An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
History
An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
When the progress of industry has augmented numbers, and made
subsistence scarce, he must estimate to what height it is expedient that
the price of subsistence should rise. If he finds, that, in order to
encourage the breaking up of new lands, the price of it must rise too
high, and stand high too long, to preserve the intrinsic value of goods
at the same standard as formerly; then he must assist agriculture with
his purse, in order that exportation may not be discouraged. This will
have the effect of increasing subsistence, according to the true
proportion of the augmentation required, without raising the price of it
too high. And if that operation be the work of time, and the demand for
the augmentation be pressing, he must have subsistence imported, or
brought from abroad, during that interval. This supply he may cut off
whenever he pleases, that is, whenever it ceases to be necessary.
If the supply comes from a sister country, it must be so taken, as to
occasion no violent revolution when it comes to be interrupted a-new. As
for example: One province demands a supply of grain from another, only
for a few years, until their own soil can be improved, so as to provide
them sufficiently. The statesman should encourage agriculture, no doubt,
in the province furnishing, and let the farmers know the extent of the
demand, and the time it may probably last, as near as possible; but he
must discourage the plucking up of vineyards, and even perhaps the
breaking up of great quantities of old pasture; because, upon the
ceasing of the demand, such changes upon the agriculture of the province
furnishing, may occasion a hurtful revolution.
While this foreign supply is allowed to come in, the statesman should be
closely employed in giving such encouragement to agriculture at home,
according to the principles hereafter to be deduced, as may nearly
balance the discouragement given to it by this newly permitted
importation. If this step be neglected, the consequence may be, that the
foreign supply will go on increasing every year, and will extinguish the
agriculture already established in the country, in place of supplying a
temporary exigency, which is within the power of the country itself to
furnish. These, I suppose, were the principles attended to by the
government of England, upon opening their ports for the importation of
provisions from Ireland.
The principle, therefore, being to support a gentle increase of food,
inhabitants, work, and demand, the statesman must suffer small
vibrations in the balance, which, by alternate competition, may favour
both sides of the contract; but whenever the competition stands too long
upon either side, and threatens a subversion of the balance, then, with
an artful hand, he must endeavour to load the lighter scale, and never,
but in cases of the greatest necessity, have recourse to the expedient
of taking any thing from the heaviest.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account