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

a .
We have received . copy Of che farewell
letter Of DR.. Francis Lieber, then Of the
South Carolina College, delivered before
the class in political economy in 1s4s. ;. The
truths set forth in it are as fresh aad inter-
esting after twenty years as they were
then, and wereprint It as q clear, simple
and substantially, accurate statement Of
some fundamental principles which are too
often forgotten or misunderstood: ak. rs
In political economy, as in all other practi-
cal branches, there is nothing that c.n be true
in theory but false in practice. Political econ
omy has to deal With prastice aloney and the
results OF reasoning on facts, when systematic
cally arranged, aro called theory. "A theory
may be consiSseat with itself, though starting
from erroneous premises and misconceived
facts; but this does not make the theory true.
Speculation Is not theory. In medicine noth-
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 enchanting ldolatry.
Political economy is OF tho lastimportance;
for its subjects arc closely connected with civ
ilization, freedom and the most sacred inter
eats Of man; but political economy is not, on
that account, substitute for ethics, religion,
or any essential branch ct KNOWLEDGE.
Tho 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 ,ncel of greatly accu.
muIated 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 is nothing but term fol
the aggregate wealth Of the individuals.
Freedom. which is security OF untrammelied
action, ia one OF the first requisites OF general
and healthy wealth. With our race commerce
has almost always prospered or fallen with re-
liMous liberty (because in Europe religious
liberty has generally been the highest test OF
ibertJ.) DC F
Accumulation Of wealth, 30 far from beins,
anything sordid, ia. indispensable to oiyiliza-
ticn. Economy Is. necessary, to accumulate
wealth; saving is honorable. There Is NO econ.
omy possible without order. Keeping books
is indispensable to order. Pay as you 20 along.
|. Money always retains the essential character
istic Of q commodity. Moneg Is q commodity.
Gold and zstlveE. hare naturally become the
CHIEF substances Of coin, but no mysterious
law OF nature has made them SOL !.y. a:i q
Always judge Of questions Of productior 'fnd
consumption ast, without 'any reference I'd
money 1sa iPft did hot sxiStiY and witb,n;,t
ady TsisrehsS to oi!ii divisions to iccaolorSd
lihes On tho HAP. or Ldi' '7Fs7 .. :,
Math dspsndsnce is primary Law In poiis POI
oal economy, as In ell else. 5,,,r ~ 4.
~ Az produolIon ia for, ,ioonsumption.-prcduo
tive OF unproducive. Tue only thing esaen.
TALLY needing protection Is consumption Don.
sumption Is protected when the law "a ., oysd
all obstacles in'tbe wa1 OF obtaining tile high.
es. amount tor the smallest means; eli elas;ia
Labor stands truly, IN need Of protection: a
that IL. no arbitrary restraint must be pu. On q,
Y labor 40 thss more labor ia necossary to obtain
sn p object than would be requisite without the
restraint. AHlabor must be- protected: that
ie. none must be restrained or:wasted. z All soi
called protection Of labor is partial favor Is
some speclss of labor, TO- the dstriment Of gen.
eral labor. id ltIfYf esya sC.ieif :; ~
Communism is.thei doctrine OF. sbsolutisn.
whether monarchicsl or democratic. proteo.
dve tariffs srs yelled communism. = 10 %
= Commerce, internal and foreign, Is atm and
nast forever remain barter, except lie smsll.
Products aons create demand ddsa il sof bro. @
ducts. Not hunger. not co.ds orsate ., de-
,msud forbread pr Faiment; but products nhioh
may Pc siysp In exchange for. them. II money;
DC gwen Tor them. this money muss frat bel
oDtainsd fotproduets.S aa,i ;lir,i, ag'l:
,,.e oYernraent CANNOT N AXE money, fs oan Only
s.amp ha y. toaasc trouble. Tue dlt cannot It'd
aSs pSss 9ss.aah saias busas isI The
THO piece Of metal already pos sslS2sed
Thsrsis 40 aGch thing 8, lphSfsnI -: y.,na. 4 u
Yslre f;dates thi6SEE dsssirsd fpa ssss
ass1st'ps; s:s s.lus sil 1e is rsla!,pH 6ss e
r"Sri .h- i. i1snW G,tnrsig9