National Republican., 1873-12-24
ECONOMIC SCIENCE.
A UNIQUE AND VALUABLE suuuE,

A rS'arh AND rI5N. EIANiuABhE sruons'
An institute Of economic science at the capital
Of the United States might do great credit TO the
country and great service to the world.
Tho times are favorable to tho Indicated project.
They are hard times, indeed; times OF pccuniary
trouble; but. uniaycrable to most projects which
involve expenditure. they almost seem to point "a
the es,ablishment OF such an institute as that
mere advocated as proper preparation for the
economic future Of the country.
At the outset li.tlc money would DO needed
tied to Comparatively inexpensive things. A few
lectures, as To which the expenses should he con
fned to the cost Of the hall and Of advertising.
IN rht we'll begin the work But as soon NJ posi-.
bic the institute should be endowed with liberal.
ity by private citizens
c,,I, Ths pr9leWSi Ws,I not Local II nsison, s The
special interest In all such projects; they shouid
take great pride in fo.warding such enterprises;
more than any other citizens OF the United states
they are called upon BY situation and condition 10
take lively interest In such suggestions rs those
here submitted; but the institute proposed would
be Of national relations and concern.
An institute Of economic scicnre may, however,
seem Impossible. Some one may say there Is no
science OF economy, political or nou.po.iiieak A
tions-truths arranged In systematic order; and
political economy Is no such system OF cognltions,
no such complement Of truths:
Is there science In the system known rs mct.
cinef We have academies OF medicine. Does
any one pretend that, becassc some parts Of med
sceees whatever n WIKI so %
healing art1 Is anatomy no more positive than
thernptuticsf No one ought to say that all Of
physiology purely speculative. Everybody, in
. word, should be prepared to acknowledge that
the system known as medicine, IN spite Of Its dc.
iects contains cognitions Of the scientific order.
wealth Is economic health. Excessive riches
are not wealth. They arc like penury In this,
that they are morbldly abnormal. A truly wealthy
people Is to be found whcro the material Of wealth
Is III distributed. Wealthy individuals nay there
be found 10 force, but not wealthy people. But
however that may be- the thing with which the
economic sclenees concern thenselvos is wealth,
Just as the thing with which nedle,ne and hygiene
concern themselves Is health. There pust be, 80
to speak, an economic hygiene, an economic pedi-
cine. There must DO true science Ct political
economy as well q true science OF economy at
home. tmIetfect as the economic sciences remain,
they eertainly exist, They have existed ever
slnee Plato wrote his The Republic Tor Tho
state, and they had then existed for oao clunot
say for how many ages. Adam Smith worked
wonders for their betterneat; he was not their In.
wouI be dicsit to S suIsuIstsi ba, b %oI,sss Sax
nor Smith nor Plato con be credited with the
foundation Of POLITICAL economy.
,Perhaps me WORKS Of John stuart MIL and
the age Of social science. Social science was not
born last month, last year, lastccntury. II "a not
In Its infancy. But let not forget that the ques
tlon for the present touches only part OF social
scence-touches only what called political eoon-
omy. Assursdly there is, there has been, q real
milton offered by the admirably cautious words of
sir Mill In his aPrinclpies OF Political Economy
where he says that writers on political economy
profess TO teach or to Investigate the nature 81
wealth, and the laws Of It's productiyn and d.s,r-
button incle.ing, directly or remotely, tho opera
tion Of all the causes by which the condition OF
mankind, or Of any society Of human beings, in
is made prosperous or the reverse"
According to Say, Tseonomfe politi9ue must be
distinguished from Ia poihtqne. Tho latter, he
informs us, Ia the science OF tho organization of
societies las peopes); white the former Is the sci.
cnee which teaches how riches take form, and how
they are distributed, and how they are consumed
Acknowledging that such a science as political
economy has long existed, It Is necessary to be
equally as clever In the acknowledgement that
that most interesting branch Of science still re-
mains discredltably defective. We Americans
lar Is the deity, We hear, that We most worship
Let us prove at least that we dispose ourselves
to take due interest In economic Science Lot us
take ngvantage, Of our splendid opportunities to
We do not worship the almighty dollar more
thsn II is worshipod by our cens0rs. We arc not,
Of what can be procured by money than are other
nations. But We have not yet cylnesd due inter.
I sss in rs lev. that govern wealth, regarded as
The Initiative Of the movement advocated In this
article mdy well be taken at the seat OF Govern
,nent. We ought TO move at once, and with de.
termination not to fall.
where the Congress holds Its sessions; where re.
sides the Chief Executive charged with the duty
Of recommending legislation; where the Secretary
O. the Treasury performs the Functions q his o..
dowed, should seem In plaee-in order. Let us
have one, Let us now begin the agitation for one,
and not give up the agitation TIN 1t shall appear
Cerla.niy ihe object Is Of practical Importance.
Certainly II is OF g.eat concern 10 the whole peo-
pie. CITIZEN.