New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-01-29
POLITICAL ECONomi

= -, norv for three quarters VI d Co'''"'J '"0,
' "a weld the domination to systems ana
NC Of political economy. These have &C
-;,.a and still exercise universal and Vefy
4oaound influence We venture to say that
Mere are no IDEAS Of modern times which nave
obtained so wide vogue, ard have 50 macn ~
,inusted and intwined themselves n the minus
of thiukinqmen Of all natl DIS as that OF Naiinus
that population tends to outgrow the production
of food and that Of Ricardo, tina. Society oeglhs
by cutiyating the most fertile Soils ana As pOP-
lation increases, takes possession Of 'ne P'O'''
and less productive ones. THESE i'eas' J"
rions forms and notifications, compose 'he
basis of the great mass OF modern "0iAS nP'"
social and political subjects and even "neie
,bev are nominally rejected and Denied we
Ga them reaopesyng and pervadng the
General current Of thought. capital ilustra
tion of this fac. may be found IN the last number
of The North American Reriso, where the winter
attempts to refute Ricardo, but does not pre-
sumo TO impeach the central and vital point OF
his theory. Thus these ideas are adopted even
by many who pretend TO confute them. They
are the ground of all teachings which deny
that Society has constant natural tendency
toward abundance happiness and harmony
they accord with the gloomlest views OF ProN'
dence and Of mans destiny Oh earth they array
classes in bitter hostility against each other
and pushed TO their legitimate result, they JUS
tify the most INSCRIPTIONS desPotlsm that can
pretend to regulate aud control the disorders oil
a race doomed to greater and greater misery,
and incapable Of avoiding its terrible fate.
These doctrines have indeed been assalled IN
Europe. as well as by such writers as that
NJ The North Amsrican Rcrec in this country;
for the native instinct OF every generous heart
revolts al their monstrous consequences But
thew have been assaied mainly IN respect to
those consequences, and not with denial o.
their own validity; the chief of them, the theory
of Ricardo with regard TO land, has not been
questioned until one Of our countymcn under
took it, The attempth has often been made 10 evade
and argue away It's deductions, but tia, attempt
has been fruitess because the main position re-
NAMED undestroyed. Il was reserved for an
American TO accomplish this service to the cause
of freedom and truth.
Our attention has been recalled 20 this subject
by an able article, discussing It, in the January
No. of The Merchants Mogazine. This article is
we understand fills the Office Of Professor OF
Mathematics in the University at Rochester,
Mr.. Smith here displays a knowledge OF his sab
,ect. and power of handling it, which ought 10
remove him from the Proiessorship of Mathe-
mates at Rochester to a Proessorship Of Poltl-
cal Economy in some more important and lnilu-
ential institution. He takes up the fundamental
notions of Ricardo and Nautilus, and demollshes
them utterly, with the help OF facts drawn exclu-
sively from their own writings and those OF their
disciples. He proves beyond dispute, that, in
England the population has not increased be
yond the power OF producing food, but that the
latter has increased four times as fast as the
former; and that the rent of land, instead Of hav-
ing risen in greater proportion than the wages
OF labor, as, according to Ricardo, 1t must, has
been far outsupped 10y The latter. Property an
land he demonstrates Ia tollnN the same laws as
movable property with It's progress and i'm
proysment, the gross return to labor and capital
is 50 increased as to give larger proportion and
aqreater absolute amoun, to the laborer, and a
greater absolute amount, though smaller pro-
portion to the capitalist While the mass Of con.
sumers reap an increasing advantage IN the
cheaper and cheaper prices at which their wants
are supplied Thus the interests OF all parties
arc comCident, and the advance of society is
seen 10 be steady and certain Just III proportion
as industry is freely and in;eligently exercised,
an" "ee~-~ $780, -..--,-l -anliaton and disturb
ancc
In this discussion Mr.. Smith gives credit
for his fundamental idea to Mr. IL. {. CAREY, t.
whom 1t belongs Mr.. Carey was the first &c
question and overthrow, by ~ impIoguabe array
Of facts, the theory of Ricardo with respect &
land and rent In so doing he Lard the founi n.
tion OF school OF political economy which wa
may Justly claim as American He showed that
Een begin the work of cultivation upon those
soils which are easiest TO till and heal thies, not
upon the most fertile, and that tiS only with the
snventon of utensils and processes, and the accU-
mutation of capital and associated strength, that
the richer lands are brought into use. Thus So.
cie,y tends naturally 10 betsr and better state,
its members become more and more
emancpated from the control OF outward ne
csssity, and gain IN power and freedom.
This seems very simple idea, hut 1t took
long TO find 1t out, and Its antagonist still
holds the high places OF craftsmanship in many
countries, and occupies the chairs of learn
ing. In the United States, Nautilus and Ricardo
are taught in almost all the Colleges, II not In
name al least IN substance Indeed except the
institution at Rochester where, we are told, Prof
Smith adds TO his mathematical duties, a briei
course of lectures on Political Economy, we
are aware OF no Institution OF learning, north
oi Mason aud liNOn's line, where the old ideas
not inculcated.
We know OF no branch OF What Is called do.
ersl education, which more needs reforming
than the course q Political Economy given ia
our Colleges. Its no. American. I,iSno, true
IL has 10 De unlearned when the Sssdcnt comes
,,..., L.. 49, u, =. 4