The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-30
From INC NorA American.

II seems 10 be the general impression that the pre-
sent crisis in money affairs will bring public opinion 10
some importan. decision respecting our credit cur
rency. That something should DO dooe 10 guard tho
community against these revusons is conceded by oil
but the qoestIon-what that should be- gives
thousand specolaions, and receives Thousand
answers. Experience is acknowledged 10 be q safe
guide but in the present instance IL seems difficult
for men TO agree TO the inferences which
lhorzed TO draw from pas, experience as Il is for them
10 write theory formed in the closet.
In science are crude and superficial views
abundant, than in that Of political economy, and in
none, perhaps, they more mischevous. The ques-
tons which in this department Of study,
ceedingly difficult, requiring grasp OF mind, the power
Of analysis and OF close logical reasoning At the
time, very many Of those who called upon TO
act in reference public affairs, TO egislato
upon them cannot be supposed to have prepared them
selves give solution OF these questions, which
il would be safe 10 stake the interests OF the commu-
nifty In addition TO this, IL is TO be observed (and
amenied) that tbs very men who most frequently cry
out against the science Of political economy imma-
ture impraciicabe and falacous, ready than
any others to devise artificial business system, and
interfere by legislation with the natural laws Of trade
In this condition Of things certainly exposed TO
very great evils Of our own INJECTING.
What then is TO he done, and 10 what we look
for safety We reply that there is in the present slate
OF public opinion two-fold ground Of encouragement.
In the first place, the thorough study Of political econo-
my Is becoming more common. Within q few years
several most valuable works the subject have APP
pesred; and the importance Of application 10
this science aud the dangerous tendency Of superficial
ressonlngs respecting it, ere more generally recognized
But, in tho second place, the impression is gaining
ground. even among those who have not studied she
subject for themselves that the great practical lesson
which the science Of political economy teaches is-fo
abstain as far as poss,be from all legsiaoe mtere-
renee oiih the operations, of trade When, therefore,
we rejoice the increased attention to the study Of
political economy, 10 chiefly because believe the
study Of will ncucate deeply the lesson above
mentioned And as we cannot expect thorough poiti-
cal economists 10 be numerous deem OF the high
importance that should be widely known that the
grand result Of the investigations and reasonngs
in this department of philosophy the maxim that trade
should be f 10 regulate itself II is unnecessary at
present, to dwell the exceptions this rule which
must be made for moral purposes in the constitution and
administration Of government. Nor Is IL design 10
inquire present how far act Of interference with
trade may have rendered another necessary.
The study Of political economy has important pract
cal applications hut science its great object is to
ascertain and illustrate the laws which fixed in the
constitution OF things and MOTTO institute them. Il 10
important that should study the laws Of gravitaon
but adapt ourselves TO. these laws and not at
tempt TO improve connteract them
is the spreading and deepening conviction that ar.
thcal restraints the Of competition and trade
injurious to society at large and not in any IN
crease OF ingenuity or foresight tho part OF those
whose business it would be TO devise snch restraints,
that recognize the ground Of encouragement in
respect TO the condition Of financial affairs But
nation, and States we have steps to retrace and 10
retrsce them with the least injury, will require much
wisdom.