New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-09-05

a m
~ sfe and of colonial trade and em
IT, ~ which 10 equel is afforded by the enter
ny;a and eusts Of all other nations oil the ear -
Rnt wh;lst the honor due to or ancestors On &C
count OF the recognition snd adoption OF this aoni
YabIe principle is assigned 10 them, IT must Do 90
united also that tbs princiQle was, in many
ges. 20 partially and hence, oupjrsty applied ana
gradually perverted, as TO derange aud destroy lLs
Swn operation, thereby causing the mlncs even ol
many thoughtfoi and honorable men, 20 Suspect is0
4yuth to deny its utility, and TO demard us
Deeply impressed by the degraded social ooodl,
kan Of 40 many men in own, snd also Ii otues
patiOrs-so many human createres being ssen "
suffer under the Tremendous eVlla OF Po.elg3 In.
5eatitutiop-a class of men have been inouce'' ~
ring The century last past TO direct the power u
their minds to an investigation OF the sciehce 81 ~
rjal and Political Economy. Foreth01t % " 80;
yyyiters was Dr. Adam Smith Inc Wo 'iis y. wa
celebrated writer appearing unoef sue
allaring title of "Tbe ea,sn ~. ~ 1900 $3.50.
naysons were induced to read the elaborate stsss'
80 and tha ingenious ressonings contained In
- 80 snt nace reliance on those commercial DOC
frines which are mainly propounded IN 1t. since
sba denai ture OF Adam Smith, number Oh other
ygrisers havo sprung up who have received MIN as
their chief authority, or leader Thus modern
achnol of Political and Social Economy has beer
reared In our country By this school all the most
impotapt subject connected with the physical
interests of men, have been freely dealt with of,
beside q discussion of the natural means peced
within the appropriation of man for his ma'ntena
sogether with the various methods invented ana
adopted by man for making this appropriation hib
tight to introduce his offspring into the Worio. nas
heen discussed also. The main result OF the ntei'
Iectual Effort Of tbis school is the adhesion given oy
ha Baembers to the doctrine OF FREE social aRo oo'
mercial sction. n,ds,
the operntion of upregulated stimulated, ano "hi'
yersal competition, we are henceorsn 70 hve orr
CHEAPNES5 IS PROCLAIMED ~ DE D. ~ Tuv
aapty AND DESIRABLE ATTAINMENT ooI lhh
ruYIpKyss THAT is ATTAINED UNDER THIS sfsiEA
"a EoTTHE RESULT OF PAIR AND DlsThlBuToki
1pusDAscy- being mainly acquired by diminishing
fbe epioyments, or the consumption OF tnose w
whose labor productions are derived ana oy suas
s-,noroo of labor by which, in go many instances,
the lsbo,er ia cast off altogether from employment
beosusea cheaper, that is, less consuming, in-
strument chan his body, ia invented ana aPpaeo'
The Dor OF the working man thus becomes Su-
peYauous commodity in the mRrke 30 tnas Nc a1"s
sishey be an outcast altogether from soc'eRy VI ee
End some way OF doing more woIk ior ieSS ~ fs
Ptala Of congu mption and even theh, III no 'no11
anccaed in this course of reaiising cheaPness. No
haeonns instrumental in bringing many osher Oh hO
TIIcg laborers down to the same degraded ieVei 70
xshich he IL reduced. Thus, the greatly desired
result, which ia, cheapness ID attained; out oy the
nyocess tho power Of buying or procuring on '9e
ne
Tainsbed, in many others withdrawn, wnle IN tae
instances of those who are newly entering on the
otaee NJ life and OF labor the power OF buying or
eonsumine ia in many cases Withheld, because tne
Semand Tor labor is not duly proportloned to the
supply of it; hence, is engendered 10 sae nearso VI
the community many OF the most ieariui ano lor,
miasble aooial evils attendant on the deranged
sondition of man.
Bad and appalling, however, as 10 the existing
condition OF no many whose only means OF support
ing themselves and their farnies is toe eXerolse OF
their daily labor, yet we maintain that The prospeot
before us is still more dark and gloomy. we de-
clare to YOU our conviction that far greater de-
gree of suffering and of restitution impends OYER
tbe laboring class and their families, both OF chs
and OF all other natons unless the faseness Of the
free or competitive sy Btem be thoroughly peneTa-
led clearly exposed, and course OF general com
neree very different from that emanating from the
free system, be entered upon.
1t has become matter OF the very highest lIn'
portanoe that every workingman, and, indeed the
whole nation should be made acquainted WIN the
deluaiop ttat prevails regarding Adam Smiths
writings, as also the writings Of those who, to-
setber with DR.. Adam Smith, constitute the mod
Srn school OF Political Economis's
II hav hesn asserted throughout the country, and
alien within the walls OF Parliament, that the SUD-
fec Of the rights OF labor comprised as these rights
are in the principles of general commerce. mas been
80 we'll and SO fully considered and explained oy
khis body Of WRITER'S that the vital suoJecs ID 10 %
viewed as a subject thoroughly unoerstoou an9
settled. Writers and statesmen have asserted
EAis with go much confident assurance THAI laws,
On which the welfare Of the whole nation depends,
have been In aome instances, ne ade, and In others
abyogated in accordance with the principles ed'
vanoed by this school OF economists
Now more fatal delusion than that oil pao'hB
faith In the proficiency OF this school, cannot DO en
Aertainsd and we are bound TO announce 70 you
vi,h regard to the superior intellectual percepton
and ability which has 30 long been asserted as pc
oersainipg to this school, the authority Whlcn mas
Been 30 boldly and presumptuoGsly dem&adeo loi
il, and which has been so unlnquirlngly ana need
leesly conceded to it--that decePuon mas poem
praoiioed on our country and on the world, whlcn,
Sor Nervousness of character aud injurlousness OF
affect on the interests of mankind ID, probanly ane'
cuaiad In the whole history Of Literature, Legisa-
inca and Governments. The assertion just made
we viii In the next place proceed TO prove ana
shio wa win accomplish by short process, being
S.rived from the leading economists themselves,
shav having been under the necessity OF admitting
shas the true characters OF the main branches OF the
science of Social Economy have not been disooy-
ered by them.
The proof which we will adduoe first ia derived
from tho writings Of Mr. McOalloch, who, himself
being disciple OF Adam Smith, and aokno Tlsdgng
rim as bis leader and master, has, nevertheless,
admitted, In a passage in the Introductory part OF
his own work, that his master was very deficient
The following 10 the passage;
"HoweYer excellent many RESPECTS aiill II cannot be
denied thai errors and those too q no sght I'M
ssv MAJ In prosecuting such branches OF industry hs are
est advantageous themselves, individuals necessarily
at The snas time most eous
K he puhlie His leaning the ysem OF n Quesnaya
sappT ps pnhle In every part o his hlm 20
ar swefye the aoander nucpies OF his own 5y STEM
ae 10 ndms thai the preference aAown by individuals Ia M
vc of particular employmens 10 nos always tre test OF
ss public dysn,sg eonst ess He considered agriculture
honsh not the only productive employment as lhs most
prcdpc,ivs OF any; tue trade az more productive
Ran direct foreign trade and The latter than Tue carrying
ade II Ia clear, however hal those olstncllons are All
fase ptnepialy erroneous PernAps, however,
ae pfincipal defec OF The Wealth OF Majors consists in
ts a,cnepus doctrines laid down with respect to The inva
Tabs value OF corn and tho effect Of dacuscns Ia wages
and profits on prices These have prevented Or smish
ke seouitpg clear and notions respecting The
papfe snd caused rent and laws which govern the
rale OF proa and have 10 consequence yisted tho thso