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 great men of a kingdom have exhausted their estates, in paying
a regular court to the Prince, they employ the credit they have acquired
with him during the time of their dissipation, to obtain marks of his
favour, in order to support them in their decline. By these they are
enabled to live in as much state as before. They find no difference in
their situation; unless perhaps they should accidentally reflect, that
the fund which produced their former opulence, was in their own
possession; whereas that of their present wealth is in the hands of
their master.
To compensate this difference, they are made to acquire, by the favour
of the court, advantages which they never could have enjoyed from the
largest independent fortune.
The luxurious system of living, every where introduced, draws the
wealthy together, either in the capital or in other great cities of the
kingdom; where every one compares the expence and figure he makes, with
that of others who are about him. A person honoured with the King’s
favour, of the same quality with another, acquires, by this
circumstance, a great superiority. He commands, I shall suppose, in a
place; he is the person to whom people must apply, in order to obtain
favours, perhaps justice; he is adorned with a title, or outward mark of
distinction, which procure him respect and consideration; and, which is
still more, he is on the road to a farther elevation. It requires a
great stock both of philosophy and good sense, not to be dazzled with
these advantages. Independency, compared with them, is but a negative
happiness. To be truly happy, we must have power, and have other people
to depend on us.
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CHAP. XXVI.
_Of the Vibration of the Balance of Wealth between the Subjects of a
modern State._
We have frequently mentioned this balance, as an object of great
importance to a statesman who is at the head of a luxurious nation;
which having lost its foreign trade, has substituted, in the place of
it, an extensive inland commerce. This will supply the loss of the
former, so far, as equally to provide employment, and, consequently,
subsistence, to every one inclined to be industrious; although it must
prove quite ineffectual for augmenting the national wealth already
acquired.
I shall first explain what I mean by the balance of wealth vibrating
between the members of a society, and from that will be seen why I rank
this also among the political balances of a modern state.
It has been observed in the beginning of the nineteenth chapter, that
the great characteristic of what we call liberty, is the circulation of
an adequate equivalent for every service.
By wealth, I understand this circulating adequate equivalent.
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