Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-05-29

more than p0hftcal economy, ana icw
have been more loosely and obscuroly
treated.
Political economy is defined TO be the
science which treats Of the wealth Of ma
items; in what the wealth ofa nation coli
sists; what produces it; what increases
it; what perpetuates il; what diminishes
il. Writers have different views on all
these points. Ii is not my design to 60
into the consideration Of the comparative
excellence Of the different systems that
have been embraced by different writer's
on this subject. Devenant and Stewart
contended that commerce is the great
source OF the wealth Of nation; and
that those who engage to the greatest
extent, in this branch ofindustry and en-
terprize, deserve the appellation ofpollt-
ical economists. Nj. Quesnai, contends
that agriculture is the principal source o!
national wealth DIR. Adam Smith, de-
rives the wealth ola nation from agricul.
ture, commerce and manufactures, and
has illustrated his principles, with much
good sense and sound reasoning, append
ed to which, is some theory and specula-
ton Of doubtful practicability. Sir Will
liam Petty says, the wealth Of nation
consists in the totality Of the private pro-
pery of its individuals; others say it con-
sists in the abundance Of its commodities;
others, in the erchangeable value of its
nett produce, and some make it consist
in what is superfuous. M. Connard,
calls wealth the accumulation Of surplus
labor; and Lauderdale says il consists in
an that man desires that is useful, OF
delightful to him.
Without objecting to the views Of 9th
ers, shall define political economy, the
science directing to the best mode Of
providing for the wants, guarding the
sights, securing the interests and means
OF prosperity and happiness Of a nation.
In this view is embraced not only the
science treating Of the wealth of ma
tion, and the means of acquiring and
perpetuatng it, but also the application
of wealth, as means Of national pros
pcrily.
A rule for the apple alton of wealth as
the means Of advancing the common in
terest, is the great desideratum in politi-
cal economy; and this is equally true,
whether applied to nations, to small COM
munities, or to an individual A nation
may have great wealth, while the sub
jects Of that nation, in countless multi
tudes, are suffering the extremes Of pov-
erty and wretchedness; or nation may
have great wealth, and the means of
making it still greater, while it is placed
at such immense hazard, either in the
acquiring or sustaining it, that they
could not be justly entitled to the distinc-
,ion of political economists. Again, a
nation may acquire great wealth by con-
quests, or by treaty, while they multiply
the drawbacks and expenditures, rest
ing OIL their resources to much greater
amount; in such policy, there could be
no economy. Economy ist,ugality, DIS
crstiOn IN expenditure or Investment, a dis-
t'ibution Of ere'y ling IN its proper place,
whether practsed by nation, or by an
individual It matters not, the one or the
many who disregard the principle, can
not claim the character dependent on the
principle; it is principle of universal
application, it cannot be changed by
time, place, or circumstances.
BY the unalterable constitution of
things in this world, our wants both of
body and mind, urge themselves upon us
with perpetual demands. These wants
must be supplied, or man could never
attain to the station for which he is de-
signed; he could not exist as a rational
and intelligent being in the world; our
own efforts are necessary to develope
the means and furnish these supplies; in
this we see the wisdom Of Providence in
connecting our own enjoyment with our
own efforts in attaining it. Labor, dill
gence IN useful employment, is the source
of wealth to both individuals and nations,
il is the source of national strength and
prosperity; not only is it the source Of
wealth, but is the capital of the nation,
and the government whose system Of
policy induces the gre eatest number of its
subjects to be usetully employed, may
take the palm for practising the best sys-
tenn Of political economy. Imagine for
moment, community exhibiting such
spectacle, where all are engaged in
mitig rating the ills of life, in supplying
the wants, in improving the mind, in pu-
rilying the morals, and elevating the
character Of those within the sphere Of
their influence, and we should have pre-
sented to the mind an emblem ofheaven.
Any acts of the government tending to
induce idleness, dissipation Of mind or
morals, declare war with every princi-
pie Of political economy, and send dis
ease to the very vitals Of the body poll
tic. They open the store-houses ofms-
cry in the land Legislators should be
the guardians Of the public morals
Their business should be to act for the