, 1874-12-05
POLITICAL ECONOMY.

SOME LEADING PRINCIPLES OF POLITICAL
l.C0N0aiY NEWLY ENpOUSDED. BY ]. +.
GA1n.Es, IL. H., Eincrn. urofessor Of Political
E:onouly in unlycrsitY coi1egc, London. Now York:
Harper & Drottors. 1874.
This book, the most remarkable treatise on
Political Economy which has aopoared sinco tho
publication Of John Stuart AnIs 81 Principles"
doals somo strong blows st Mills repu-
tation. It Is ono Of several signs Of
ratlor aaddening process which has been
going on in Engiand sinco Mills death, mud
perhaps from thu date OF his career in Pnrli.-
,nent as tho menbef for Westminster. I1s fame
has been exposed to an acul criticism which hns
aaten intoit on overy side. 1lis Parliamentary
record Eavo some slight ground for the top-
1oady sneor that he was too theatrical to be piac-
tlca1. Almost hia last act In England, just be-
fore he vent to Avignon to die, was to preside
over meeting which committed itself, mud 80, by
implication. him, to tho support Of aomo rather
startling theories about the ownership Of land.
which shocked aud ropelled tho nanHs Of intelli-
gons Englishnon. When John Stuart Mill do
fendod tue doctrine that tho national Increase in
tho value Of land, Independent Of the owners
notion. might rignLfully bo appropriated by tho
State without tho owners reeolylug any co1npon-
sation therefor, he alienatod many kcen-oycd
thiukcrB, WHO aaw that the worst features OF
Socialism luEked under such O scheme
Ills own failuro to sec thia was o solf-lu-
hctea wound. The publication Of his
Autobiography" oxposed his memory aud Ills
work to tho bittor attnckB Of the religious prese,
Which foolishIr accused him Of tho Atheism ho
exproHs!y donied. and to the neutrality-suspicious.
reviews Of tho secular press, which cav in TINT
curious book confession OF tho weakness which
every man knows oxists within himself, but Of
which ho is 10th to believe his literary or scien-
ti6o Idol can hayo been guilty. Then
came tho just-publishad "Essaya OH
Religion" We hayo already discussed
thoss, editorta1ly and critically. Wo montion
thom again only to say TINT tbs crt;cism thoy
haye excited has not boon favorable. It has
! been, III rule. highly uufayorablo. Tho
reputation Of their anthor bus suffered still
more through them. 311, Mills fame il now at
| tucked from another direction. Tho points
upon which CairLeH dilIara from him arc nelther
| fow nor unimportAnt. We shall refer to so.no of
| them In aualyzing tho book. Tho "leadipe
principles" I" OF tho title ara In three clasaea,
those OF valuo, OF 1abor ind Capital, and Of In.
ternational Trade.
| Mill, as ia vol known, rejected tho ordinary
| theory Of domaud md supply. Ho dcclnrsd that
| there could bo 10 ratio bptwcon quantity {sup.
| ply) and dcsiro (dsnandl. To this Cairnes 70.
! plies tlat each member Of tho equation consists
Of losiro backed by purchasing powor. Tic
demand for cotton, for mstancs Ia deairo tc
buy cotton, coupled with purchasing power in
thu shape Of gold. Tho supply Of cotton 10 q Do
sire to buy gold, coupled with purchasing powo.
| In tue shape OF cotton. Thusthe two lorces do
spite Mill, DO correspond. They arc, az
Calrpes puts 1t, "dlTarant taoes Of the
l r., Thiu Ia var1n