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first to know, that the imperial lord and doth she establish her Faith in a Personsovereign ruler of our faculties, the Reason ; ality as the author of it, and her reasonings the same which, when employed about the are based on the same certainty which affairs of life, leads to prudential and eco- enables the left foot to follow the right, to nomical results, and employed in affairs of wit, the certainty that the mind is in harcourage and the heart, to the conclusions mony with the universe, and can form and practice of honor and courtesy ; this within itself a true representation of the same faculty, employed on the experience Unseen. offered it by imagination and understand Yet it is perhaps necessary in this coning, produces from them philosophic or nection to pay respect to logic in its naruniversal ideas—as of a soul, a first cause, rowest sense, so far as to make a brief de&c., &c.

fence of the method of the argument-a In this process the Reason first considers method peculiar to philosophy, and by which things as they move and live, and are modern science has made all its discovefreely actuated and appear, as the Imagi- ries--we mean the method of analogy. nation takes them from nature. - It then The judgment operates by three distinct considers their abstract relations in the modes or faculties—as first, by syllogism; of Understanding. That is, by negatives, which the principle is the determination of lines, limits, necessities, measures, divi- a species under its genus, &c. : second, by sions, contrasts, concurrences, causes, and arguing from cause-and-effect-as that the all the unities and diversities. Out of same cause shall always produce the same these two, the scientific and the imagina- effect; and lastly by analogies—as when tive, Reason constructs its philosophy, or we say, that the same order or system of idea of the universe.

things, discovers the same principle conAnd now says Reason to itself, I know, trolling them-a species of reasoning which that as in my inferior kingdom of intelli- has a double certainty and value, from its gence, whenever there are two faculties, embracing the principle both of the syllothere is a third superior one, which unites gism and that of cause.

Yet the miseraand forces them to harmonize, in short as ble logic of the last century, warns us in I myself am able to harmonize science and a very affectedly wise style against the imagination, and passion, and prudence, danger of too free a use of the argument and affection, and make out of them all a of analogy. When one sees the greatest abharmonious and rational world, there must surdities stilted along upon syllogistic and be behind all the phenomena, and laws, cause-and-effect argument—one's fear of and necessities, and forces, of nature, ani too free use of analogy is very much abamate and inanimate, a hárinonizing and ted. Not staying here to develope the enperfectly universal power, standing in such tire system of the logic of analogy, we relation to the universe, as I stand in my need only advert to the fact that every little kingdom of mind. And as I judged successful scientific or psychological specuthat things intrinsic—things in nature, must lation will be found to rest upon it, and if be judged by the images of these, which I any peculiarity of method can be attribusee in my perception and intelligence, --so ted to modern logic, as distinguished from must this universal, harmonizing, ruling, the syllogistic of the scholastics, and the and creating power—this Infinite, this Om cause-and-effect of the mechanical deists, nipotent “ Deity,” (for that is the name it is the analogic of the moderns, préemiI give it,) be imaged as resembling myself nent, as including and subordinating the

- I have no other means of imaging it, others. Of this method and its abuses, and I am as well justified in thinking it a we may take another opportunity to treat Personality, a Personal God, as in think- at large. ing that things and events in nature resem The conclusions of all analogical philoble the images in my perception, by which sophy may be summed up in a paragraph, I know them ; or their laws, the laws in my that spirit is before matter in the order of intellect by which I judge them; or their being; that phenomena in perception, and beauty, the beauty in my imagination by laws and principles in intellect are true which 1 attribute beauty to them.” So analogues of certain realities in universal doth Reason meditate on the world, and so nature ; that as there is a particular life of

41

VOL. IV.

NO. VI. NEW SERIES.

the individual, this is only a spark from as Paley, Hume, and D'Alembert. The the universal life of the world ; and as there imaginative bias, on the contrary, may be is a rational soul of the individual, this is best seen in Cudworth, Taylor the Platononly a spark from the Universal Person, ist, and poetico-philosophic minds generally. the I Am: that the world is both appear- This latter order give an undue predomiance and substance, but that substance can nance to the imaginative, and neglect the be perceived only by appearance, and verification and correction of their theoknown only through intellect.

ries by an application to facts. We need not name these universal spe With the few minds who have shown an cies, lives, laws, and powers in nature, of equal mastery of the powers, both of analwhich the ideas in our Reason are the true ysis and of imagination, it is necessary to images or representatives—we need not rank Coleridge among the English, and name them angels, devils, good spirits, bad Kant among the Germans. These minds, spirits, &c., as Swedenborg has done, un modelled by nature to a comprehensive and less it suits our style or our fancy to do universal shape, easily understood the writhis. By individualizing them, we impair tings of Plato and Bacon, in whom this our ideas of them ; and then begins some double character is most remarkable, and, thing very like polytheism.

either by freely receiving the ideas of those The philosophical works of Coleridge writers, and of others still more venerable, may

be considered, together, as a series of or by originating the same in themselves, treatises, sentences, aphorisms, and argu- they have re-created philosophy for the ments, arranged with very little order, moderns. looking to the developement of the philo Yet it will be impossible for us to unsophical idea of reason, by profound anal- derstand these men, or their philosophy, ogies.

until we in some measure understand the The German mind, above all others, aims which actuated them. They regarded discovers an aptitude for analogical reason- knowledge as, in its highest sense, identical ings, as is proved by the general character with power. The knowledge of a nation of their science, and the so called symbol- they believed to be the fountain of its greatical character of their fiction; and Cole- ness, always remembering that the word ridge has been called a German from the “knowledge,” thus used, has a moral sigsame peculiarity ; but before pronouncing nificance. The knowledge which they reColeridge a German, we must prove him garded, was the knowledge of knowledges, infected with the faults, as well as the ex

that kind which is universal and productive cellencies, of the German mind.

We must of new inventions and useful projects. A show him pantheistic, and devoid of the knowledge which is able, upon occasion, to idea of a Personal Deity and a divinely found the constitution of a new State or constituted state, which we believe is quite to reform that of an old one; to revive the impossible. On the contrary, his works ancient purity of religion by a return to overflow with the consciousness of these, its first principles; to exalt and harmonize and the endeavor to awaken his country the manners, and render society more humen to a realizing of their meaning seems mane and considerate. This was the suto have been the sole aim, if it had an aim, perior kind of knowledge, the true Science of his life.

of humanity, of which they endeavored to Philosophy has always shown two differ- express the Ideas. By, and through these ent tendencies, according as the analytic Ideas, they communicated the seeds of the or the imaginative minds of the age have same to other minds. All language was shaped it. The analytic bias may be traced considered by them as the vehicle of this to a predominance of the understanding, kind of knowledge, and to the Faculties or faculty of limits, conditions, negations, which gather it up in experience and give and necessities, appearing in such writers it utterance in acts and words, they gave

the name of Reason, or the PERSON, -or * i.e. understanding, imagination, affection, &c. the Image of the Person of God.

J. D. W.

SHORT CHAPTERS ON PUBLIC ECONOMY.

IX.

LARGE CAPITAL AND SMALL CAPITAL.

Nothing can be more absurd or more capitalists, either as importers or manufaccontrary to the facts than the proposition turers. The demand is moderate but steaput forth by certain would-be statisticians, dy and the prices good. Under these cirthat low prices with large production is a cumstances, our frugal artizan will be able state of things favorable to the operative or to establish a small factory of his own, with manual laborer.

his capital of $500, and can engage another The smaller the capital the larger must man to work with him as a journeyman be the return from its investment. If I receiving wages. With moderate success, have only a thousand dollars, but can make he will make his five hundred yield five or it bring me five hundred every year, I am six hundred, aided by his own labor, beas well off, nay, in a better condition, than sides enough to pay his journeyman. The if I had two thousand yielding the same next year he will have gained a credit, and sum. One thousand is easier to manage, can borrow 500 more, at 7 per cent. and and less liable to loss than two thousand with these two capitals he will employ two A farm of 100 acres, yielding $500 worth journeymen, pay the interest, support his of produce per annum, is a better property family and lay up money. than one of 200, yielding the same per The success of such a management deannum. There is less ground to be gone pends in the first place upon the existence over, and in every respect less care to be of a good demand with good prices, and in taken on the smaller, than the larger do the second upon the thrift and good manmain.

agement of the small capitalist. Let us It is extremely difficult to find an invest- suppose that he and his journeyman with the ment of capital which will yield the owner families of both, require altogether $1000 more than 10 per cent. interest, with no for their support, and that the sale of what trouble or risk to himself. So rare indeed he manufactures produces that sum, and

the opportunity for a safe and profitable enough more to pay the interest on the investment without risk or labor, that large capital borrowed. Our artizan will now capitalists are well contented with 7, and subsist but he will make no money–he will even with 4 per cent. and in England with have no surplus, or profit, at the end of the 3 and 2 1-2 per cent. interest, when the year. capital is absolutely secured against loss, Let us now suppose that a number of and gives its owner no trouble in employ- other artizans, observing the success of this

one, combine their labor and capital and A thrifty industrious mechanic, working engage in the same business, one of them at good wages, say at $1,50 a day, can having credit enough somewhere, to borrow support himself and a small family, and a considerable sum to be laid out in mahave something laid up in a Saving's Bank chinery. Or, let us imagine, what is quite at the end of the year. After a few years as likely to happen, that an opulent imof labor, economy and accumulation, he porter has got wind of the matter; and will find himself master of a small capital, that now, through a larger quantity being say of $500. Let us suppose that the offered for sale, the price of our artizan's business at which he works is one which product suffers a depression. He will now has not as yet attracted the attention of find that to make the same profit he must

ing it.

sell more of his manufactures, and to do As long as other fields of industry conthis he must employ more journeymen and tinue open, the production of any particuborrow, or unite with a larger capital, lar manufacture will not, in the natural and put his wares for sale at a lower price, course of things, exceed the limit of a reabesides engaging in a system of correspon- sonable profit. Workmen's wages will nedence and advertisement. If he has not ver be ruinously low, and the prices of the ability to launch out on such a tide, he manufactured articles will at the same time must dismiss his journeymen, sell his ma fall to the limit of the least possible profit chinery and again live as before, by his daily to the capitalists who produce them. wages paid him by some more able or for We have now to consider the effect of tunate person than himself.

the introduction of several disturbing causes He takes the former course. He is bold, into the above described natural order of skillful and thrifty. He becomes a large events. Let us suppose that in the counmanufacturer. By competition prices have try where these manufactures have grown fallen to such a pitch he must now sell ten up, it was thought necessary that the reor an hundred times as much as formerly venues of the state should be collected by to make the same profit. A great number a duty upon imports. This duty was laid of journeymen have learned the business; as a most convenient method of collecting it has become common and its wages are the revenues of government; a method by less. They have fallen from $1,50 to which to avoid, in the most effectual man$1 a day. But the profits of the mas ner, the expense, the trouble, the danger, ter workman have fallen in a much lar- and the odium of a direct taxation of perger ratio, and for that which used to bring sonal and real property in the country. him two dollars, he now gets perhaps only This method of collecting revenue was esone, and of that one he has but a small teemed to be an equitable and a just methshare himself—the profits of his manufac- od, and one which, more than any other, tures not much exceeding the interest of would compel the wealthier part of the the capital borrowed for their production. people to bear their full share of the exWhen our artizan began life he could make penses of government; for as the greater his borrowed capital double itself in two part of the imports of every country have years. He now barely pays the interest and the character of luxuries, which can be supports his family, and is involved in the dispensed with by the poor, a revenue colcare and responsibility of managing a large lected chiefly upon imports would be very amount of other people's money.

effectually a tax upon the rich, but which The whole attention of our adventurous avoids entirely the odium of an excise or manufacturer is now directed upon two ob- of a graduated tax. jects: first to extend the sale of his wares While there was a manufacture of these to the utmost, by forcing them into every imported articles in the country which remarket and at every sacrifice, short of ruin; ceived them, the duty advanced their price and second, to make them at the least much more than it checked their consumpwages and with the cheapest and most ra- tion, so that the importers had to pay but pid machinery. The likelihood is, that by a small proportion of the duty—they sold this time he has connected himself in part off their goods somewhat less, or at slightly nership with some large capitalist, who has reduced prices, throwing the payment of the money to employ, and who now becomes duty back upon the foreign producer. As the real owner of the establishment. To soon, however, as manufactures of the same this person the financial department is made articles and at the same prices began to over. It is he who stimulates production, spring up in the country, it was found newho reduces wages, who multiplies opera- cessary by the importers either to withdraw tives, and extends the business by his agents from the trade or to sell at reduced prices; into every region of the earth.

this went on until the profits of importaOther capitalists have meanwhile become tion began to be less than the profits of employed in the same kind of manufacture, manufacture, which had the effect to divert and by competition prices and consequently capital in New England from commerce wages, are driven down to the lowest to manufactures. point.

The very large and powerful importing

to a civilized existence, which is not easily | tion, but to legislate for the good of the and abundantly procured in the temperate people--for the good of the greatest numclimate of the North American Continent. ber. If every want of the people, nay every The ability to export is measured by the comfort, is not fully and effectually pro- ability to produce a surplus for exportavided for, it is because of some serious er tion; it is also measured by the value of ror, or some wilful perversion in the mind that surplus. If it is the raw material, the of the governing power ; that is to say, of ores of metals, the first substance of cloth, that portion of the people who make gov or the like, it is not, and it never will be a ernment and its offices their peculiar care ; profitable exportation : the risk and the exto which

may

be added, those whose fortune pense of its conveyance will fall upon the or whose ability gives them power over the producer ; that this is the fact may be easiprejudices of that nameless multitude ly shown from the history of the cotton whose opinions are all prejudice.

trade. It has been demonstrated, in the When every thing has been produced and previous number of this journal, that the wrought up-when the last degree of value expense of exporting the raw material of has been communicated by agriculture and manufacture is far greater, in proportion to manufacture to the material which the its value, than the expense of exporting the earth offers to the industry of man-when manufactured article. The expense of the iron has been wrought into steel, and transporting a rod of iron worth only one the steel into implements--when the wool, dollar is greater than the expense of transthe flax and the cotton have been made in- porting a case of surgical instruments worth to cloth, and the hemp into cordage—when one hundred dollars, and so of other artithe copper and its kindred metals have cles; the higher the value communicated been wrought up into utensils and orna to them by the industry of artizans, the ments; in short, when every possible value less the expense to the producer and manhas been communicated to the raw material ufacturer of bringing them to market. --when the home market is supplied with Because the supply in general exceeds these, it then becomes advantageous to a the demand, or very nearly equals it in most country to export its surplus to foreign coun- branches of trade, the producer is contintries, and not before. During the famine ually seeking a market; that is to say, the in Ireland, two years ago, grain was exported commerce of the country is eagerly and from Cork and from Dublin; that exporta- assiduously extending itself, seeking new tion, although profitable to the merchants customers in every quarter of the globe, who engaged in it, was injurious to Ireland. and sending out ships of war to establish The exportation of food from England at the its markets in foreign ports, to open new present time, to a country where food hap- channels of commerce with barbarous napened to be dearer than in England, might tions—to negotiate treaties for the advantage indeed bring fortunes to a few grain pro- of home industry, and sometimes to make ducers and exporters, but it would be highly conquests for the establishment of mercaninjurious to the English artizan who starves tile colonies. when grain rises beyond a certain price. It is thus absolutely shown by the conPolitical economy, after the school of Mal- duct of all trading nations, from the earlithus and Ricardo, regards all laws against est periods of time, that it is, in general, the exportation as a mere absurdity—as con- producer and the manufacturer who bear trary to the laws of trade-as an interfer- the cost of transportation, who send out ence with the natural and indefeasible right their products in their own ships, and defend of free trade. Humanity and common their commerce by expensive naval armasense may sometimes, it seems, array them ments. That it is on the producer that selves against our political economists; a all risks fall, or if not all, the greater part prohibition of exportation may sometimes of risks, may be seen in the trade between be absolutely necessary to the safety of a any manufacturing town and its neighborpeople, and so may a prohibition of impor- ing great city, to which it sends its mertation. The rule of common sense and of chandize. It is chiefly the manufacturer true statesmanship is to legislate, not from who loses, and not the commission mera theory, either of free trade or of protec-chant, by fluctuations of the market. It

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