The Sun.
London, England, 1826-03-01 00:00:00

THE LONDON JOURNALS.

DAILY
Extract:from the Mtii-ning Papers, March 1, 1 526

[MORNING POST.)

There are two classes of advocates for a free
trade ie foreign cern. The first consists of those
who fall into the error of supposing that the in-
crease of national wealth is an object which
ought to be pursued to the disregard or exclu-
sion of every other, And that therefore the doc-
trines of political economy include the whole
science of Government. The second class is

!
formed by that contemptiblO faction which under
the influence of disappointment, of envy, of ern-
bition, or of hatred, eagerly lays hold of any
question, without regard to its uature or merits,
which appears to present an opportunity to im.
peach the motives or deprecate the intelligence
and wisdom *hlch inspire the conduct of the Gti.
vernment of the country. This latter class is al.
together unworthy of our attention ; the veil
with which it would conceal the malignity of its
designs is so flimsy and so tattered, that we may
safely spare ourselves the trouble and disgust of
raising it up. It is only with the former elm,
therefore, that we shall have to contend ; and it
cannot be denied thet• the greater plausibility
of its reasonings, as well as the comparative
respectability of its character, entitle it to a
degree of attention to which the latter can lay no
claim. We have often expressed the opinion that
the science of political economy is highly useful
as an assistant in the deliberations of Statesmen;
--that opinion we repeat; but we must at the
same time repeat our caution to its professors and
disciples, that they cannot claim for it a para.
mount and domineering authority in such deli•
beration4, without endangering its character es
a science altogether, by placing it upon a level,
as regards its effects, with the most mischievous
and contemptible quackery which has at any
time deluded the understandings and misled
the conduct of mankind. We know, nml if
we had not known, the economists themselves
would have taught us, that the unrestricted ern.
Fortntion of foreign corn would effect a reduc.
lion of the number of labourers in agriculture,
and an increase of the number employed in ma-
nufactures ; and nothing more than this is re-
quired to convince us, that the question of policy
involved in the corn law is one entirely beyond
the sphere of political economy,---a question
which ought to be mainly decided upon views and
considerations with which the science of political
economp neither can have, nor pretends to have,
any thing to do. To affect to decide a questim
like this upon the principles of a science, %aid
relates merely to the laws that govern the

creation'and disttibution of national ‘‘,;alth,.what
iv it but a most audacious bogging of the whole
question ? Istt to be assumed that national wealth

is the only object of importance, and that the
moral character and habits of a people are of no
value ? Is the plough to he di,regarded as an
implement of national industry, virtue, and
strength, and the loom►, and anvil, and steam en-
gine, the more rapid creators of wealth, to he
held in exclusive estimation ? Are the thews and
sinews of a hardy peasantry of no importance to
their country ? Parliament will foil that they
are. If the professors of political economy will
assume the character of high priests to the demon
of national avarice, it is for the Legislature to say
whether they shall be permitted to sacrifice the
souls and bodies of Englishmen upon the altar Of
their airworthy idol.

NHL TiMES.I
It Shoal(' seem to he the most singuler object
that a Christian Legislature, or the Alinisters of
a Christian King, ever had in view, to raise the
price of the commodities of human life upon the
lubjects of the Government—upon those by whom
the commodities ate to be consumed. Yet such
is the professed object of the Mieisters and Le-
gislature of this day ; and the account which our
journal presents in another part, of the negoei.
?aloof; with the Bank, and of the secret confer-
ences of the Bank Directors with each other,
proves the difficulty with,which the anti-social
act is to fie accomplished. Would it not be us
natural and more of to extract the teeth
of the inhabitants, that tl ey may masticate
less, or to ruin the physical constitutions of
their bodies, thou they may have less need
of nil this commodities demanded in a civilized
state of society, than to stint the supply, whilst
abundance exists, by high and fictitious
price* ? However, as to the capacity of our go-
vernors to effect this purpose—the means which
they have been adoptint; (or endeavouring to
adopt) are as follows :—Loans are to be ad-
irsneed upon warehoused and hooded goods of
every kind, that their owners may not be obliged
to bring them to market infmediately, but may re-
tain them in store, or deal (both oat in small per.
lions, till ibe time of high prices shall,return. But
we can tell them, and we make the predirtion with
the utmost confidence, that the time of high prices
never will teturn,.except a baseless nod extrava.
pint currency of some kind of paper or other tie
again throw nin the market, out of which those
high prices shall be made up : but that, on ffie
contrury, if the measure of recalling the 11. and
21. country notes be persevered in, and the Bunk
of England be not suffered to supply their places
permanently with its mall paper, prices will
continue to decline more and more as the period
approaches at w hich all small notes are to be
t:xtiuguished. And—to take, the other side °film
dilemma—if the market be flooded anew with
paper to enhance the prices, we shall both as a
nation keep dropping back farther and farther
into the rear of other nation 4, that have u pure?
circulation, in the poo„ I.r of supplying rnalluric.
turea articles, and shalt also be incessantly ex-
posed to these terriblK revolsions, under one of
which we are ut presenCsuffering. For the people
now know to a certainty, that such paper curreucy
is not only not any whore convertible into gold
at the option of the holder, but the gold in reserve
bears no proportion whatever to the paper in cir-
culation ; and that an attempt) not to equalize