New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-04

prevail but he gracefully accorded to others VIM he
arlontly longed for himself. His innate knuheSs Oh
heart we are persuaded, was superior to MS demon
str,tions Of sympathv Even his feminine sensitive
ness Of temperament strengthened his habits Oh re-
serve. and gave him an air of haughtiness when no
merely sbrank from The rude gaze of the public eye
None of his previous productions, we THINK can
comnare with this volume as cordial expression ol
his eepest life and on that account it is certain tht
Il will enhance his wide and beautiful fame
LESSONS on POLITICAL ECONOMY: DESIGNED AS a
R,srs pop INSTRUCTION IN THAT SCIENCE IN sCHooIs
AND CoIIEGEs by ]. I. CHAMPIIN FrcSdent OF
Colby University. l2mo' pp A9 New-horR' a. O.
Barnes n Co. >,
t-ext.book of moderate size, clear style. and we'll
coopacted learning which shall bring something
worth knowing relative TO Political Economy within
the reach of schools and colleges is almost as greatly
IN ne desired now as good spelling book or diction-
arv before the days of Noah Webster. The present
book satisfies bat one Of these requisites IL is oi
moderate size In style it is obscure, verbose ana
vapid. In matter it tells boy of eighteen about
political economy what such boy, Of enough parts
20 study the subject at ALL Ought to know without
being told. For instance. page 100:
Ones business is what he buseS himself about ana,
s every one has wants be supplied every one nae 10
be busy about something This Is specially 80 w ~ I'M
lzed Soinmu1lS %ISI9 o. Inv same nme in consequence
or an improved knowledge OF the laws OF nature are III
"A
ETY. presents scene 81 wonderful and almost peNhueihs
activity.
An anthor who has facts TO communicate never
wastes type on such Mother Goose talk. Much
of tie writing is ungrammatical For instance
Up. 10l):
In determining what business ono should follow mo
first niHg for han TO consider "a his own 4u"""c"on'
and aputudes.
Our author is feeble, obscure, and often false III
his definitions. Ho begins 10 define Political Econ
omy page . by saying it Is State economy as Op
oosd to foaiIy economy or indiridadl economy" and
ends by saying political economy may be dehned
as the science of wealth, whcihcr National or md
ridaal" What intelligent schoolboy could be duped
into the impression that science is to be learned
from the teachings Of one who contradics himself
poin. blank in his attempt TO define the science IT
self. A fair definition of Political Economy would
be the science which treats of the natural and aTt-
fetal laws which affect the growth or decline OF
wealth freedom. and power in communities ana ma
tions. and inculcates the principles and policies
whose practical administration forms a leading part
Of the art or business of craftsmanship
Take another definition equally fundamental and
defective
Wealth is ANYTHING which contributes 70 cdi or
happiness aud hence anything which graties desire
This might pass for a definition Of utility but not
nj all of wealth. Many things which contribute 10
our happiness are not wealth. Such are air, water
sunshine health. strength. affection, amusement.
lave. sc. II il were conceded that liquors. posons
weapons &c. contributed only 10 our unhappincss
they would be mono the less wealth both IN nation
al and individual sense. Wealth is that which has
an oNchaugeable value & e., can be sold Tor price
II an article possess this quality whehert he pro
duced by labor OF fan from the clouds. whether it
promote our happiness ike good book, or retard 1t
like opium il is wealth The price for which it viii
sell is measured by its utility its cost Of rcproduc
ton ana its drawbacks or burdens. In other words,
the exchaugeable value of article depends how
! much enjoyment we can obtain by using il, how
much it viii cost to get another like IT, and how
| much it costs 10 kept,
| Where definitions arc loose, We cannot expect
principles 10 DE understood Thus under the head
OF money have the startling proposition brought
forward as an axiom that an inferior money viii
always dispiaco a superior money from the cIrcula-
ton BY this tho author means that o cheaper cur
rency. when found equally effective will always
supersode deaIeT ono, just the cheaper machine,
Tor any other purpose Of society than circulation viii
supersedo a dearcr one. But is a cheaper currency
when found equally effective an inferior one Tho
author must assume So in order to arrive at his
founding axiom. The teaching Of modern political
economy is that ns fmauGnd advance 10 cheaper
agencies in all other things, do they advance 10
cheaper and not inferior but superior Of oicu
laon. The first and lowest money which supcrscdes
direct barter is iron shells leather, among the
Spmtaus American Indians South Sea Island
ors This tsyace currency is superseded by
gold and silver, the present currency of barbarous
countries like Arabia Tartary, Guinea Borneo, Pata-
eonia. and other regions which have no credit no
banks OF circulation 10 paper currency, rapid cir
culation Of valuts no constantly accommodating pro
dustion Of wealth 40 railroads banks Of deposits
or checks Gold and silver alone are the currency Of
barbarian. Next We advance 10 banks and bank
notes founded gold and silver deposits, Orrcscrves
IN some sIoal degree but supplemented by basis OF
credit the security given TO the money by the gold
deposit constantly lcsscning aud the security given
70 il by the credits o. bonds Of Governments, States
oripdyduals, constantly Increasing ia cyoryadyanoe
in tho extent perfection security, and economy Of
the system. The gold is superseded by the bank note
thus secured inst as the wagon is superseded by the
locomotive. because tho latter performs more
service ia less time ut less cost. Finally. the bank
note is supciseded Tor the same reason, by check
currency in the rapid and vast exchanges Of cities
where more values are exchanged in i've hours with
out the use Of either coin bank notes than could
bo exchanged in five weeks by the use Of gold, thus
saving the interest the gold, the time Of the per
sons employed ia efectng the exchange, and
large share Of the values Of the goods exchanged.
The check currency suporsedes the bank note, as
the telegraph at4 of sending dispatches super
sedes the steam mail car. In every instance tho in
feriOr AID dcaror currency is superseded by the
superior aud cheaper aud ono protesting to
write on Economy who reveals his profound
ignorance Of 50 vast chapter in the subject,
shows bis inter incompetency 10 comprehend
any other part of It. The currency thrown upon our
country by our recent war. when fairly and in all
aspect, considered forms no exception to this rule
For the emergency TO which tho country had been
broneht Tie foTmer currenOy nttoIlY INADEQUATE.