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

for which We are ready to part with other
things possessed by US.
Political economy deals with exohapgeable
values only.
Free trade is nothing moro than protection
against obstruction. Tho true name for the
protcctionist would DO obstruoticnis,. Free
trade is protection Of every mans own.
Rapid circulation promotes civilization, and
rs civilization advances it requires circulation
increased in extent and rapidlty. Man re.
moves natural obstacles by roads, canals, naT-
igatio.; and he creates greater ones by pro-
toolive tariffs.
In point of political economy there is no dif-
ference botwcen selling and buying. If A buy
flour with money of D, b at tho same time buys
money>with flour of A.
All process Of accumulation is slow, that OF
destruction quick. town is slowly reared,
but conhagration consume it in n night. It
is tho same with capital aud all wealth.
The factors OF wealth arc industry, security
and f:ugality. Thoro is no other source of
wealth but production. Wise exchange is pro.
duction.
An ill-spent tax is worso than robbery; for
1t is the taking away OF part of private prop
erty, under the namo and by the force of law,
for illegal purposes.
If wealth consisted in money, mankind could
not become richer. There could only Lc tho
process OF the two buckets in The we'll. and in
each transaction OF tralo ono party would nee
essarily be loser.
No enterprise, failing by its own Improbable
nature, can be at the same time ruinous to the
adyenturers, yet advantageous to the commu-
nifty. II railway cost $500. 900. and shares
fall to SIS in the hundred. because travelling
and freight pay fair interest OF 500 600 only,
In that case the community have forever lost
the value OF $400,O GOO, and the passengers aud
freight are carried at the rate Of the regular
and fair price, plus the interest Of $40O, 900
proportionaily divised in the course OF tho
year. Nothing is more common than to hear
that q hotel or canal has boen ruinous to the
adventuring individuals. but that the people
have rea ped the advantage Of it. This cannot
be. The same applies to government undor-
takings. They cannot be advantageous to the
whole ESQ far as productive effects are con-
cerned,) although they would be ruinous to
individuals. =. ~ 94 -. = lc-a'
Almost all modern free nAtiors have set out
with protection, so-called, because freedom
implies that the popular voice have it's proper
weight, and the people necessarily arst Judge
by Immediate Appearance. II they sell their
own products higher they think that they are
gaining not seeing what they lose as consrm-
ers, and they suppose that money Constitutes
wealth. But a!moat oil new governments struG-
Cling into existence have shared the same
error-monarchical as well as popular; fol ir-
Htan1e, Prussia iul -ra ia..tas.
Common sonse is tho native sound Judgment
which guards us against the too much aud tho
too little (the niraiuua) In the application OF
r1:cs and principles to given practical cases.
1t becomes tact, but is not intuition. 1t is
necessary everywhere and in oil spheres, but
dispenses with no reasoning and no expert.
ence. Common sense cannot plough tho 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. any more than religion, philosophy
or the healing art can. ~
Men huve.afways been political economists
| as there havo always been philosophers or
physclaus; that is. they havo always beer
guided by reflection, correct or erroneous
upon subiectn apportaining to these spheres;
but q long time elapses ere IN Aristotle, Hip
pocrates or Smith gathers the experience o.
| ages into coherent system OF knowledge.
Whether political economy is nsscience or not
is Indifferent. IL 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-
pearances. Language exists before systemati,
reflection, and around every word clusters oil
unbidden association of ideas. Nowhere s THU
emancipation OF the mind and divesting O
terms from incrnsta'ions moro necessary thar
in political economy. and with reference to no
term 80 much 30 as to that of money!
Political economy ID associated by many
| persons with utltarianism; that is, that sys
tenn which seeks for the vain,um bonun il
the merely physical welfare Of man. This Il
no truer than coniounding religion with certaiI
religious errors, or with fanaticism, hypocrisy
or priestcraft. Political economy SIMPLY en-
deavors to ascertain the laws OF production
and 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 ls unitet
to his body, olonz Is political economy OF Inn
portance. So 5,e
= Free trade is the principle Of the ospel oil
peace and good will carried out in the world o
exchange. Prot 'ction Is short-sighted selfish
ness;cJr- cEfo s'.a 2 cs'Airi ffT 3ao
u Free trade is nothing but the natural stat.
OF things. like sree communion. 1t w3Siuld no
have acquired any Importance as q separat,
subject, any more th l4a free breathing. hat
there not been period when. with our race. Il
| was almost universally and iearfully Invaded
j Nov Mt naeaaaapv ofoh htIo 4, nj ko,,,S.