For the classical liberals and classical economists of the 19th century, the institution of private property was considered fundamental for both freedom and prosperity.
Security is indispensable to the successful exertion of the powers of industry.
Where it is wanting, it is idle to expect either riches or civilization. Such thinkers also considered the protection of life and property as the only real reason to cede power to government. The people will take sufficient care of their own happiness, if they enjoy full security of themselves, and remain free from all constraints that are not absolutely necessary for the security of the persons and property of other parties. Nor can property be said to exist, where it is not a matter of reality as well as of right. These were commonsensical truths taken for granted by the classical liberals of the last century, confirmed by both reason and historical experience.