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

We have received q copy Of the farewell
letter Of DR.. Francis Lieber, then of tho
South Carolina College, delivered before
the class in political economy in 1s4s. The
truths set forth in it are as fresh sHd inter-
esting after twenty years ss they were
then, and We reprint it IS clear, simple
and substantially accurate statement Of
some fundamental principles which are too
often forgotten oG misunderstood
In poli,loal economy, as in all other practi-
cal branches, there is nothing that can be true
in theory but false in practice. Political econ
omy has to deal with practice alone; and the
results Of reasoning on facts, when 81 stemati-
caIly arranged, are called theory. A theory
may be consistent with itself, though starting
from erroneous premises and misconceived
facts; but this does not make the theory true.
Speculation is not theory. In medicine moth
ing can be healing in theory but killing in
practice. Every one theories who reflects on
facts in order to find laws; sacrificing facts to
theory is enchainlng idolstry.
Political economy is Of the last importance;
for its subjects are closely connected with civ
ilizaton, freedom and the most sacred inter-
ests Of man; but political economy is not, on
that account. o substitute for ethics, religion,
or any essential branch Of knowledge.
The Bible does not dispense with political
economy. The Bible gives principles; politi-
cal economy seeks the means and methods OF
carrying them out; for instance, the principle
OF charity and pauper systems.
Civilization stands in need of greatly accu-
mulated wealth; progressive civilization OF pro.
gressive wealth.
Values exist long before money.
Great wealth exists without any money; for
instance, China.
Money is always minimum part Of national
wealth.
National wealth ls nothing 5ut term FOR
the aggregate wealth Of the ind:vI duals.
Freedom, which ls security Of untrammelled
sc,ion, is one Of the first requisites Of general
and healthy wealth. With our race commerce
has almost always prospere1 or fallen with re-
ligious liberty (becsuse in Europe religious
liberty has generally been the highest test Of
hberty.)
Accumulation Of wealth, so far, from being
anything sordld. 8 indispensable to civiliza-
ton. Economy ls necessary to accumulate
wealth; saving is honorable. There is no econ
omy possible without order. Keep ng books
is indispensable to order. Pay as you 20 along.
Money always retains the essential character
istlc of commodity. None is commodity.
Gold and silver have naturally become the
chief substances Of coin. but no mysterious
law of nature has made them 80.
Always judge Of questions OF production and
consumption, 6rst, without any reference to
money (as il it did not exist,) and without
any reference to civil divisions-to oolored
lines on the map. -
Mutual dependence is 8 primary law in polt-
cal economy, as IN all else.
All production is for nsumption-produc.
tive or unproductive. The only thing essen.
TALLY needing protection Is consumption. Con-
sumption is protected when the Law removes
all obstacles in the wav OF obtaining the high
est amount for the Sun lllest means; all else is
wilful waste.
Labor stands truly in need of protection;
that is. no arbitrary restraint must be put on
laror so that more labor Is necessary to obtain
an object than would be requisite without the
restraint. All labor must be protected; that
,is, none must be restrained or wasted. All go
called protection Of labor is partial favor to
s)me species Of labor, to the dstriment Of gen.
eral labor.
Communism is the doctrine OF absolutism,
whether mouarrhical or democratic. Protec-
tive tariffs are yelled communism.
Commerce, internal and foreign, is still and
must forever remain barter, except The small
est retail.
Products alone can create demand for pro-
ducts. Not hunger. not cod. create a de-
maud tor bread ,r raimeut; but products which
may be given in exchange for them. If mouey
be given for them this money must first be
obtained for products.
Government caunot make money; it can only
stamp it. to save trouble. The die cannot im
part or ginal value. but as it adds 10 the e1-
changeableness 80 it adds to that value wnich
tue pirce OF metal already possessed.
There ls no such thing as inherent value.
Value qlIros thing desired and person
desiring. Value is q relation. Gold has no in