The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-08-28

a
Nor has water, though used by all, any value
where all may use it; but it receives value
where some have it and others not. We use
the term value, also, for things desired, and
for which We are ready to part with other
things possessed by us.
Political economy deals with exchangeable
values only.
Free trade is nothing moro than protection
against obstruction. The true name for the
| protectionist would be obstructicnist. Free
trade is protection Of every mans own.
Rapid circulation promotes civilization, and
| as civilization advances it requires circulation
increased in extent and rapidity. Man re-
moves natural obstacles by roads, canals, nav
igation; and he creates greater ones by pro-
tective tariffs.
In point of political economy there is 10 diff
ference between selling and buying. If A buy
-four with money of B, B at the same time buys
money with -four of A.
all process of accumulation is slow, that OF
destruction quick. A town is slowly reared,
but confagration consume it in night. 1t
is the same with capital and all wealth.
The factors Of wealth are industry, security
and frugality. There is no other source OF
wealth but production. Wise exchange is pro.
1 duction.
An ill.spent tax is worse than robbery; for
it is the taking away Of part of private prop
ertv, under the name and by the force of law,
for illegal purposes.
If wealth consisted in money, mankind could
not become richer. There could only be the
process Of the two buckets in the we'll. and in
each transaction Of trade one party would nec-
essarily be loser.
No enterprise. failing by its own Improbable
nature, can be at the same time ruinous to the
adventurers, yet advantageous to the commu-
nifty. II railway cost 100000, and shares
fall to $25 in the hundred. because travelling
and freight pay fair interest OF $1OO 600 only,
in that case the community have forever lost
the value Of 500, 900, and the passengers aud
freight are carried at the rate Of the regular
and fair price, plus the interest OF $4OO, ,OOO
proportionally divided in the course OF the
yesr. Nothing is more common than to hear
that q hotel or canal has been ruinous to the
adventuripg individuals, but that the people
have rea oed the advantage Of it. This cannot
be. The same applies to government under
takings. They cannot be advantageous to the
whole ESQ far as productive effects are con-
oerned, although they would be ruinous to
individuals.
Almost all modern free nations have set out
with protection, so-calied, because freedom
implies that the popular voice have its proper
weight, and tho people necessarily first judge
by immediate appearance. II they sell their
own products higher they think that they are
gaining, not seeing what they lose as consrm-
era, and they suppose that money constitutes
wealth. But almost all new governments struc-
Cling into existence have shared the same
error-monarchical as well as popular; fol In
stance, Prussia.
Common sense is the native sound judgment
which guards US against the too much and the
too little (the ntnaiuna in the application OF
ru es and principles to given practical cases.
It becomes tact, but is not intuition. 1t is
necessary everywhere and in all spheres, but
dispenses with no reasoning and no expert
ence. Common sense cann't plough the field,
it cannot become substitute for agricultural
science; without it neither plough nor science
can be applied in each concrete case. Com
mon sense does not render political economy
unnecessary; but political economy cannot do
without it, apy more than religion, philosophy
or The healing art can.
Men have always been political economists
as there have always been philosophers or
physicians; that is, they have always been
guided by reflection, correct or erroneous,
upon subjects appertaining to these spheres;
but long time elapses ere an Aristotle, Hip
pocrates or Smith gathers the experience o.
ages into q coherent system Of knowledge.
Whether political economy is science or not
is Indifferent. II is knowledge; it seeks truth.
All serious reflection and unbiased thinking
requires that We free ourselves from incident,
al associations of ideas contracted from ap-
pearauces. Language exists before Systematic
reflection, and around every word clusters al
unbiddaa association Of ideas. Nowhere ls thu
emancipation OF the mind and divesting o
terms from incrustations moro necessary thai
in political economy, and with reference to no
term so much so as to that of money.
Political economy Is associated By many
persons with utllitarianism; that is, that sys
tenn which seeks for the uainsam Jonum II
the merely physical welfare of man. This il
no trusr than confounding religion with certain
religious errors, or with funatclsm, bypocrls!
or priestcrait. Political economy SIMPLY en-
deavors to ascertain the laws OF production
aud consumption-the PRINCIPLES of exchange
Exchange is an exclusive characteristic o
man, and basis of his highest interest and
aspirations. So long as mans soul is united
70 his body, 80 long is political economy OF i'm
portance. -"
Free trade is the principle Of the gospel o.
peace and good will carried out i'll the world
exchange. Prot 'ction is short-sighted selfish
ness.
Free trade is nothing but the natural stat,
of things like iree communion. 1t would no
have acquired any Importance as separate
subject, any more tn IN free breathing. hat
there not been period when. with our race. i
Was almost universally and tearfully invaded
Now 1T is necessary to re-establish and fortn!
it by legislation.
Free trade has arrived at that period, a
least, when it is universally acknowledged
within each country. The next period will be
when it is acknowledged within our entir'
race. and people will speak Of protection as we
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