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
The fundamental maxim of some of the greatest ministers, has been to
restrain the power of the great lords. The natural inference that people
drew from such a step, was, that the minister thereby intended to make
every thing depend on the prince’s will only. This I do not deny. But
what use have we seen made of this new acquisition of power? Those who
look into events with a political eye, may perceive several acts of the
most arbitrary authority exercised by some late European sovereigns,
with no other view than to establish public liberty upon a more
extensive bottom. And although the prerogative of some princes be
increased considerably beyond the bounds of the antient constitution,
even to such a degree as perhaps justly to deserve the name of
usurpation; yet the consequences resulting from the revolution, cannot
every where be said, upon the whole, to have impaired what I call
_public liberty_. I should be at no loss to prove this assertion from
matters of fact, and by examples, did I think it proper: it seems better
to prove it from reason.
When once a state begins to subsist by the consequences of industry,
there is less danger to be apprehended from the power of the sovereign.
The mechanism of his administration becomes more complex, and, as was
observed in the introduction to the first book, he finds himself so
bound up by the laws of his political oeconomy, that every transgression
of them runs him into new difficulties.
I only speak of governments which are conducted systematically,
constitutionally, and by general laws; and when I mention princes, I
mean their councils. The principles I am enquiring into, regard the cool
administration of their government; it belongs to another branch of
politics, to contrive bulwarks against their passions, vices and
weaknesses, as men.
I say, therefore, that from the time states have begun to be supported
by the consequences of industry, the plan of administration has become
more moderate; has been changing and refining by degrees; and every
change, as has been often observed, must be accompanied with
inconveniencies.
It is of governments as of machines, the more they are simple, the more
they are solid and lasting; the more they are artfully composed, the
more they become useful; but the more apt they are to be out of order.
The Lacedemonian form may be compared to the wedge, the most solid and
compact of all the mechanical powers. Those of modern states to watches,
which are continually going wrong; sometimes the spring is found too
weak, at other times too strong for the machine: and when the wheels are
not made according to a determined proportion, by the able hands of a
Graham, or a Julien le Roy, they do not tally well with one another;
then the machine stops, and if it be forced, some part gives way; and
the workman’s hand becomes necessary to set it right.
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Public-domain text, read in full here on John Shaqi.
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