[Footnote i-247: Even this fragmentary view of the more obvious economic principles held by Franklin offers convincing evidence that had he been less incidentally an economist he would have been at least a lesser Adam Smith. Mr. Wetzel, in _Benjamin Franklin as an Economist_, offers a convenient summary of Franklin as an economist, some items suggesting aspects of his views which, had space permitted, we should have included in this study: "1. Money as coin may have a value higher than its bullion value. 2. Natural interest is determined by the rent of so much land as the money loaned will buy. 3. High wages are not inconsistent with a large foreign trade. 4. Population will increase as the means of gaining a living increase. 5. A high standard of living serves to prolong single life, and thus acts as a check upon the increase of population. 6. People are adjusted among the different countries according to the comparative well-being of mankind. 7. The value of an article is determined by the amount of labor necessary to produce the food consumed in making the article. 8. While manufactures are advantageous, only agriculture is truly productive. 9. Manufactures will naturally spring up in a country as the country becomes ripe for them. 10. Free trade with the world will give the greatest return at the least expense. 11. Wherever practicable, State revenue should be raised by direct taxes."] [Footnote i-248: _Writings_, II, 110.] [Footnote i-249: _Ibid._, II, 295. In 1736 Franklin wrote: "Faction, if not timely suppressed, may overturn the balance, the palladium of liberty, and crush us under its ruins" (cited in R. G. Gettell, _History of American Political Thought_, 149).] [Footnote i-250: W. R. Shepherd, _History of Proprietary Government in Pennsylvania_ (New York, 1896), 5.] [Footnote i-251: _Writings_, II, 351.] [Footnote i-252: _Ibid._] [Footnote i-253: _Ibid._, II, 352.] [Footnote i-254: _Ibid._, II, 347.] [Footnote i-255: Shepherd, _op. cit._, 222. In 1764 Penn thought that Franklin was one "who may lose the government of a post office by grasping at that of a province" (_ibid._, 564). In turn one of the proprietors wrote to him: "Franklin is certainly destined to be our plague" (_ibid._, 566). Penn professed not to fear "your mighty Goliath." For proof that Franklin's fear expressed in _Plain Truth_ was not idle see _Extracts from Chief Justice William Allen's Letter Book_, 17, 22-3, 25, 31-2.] [Footnote i-256: _Plain Truth_ inspirited the colonists to defend themselves, even if it failed in its larger purpose; see _Writings_, II, 354, 362.]