desirable to redeem a national debt by a general contribution ................................................................................................................................................................................................................................................................................................................................................................................................481
* 3. In what cases desirable to maintain a surplus revenue for the redemption of debt ................................................................................................................................................................................................................................................................................................................................................................................................483
* Chapter VIII. Of the Ordinary Functions of Government considered as to their Economical Effects.
* § 1. Effects of imperfect security of person and property ................................................................................................................................................................................................................................................................................................................................................................................................487
* 2. Effects of over-taxation ................................................................................................................................................................................................................................................................................................................................................................................................489
* 3. Effects of imperfection in the system of the laws, and in the administration of justice ................................................................................................................................................................................................................................................................................................................................................................................................491
* Chapter IX. The same subject continued.
* § 1. Laws of Inheritance ................................................................................................................................................................................................................................................................................................................................................................................................497
* 2. Law and Custom of Primogeniture ................................................................................................................................................................................................................................................................................................................................................................................................499
* 3. Entails ................................................................................................................................................................................................................................................................................................................................................................................................504
* 4. Law of compulsory equal division of inheritances ................................................................................................................................................................................................................................................................................................................................................................................................506
* 5. Laws of Partnership ................................................................................................................................................................................................................................................................................................................................................................................................508
* 6. Partnerships with limited liability. Chartered Companies................................................................................................................................................................................................................................................................................................................................................................................................510
* 7. Partnerships in commandite ................................................................................................................................................................................................................................................................................................................................................................................................515
* 8. Laws relating to Insolvency ................................................................................................................................................................................................................................................................................................................................................................................................521
* Chapter X. Of Interferences of Government grounded on Erroneous Theories.
* § 1. Doctrine of Protection to Native Industry ................................................................................................................................................................................................................................................................................................................................................................................................530
* 2. Usury Laws ................................................................................................................................................................................................................................................................................................................................................................................................542
* 3. Attempts to regulate the prices of commodities ................................................................................................................................................................................................................................................................................................................................................................................................548
* 4. Monopolies ................................................................................................................................................................................................................................................................................................................................................................................................550
* 5. Laws against Combination of Workmen ................................................................................................................................................................................................................................................................................................................................................................................................552
* 6. Restraints on opinion or on its publication ................................................................................................................................................................................................................................................................................................................................................................................................558
* Chapter XI. Of the Grounds and Limits of the Laisser-faire or Non-interference Principle.
* § 1. Governmental intervention distinguished into authoritative and unauthoritative ................................................................................................................................................................................................................................................................................................................................................................................................561
* 2. Objections to government intervention the compulsory character of the intervention itself, or of the levy of funds to support it ................................................................................................................................................................................................................................................................................................................................................................................................563
* 3. increase of the power and influence of government ................................................................................................................................................................................................................................................................................................................................................................................................565
* § 4.— increase of the occupations and responsibilities of government ................................................................................................................................................................................................................................................................................................................................................................................................566
* 5.— superior efficiency of private agency, owing to stronger interest in the work ................................................................................................................................................................................................................................................................................................................................................................................................568
* 6.— importance of cultivating habits of collective action in the people ................................................................................................................................................................................................................................................................................................................................................................................................570
* 7. Laisser-faire the general rule ................................................................................................................................................................................................................................................................................................................................................................................................572
* 8.— but liable to large exceptions. Cases in which the consumer is an incompetent judge of the commodity. Education ................................................................................................................................................................................................................................................................................................................................................................................................576
* 9. Case of persons exercising power over others. Protection of children and young persons; of the lower animals. Case of women not analogous ................................................................................................................................................................................................................................................................................................................................................................................................580
* 10. Case of contracts in perpetuity ................................................................................................................................................................................................................................................................................................................................................................................................584
* 11. Cases of delegated management ................................................................................................................................................................................................................................................................................................................................................................................................585
* 12. Cases in which public intervention may be necessary to give effect to the wishes of the persons interested. Examples: hours of labour; disposal of colonial lands ................................................................................................................................................................................................................................................................................................................................................................................................588
* 13. Case of acts done for the benefit of others than the persons concerned. Poor Laws ................................................................................................................................................................................................................................................................................................................................................................................................593
* 14.— Colonization ................................................................................................................................................................................................................................................................................................................................................................................................596
* 15.— other miscellaneous examples ................................................................................................................................................................................................................................................................................................................................................................................................603
* 16. Government intervention may be necessary in default of private agency, in cases where private agency would be more suitable ................................................................................................................................................................................................................................................................................................................................................................................................606