question of local expediency, whether an article in itself valueless, may bear a value of exchange in transactions with some other nation. The economist considers only the actual value of the thing done or produced; and if he sees a quantity of labour spent, for instance, by the Swiss, in producing woodwork for sale to the English, he at once sets the commercial impoverishment of the English purchaser against the commercial enrichment of the Swiss seller; and considers the whole transaction productive only so far as the woodwork itself is a real addition to the wealth of the world. For the arrangement of the laws of a nation so as to procure the greatest advantages to itself, and leave the smallest advantages to other nations, is not a part of the science of political economy, but merely a broad application of the science of fraud. Considered thus in the abstract, pictures are not an _addition_ to the monetary wealth of the world, except in the amount of pleasure or instruction to be got out of them day by day: but there is a certain protective effect on wealth exercised by works of high art which must always be included in the estimate of their value. Generally speaking, persons who decorate their houses with pictures, will not spend so much money in papers, carpets, curtains, or other expensive and perishable luxuries as they would otherwise. Works of good art, like books, exercise a conservative effect on the rooms they are kept in; and the wall of the library or picture gallery remains undisturbed, when those of other rooms are re-papered or re-panelled. Of course, this effect is still more definite when the picture is on the walls themselves, either on canvass stretched into fixed shapes on their panels, or in fresco; involving, of course, the preservation of the building from all unnecessary and capricious alteration. And generally speaking, the occupation of a large number of hands in painting or sculpture in any nation may be considered as tending to check the disposition to indulge in perishable luxury. I do not, however, in my assumption that works of art are treasures, take much into consideration this collateral monetary result. I consider them treasures, merely as permanent means of pleasure and instruction; and having at other times tried to show the several ways in which they can please and teach, assume here that they are thus useful; and that it is desirable to make as many painters as we can.