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haps, he labors with his own hands, as to him -not a small one certainly—Mr. Colton who works for hire. The time has never yet has marched boldly into a field yet more been in the history of the United States as an entirely new, with an array of figures and independent nation, when labor was not in this facts, to demonstrate a system of foreign sense an independent agent—when it could not reject an unsatisfactory offer, and yet live. It taxation, under free trade, which is not is not pretended that labor has been able to dic- only immense, but amazing. It is to be tate its own terms. That would be equally hoped that these two chapters, so new improper and unjust, as for the employer to do and strong as they are, will not only be it. But it has always had an alternative. As appreciated, but that they will produce a last resort the American laborer can at any their proper effect. With these remarks time go to the backwoods. His independence is never necessarily sacrificed.

we leave them, as the argument, in either " In the light of this contrast, the condition case, cannot be broken up without injusof European and other foreign labor is one of tice. absolute bondage. In the first place, it is for The chapter which is devoted to the sixth the most part deprived of all political influence. point enumerated by us, and which is the This is the primary cause of its misfortunes. tenth of the work, entitled, “ The different In the next place, and also for the most part, it states of society in Europe and America, has no voice in its wages. There is no alternative left to it. It must work for what is offer require different systems of public econoed, and work hard, or perish in want; and the my,” will naturally be appreciated by this wages doled out are measured by so nice an title. Like other distinct lines of argument estimate for bare subsistence, as to be often in- in this work, it is replete with fact, and sufficient for that. In all those countries, labor characterized by skill and energy. The is the agent of power. Power dictates its wa- fallacies, not to say the atrocities of the ges, controls it, enslaves it; and it needs but a doctrine of the Adam Smith school, as it little reflection, in connection with what has al- relates to this point, are here laid bare to ready been said, to see that this difference is immense, and ir mensely important."

observation, and the Malthusian theory is

scattered as with a thunderbolt. We cite But we must resist the temptation to the following passages on this point :further extracts from this interesting chapter, to pass to the fifth point as we have “Mr. Malthus's theory of population, which specified them, which in fact contains two is generally respected in Europe, particularly of the most important to be found in the in Great Britain, explains all this. 'He thinks work, occupying two chapters replete with and food for them; that the masses will fight

men multiply faster than there is room, work, facts, statistics, and argnment. We refer against each other for employment to support to the positions, that protective duties are life; that landlords, and all capitalists, may not taxes, and that they are besides a res rely on this natural strife, among laborers, in cue from an enormous system of foreign bidding for the lowest wages that will support taxation. It must be admitted that this existence; and as a consequence, resulting point established in the first case, would

from this theory, it may be assumed that the be enough to settle the controversy be blessing, but a curse, to the majority of the

natural increase of the human family is not a tween free trade and protection. We can race; and that the masses are doomed by Provnot begin to do justice to these chapters idence to degradation, to a state of serfdom or by citations. They must be taken in their slavery, to want and wretchedness, without very wide, yet condensed embodiment of hope or possibility of relief. facts, to be appreciated. They are over

* Rather than be guilty of this libel on whelmingly convincing, and leave little to pious one-it would have been much more

Providence--it is indeed a very grave and imbe said. It has been so generally con

consistent with Christian piety, and with the ceded, and it is so easy and natural to be Christian doctrine of morals, it may be said lieve, that protective duties are taxes, that more philosophical, to assume a defect in soan argument to prove the contrary will ciety. It is shocking to ascribe such a want occasion surprise. It will be yet more

of wisdom and goodness to the Creator! Mr. surprising, when the subject comes to be Malthus supplies in theory what was wanted to understood, that the free trade argument wit, the hopeless degradation and misery of the

sustain the practice of the European world, to on this point had ever received the slight-, masses ; and the European economists of the est credence.

Free-Trade school, assume the fact as a postizBut not content with this achievement | late, putting it in the place of one of the foun

dation-stones of their edifice. They are not | and virtue of the people depend upon educaashamed to do this openly—to make it visible, tion. It remains to show, in what respects, prominent, staring out in the face of man and and how far, education becomes an element of of heaven. This theory, recognized and re- / public economy in the United States. We are duced to practice in society, is an insuperable not prescribing rules for European or other bar, a yoke that cannot be broken, an iron foreign nations. The withholding or lack of despotism over the masses of mankind. * * * popular education among them--for it is the

" It may, therefore, be assumed as a fact, education of the people generally of which we involving a fundamental element in the system speak-may be as necessary to their theory of of the Free Trade economists, and pervading society, as the enjoyment of it is to ours. It every part of it, that the masses of mankind has already and frequently been stated, and are to be regarded as mere working machines should be constantly borne in mind, that Adam for the benefit of the few, with no other cost Smith and his school have adapted their system than to be kept in the best working order. of public economy to the state of society with Such an element of public economy, lying at which they were surrounded, and not to that the foundation of a system, being as one to which exists among us. It is impossible, under three of the capital parts, stops nowhere in its their system, that general education should intiuence and control over the various subdi- prevail-as much so as that it should prevail visions and ramifications of that system. The among slaves. There is no provision for it. It only thing that remains the same, is, the posi- is the bare subsistence only of those who do tion, the necessity, the hopeless doom of this the labor of society which they have provided working machine."

for. In the first place, they have not a demo

cratic state of society; next, they do not proOne more extract from this chapter : pose to have it ; thirdly, they make no calcula“ No such state of society as that for which

tion for it; and lastly, as the working classes,

under their system, have little or nothing to do Adam Smith, Ricardo and Say wrote, is found in the United States, and it would not be tole

with government, their education is not deemed

important. On the contrary it is systematically rated here for a moment. It is, indeed, that

suppressed, because it is reckoned dangerous. very state of things that was forsworn in the

It must be seen, therefore, that the condition of American Revolution, and against which the

society in the United States, in these particunew government, institutions, and laws, set up

lars, is diametrically opposite. at that epoch, and afterward matured and permanently established, were expressly framed to

“ The original settlers of this country from guard, and guard forever, with jealous care, Europe-especially those from Great Britainthat they should never obtain footing again on American soil. This new and reformed state

were men of intelligence and strong virtue. of society, commonly and not inaptly called and of as much chivalry of character, as any

Many of them were persons of as high culture, republicanism, rejecis with indignation and that were left behind them. It may be said, scorn the idea of those relations which consti- that they were men of the strongest character tute the basis of the system of Smith, Ricardo, of the times that produced them; and those Say, M'Culloch, and others of that school. It

who followed in their train were men of the was natural enough, it may be said it was ne

same stamp. The motives of emigration then cessary, at least apparently unavoidable, that they should take such premises as they were

were of a high and social character, and not furnished with, on which to erect their edifice.

such as now pour upon this continent the floods It is evident what those premises were, because mind of the highest order which could not

of European paupers and culprits. It was they are distinctly laid down; and it is also endure the chains of European despotism, and evident that a system built upon such premises, which came here for freedom.' The object of most correspond with them. But the American their coming, and the qualifications which fitted system is directly the opposite of this. There them for the enterprise, are directly in point of is no resemblance in the premises, and done in the structure raised upon them, if it be properly It was their high culture and eminent virtues

the argument in which we are now engaged. built."

which enabled them to lay the foundation of In the chapters on “ Education as an

that stupendous system of political society and element of public economy in the United and gradually grown up on their endeavors and

of public economy, which has subsequently States,” the seventh head as enumerated their plan. Freedom was their end, and the by us, is opened another rich field of ar

means which they ordained to secure it, were gument, where our author is not less at schools and religion, education and the virtues home than elsewhere. We present the of Christianity. The history of the colonies, following extracts :

from the earliest settlements, down to the Rev

olution and establishment of American inde" It need not be said, that the intelligence pendence, is replete with proof of this assertion.


There arose,

therefore, from the first, a state of The common school is the basis of all; the society not before known in Europe or else- / genius of the government is the parent of all; where—a republican or democratic society, in and the joint operation of the two crowns all.” which there were no uneducated classes, and no laboring classes which did not comprehend the

Passing for the present our eighth whole community. All went to school, and

enumeration of new points, relative to moall worked when old enough; and or no point ney, we hasten to dispose of several folwere the people more thoroughly educated lowing that, which, though eminently than on the principles of free government. The interesting and instructive for the novelty oppressions of the old world drove out its own

and practical character of the views presons from its own bosom, and under its own

sented, we have space only to notice with charters, to set up a school, which must necessarily, in a course of time, subvert its authority,

a few brief remarks. The chapter under and become independent, because the emigrants the head of a definition of freedom, as brought away all that was good, and left be consisting in the enjoyment of commerhind all that was bad. The elements of this cial rights, and in the independent control new state of society were all healthy, and full of commercial values fairly acquired," of infant purity. While the old world, from a exhibits what we will venture to say

will vitiated and decrepit constitution, tended to be regarded as an entirely new element of decay, the new, purged of parental diseases, sprung up with giant strides, to giant vigor. public economy, if it is to be received into Instead of the old leaven of European econo

the list; and our author makes it at least mists, that intellectual and moral culture be one of the foundation stones of an Amerilongs only to the higher classes, and that the can system. It is an argument of proworking classes require nothing but bare sub- found interest, and must be read entire to sistence like cattle, schools were provided for be appreciated. all-all were educated-trained to knowledge and virtue as a preparation for the working out of it, are several points which we have

Of a near affinity to this, and growing time of life. It was a republican or democratic state of society from the first, and con- specified in our enumeration, which, we tinued to be such, till the struggle arose between doubt not, will receive attention and the colonies and the mother-country, which awaken sympathy, as exhibiting views in a resulted in American independence.

striking light, and which, though not before

reduced to form, are common to most “The system of common schools, early set minds, such as, protection the cause of the up in this country, coeval indeed with American civilization, handed down from generation the American revolution ; protection the to generation, provided for as the first care of ground of all the struggles for freedom, the state, watched over with paternal solici in past ages, down to this time; the new tude, nurtured, endowed, edified, and never use of freedom in American independence, suffered to decline, but always put forward with as founded in a protective system; the rise vigor and efficiency, is the cradle of those and progress of the free trade hypothesis ; chances of which we speak. On this broad

American instincts as they bear on this foundation, common to all, has been erected a system of select and higher schools, up to the question ; the fact and reason of the difcollege and university, which are also within ferent cost of money and labor, here and the reach of all, by reason of a system of pub- elsewhere; the destiny of freedom but imlic economy, which it is our special purpose in perfectly achieved, being only in the bethis chapter to notice; not, indeed, so much ginning of its career, and its dependence within the reach of all, as the common schools,

on a protective system ; free trade a license but yet not excluding any, nor presenting insu; for depredation on the rights of others, or perable obstacles to any. The poorest and its identity with the principle of anarchy; meanest born of the land, prompted by innate &c.,

&c. All these are great topics, and ambition, and developing hopeful talent, can, and do often, pass through all the stages of edu are elaborately treated in this work; but cation, from the common school till they have in our condensed notice it is impossible to graduated with honor at the highest seminaries, do justice to them by an attempted analytand entered upon the graver responsibilities of ical review. life, to contend in open and fair field, with the

We return to the subject of money, only, best born, for the highest prizes of the social state, whether of wealth or of influence. And

however, for the purpose of noticing the it is an attribute of American society and in

new points, one of which is the announcestitutions, to favor and help forward merit that ment and specification of the foundation of emerges from obscurity, and strives to rise. I the value of money; another, the distinction










between money as a subject and as the to them the functions of money, apparently for instrument of trade; a third, money as the ever, without the remotest probability of change. " tools of trade;" and a fourth, the func- Nevertheless, this was not an accident, was tions of money. The author allows that

not arbitrary ; but there were substantial, other economists have approximated these lying somewhere back, beyond.

fundamental reasons, of the nature of value,

Gold and points, and cites them enough to show silver could not even now retain their value as that they had glimpses, but not clear views money, but for the foundation on which they of them; and that for want of clear views, fall back and rest, as being greatly valuable for great mistakes and some fatal errors have an almost infinite variety of other purposes, been committed—errors still current with which are always ready to take up and absorb all their mischievous influences. The fol- and which, as a part of trade, is constantly

them, whenever they can be spared from trade, lowing are a few brief citations, made very being done ; and as a part of trade also, they much at random, here and there, from the

are as constantly going back into the forms or chapters on money—there are four of into the uses of money, though not in so great them—which may serve, in some measure, amount. The natural current from the bowels to show their character and drift:

of the earth, is to the other uses of gold and

silver ; and only so much of them is arrested, " In process of time, of which the memory of on the passage, for money, as the necessities of man and history give no advice, certain metals, trade require. It is only in distress, that cummonly called gold and silver, having been people will surrender their plate, trinkets, or discovered and found to possess excellent and any other precious' things, composed of gold unrivalled qualities for certain uses, and for or silver, for money. ornament, became precious.' This may be supposed to be the origin of the name, pre “ Assuming that nothing is money

but cious metals. For certain purposes of use gold and silver, or that which will comand ornament, other things have been held mand them at the will of the holder, it may much more valuable even than gold and silver, be remarked, that the universal credit of these and for which ten, twenty, a hundred, and even substances, when used as money, must have a a thousand to one, in weight, of the precious foundation. That foundation is usually called metals' have been and are given, as intrinsic value. But a little reflection will equivalent. Nevertheless, partly on account of show that the value thus asserted, lies farther their scarcity, and especially on account of back than the use of these metals as money, their adaptation to so many useful and orna. not denying that this use is a fraction of their mental purposes, no other substances, original, value. "But how came they to be used as or however formed, have ever acquired the pn- money? Davanzati, an Italian economist of sition of being held so universally “precious,' high repute, says : Gold and silver, being as gold and silver.

found to be of no use in supporting human life, * And it is to be observed, that this view have been adopted,' &c., that is, appropriated does not bring us to their position and use as to the use of money. This, we should think money. Gold and silver are not valuable, too puerile to be noticed, except for the gravity simply because they are money. This was not with which it has been cited by others. M. the original ground of their being held in such Turgot answers this question : By the nature high estenm; but they have been adopted, and and force of things. But this answer, as must have obtained universal consent, to be used as be seen, has no more point in it than the surmoney, or a common medium of exchange, face and materials of creation, inasmuch as it because of their value for other uses, and has all this range. Others answer: By reason because they are always in demand for such a of their qualities. This is not denied, so far vast variety of appropriations, other than as those qualities determine their intrinsic money. Money is but one of their uses, later value, which brings us back to where we startin the order of things; and it is only a fraction ed from. But it is said, they mean the adaptof their value that is created by their use as ation of their qualities to this specific use ; money, in the same manner as anything else which has some reason in but more against is increased in value, in proportion as its uses it. The very authorities who give this reason, are multiplied. The real foundation of the value because forsooth they must give some reason, of gold and silver may be said to be, was in such as M'Culloch, overturn it by starting obfact, prior to their having been viewed in the jections and proving the great inconvenience light of money, and appropriated to that use; and expense of these qualities in such an apand the cause of their being thus appropriated, propriation of these substances. was doubtless the discovery, by experience and “The truth is, gold and silver were proved to observation, of their unrivalled qualities for be valuable, highly so, and always in demand, other uses and in other applications. Time before they were used as money. They were and immemorial usage, therefore, have assigned | found to be remarkable for their beauty and


utility, and to excel all other substances for the of his subject, and he is liable to error, if he number of uses in which they were held in high does not find it. esteem, no matter whether for utility or fancy, as both these ends impart value or command “M. Say observes truly: 'To enable it price; and'the longer and better that they have (money) to execute its functions, it must of nebeen known, tried, and compared, so much more cessity be possessed of inherent and positive stern and abiding has been the proof of their value.' But surely its value must lie some· excellence, and so much greater the number of where else than in its character as money; or uses to which they have been appropriated and in other words, something else must have made for which they have been in request. These this gold eagle and this silver dollar valuable. are facts which run back through all history, Time was when they were not money ; now and are without contradiction; and the growth | they are. There must have been some other of history on this point, as to both materials reason for their adoption than that money was and time, only tends to verify them. Gradually wanted. Say these metals are scarce ; there in the course of time and by the exigencies of are many things more so. Say they are consociety, they came to be appropriated by gene- venient for this use on account of their qualiral consent to the uses of money, till at last that ties; there are other substances not ill, and consent became universal in the civilized world. some much better adapted in these attributes This appropriation, therefore, was ulterior and for such an appropriation; and allowing that consequent to the ascertainment of the many these useful qualities, added to their scarcity, useful and admirable qualities of these metals impart a substantial value to gold and silver as for other purposes, without which there is no inoney, which is not denied; still the value probability that they would have been employed for which they are credited, relative to that of as money

other commodities most necessary to man, is in “ The inconveniences of gold great, prodigious disproportion, independent of and silver, as a currency, are increased by time, other considerations. Say that this disproporas civilization advances, as commerce is ex tion is convenient to all parties—to all the tended and increased, and as, by this means, world. That may be, doubtless is true. It is the necessity of effecting commercial exchanges then an arbitrary value-a fraud! The world with the greatest possible expedition, and in has cheated itself, and reckons it a good bargreat amounis, is augmented. For this and gain ! other reasons, many eminent economists and “ It is evident, self-evident, that gold and statesmen have exhausted their wits to find a silver, as money, must have had a value to start substitute. Even Ricardo appears seriously to with, and as a reason for being able to start. have believed that the British government might This is the point, and all that is claimed. To found a currency on its credit! He advocated suppose that the world has been swindled or it, if we are rightly informed, in the very face swindled itself into the belief that money has a of the depreciation of the Bank of England pa- value which after all is factitious, and that it per, during its suspension of cash payments should be satisfied with this persuasion on the from 1797 to 1823. He appears to have based principle that it is a convenient delusion, is not bis theory on the fact that the depreciation was more absurd than contrary to M. Say's own no more, whereas we think he should have doctrine, when he says, 'a system of swindling come to the opposite conclusion, from the fact can never be long-lived, and must infallibly in that it depreciated so much. That credit is itself the end produce much more loss than profit.' a currency in one sense and to a great extent, is It is not easy to believe that the world has been undoubtedly true, but it must have a foundation. thus cheated, and that the credit of its circulaIt is this very foundation which we are now in- ting medium does not rest on a basis entirely indequiring for, to wit, the foundation of the value or pendent of itself. It is the very nature of credit credit of gold and silver as money, as the medium to have a basis. To say that intrinsic value is of trade. All seem to admit that it is not in its the basis is precisely what we maintain. Incharacter as money; for who of the economists, trinsic value for what? It is not the idea or it may be asked, has ever yet got farther than function of money that constitutes intrinsic Turgot in this investigation, who laid this found value, but it is that which qualifies for the funcation in the nature and force of things ?' tion; and the qualifying power lies back of Clearly that cannot be satisfactory.

money itself, is underneath it, is its foundation. “ And yet a knowledge of the foundation of But why adopt an absurdity without cause ? the value of money is not less important for an Why hold debate here when the numerous and intelligent view of the whole subject, than is a important values of gold and silver for other knowledge of the foundation of anything else uses are so palpable, quite enough to recomthat can be named, to a right view of it. mend them for the offices of money, and quite Branches of truth on such a practical matter sufficient to sustain them in the discharge of may doubtless be seen and correctly stated these functions? In this light, society is safe, without this knowledge, but no philosopher and the good sense of mankind is vindicated, should be satisfied till he has got to the bottom | in adopting the precious metals as a common

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