In addition to the works I have named, Mr. Carey has published two others, on the Currency--the larger of which is entitled _Credit System in France, England, and the United States_. Their object is to show, that there is a very simple law which lies at the root of the whole currency question, and that by its aid the revulsions so frequently experienced may be perfectly accounted for. That law is perfect freedom of trade in money, whether by individuals or associations, leaving the latter to make their own terms with their customers, and to assume limited or unlimited liability, as they themselves may think most expedient. In a detailed review of the operations of several of the principal nations, and of all the States of this Union, it is shown that the tendency to steadiness in the quantity, and uniformity in the quality, of currency, is in the exact ratio of freedom, while with every increase in the number or extent of restrictions, steadiness diminishes and insecurity increases. The views contained in this work are now adopted by some of the most eminent writers in France. They constitute the basis of a recent and excellent work[30] by M. Coquelin, who quotes largely from that of Mr. Carey, declaring that our countryman has, "in the investigation of causes and effects, succeeded better than the English inquirers," and had, as early as 1838, "clearly shown the primary causes of the perturbations recurring almost periodically in commerce and currency."[31] Since these paragraphs were written, Mr. Carey has commenced the publication of a series of Letters to Mr. Walker, the late Secretary of the Treasury, in which he promises more largely and satisfactorily than heretofore to indicate and vindicate his opinions upon the subject of Trade. They are likely to have a powerful influence upon affairs, being of that class of compositions which the mind receives with astonishment that it had not anticipated their truth. FOOTNOTES: [22] Thus we see by a correspondence published in the London papers that Mr. Horace Mayhew, author of the metropolitan "Labor and the Poor" articles, has ceased to write for the London _Morning Chronicle_, the conductors of that journal wishing him to _suppress_, in his reports on the condition of the working classes, _facts opposed to free trade_. [23] See Carey's Past, Present and Future, p. 128. [24] The Past, the Present and the Future, pp. 70, 71. [25] Mr. Mill, quoted by Mr. Carey. [26] Mr. Senior, quoted by Mr. Carey. [27] By the following passages, which we take from M. Bastiat's new work, _Harmonies Economiques_, it will be seen that he adopts these views as the basis of his political economy: "_A mesure que les capitaux s'accroissent, la part_ absolue _des capitalistes dans les produits totaux augmente et leur part_ relative _diminue. Au contraire, les travailleurs voient augmenter leur part dans les deux sens._ (p. 280).... Ainsi le partage se fera de la maniere suivante.