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
About 200 years ago, the nobility of several nations, I mean, by this
term, all people well born, whether adorned with particular marks of
royal favour or not, used to live upon the produce of their lands. In
those days there was little luxury, little circulation; the lands fed
numbers of useless mouths, in the modern acceptation of useless,
consequently produced a very moderate income in money to the
proprietors, who were, notwithstanding, the most considerable persons in
the state. This class of inhabitants remaining inactive in the country,
during the revolution above mentioned, have, in consequence of the
introduction of industry, trade and luxury, insensibly had the balance
of wealth, and consequently of consideration turned against them. Of
this there is no doubt. This class however has retained the military
spirit, the lofty sentiments; and notwithstanding of their depression in
point of fortune, are found calculated to shine the brightest, when set
in a proper elevation. In times of peace, when trade flourishes, the
lustre of those who wallow in public money, the weight and consideration
of the wealthy merchant, and even the ease and affluence of the
industrious tradesman, eclipse the poor nobility: they become an object
of contempt to bad citizens, an object of compassion to the good; and
political writers imagine they render them an important service, when
they propose to receive them into the lower classes of the people. But
when danger threatens from abroad, and when armies are brought into the
field, compare the behaviour of those conducted by a warlike nobility,
with those conducted by the sons of labour and industry; those who have
glory, with those who have gain for their point of view. Let the state
only suffer this nobility to languish without a proper encouragement,
there is no fear but they will soon disappear; their lands will become
possessed by people of a way of thinking more a la mode, and the army
will quickly adopt new sentiments, more analogous to the spirit of a
moneyed interest.
I find nothing more affecting to a good mind, than to see the distress
of a poor nobility in both sexes. Some have proposed trade for this
class. Why do you not trade? I answer, for the nobility; Because, in
order to trade, I must have money. This objection is unanswerable. Why
then do you not apply to other branches of industry? If it is the state
who is supposed to ask the question, I ask, in my turn, What advantage
she can reap from their industry? What profit from their becoming
shop-keepers, weavers, or taylors? Are not, or ought not all these
classes to be provided with hands from their own multiplication? What
advantage can she reap by the children of one class taking the bread out
of the mouths of another?
Public-domain text, read in full here on John Shaqi.
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