An Inquiry into the Principles of Political Oeconomy (Vol. 2 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
General
An Inquiry into the Principles of Political Oeconomy (Vol. 2 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
CHAP. VI.
_Miscellaneous Questions and Observations concerning the Doctrine of
Money and Coin._
In deducing the principles of every branch of politics, it is of great
importance, at setting out, to treat every one separately; to avoid
intricate combinations of circumstances; and to learn how to distinguish
between the operations of the general principle in question, and the
influence of an accidental circumstance, which may throw the decision of
a particular case upon a principle different from that upon which our
attention is fixed at the time. Let the combination and complication of
circumstances be ever so great, all and every one of them constantly
remain under the influence of one principle or other.
The great art, therefore, is to have the whole plan of the science so
ready at command, as to be able to combine and apply every principle of
it to the case proposed.
From this we discover of what importance it is to be exactly informed as
to facts, and how utterly insufficient the best theory is in the hands
of any person, who is not at the same time a thorough practitioner in
the political science.
In treating of the application of principles to particular cases, we
must constantly go upon this hypothesis, that in the case proposed there
are no unknown circumstances, which may be repugnant to the exact
combination of those which have entred into our supposition.
[Sidenote: The use of a miscellaneous chapter at the end of a subject.]
The use, therefore, of a miscellaneous chapter, after the deduction of
the general principles is over, is to serve as an exercise upon them.
This is done by introducing questions which may tend to illustrate or
explain the matters already treated of, and which have not been
introduced in the body of the work, for fear of rendering combinations
too complicated, and of drawing the attention from the main object of
inquiry. When a particular appearance, also, seems to contradict a known
principle, that appearance may here be analized, and the particularity
of the case pointed out, and ranged under the principle which influences
it. Numbers of objections also occur to readers of such inquiries, and
which even naturally occur to the author himself, although he be obliged
to take no notice of them at the time, for fear of interrupting his
subject; these may properly find a place in a subsidiary chapter. It is,
however, to no purpose to attempt to exhaust any political subject. The
combinations of circumstances are infinite; and therefore people must
content themselves with deducing all the principles by which they may be
resolved, leaving the rest to the reader’s ingenuity.
[Sidenote: Quest. 1. Why does the doctrine of money appear so
intricate?]
QUEST. I. The first question I shall propose for illustrating this
subject shall be, Whence it comes to pass that the doctrine of money is
so extremely difficult and involved?
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