The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-13

t~ieularly the Report OF the Secretary Of the
Treasury. with anxiety. and scan them with
oaro. to learn what disturbing political and
financial novelties are TO be let loose to vex Thorn.
Last week, however. they were agreeably disap-
pointed. Nothing unexpected came from the
President or from his Secretaries. and the con-
viction that Congress will, this winter. only con-
sumo time in ~fruitless debate, 10 now generally
entertained. Consequently, there is no special
feature to DO mentioned In tho market for tho
week. except. perhaps, tho rise and fall In the
prices of American Sugar. Consolidated Gas.
Elevated and Metropolitan Street
Railroad, which woro due to quite other than
political considerations.
In view Of tho doubt which commonly attends
the action OF legislatures. State as we'll as ma
tional. the wish IN frequently expressed that
these bodies might DO dispensed with. or. at
least, that our laws. once made. should DO al.
lowed to stand without amendment and with.
out change for longer periods than are now
granted them. Particularly Is It thought desir-
able that measures affecting business should be
moro stable than they are, and less subject to the
vicissitudes of politics. We have had now. 1t 10
eaid. three r~evislons Of the Tariff in seven years:
IN important act affecting the currency was
passed in 1890 and substantially repealed in
1893; an act authorizing the sale Of Govern
mont bonds, passed in 1875 and supposed to be
obsolete, was revived In 1894 by Executive de-
cree. and what our currency system will be four
years hence, nobody can tell. All this 10 q source
e Embarrassment to the business world, and q
clog upon the machinery Of enterprise.
90 long, however. as human nature 10 what 1t
O.. the evil thus complained Of must DO endured.
Even under o despotism. financial and indus
trial legislation must DO accommodated to cir
oamstanoea; and still moro In q democracy
must Il yield to the varying will Of tho people.
Thurman viadom In nacaaaarily the frutt af axne-
yienco: there 10 no short and easy way Of arriv-
ing at absolute truth. Tho human race has
bosn making progress for thousands Of years in
an branches OF knowledge, and Its progress will
continue. Notwithstanding that It involves O
oonstant abandonment Of results which ap-
poarod. for Q while. to DO firmly established. and
the adoption In their place Of now ones. which,
In turn, will b su~pplanted BY others not now
forcseen. To NJ our present financial legisla-
ten permanently in its present condition would
b 70 abandon all hope of improvement, and to
remove 1t from the influence Of politics would
b 10 substitute, with those who are dissatisfied
with IL. despair for discomfort.
The Lessons Of experience in regard TO the 40
Quisition and the employment Of wealth are well
named tho science of political" economy,
although Aristotle, who invented tho express
sion, meant by 1t no moro than the application
Of the rules Of economy. or good household man.
bGoLnonts 70 inc Au0lrb OF U natlOn AZ constr
tuting . larger household. Since Aristotle's
time. the science has been immensely broadened
In It's scope. and many writers prefer to call it
" economic science" or, simply, economics"
dropping politics out Of 1t altogether and treat
Eng IL as II. like mathematics and physics, 1t
dealt with things Independent Of human pas
nions and prejudices, and was capable of being
reduced to q system of invariable rules. I'm
fortunately. human beings. although they arc
machines, are yet machines Of q more delicate
and complicated character than those con.
structed OF wood and metal, and no one
has yet arrived ut 30 accurate q knowledge
of their composite elements that he can ~foretell
with certainty their action Disregarding this
fact, and failing to take into account the whole
group OF human motives. the greater number
OF theoretical economists confne their atten-
ton too much to the desire Of pecuniary profit
alone, as II that were the handspring Of human
action. Hence. to generous minds. political
economy is tho dismal" science. and they re-
pudiate its teachings as being based upon su-
preme seldshness to the neglect of sentiments
moro deserving Of recognition. Politicians and
statesmen also depreoiate its value because 1t
pays too little regard to patriotism. subordinates
tho interests of nations as units to those Of indi-
vidual citizens, and allows to political considera-
tions no weight in shaping measures relating to
the material well.being Of the community.
With this material well-being politics for the
most part Is occupied. The school Of theorists.
who. as Mr.. Gladstone did at the commence
ment of his career. maintain 1t to be the duty
Of the State to promote the religious and the
moral Improvement Of its citizens, is small and
daily becoming smaller. In this country, par
tioularly. the separation of Church and State is
30 complete and has lasted SO long. that only
mundane questions ever become subjects here
OF political controversies. Negro slavery might
have lasted until this day. in spite Of its denun-
Clation by the abolitionists. II tho South had not
assumed 1t to be essential to its agricultural
prosperity and Ind not attempted TO extend 1t
into territory which the North thought would
DO better OF without 1t. 30, too. free trade has
been championed by the agriculturists and the
merchants who hope to profit by 1t. while pro-
lection has received the support Of tho vast
multitude of manufacturers and their en-.
ployees, and of persons engaged in the various
Industries which protection benefits. Tho con-
troversy over the free coinage of silver has been
conducted solely with reference to the effect Of
the measure upon debtors and creditors, and It's
moral aspect has scarcely been mentioned. II
having been assumed that II free silver would
benefit the majority Of citizens the minority
would not be wronged. The conflict now In
progress between the advocates of bank cur
rSncy on the one side, and those of Government
notes on the other has reference solely to the
effect the two systems will have respectively
upon national aud individual finances. In
all these cases the issue is one of politics. and
not one Of morals, religion or pure science. and
they give rise to political results independently
Of morals and religion.
While. however. legislation upon financial
matters must finally be political in its character
and be shaped by statesmen, 1t is still subject to
moral and scientific influences and Is moro OIL
lAaa Dnvarna al Inv than, Tha nnIn tnna "a ariantiHr
economists affect political leaders. IN the same
way that the moral sentiment OF the public
does. The economist may not be able. any more
than the moralist. TO frame the laws that can be
successfully enacted. but he can point, from hi.
study Of history. to the examples by which ex
perience teaches the probable consequences Of
the measures which arc submitted to his con
sideration. 1t 10 a case where the looker.on
sees more of the gam, than the player, and