[356:1] It was in the most aristocratic quarters that these innovating
doctrines were best received; for in them was the greatest amount of
education, and its influence was not at that time paralyzed by general
prejudices against innovation. They were more in favour with the Tories
than with the Whigs. Indeed, Archdeacon Tucker, one of the boldest
speculators on the economy of trade, was in state politics one of the
most uncompromising Tories of his age. Fox, on the other hand, said of
the "Wealth of Nations," that "there was something in all these subjects
which passed his comprehension, something so wide that he could never
embrace them himself, or find any one who did." But in the French
treaty, and in other measures regarding trade, Pitt was in the fair way
of putting them into legislative practice, when, being arrested by the
French revolution, he entertained thenceforward a bitter enmity of
innovation; an enmity to which, in the department of political economy,
his party became the heirs, preserving the succession down nearly to the
present day, when, at least by their leader, old prejudices have been
already in a great measure, and are likely soon to be altogether
repudiated.
[357:1] P. 126.
[358:1] It is not intended to be maintained that Hume's Political
Economy is immaculate, but merely that in the majority of instances he
has fixed certain truths which later inquiries have not shaken. The
following passage, along with much that is received as true doctrine,
contains some observations, such as those on the tax on German linen,
and on brandy, which modern economists would pronounce to be heterodox.
The question of a gold or a paper currency was one which Hume did not
profess to decide. He described with considerable impartiality the
advantages and the disadvantages of both mediums of exchange.
"From these principles we may learn what judgment we ought to form of
those numberless bars, obstructions, and imposts, which all nations of
Europe, and none more than England, have put upon trade, from an
exorbitant desire of amassing money, which never will heap up beyond its
level, while it circulates; or from an ill-grounded apprehension of
losing their specie, which never will sink below it. Could any thing
scatter our riches, it would be such impolitic contrivances. But this
general ill effect, however, results from them, that they deprive
neighbouring nations of that free communication and exchange which the
Author of the world has intended, by giving them soils, climates, and
geniuses, so different from each other.
"Our modern politics embrace the only method of banishing money, the
using of paper credit; they reject the only method of amassing it, the
practice of hoarding; and they adopt a hundred contrivances, which serve
to no purpose but to check industry, and rob ourselves and our
neighbours of the common benefits of art and nature.