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 Natural elements of political economy 
 
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NATURAL ELEMENTS 
 
 POLITICAL ECONOMY. 
 
 BY 
 
 RICHAEI> JENNINGS, M.A. 
 
 TBINITY COLLEGE. CAMBRTDQE. 
 
 " The most profitable and philosophical speculationa of Political Economy are, 
 however, of a difibrent kind : they are those which are employed, not in reasoning 
 ,;Wm principles, but tothem."—WHBWELL, TVans. Canib. PhU. 3oc,,yol.iv,p.VQT. 
 
 " The time I trust will come, perhaps within the lives of some of us, when the 
 
 outline of this science will be clearly made out and generally recognised 
 
 I Bcaicely need repeat how for this ia firom being the cose at present/* 
 
 N*. W. Bknior, Ii€cture$<mPoliticaiEc(momyfP.52. 
 
 LONDON: 
 
 LONGMAN, BKOWN, GKEEN, AND LONGMANS. 
 
 1855. 
 
London ; 
 
 A. and G. A. Spottiswoodk, 
 
 Mew-itreet-Square. 
 
PREFACE. 
 
 The object of this treatise may, perhaps, be' 
 best explained by pointing to a passage in 
 the history of philosophy, which, frequently 
 as it has been referred to, has always proved a 
 ;trust worthy exponent of the principles of 
 scientific discovery. 
 
 When the astronomers of the Ptolemaic 
 sphool undertook to explain the courses of 
 the heavenly bodies, they taught " that the 
 real motions of such beautiful and divine 
 objects must necessarily be perfectly regular, 
 and go on in a manner as agreeable to the 
 imagination as the objects themselves are to 
 the senses." They, accordingly ascribed to 
 each of these intricate courses a geometrical 
 form, which they conceived to be the most per- 
 fect — a method admirably simple, easily un- 
 derstood, and vitiated only by this defect, that 
 
4 PREFACE. 
 
 it does not faithfully represent Nature. " Having 
 settled it in their own minds that a circle is 
 the most perfect of figures, they concluded of 
 course that the movements of the heavenly bo- 
 dies must all be performed in exact circles and 
 with uniform notions ; and when the plainest 
 observation demonstrated the contrary, instead 
 of doubting the principle, they saw no better 
 way of getting out of the difficulty than by 
 having recourse to endless combinations of 
 circular motions to preserve their ideal per- 
 fection."* 
 
 The science of astronomy, at this stage of its 
 growth, was in much the same state as Polir 
 tical-economy now is. The art of " confession 
 and avoidance" has indeed advanced since the 
 days of Hipparchus, and the doubting pupil 
 is now dismissed, not merely instructed in the 
 use of verbal epicycles, but with the assu- 
 rance that the principles of Political-economy 
 which he has been taught, if not true, have a 
 tendency to be true : that if found imperfect 
 in the abstract, they are perfect in the con- 
 crete, and that an allowance must always be 
 
 '^ ' * Herschel's Natural Philosophy, p. 97. 
 
PREFACE. 
 
 made for the influence of disturbing causes. 
 But these are considerations which can never 
 establish an unproved proposition, and ought 
 no more to induce a belief in such dogmas 
 as the definitions of value,* advanced in our 
 days by the conflicting schools which profess 
 to explain its laws, than in the principles of 
 Ptolemaic astronomy. 
 
 It is not to be denied that the propounders 
 of any system of philosophy, however radi- 
 cally unsound, may render iriipprtant services 
 to the advance of knowledge by exhibiting 
 approximations to truth at periods when truth 
 itself is yet below the horizon, and by present- 
 ing these in a shape adapted to excite further 
 inquiry, and to bring into early existence arts 
 
 * " Le principe de la valeur est pour Smith dans la ma- 
 terialite et la dur^e, pour Say dans I'utilite, pour Ricardo 
 dans le travail, pour Senior dans la rarete, pour Storch 
 dans le jugement," &c. — Harmonies Economiques, par F. 
 Bastiat, p. 120. ; to which may be added this author's own 
 definition (p. 118.") — " La valeur, c'est le rapport de deux 
 services echanges; " and that of J. S. Mill — " The value, 
 or exchange value, of a thing, its general power of 
 purchasing." — Principles of Political Economy, vol. i., 
 p. 516. 
 
 See also TFhafelei/'s Logic (^Appendix), Ambiguous 
 Terms, — Value, Wealth, Labour, &c. 
 
 A 3 
 
6 PREFACE. 
 
 which might otjjerwise have been unknown 
 until later epochs. But these services can 
 endure but for a time, and may, and probably 
 will, eventually be turned to injuries : as the 
 workings of Nature become daily better un- 
 derstood, there must become daily more appa- 
 rent the defects of every school, which offers 
 as an exact delineation that which is but a 
 rude sketch ; containing seeds of decay which 
 ripen under every new discovery as it origi- 
 nally asserted more than it could prove, it 
 must in the end be content to receive less 
 praise perhaps than it deserves. The decline 
 of every such school will naturally be charac- 
 terized by attempts to reconcile events with 
 the language in which its propositions were 
 originally enunciated, and too often by efforts, 
 not to find expressions to represent observed 
 facts, but to discover facts that may appear 
 to be represented by received expressions; 
 and, when the truth has become too obvious 
 to be misrepresented, by the feuds of contend- 
 ing sects, resulting in a war of words*, with 
 a copious expenditure on verbal subtilties of 
 
 * Malthus' Definitions on Political Economy. De 
 Quincey's Logic of Political Economy. 
 
PREFACE. 7 
 
 labour, and ingenuity, which might have been 
 profitably employed in observing and analyzing 
 natural phenomena. 
 
 We may venture to believe that the existing 
 schools of Political-economy having reached 
 this stage*, a difi^rent method of pursuing the 
 study may now be introduced. What the na- 
 ture and the character of this method ought 
 to be, may be indicated by again referring to 
 the history of astronomy, at a later and a 
 better epoch. The future progress of an im- 
 mature branch of philosophy may ofteu be 
 better understood by tracing the history of 
 another branch of older growth, than by limit- 
 ing our researches to an examination of its 
 own conditions. 
 
 When civilized man had long ceased to spe- 
 culate whether the planets "are born, and die, 
 and have sexes ;" when a neglected theory of 
 a sect of the ancient Pythagoreans had been 
 revived, and demonstrated, by Copernicus; 
 
 * "It is not possible to read the works of the most 
 eminent professors of the science of Political-economy 
 without being struck, not only by the different sense 
 frequently attached to the words they use, but also by 
 the great difference of opinion in regard to its principles, 
 their application, and their results." — M, Mignet. 
 
 A 4 
 
PREFACE . 
 
 when the skill of Galileo, the inductive sagacity 
 of Kepler, and ultimately the genius of our 
 fellow-countryman, had established the New- 
 tonian philosophy, there stood revealed to 
 science naked truths, causal and formal, sim- 
 ple abstract laws of Nature, governing, pro- 
 bably, the whole universe of matter, but never 
 betrayed to human eye by any form of matter 
 in single and undisturbed operation. No 
 sooner were the laws of gravitation and of 
 motion demonstrated, than it became evident 
 that all attempts to represent the planetary 
 orbits by simple geometrical figures must be 
 unavailing, and that these could be traced 
 out only by determining the magnitude and 
 the direction of the forces acting in each par- 
 ticular case. This method having been accord- 
 ingly adopted by all the illustrious philosophers 
 who have adorned the Newtonian school, it is 
 needless to insist with what success their 
 threads of truth have been woven, to delineate 
 the path of each wandering luminary. 
 
 It will be the object of this work to inves- 
 tigate some of the elementary laws that com- 
 bine to produce the occurrences which Political- 
 economy observes, and attempts to control; to 
 
PREFACE. y 
 
 exhibit as far as may be possible the causal and 
 formal principles of Value ; to trace the chief 
 causes and effects of this much debated pheno- 
 menon ; and to enunciate the form of the laws 
 according to which it is governed by its causes, 
 and it governs its effects. Abstract as these 
 principles must necessarily be, and apparently 
 remote from practical application, it may still 
 be sufficiently obvious how great would be the 
 advantage that a knowledge of them would 
 confer, if such knowledge could be gained. It 
 is therefore only requisite to indicate the path, 
 and to specify the means by which we shall 
 here attempt- to attain this object. 
 
 When we reflect upon the series of events 
 which, in the popular acceptance of the terms, 
 without reference to any school of Political- 
 economy, constitute the production, the dis- 
 tribution, and the consumption of wealth, as 
 they are known to each of us by daily expe- 
 rience, it becomes at once evident, that what- 
 ever may be the natural laws which govern 
 each of these phenomena, the thing governed is 
 the mutual relation, direct or indirect, of two 
 simultaneous events, one occurring in the pro- 
 vince of human nature, and the other in the 
 
10 PREFACE. 
 
 external world. When na,tions produce, labo- 
 rious efforts are made and felt by men, whilst 
 matter receives improvement ; when they ex- 
 change, quantities and qualities are mentally 
 compared, and actions are decided on and 
 executed, whilst forms of matter are trans- 
 ferred ; when they consume, satisfaction is felt, 
 whilst material objects are absorbed, or resolved 
 into other elements : on each of these occasions 
 there occur simultaneously mental phenomena 
 and physical phenomena, mutually connected 
 by laws, to determine which is the chief object 
 of abstract Political-economy. If the influence 
 of the external world in satisfying the wants 
 and gratifying the tastes of man's sentient 
 organization, and the reciprocal influence of 
 his will in moving and fashioning external 
 objects through the agency of his bodily organs, 
 produce the events with which the art of Poli- 
 tical-economy has to deal, it is evident that 
 the science, after having defined and classified 
 these states of niind, and these conditions of 
 matter, must investigate the laws of their 
 mutual relation. 
 
 It will probably be found, on a reference 
 to the; best treatises of Political-economy, 
 
PREFACE. 1 I 
 
 that the physical conditions of matter with 
 which this science is concerned, have alone 
 been hitherto investigated by means of actual 
 observation, and comparison, and experiment ; 
 if, indeed, it be not found that, even in this 
 part of the subject, there have been often in- 
 troduced, as principles, vague surmises, and 
 arbitrary assumptions. A knowledge of cer- 
 tain forms of matter, existing in various 
 quantities and qualities, and produced, dis- 
 tributed, and consumed, with various degrees 
 of rapidity, may even now be said to consti- 
 tute in popular acceptation, the whole science 
 of Political-economy. There appear to remain 
 stiU unexplored, at least by the only certain 
 methods of investigation, the mental condi- 
 tions of the subject, and, consequently, their 
 true relation to the physical conditions. If 
 the whole subject be adequately described as 
 the wealth of nations, and wealth, the physical 
 or extra-human part of the subject, be re- 
 garded as having already been sufficiently 
 investigated, nations, the human part of the 
 subject, remain to be investigated, so far as 
 their physiological and mental susceptibilities 
 and powers affect, and are affected by, the 
 
12 PREFACE. 
 
 production, the distribution, and the consump- 
 tion of wealth. 
 
 This part of the subject of Political-economy 
 we shall here endeavour to approach, with 
 whatever light may be shed on it by cognate 
 or bordering tracts of philosophy. A very 
 little consideration will probably make it 
 manifest, that in order to conduct this inves- 
 tigation according to the system, and in the 
 order which alone can be successful, we must 
 commence, in the present state of psychology, 
 with discussing questions which properly ap- 
 pertain to that branch of philosophical inquiry. 
 Political-economy, indeed, like every other 
 portion of political philosophy, ought, in jus- 
 tice, to be required to investigate those prin- 
 ciples only which are peculiar to social and 
 political conditions of life, or which are never 
 seen in operation except when men are ob- 
 served in the form and under the condition of 
 aggregated masses, connected by social ties 
 and bound by civil institutions. Thus a dis- 
 cussion of the mental laws which govern such 
 subjects as Wages, Profit, Competition, Specu- 
 lation, ought, in strictness, no more to require 
 to be prefaced by an inquiry into elementary 
 
PREFACE. 13 
 
 principles of the human mind, than a dis- 
 cussion of those conditions of land, or of the 
 precious metals, which concern Political-eco- 
 nomy, ought to, or do, require to be prefaced 
 by an exposition of their mechanical or chemi- 
 cal properties. Imperatively necessary as it 
 is that the student, before he investigates the 
 superadded mental laws, which influence the 
 actions of aggregated men, should acquire a 
 knowledge of the primary mental laws which 
 guide the actions of each isolated individual, 
 the writer on Political-economy might not un- 
 reasonably have expected that these would be 
 found to be briefly explained in works on the 
 philosophy of the human mind; not because 
 he might then complacently ignore these men- 
 tal laws, but because he might refer to them 
 intelligibly, and with confidence. When, how- 
 ever, he has recourse to these works, he finds 
 that, concerning those normal principles of 
 mind which govern many elementary condi- 
 tions of Political-economy, — such as the origin 
 and growth of the conception of value, ■ the 
 degrees in which it is entertained, the desires 
 which it engenders, and the productive actions 
 which these cause, — little specific information 
 
14 PREFACE. 
 
 can be derived from theiri, and this only at the 
 cost of travelling through a wide extent of 
 metaphysical inquiry. The knowledge of na- 
 ture communicated by these works, in itself 
 of great significance, yet not having been col- 
 lected for the purpose of solving social pro- 
 blems, and, consequently, not being presented 
 in the form necessary for such application, 
 will generally be found to afford little assist- 
 ance to those whose object it is to investigate 
 the relations of human nature, and of wealth, 
 under the influences of social life. 
 
 The Political-economists of the present age 
 are thus compelled to choose between the alter- 
 natives of gathering for themselves the pre- 
 liminary information requisite to insure their 
 success, or of , proceeding without it. It is 
 unfortunate for the progress of this branch of 
 political philosophy, that the latter alternative 
 has been, almost invariably, adopted. If it 
 has been placed beyond the reach of disputa- 
 tion*, that the whole field of philosophical 
 inquiry is hy nature divided into a series of 
 
 * Philosophie Positive, par A. Comte, — a writer not 
 less remarkable for his acute perception of some subjects, 
 than for his blindness with respect to others. 
 
PEEFACE. 15 
 
 provinces, of which the most simple is governed 
 by one class of laws alone; the next in order 
 by this, and also by an additional class of laws ; 
 the third by these, with the addition of a third 
 class of laws, in continuous succession ; the 
 last province being governed by all the known 
 laws of Nature : or, to pass from the abstract 
 to the concrete, that whilst the celestial bodies 
 are only known to be governed by the laws of 
 gravitation and of motion, the inorganic mat- 
 ter of our globe is known to be governed also 
 by the laws of chemistry ; and vegetable life 
 to be governed also by the laws of physiology; 
 and animal life to be governed also by the 
 laws of biology ; and man (as we cannot but 
 add) by the laws of mental philosophy in his 
 individual capacity, and by the laws of political 
 philosophy in his social relations : the maxim 
 which has been deduced from a knowledge 
 of this arrangement of natural conditions is 
 not less indisputable, — that each of the more 
 complex of these subjects, being governed by 
 all the laws which govern every subject of 
 inferior complexity, in addition to its own 
 peculiar laws, ought not to be examined, until 
 the difficulties which surround each of these 
 
1 6 PREFACE. 
 
 less complex subjects have been surmounted, 
 progressively and seriatim. When this canon 
 is applied to the study of Political-economy, 
 it becomes evident, that this branch of philo- 
 sophy cannot be thoroughly understood until 
 the subordinate principles of psychology have 
 been adequately investigated. It may perhaps 
 be regarded rather as a matter of regret than 
 of surprise, that this course has not been 
 hitherto pursued, — that the superior attract- 
 iveness and practical benefits attending • a 
 knowledge of Political-economy, have induced 
 its votaries to turn aside from the difficulties 
 and the delay which must inevitably attend 
 upon an inquiry into the elementary nature 
 of individual man, and to postpone the solu- 
 tion of questions appertaining to this inquiry, 
 until they might chance to occur in the inves- 
 tigation of the problems of Political-economy, 
 and then to regard them only so far as the oc- 
 casion might happen to require. A very little 
 consideration, however, would have shown, 
 that to advance thus prematurely, leaving in 
 the rear difficulties which should have been 
 reduced, is a method of procedure neither 
 likely, nor deserving, to be successful. Had 
 
PREFACE. 17 
 
 physiologists attempted to learn the whole 
 nature of animals, by making observations 
 and conducting experiments wholly confined 
 to the animal kingdom, — had they sought for 
 a knowledge of the elementary laws of me- 
 chanical force through an examination of 
 limbs and organs, or of the elementary laws 
 of chemistry through an examination of cellu- 
 lar and vascular tissues, — can it be conceived 
 that they would have discovered those import- 
 ant truths (such as the laws of motion, and the 
 law of definite proportions) which have re- 
 warded the labours of those who, with every ad- 
 vantage, have prosecuted the study of moving 
 force, by observing the distant heavens, where 
 its phenomena are exhibited undisturbed, and 
 the study of chemistry, by examining the 
 wide extent of inorganic matter, in which no 
 other additional laws are seen in operation ? 
 What result, then, ought to be expected, when 
 an explanation of the elementary principles of 
 value (which, in defiance of every definition, 
 influence powerfully the conceptions and the 
 actions of every individual, whether living in 
 solitude or in society) is sought for, not by 
 examining the comparatively simple pheno- 
 
18 PREFACE, 
 
 inena of mind which consciousness and re« . 
 flection open to each individual, but solely, 
 and exclusively among the complicated phcT, 
 nomena which are peculiar to social life ? It : 
 may be confidently asserted, that almost every 
 difficulty which has embarrassed or arrested 
 the progress of Political-economists is to be 
 traced to this circumstance — that, conceiving 
 it to be possible to comprehend the more com- 
 plex subject before they have explored that 
 which is less complex, they have ascended, or 
 attempted to ascend, the steps of philosophy 
 out of ihew natural order. 
 
 An inquiry therefore into the natural laws 
 of Political-economy — the economy of nations 
 — requires to be preceded, at the present 
 moment, and under existing circumstances, by 
 an inquiry into that universal relation of mind 
 to matter in which originate a large propor- 
 tion at least of the sensations, the concep- 
 tions, and the actions of mankind : when 
 there shall have been thus attained a right 
 understanding of those fundamental principles 
 of psychology which are the groundwork of 
 Political-economy, the time will have arrived 
 for entering confidently on the discussion of 
 
PBEFACE. 1 9 
 
 those secondary mental principles which are 
 exhibited only in social phenomena. In order 
 to commence this preliminary investigation 
 with the most profitable expenditure of labour 
 and the best prospect of success, it will ob- 
 viously be expedient to search for all the in- 
 formation on this subject that can be derived 
 from other branches of philosophy, and espe- 
 cially from that which professes to explain 
 the operation of the human mind by means of 
 self-observation and reflection. Very little 
 consideration will suffice to produce a convic- 
 tion, that a large proportion of the various 
 mental laws which govern the thoughts and 
 influence the actions of man, must govern 
 those thoughts and influence those actions 
 which have reference to objects so frequently 
 present, so widely diff'used, and so highly in- 
 teresting, as are those which constitute Wealth. 
 Without impugning the legitimate pre-eiui- 
 nence in power, and in dignity of religious 
 and moral feeling, of the ennobling love of 
 the sublime and the beautiful, and of the con- 
 sequent cultivation of the affections 9,nd the 
 intellect for their own sake, it must be ad- 
 mitted, though ^ith reluctance, that numeri- 
 
20 PREFACE. 
 
 cally those thoughts and actions of mankind 
 in which originate the production, distribu- 
 tion, and consumption of Wealth, predominate 
 over every other class of thoughts and actions. 
 If, then, psychology professes to explain the 
 mental laws which govern human actions, it 
 may reasonably be expected to shed some 
 light on that class of actions which is more 
 numerous than any other ; and its observations 
 may be referred to with confidence by the 
 Political-economist, as likely to assist his ini- 
 tiatory researches, to furnish knowledge which, 
 if it be not obviously and immediately ap- 
 plicable to the solution of his problems, may 
 be rendered so at the cost of little labour, or 
 if it be not productive of available truths, may 
 at least serve to point out dangerous errors. 
 The laws of nature which psychologists have 
 discovered, through the observation and ana- 
 lysis of the internal phenomena of their own 
 minds, afibrd a conclusive proof that the philo- 
 sopher who neglects this means of knowledge, 
 whilst professing to elucidate the nature of 
 the feelings and actions, whether of individual 
 or of social man, errs not much less than the 
 ingenious schoolmen of the middle ages who, 
 
riiEFACE. 21 
 
 with deductions drawn from mental imagin- 
 ings of quiddities and entities, and the per- 
 fectibility of numbers, laboured to demonstrate 
 the laws of physical nature, whilst closing 
 their senses to the evidence of physical occur- 
 rences. 
 
 In pursuing the course indicated by these 
 and similar considerations, we shall be led to 
 examine, in the first instance, certain ele- 
 mentary principles of human susceptibility and 
 of human action, deriving from physiology and 
 psychology such general information as may 
 forward this purpose, and especially adopting 
 from these branches of philosophy such marks 
 of classification as may appear to be applicable 
 to our subject. It may be right in this place 
 to premise some explanation, and it may also 
 be requisite to ofifer some justification of this 
 initiatory method of classifying the subject- 
 matter of Political-economy, since the classifi- 
 cation adopted by a new system of philosophy 
 generally afibrds both a test of the system to 
 those who criticise it, and a chart of the sub- 
 ject to those by whom it is inyestigated. 
 
 When it has been premised that all the 
 phenomena of Political- economy are of two 
 
 B 3 
 
22 PREFACE. 
 
 kinds, caused severally by the action of matter 
 on man, and of man on matter, — and it has 
 been concluded that the conditions of matter, 
 which affect these phenomena, have already 
 been sufficiently discussed, and we, conse- 
 quently, commence an examination of human 
 nature, in the expectation that, being the 
 higher of these two fields of inquiry, and 
 being likewise the object on which the art of 
 Political-economy must primarily operate by 
 legislation, it will be found to afford such 
 marks for classifying the whole subject as the 
 experienced investigator would most desire to 
 possess, — the question naturally arises, in what 
 part of human nature are these marks to be 
 sought for? What is that succession of 
 mental states which originates in the fruition 
 of external objects, and ultimately so in- 
 fluences the will as to cause their repro- 
 duction ? and in which of these successive 
 phenomena are the best classificatory marks to 
 be found '? A glance at the several successive 
 links in this chain of causes and effects will 
 suffice to answer this inquiry. Matter comes, 
 in contact with human organs externally, as 
 in consumption, or laborious efforts are origi- 
 nated internally, as in production and distri- 
 
PREFACE. 23 
 
 bution; from these causes there arise sensa- 
 tions, which are more or less satisfactory, or 
 the reverse; these sensations, when remem- 
 bered together with the objects, or together 
 with the actions in which they originated, 
 give rise to complex conceptions, in which the 
 objects and the actions are regarded as more 
 or less valuable : thus, briefly described, is 
 constituted the chain of causation which leads 
 inwards from matter to the seat of our ideas. 
 Again, that which leads outwards from the 
 seat of our ideas to matter may be indicated 
 thus: the conception of an object of pre- 
 ponderating value, and known to be within 
 the possibility of attainment, is formed and 
 entertained; a desire to possess the object 
 ensues; the gratification of this desire is de- 
 termined on by the will; the intellectual 
 faculties, or the bodily parts, are exerted; 
 their efforts tend directly, or indirectly, to 
 affect external matter. If these phenomena 
 be considered consecutively, it is evident that 
 the principal motive by which the perform- 
 ance of these actions is to be regarded as in- 
 stigated, and on the conditions of which 
 the manner and degree of their perform- 
 
 B 4 
 
24 PREFACE. 
 
 ance chiefly depend, is the conception of 
 value* mentally entertained. It is obvious, 
 therefore, that it is to this mental conception, 
 if circumstances will permit, or (if it be neces- 
 sary to search elsewhere) to such of its causes 
 and effects as are nearest to it in the chain of 
 causation, that we must look for the classifi- 
 catory distinctions of Political-economy. 
 
 In the present condition of psychological 
 knowledge it will probably be found that there 
 is much difficulty in defining any purely men- 
 tal condition so accurately and intelligibly as 
 to render it available to mark the classes which 
 constitute the subject of any branch of political 
 art. If any mental principleis can be so de- 
 fined, they are probably those which govern 
 the association of ideas, usually designated the. 
 law of former co-existence and the law of re- 
 semblance or contrast. We shall have occasion 
 to observe that these laws of mind, the most 
 definite perhaps, and the most available for 
 
 * "The question of v alue is that into which every pro- 
 blem finally resolves itself: the appeal comes back to that 
 tribunal, .and for that tribunal no sufficient code of law 
 has yet been matured which makps it equal to the calls 
 upon its arbitration. It is a great aggravation of the 
 other difficulties of economy, that the most metaphysical 
 part comes first."— ^ T. de^Quincey. 
 
PEEFACE. 25 
 
 the purposes of practical art, that psychology 
 investigates, govern the trains of thought which 
 guide the diflferent classes of productive actions, 
 and that they may therefore be employed to 
 denote more accurately, than is accomplished 
 at present, the different classes of our indus- 
 trial population; operating, however, as dp these 
 intellectual laws, not antecedently, but subse- 
 quently to that conception of value which forms 
 the main subject of our inquiry, they will be 
 judged (according to the received canon that 
 science ought to mark its classes by causes,! 
 and art to mark its classes by effects) better 
 aidapted to serve the purposes of the art than 
 of the science of Political-economy. It appears 
 expedient therefore, at the present time, not to 
 attempt to classify our subject by means of 
 distinctions selected among mental conditions, 
 but rather to trace back the causes of these 
 conditions until we arrive at ground which 
 offers a firmer footing. In order to gain this 
 position we might perhaps feel disposed to pass 
 immediately from the consideration of mental 
 conceptions to the consideration of the forms 
 of matter from which they are derived, and in 
 which, it may be confidently anticipated, there 
 
26 PREFACE. 
 
 will be found marks both palpable and definite^ 
 — to pass at once from the mental conceptions 
 of valuable objects, and the sensations which,, 
 engender them, to the valuable objects them- 
 selves from which these are derived, — were 
 there not other considerations which ought to 
 make us pause before we depart thus far from 
 our main subject, in the absence of an absolute 
 necessity for so wide a deviation. The further 
 removed from the subject itself which it is 
 desired to classify are the phenomena selected 
 to designate its classes, the more distant the 
 point at which they stand in the line of causa- 
 tion, the less confidence will be felt, not that 
 they are definite and intelligible, but that they' 
 are certain signs of the classes which they pro-i 
 fess to designiate. When the more immediately; 
 preceding causes of a phenomenon have oc- 
 curred, its occurrence can obviously be confided 
 in more certainly than when any of its remoter 
 causes have occurred. If, for instance, it were> 
 desired to mark by an external sign the pre- 
 sence or absence of the mental sensation of 
 light, should the phenomenon selected for such 
 a sign be the presence or absence of external 
 light, it is obvious that this would often be 
 
PREFACE. 27 
 
 calculated to mislead, whilst a phenomenon 
 more immediately preceding the sensation, as 
 the contraction and dilatation of the pupil of the 
 eye, might be found to afford a more faithful 
 indication of its occurrence. Bearing in mind 
 these considerations, we shall conclude, that- the 
 field in which the classificatory marks ' best 
 adapted for our purpose exist, is fiot that^of 
 external material Wealth,-i-a field not less'ob- 
 jectionable perhaps on account of its remote- 
 ness from the seat of our ideas than are these 
 mental states themselves on account gf their 
 impalpability, — but that intermediate field be- 
 twixt mind and external matter which is oflFered' 
 by the organization of the human body, as 
 exhibited by the researches of anatomy and of 
 physiology. It may be hoped that the facts 
 which we shall collect in these tracts of natural 
 philosophy, for the service of Political-economy, 
 wiU be found to have a sufficiently near con- 
 nection with mental phenomena to be ttsed as 
 certain marks of their occurrence, and will also 
 be found to be of a character sufficiently de- 
 finite to be so used without risk of niisappre- 
 hension. 
 
 When, in our further progress, we shall have 
 
28 I'REJfACE 
 
 reached the advanced field of inquiry offered by 
 statistical records, the phenomena which it will 
 exhibit will naturally be found to require further 
 and more definite marks of classification. , No 
 argument therefore will be needed to justify the 
 introduction into this part of our subject of 
 other modes of classification, and especially of 
 that which is founded on the distinction be- 
 tween space and time, or in applying which 
 the consideration of time is abstracted whilst 
 we are engaged in investigating relations of 
 quantity, and these again are abstracted whilst 
 we, examine the effects of time ; a distinction 
 which, it is needless to say, has rendered es- 
 sential service to the study of the most difficult 
 subjects of natural philosophy, and which pro- 
 mises to be of equal service to the study of 
 a subject so vast and so fluctuating as the 
 actions of the human masses. The terms 
 statics and dynamics, used, to designate the 
 divisions into which our subject is thus di- 
 vided, are undoubtedly open to the objection 
 that, being imported, from mechanical science, 
 and being therefore replete Avith purely phy- 
 sical associations, they may tend to materialize 
 our search into human nature by suggesting 
 
PREFACE, 29 
 
 unfounded analogies; since, however, these 
 terms have been already in many cases di- 
 verted from their original signification, having 
 even been applied by foreign writers to the 
 province of history, it will probably appear 
 a wiser course to employ them for our pur- 
 pose, than to coin new expressions, when we 
 are obviously compelled to choose between 
 these alternatives. With respect to the more 
 important consideration, whether the subject of 
 Political-economy can, like that of mechanics, 
 be divided into classes marked respectively 
 by time and by space as their characteristics, 
 it may be observed that, whenever the subjects 
 of our scientific researches are found to have 
 features in common, there appears to be no 
 good reason why these should not be used to 
 classify all such subjects ; but, on the contrary, 
 that there are many reasons in favour of such 
 a practice. Philosophical investigation is an 
 art; the natural boundaries which define and 
 denote the subjects of investigation are among 
 the instruments of this art ; and if these in- 
 struments have been successfully employed on 
 former occasions, they may obviously be ap- 
 plied to a new subject with all the advantage 
 
■30 PREi^ACE. 
 
 of skill derived from experience. As a sur- 
 veyor employs the same rules of geometry in 
 measuring the areas of different provinces, 
 without allowing their geological, meteoro- 
 logical, or any other distinctive peculiarities, 
 to interrupt his consideration of space, the 
 investigator of different tracts of philosophy 
 ought not to be deterred by their differences 
 from using the same means to investigate that 
 which they have in common. The whole sub- 
 I ject of Political-economy will therefore be found 
 ! to be divided into two parts, phenomena of co- 
 1 existence and phenomena of succession, denoted 
 ' respectively by the terms statical and dyna- 
 mical, without, it is hoped, the occurrence of a 
 supposition that there can exist any connection 
 between the study of physical science and that 
 of Political-economy more than this, that cer- 
 tain characteristics which these subjects have 
 in common, and which have been successfully 
 employed in the classification of the former, 
 may be so employed in the classification of the 
 latter, and may also be advantageously denoted 
 by the terms by which they are already fami- 
 liarly known. False analogies, wherever they 
 exist, may be always detected by examining 
 
PREFACE. 31 
 
 the proofs of our propositions. If these be 
 valid, the truth cannot be impugned, however 
 it may have been reached, or in whatever lan- 
 guage it may be exhibited. 
 
 Of the general purport of this work, it may 
 be observed, that the object aimed at through- 
 out is not so much to settle definitively certain 
 points, as to establish the true method oft 
 investigating Political-economy. Whilst, there- 
 fore, all discussions on the definitions and on 
 the marks of classification adopted in existing 
 treatises on the subject are as much as is 
 possible avoided*, no further indulgence is 
 asked for those which are introduced here 
 than that they may be received temporarily 
 and provisionally, as perhaps the most useful 
 which the present state of knowledge supplies. 
 It is indeed to be desired, and it is also, in 
 that part of the subject at least which is con- 
 nected with physiology and psychology, to be 
 expected, that other and better marks of classi- 
 
 * " How much I should"prefer to say simply how things 
 are, without troubling myself with the thousand aspects 
 under which ignorance sees them. To explain the laws 
 by which society prospers or decays would be to ruin 
 virtually aSi sophisms at once." — Sophismes Economiques, 
 translated. 
 
32 PEEFACE. 
 
 fication will be adopted, when these branches 
 of learning shall have been extensively applied 
 to the elucidation of Political-economy. If 
 there is a natural footpath through creation, 
 by following which every object is seen to be 
 nearly blended with that which precedes and 
 with that which follows it, each successively 
 exhibiting a difference so minute as to give 
 rise to the fanciful theory of natural develop- 
 ment, it is evident that no single one of these 
 minute differences will serve definitively to 
 distinguish the classes into which the limited 
 capacity of the human intellect requires objects 
 tb be divided for its convenience. A natural 
 system, therefore, marking each class by its 
 general character, composed of several of the 
 minute particulars exhibited by several of the 
 individuals which compose the class, must ulti- 
 mately supplant, as it has already supplanted 
 in botany, every system of arbitrary classifica- 
 tion. Whilst, however, this part of the follow- 
 ing discussion is to be regarded as a matter of 
 merely conventional arrangement and as ne- 
 cessarily ephemeral, the method of pursuing 
 this and every other branch of philosophical 
 inquiry possesses alike a graver import, and if 
 
PREFACE. 33 
 
 rightly established, lays claim to a more lasting 
 reception ; there are also, it is believed, collate- 
 ral considerations, in consequence of which 
 there may be attached to the method of in- 
 vestigating Political-economy here pursued a 
 more than usual degree of interest. If this 
 be the true method, — if it be right to pursue 
 in concert the study of individual man and of 
 aggregated societies, to observe simultaneously, 
 and to refer to one common principle, mental 
 phenomena felt internally, and social pheno- 
 mena known through statistics, — it is not un- 
 reasonable to expect that each of these branches 
 of philosophy will shed upon the other a light 
 which may be compared to that which the 
 laws of moving bodies have derived from the 
 cognate researches of Terrestrial Dynamics and 
 Astronomy; that the facilities for constant 
 observation, with every advantage of proximity 
 and opportunity, joined to the power of mak- 
 ing experiments, which are possessed by 
 Psychology, when brought to bear upon the 
 problems of Political-economy, must conduce 
 largely to a right understanding of their cha- 
 racter; whilst the advantages possessed by 
 Political-economy, in the enduring continuity 
 
34 PREFACE. 
 
 of its phenomena, in their certainty placed 
 beyond the reach of cavil, and in their exact 
 representation by numerical expressions, when 
 imported into the study of Psychology, must 
 furnish a more definite language for the repre- 
 sentation of its principles, and serve to secure 
 for them more general acceptance. If the 
 names of Locke, and Brown, Dugald Stewart, 
 and Mackintosh, with others less familiarly 
 known in this country, are justly celebrated, 
 some part at least of the discoveries, by which 
 their celebrity has been won, must deserve to 
 be examined and applied by Political-econo- 
 mists, not presumptively, as is the case at 
 present, if indeed they are even thus applied 
 by those who profess to explain the wants, and 
 feelings, and actions of social man, but con- 
 nectedly and avowedly for the express purpose 
 of elucidating this class of problems. If, on 
 the other hand, the progress of nations in 
 consumption, and production, and distribu- 
 tion, has been faithfully portrayed by the 
 perseverance and skill devoted to statistical 
 records, ought not this indisputable evidence 
 of the operations of mind to be used to illus- 
 trate their obscurity ? Is it unreasonable to 
 
PREFACE. 35 
 
 anticipate that Psychology may thus eventually 
 become a demonstrated science, and that Politi- 
 cal-economy, advancing those principles alone 
 which are known to be true, may find their 
 results continually tend to agree more closely 
 with actual phenomena, as the effects of each 
 newly-discovered principle are from time to 
 time brought into calculation ? 
 
 If it shall ever be found possible to bring to 
 the investigation of these co-ordinate branches 
 of philosophy the aid of pure mathematical 
 science, in what degree their language will 
 become more settled, their observations and 
 experiments better directed, and the remote 
 consequences of passing phenomena more 
 faithfully deduced, will be most justly appre- 
 hended by those who are most conversant with 
 the history of natural philosophy. 
 
 C 3 
 
CONTENTS. 
 
 Introductory Chapter 41 
 
 Definitions - 71 
 
 BOOK I. 
 
 The Principles of Physiology and of Psychology 
 which affect Political-Economy - - - IS' 
 
 CHAPTER I. 
 
 Consumption and Production analyzed. — The Sen- 
 ' sations which accompany Consumption e^aminedV 
 9^ -^Primary and Secondary Commodities. — Effects 
 .» of Changes of existing QSSSatities «^ lii ; - ■ « 77 
 
 vs. I, 
 
 , The Sensations which accompany Production ex- 
 ■"•^ ■ amiued Mental and Physical Labour distin- 
 guished. — Effects of Changes in the existing Quan- 
 tity of Work - - - - - - - 105 
 
 
 c 3 
 
38 CONTENTS. 
 
 CHAPTER III. 
 
 PAGE 
 
 The natural Order of Mental Inquiry. — Law of the 
 Intensity, and of the Duration of Actions, — ap- 
 ^ plied to the Actions which constitute Production, 
 Distribution and Consumption - - - 124 
 
 CHAPTER IV. 
 
 The Principles of Mental Association. — Application 
 of these Principles to classify Industrial Occupa- 
 tions and Professions - - - - -153 
 
 CHAPTER V. 
 
 The Growth and Development of Mental Phenomena. 
 —The Conception of Value. — ^Its Causes and Con- 
 ditions. — The Value of Commodities and of La- 
 bour. — Measures of Value. — Accumulation - 166 
 
 BOOK II. 
 
 The Application of the Principles, of Physiology and , 
 
 of Psychology to Political-economy t - - 193 to JViJ 
 
 CHAPTER I. 
 
 Connection of the Principles of Physiology and of 
 Psychology with the Subject of Political-economy. 
 — Unity of PubUc Opinion and Community of 
 Industrial Action. — Public Economy as observed 
 and controlled by the Executive and by the 
 Legislature - - - - - - -195 
 
CONTENTS. 39 
 
 CHAPTER II. 
 
 PAGE 
 
 The Use of Money in the Statics of Political-econo- 
 my : — first, as a Means of Observation — Prices. — 
 secondly, as a Means of Interference — Taxation - 230 
 
 CHAPTER ni. 
 
 The Use of Money in the Dynamics of Political-eco- 
 nomy : — ^first, as a Means of "Observation — The 
 current Rate of Interest. — secondly, as a Means of 
 Interference — Determination of the Rate of Dis- 
 count ....--.. 245 
 
 CHAPTER IV. 
 Conclusion _...... 262 
 
 c 4 
 
NATUEAL ELEMENTS 
 
 POLITICAL-ECONOMY. 
 
 INTRODUCTORY CHAPTER. 
 
 If any one ignorant of the facts disclosed by 
 statistics were to be informed, that there 
 exists a science of human actions — a science 
 which not only utters predictions concerning 
 these actions that are found to be verified by 
 subsequent events, but which also delivers 
 such predictions in numerical language, ex- 
 pressing both the quantities that ocCiir of the 
 objects predicted and the time of their occur- 
 rence — he would probably feel some difficulty 
 in conceiving the nature of this science." He 
 would feel assured that the line of conduct 
 which will be pursued, during a long period 
 of time, by any single individual, cannot be 
 
42 NATUEE OF 
 
 thus accurately foretold ; that long and fami- 
 liar acquaintance, if it imparts some know- 
 ledge of character, and indicates certain pro- 
 bable contingencies, cannot confer this power 
 of prediction ; that little more of this power 
 can be derived from an extensive experience 
 of the general ways of mankind, or from a 
 profound insight into those abstract laws of 
 Psychology which govern the sensual suscep- 
 tibilities, the intellectual capacities, and the 
 efficient motives of human action. 
 
 If, however, such a person were to. be 
 further informed, that the science in question 
 treats of actions which can be seen only when 
 great multitudes of men are congregated 
 together in one political body, some consider- 
 ations might possibly arise to assist his con- 
 jectures. To a mind conversant with the 
 nature of those physical phenomena, the 
 variations of which can be observed in a mul- 
 titude of different places,^ or at a multitude of 
 different times, and of which the average 
 amount can be expressed in numerical lan- 
 guage, it might appear not inconceiyable that 
 there could exist some analogy between the 
 characters of multitudinous physical events 
 
THE SUBJECT. 43 
 
 and of multitudinous human actions. It 
 might, for example, occur to such a mind 
 that the average amount of the weight, and of 
 the temperature, and of the moisture of the 
 air can be confidently assigned to any given 
 place, as a constituent of its characteristic 
 climate, and that the recurrence of this 
 amount may be confidently predicted, al- 
 though these properties of the atmosphere, 
 when examined in detail, are found to be 
 scarcely less variable than the majority of 
 human actions. It might thus, perhaps, be 
 surmised that the subject matter ,of some 
 parts, both of physical and of political philo- 
 sophy, however inconstant in appearance, 
 would be found to be alike subject to invaria- 
 ble laws of Nature; and that these might be 
 expressed in numerical formulae, which would 
 be found to approximate more nearly to a 
 perfect representation of the exact truth as 
 the observations, on the average of which 
 they would be based, should be extended over 
 larger spaces, and be continued through 
 longer periods of time. 
 
 If the possible existence of such a science 
 as we have described were to be thus faintly 
 
44 NATURE OF 
 
 indicated, it might occur to the inquirer to 
 pause, and reflect whether any analogy can 
 be reasonably deemed to exist between the 
 movements of purely material substances and 
 the actions of animated beings, or whether 
 there be not something in the mystery of life 
 incompatible with the supposition, that any of 
 the actions of a living creature are guided by. 
 invariable laws of Nature, To resolve this 
 question by the simplest and the most incon- 
 trovertible evidence, recourse would, in such 
 a case, naturally be had to that field of obser- 
 vation in which the laws of mere animal life 
 are paramount, and in which also their effect 
 can be observed in large numbers of in- 
 stances ; such as is offered by the actions of 
 several gregarious families of the brute crea- 
 tion, which Hve in a state of nature, and carry 
 on their respective modes of production and 
 of consumption in harmonious co-operation. 
 Without referring to natural history for an 
 account of such works of the animal kingdom 
 as the houses of beavers, the accumulations of 
 ants, the migration of birds, and the like, if 
 the personal attention of the inquirer were to 
 be directed to the labours of a few hives of 
 
THE SUBJECT. 45 
 
 bees, and he were to register the amount of 
 their industrious population and the quantity 
 of honey accumulated and consumed during 
 several successive years, he would find it im- 
 possible to resist the conviction that these 
 actions are governed by fixed natural laws of 
 animal life, the operation of which could be 
 confidently predicted, in time and in quantity, 
 were there to be acquired an accurate know 
 ledge of the surrounding conditions of inor 
 ganic matter and of vegetable life. The con- 
 clusion would be irresistible, that a quasi- 
 Political-economy of these and other similarly 
 constituted industrious swarms is a possible 
 science. 
 
 The preliminary objections of such an in- 
 quirer would now perhaps be entirely removed 
 if he were to be informed, that Political- 
 economy treats only of those human suscepti^ 
 bilities and appetences which are similar or 
 analogous to those which he has witnessed in 
 the brute creation; that it examines only 
 those motives which are derived, more or less 
 remotely, from the attraction of pleasure or 
 the repulsion of pain, and that it never 
 attempts to enter those higher paths of human 
 
46 NATURE OF 
 
 f 
 
 conduct which are guided by morality, and 
 by religion. Production, accumulation, dis- 
 tribution, consumption, might now be con- 
 ceived to be modes of action, performed by 
 human societies in a manner, indeed, as much 
 superior to that in which they are performed 
 by gregarious animals, as the human hand 
 and the human organ of speech are superior 
 to their corresponding bodily parts, but still 
 in no less implicit obedience to fixed laws of 
 Nature. It might occur to such an inquirer 
 to reflect, that the involuntary movements of 
 certain parts of the body, as the pulsation of 
 the heart, and the inflation of the lungs, are 
 known to be subject to fixed and invariable 
 physical laws, no less in the case of the- human 
 subject than in the case of the lower members 
 of the animal kingdom ; that these move- 
 ments can be examined independently of, and 
 without reference to, those predominant, in- 
 tellectiial and moral and religious aspirations 
 to which, in common with all the other func- 
 tions of the human body, they subserve ; that, 
 as late discoveries seem to indicate, all such 
 purely physical actions as those to which his 
 attention has been directed, originate (in the 
 
THE SUBJECT. 47 
 
 absence of special circumstances), not, as was 
 formerly supposed, in the brain, but in that 
 elongation of it which is contained in the spinal 
 column, and which man shares with the lower 
 vertebrated animals ; that actions, which are 
 totally dissimilar in their moral aspect, may 
 be similar in the aspect which they present to 
 Political-economy, as, for instance, that work 
 of the same description may be executed alike 
 by several individuals, whose ultimate motives 
 may be severally want or ambition, self- 
 gratification or natural affection, avarice or 
 charity, and that the fixity, therefore, of the 
 natural laws of Political-economy is in no way 
 inconsistent with the freedom of the will to 
 choose between good and evil ; that moralists 
 have pronounced man to be a creature of 
 habits, gradually formed throughout his life, 
 and only occasionally disturbed by the active 
 interposition of thought, in imposing on him 
 the duty of closely watching the formation of 
 these habits, and that phrenologists, with 
 whatever authority, in confii'mation of this 
 view, have asserted, that the effective faculties 
 must exercise a preponderating influence over 
 human conduct, because their cerebral develop- 
 
48 NATURE OF 
 
 ment is far greater than that of the intellectual 
 faculties ; that when large numbers of human 
 beings are observed together, the prevailing 
 laws, the influence of which is scarcely per- 
 ceptible in each single action of each indi- 
 vidual, may be found to stand out in marked 
 pre-eminence, the lesser disturbing forces 
 tending to neutralise each other: these, and 
 many similar considerations, might perhaps 
 occur to such an inquirer, and induce him to 
 turn away from every attempt to solve the 
 mystery of fixed fate and free will, — a subject 
 which must for ever be impenetrable if it be 
 that human knowledge can only discern the 
 laws, and not the essence of objects, — and 
 might lead him to the conclusion, that when 
 human nature should be examined abstracted- 
 ly, and the human masses should be regarded 
 as entirely occupied in collecting the sweets 
 which lie hid in the wilds of the creation, 
 desirous only of collecting, and using, and 
 accumulating money, the industrial and fru- 
 itional actions of nations would be found to be 
 governed by definite and invariable laws of 
 Nature. 
 
 But whatever anticipations might arise, 
 
THE SUBJECT. 49 
 
 from these and similar considerations, respect- 
 ing the possible existence of such a science as 
 we have described, there could never be en- 
 gendered that degree of conviction which 
 would result from an examination of the 
 actual occurrences of social life. If the atten- 
 tion of our inquirer were to be directed to 
 the reports of the numerous associated com- 
 panies which have been enabled by combi- 
 nation to execute extensive works for the use 
 of the public, deriving thence annual incomes 
 which recur, in amounts scarcely less regular 
 than are the harvests of fruits which the earth 
 yields to its cultivators, it would be found 
 impossible to resist the conviction, that the 
 human actions, in the continuance of which 
 these undertakings confide, obey fixed natural 
 laws. In the returns of the profits accruing 
 to Railway Companies, Canal Companies, Life 
 and Fire Insurance Companies, Dock Com- 
 panies, and the like, there would be recognised 
 phenomena which in the past have continually 
 recurred, in quantities varying only within 
 certain definite limits, and which, it is impos- 
 sible to doubt, wiU so recur in the future, if 
 undisturbed by extraneous occurrences. Still 
 
 D 
 
50 THE SCENE OF 
 
 more confidently would this conviction be 
 entertained after an examination of docu- 
 ments in which the movements of still larger 
 numbers of human beings are recorded. Should 
 the inquirer contemplate, in any authentic 
 compilation of national statistics*, the figures 
 expressing distinctively the comparative num- 
 bers that have occurred, in successive years, 
 of the births of males and of females; the 
 deaths at dififerent ages ; the marriages, with 
 a specification of the age of each party ; the 
 quantities of each sort of commodity manu- 
 factured, imported, or exported ; the prices of 
 public funds ; the amount of crimes ; the 
 numbers of letters delivered; and the other 
 various occurrences which aflPect the popula- 
 tion, production, interchange, accumulation, 
 and consumption of a nation, he would feel 
 assured that the continuity of these occur- 
 rences is produced by fixed laws of Nature, 
 which originate in no human legislation, and 
 which, silent as the laws that rule the starry 
 firmament, exercise their influence over man- 
 
 • Porter's Progress of the Nation ; Journal of the Sta- 
 tistical Society of London; Macgregor's Commercial 
 Statistics. 
 
POLITICAL-ECONOMY. 51 
 
 kind. In the subject of Political-economy, he 
 would discern principles, the operation of 
 which in the past can be recorded accurately, 
 and the continuance of which in the future 
 can be relied on ; and in the financial mea- 
 sures which in every successive year are 
 enacted by the governments of civilised nations, 
 founded on predictions of the events of the 
 ensuing year, he would recognise the opera- 
 tions of an art, guided by the exercise of 
 sound judgment, and reposing a reasonable 
 faith on the stability of natural laws. 
 
 Having reached this conclusion, the philoso- 
 phical inquirer might be led to consider which 
 among the numerous modes of human action 
 would properly constitute the subject of a 
 science of this character. In order to resolve 
 this question, he would naturally proceed to 
 inquire what is the end and aim of the science 
 — is it merely a barren tract of knowledge, or 
 is it available for improving the physical con- 
 dition of mankind? — in the latter case, to what 
 special objects is its application directed? — 
 what instruments does it employ? — and by 
 what conditions is their field of operation cir- 
 cumscribed ? An answer to the latter of 
 
 D 2 
 
52 THE ART OF 
 
 these questions would be naturally sought for, 
 first, because arts are usually practised with 
 more or less success before their parent stock 
 of science is matured; and some confidence 
 might be felt that this answer would be cor- 
 rect, since the exigencies and the capabilities 
 of an art may be justly appreciated even by 
 those who entertain erroneous theories of the 
 science. 
 
 It is possible, however, that our inquirer, 
 not perhaps if he were now approaching the 
 subject for the first time, but if he were versed 
 in the tenets of the non-interference schools 
 of Political-economy, might feel reluctant to 
 admit the possibility of such an art being 
 beneficially exercised. Eespecting those tenets, 
 it will be sufficient to observe in this place, 
 that, deduced as they are from other theories 
 of the science, they cannot be deemed con- 
 clusive against that which is here advanced, 
 unless they can be also deduced from it, whilst 
 their spirit, when regarded a priori, is opposed 
 to the experience of the whole course of scien- 
 tific discovery. It has been always found 
 that Nature's laws are so constituted as to 
 produce effects which are usually beneficial 
 
POLITICAL-ECOITOMY, 53 
 
 to mankind to a certain extent, but which are , 
 capable of being rendered more beneficial by 
 the application of human art, whenever the 
 subject is amenable to the influence of human 
 power. It is evident, indeed, that the more 
 complex and delicate is the subject, the greater 
 amount of knowledge must man possess before 
 he attempts to control the operation of its 
 la ws^- that, by interfering, he may either mend 
 or mar their work ; and it is well known that 
 the latter of these effects has been but too 
 often produced, as in many recorded systems 
 of agriculture, and of medicine, where power 
 has been exerted without adequate knowledge, 
 and art has killed where Nature would have 
 cured. But these and similar considerations 
 can never rob man of his high destiny ; he has 
 been sent forth to conquer the world, and to 
 subdue it, and cannot now be taught that he 
 ought to attempt nothing because patience 
 and perseverance are found to be requisite for 
 the purposes of his mission. 
 
 Whilst, however, it is assumed that an art of 
 Political-economy may be deduced from- the 
 principles of the science, and can be practised^ 
 to infer that it ought to be so practised irre- 
 
 D 3 
 
54 THE AET OF 
 
 spectively of the whole cognate art either of 
 civil government or of individual conduct, as 
 deduced from the principles of several other 
 branches of learning, would be an unfounded 
 assumption. When, in obedience to the dic- 
 tates of experience, philosophers endeavour to 
 investigate the nature of things, that they may 
 be the better able to make use of them — to dis- 
 cover what is, that they may the better pro- 
 duce what ought to be — to learn science, that 
 they may practise art — there is nothing to pre- 
 vent, and everything to induce them, to divide 
 their intellectual forces, and to examine sepa- 
 rately the different tracts of their inquiry, 
 with the tacit understanding that, in the end,, 
 the fruits of their researches shall be mutually 
 communicated to each for the joint benefit of 
 all. But when this multiform knowledge is 
 to be applied to the advancement of one entire 
 purpose, the amelioration of one entire object, 
 or the execution of one entire undertaking, it 
 is evident that no abstract and divided atten- 
 tion to a single branch of science will suffice 
 to guide rightly the hand of him who acts; 
 on the contrary, every description of know- 
 ledge, that is connected with the subject, must 
 
POLITICAL-ECONOMY. 55 
 
 be brought to shed light upon it, and to each 
 motive that results from their separate con- 
 sideration, must be ascribed its due share of 
 importance, in order that the resulting stream 
 of conduct may be rightly directed. As a 
 nation, therefore, constitutes one entire object, 
 and to attempt to govern it is one single un- 
 dertaking, in the execution of this design all 
 the motives that arise from numerous con- 
 siderations, such as those of religion, morality, 
 justice, and honour, must unite to determine 
 the will of the executive, whether its power 
 be in the hands of a single individual or of 
 many acting under the control of one. Of 
 this highly complicated art, Political-economy 
 can only be regarded as one inseparable mem- 
 ber, acting in obedience to the mandates of its 
 tributary science only when they meet the 
 approbation of the governing head, guided by 
 the joint advice of this and every other cognate 
 science. To assert that Political-economy can 
 be practised as an independent art, and to 
 deny that it can be practised in its proper 
 place with beneficial results, in due subordina- 
 tion to other branches of political art, are 
 errors, each probably tending to foster the 
 
 D 4 
 
56 OBJECT OF 
 
 other, and both alike injurious to the interests 
 of society. If the latter assertion were to be 
 credited, the growing physical evils of pro- 
 gressive civilisation would be left without 
 hopes of redress ; if the former, the remedies 
 applied to them would be framed without re- 
 ference to the highest objects. 
 
 If the purpose of statesmen in practising 
 this art were to be stated, in the most general 
 terms, to be, to frame the laws most conducive 
 to the prosperity of the nation to which they 
 are addressed, it would probably be felt that, 
 although this statement is incontrovertible, it 
 leaves much definite information to be desired. 
 That every free government must operate by 
 means of laws, publicly promulgated, and ad- 
 dressed in the first instance to man as the 
 agent, and acting ultimately on man as the 
 object, is suflSciently manifest ; but it is per- 
 haps not so clear how the laws which carry 
 into efiect the purposes of Political-economy 
 are distinguished from other laws. The more 
 obscurity will be found to envelop this ques- 
 tion from the circumstance, that to the word 
 Political-economy there are commonly attached 
 two significations, expressing what may be 
 
THE ART. 57 
 
 termed a greater and a lesser Political-economy, 
 the former embracing a wide range of subjects, 
 such as education, population, and police, 
 which extend to nearly every question of do- 
 mestic policy; the latter limited to the pro- 
 duction, the distribution, and the consumption 
 of property. In order to designate the field 
 of our present inquiries, it may be well to 
 premise, that it is to the latter of these sub- 
 jects alone that Political-economy is understood 
 to be directed in the following treatise: the 
 art which it is understood, to practise is that 
 which arbitrates over property by the strong 
 arm of the law, — necessarily so arbitrates where 
 taxes must be levied, and has the option of so 
 arbitrating where no such necessity exists. 
 To indicate the class of material objects con- 
 templated by the laws which are framed under 
 the guidance of this lesser Political-economy, 
 it is only necessary to define what property is, 
 or to what objects legal rights are attached, — a 
 question for the determination of which it is 
 fortunate that we can appeal to the science of 
 law, as expounded by the judges who apply 
 its principles to practice in each country. It 
 must be a part of the province of every body 
 
58 VALUABLE COMMODITIES 
 
 of laws to define what rights* fall under their 
 jurisdiction, and to these definitions Political- 
 economy may, and indeed must refer. 
 
 To delineate yet more accurately the aim of 
 natural Political-economy, it may be observed 
 that the laws of each country not only decide 
 what are the objects which fall under their 
 jurisdiction, but also decide which among these 
 are exchangeable.! There is so deep a signi- 
 ficance attached to the practice of exchanging, 
 
 * Vide Blackstone's Commentaries on the Laws of 
 England, Book II. Of the Eights of Things. The fol- 
 lowing passage may serve for illustration : — " Many 
 other things may also he the objects of qualified property. 
 It may subsist in the very elements of fire or light, of 
 air, and of water. If a man disturbs another, or deprives 
 him of the lawful enjoyment of these ; if one obstructs 
 another's ancient windows, corrupts the air of his house or 
 gardens, fouls the water, or unpens or lets it out, or if 
 he diverts an ancient watercourse that used to run to the 
 other's mill or meadow, the law will animadvert hereon 
 as an injury, and protect the person injured in his pos- 
 session.'' — Black. Com., vol. ii., p. 295. 
 
 I Thus, by the laws of England, choses in action which 
 were formerly inalienable, are now so no longer : diffi- 
 culties have lately been removed from the conveyance of 
 copyholds, and the claims of labour to combination and 
 free circulation have been granted. It is a significant 
 fact, that by these laws no man is allowed to sell himself 
 as a slave. 
 
SPECIFIED BY LAW. 59 
 
 that those things which form the subject of it 
 can alone be truly said to occupy the attention 
 of Political-economy when understood in its 
 most limited sense; it is the explanation of 
 the phenomena exhibited by them that causes 
 its present difficulties, and it is their solution 
 that will aflfbrd its future triumph. Commu- 
 nities, doubtless, have existed, and may again 
 exist, having no private property in substance 
 but only in use ; the early Christians had all 
 things in common, and so have some sects at 
 the present day ; and in a commonwealth so 
 constituted, there may certainly be practised a 
 rude art of Political-economy, resembling rather 
 the ordering of a private household, than the 
 administration of national resources. But it is 
 when a right of common has been converted 
 into a right of private property, with its mature 
 accompaniment, a right of free exchange — when 
 the charm of ownership is felt, with the cer- 
 tainty of reaping what has been sown, and 
 with the power of improving without restraint, 
 and of transmitting by will to posterity — that 
 the groundwork arises for the exercise of an 
 art guided by the precepts of abstract philo- 
 sophy. The art of Political-economy then, in 
 
60 DEllNITION OF 
 
 its most scientific signification, may be said to 
 be the art which fraites measures addressed 
 to men affecting the production, the distribu- 
 tion, and the consumption of exchangeable 
 property.* 
 
 This point having been considered, we may 
 now proceed to the question, what tracts of 
 inquiry ought the science to investigate in 
 order to procure the knowledge required 1by 
 the exigencies of this art ? — or, how is the sub- 
 ject of this science to be defined? As this 
 question must have been suggested to every 
 investigator of Political-economy, it may be 
 well to advert, in the first instance, to the 
 definitions which are perhaps now most gene^ 
 rally accepted in this country. 
 
 "f Political-economy is now most commonly 
 defined the science of the laws which regulate 
 the production, distribution, and consumption of 
 those articles or products that have exchange- 
 able value, and are at the same time necessary, 
 useful, or agreeable to man." " J In so far as 
 
 * This definition obviously excludes from the province 
 of the art some taxes of minor importance, such as a 
 tax on armorial bearings, and a poll-tax. 
 
 t J. R. M'CuUoch, note to Wealth of Nations. 
 
 I J. S. Mill, Principles of Political Economy, p. 25. 
 
POUTICAL-ECONOMY. 61 
 
 the economical condition of nations turns 
 upon the state of physical knowledge, it is a 
 subject for the physical sciences, and the arts 
 founded on them. But in so far as the causes 
 are moral or psychological, dependent on 
 institutions and social relations, or on the 
 principles of human nature, their investi- 
 gation belongs not to physical, but to moral 
 and social science, and is the object of what 
 is caEed Political-economy." Of these two 
 definitions, the former appears to be designed 
 to direct attention to certain forms of external I 
 matter, the latter to the operation of internal! 
 mental principles ; while both may, perhaps-, 
 be deemed to be alike wanting in that distinct- 
 ness which the student would desire, and 
 which may be obtained by a more minute 
 analysis of the subject. 
 
 ; It is a natural condition of much im- 
 portance, and one to which it appears to be 
 especially necessary to direct attention in this 
 place, that human communities are living 
 organisms. This appellation would probably 
 be considered just, even if nations were to be 
 regarded as consisting merely of an aggregate 
 of unconnected human beings, but much more 
 justly may it be applied to them when they are 
 
62 RELATIONS OF 
 
 understood to be connected by thetiesof marital 
 and filial affection, of friendship, patriotism, 
 love of society, love of display, and by all the 
 other sentiments and passions which bind us, 
 directly or indirectly, to our fellow-men, and 
 the operation of which is most strikingly 
 visible in such of our actions as are con- 
 cerned with the realisation and the fruition 
 of wealth. Now, it has been well observed, 
 in reference to physiology, that no living 
 organism can be fully characterized but by 
 a description comprizing all the particulars, 
 not merely of the organized body itself, but 
 also of the medium in which it exists, not 
 merely of its organs, but also of their functions 
 — not merely of the agent, but also of the thing 
 acted on. If this observation be applied to 
 the subject of Political-economy, it is evident 
 that every comprehensive description of this 
 branch of philosophy must point expressly 
 both toman and to exchangeable objects ; to man, 
 the organism, and to exchangeable objects, the 
 medium by which civilised man is surrounded, 
 on which his organs act, and from which 
 they derive the means of his support, his satis- 
 faction, and his gratification. The subject, 
 
MANKIND AND WEALTH. 63 
 
 therefore, which Political-economy undertakes 
 to investigate may be described as the re- 
 lations of human nature and exchangeable 
 objects — as the effects which human nature 
 produces on exchangeable objects, and the 
 effects which exchangeable objects produce on 
 human nature — as the sensations felt, the 
 conceptions formed, the calculations made, 
 the desires entertained, the actions performed 
 by mankind in consequence of the existence 
 of exchangeable objects, and of the growth, 
 the elaboration, and the aUocatibn, of ex- 
 changeable objects, in consequence of the 
 existence of mankind. If to this initiatory 
 description (designed principally to mark the 
 necessity of both man and matter being in- 
 dicated in every definition of the subject of 
 Political-economy) it be desired to affix some 
 more definite description of each of these co- 
 ordinate branches, to determine, with respect 
 to matter, what portion of it is exchangeable, 
 and, with respect to man, what part of human 
 nature is concerned with that portion, both 
 of these purposes may be answered by ad- 
 verting to the nature of the art to which it is 
 our aim to administer. This ^rt, a,s we have 
 
64 POINTS OF 
 
 seen, in its strictest sense, deals only with 
 those objects which its instruments, the laws 
 of the land, can reach — with the production,* 
 the distribution, and the consumption of pro- 
 perty, and emphatically of exchangeable pro- 
 perty, as defined bylaw; and since the in- 
 vestigations of the science are necessarily 
 directed to the same end, this description 
 serves to delineate the tracts both of physical 
 natua-e and of human nature which the science 
 is_ called on to explore ; the former being thus 
 circumstantially marked as consisting of ex- 
 changeable objects, the latter as consisting of 
 those thoughts and actions of mankind which 
 are occupied with, or which have a relation to, 
 such objects. 
 
 ■~-) Not only, it will be observed, are the phy- 
 sical and the mental relations which Political- 
 economy is called on to investigate, denoted 
 by the circumstance that certain objects de- 
 fined by law are produced, and distributed, 
 and consumed, but this circumstance in itself 
 
 constitutes the reason on account of which 
 
 I 
 
 they are investigated., and claims, therefore, 
 the exclusive attention of the Political-eco- 
 nomist. As the students of other branches of 
 
iNQumY. 65 
 
 philosophy confine each his own researches to 
 such qualities of objects as especially concern 
 his inquiries ; as, for instance, in the relations 
 of the atmosphere, the chemist, discerns only a 
 combination of gases,^ the mechanician a moving 
 force, the musician a vehicle for sound, the 
 naturahst a receptacle for the food of plants, 
 so, in investigating the relations of men and ex- 
 changeable objects, the Political-economist re- 
 gards exclusively the causes of their production, 
 their distribution, and their consumption. In 
 each of the twofold aspects of the subject he 
 contemplates these phenomena exclusively ; 
 whilst, investigating the physical branch, he 
 abandons the consideration of every mecha- 
 nical, chemical, and organic property, except 
 so far as it affects their value ; and, while in- 
 vestigating human nature, he leaves to others 
 every irrelevant inquiry, — to the historian the 
 exposition of the causes and the effects of am- 
 bition, to the jurist the determination of the 
 force of anger, to the artist the explanation of 
 the sublime and the beautiful, — whilst he also 
 examines, as they examine, sensations and 
 conceptions, motives and emotions, he limits 
 his examination to those mental susceptibilities 
 
 E 
 
66 PHYSIOLOGY AND 
 
 and powers which affect the phenomena of 
 production, of distribution, and of consump- 
 tion. 
 
 This tract of philosophy we shall attempt to 
 investigate, by examining, in the first instance, 
 not physical nature, but human nature, and by 
 searching for the elementary principles which 
 govern this latter subject through the evidence 
 of our internal thoughts and of our familiar 
 transactions, as illustrated by the researches 
 of Physiology and of Psychology. To the 
 facts disclosed by Physiology we shall have 
 occasion to refer only at the outset of our in- 
 quiries, and this, too, for the purpose of de- 
 monstrating facts which may be, if we are so 
 satisfied, received on the evidence of others. 
 To Psychology, as we shall have to appeal for 
 a wider extent of information, we shall also be 
 compelled to trust on evidence of a different, 
 and, as it will perhaps be considered, of a less sa- 
 tisfactory character: the causes of human action 
 will necessarily be examined by the aid of our 
 own internal power of perception, with little re- 
 gard to the testimony of others apart from the 
 contemplation of the phenomena of our own 
 minds^ and with the necessity in all cases oifeei- 
 
PSYCHOLOGY. 67 
 
 ing in order to understand. As the physician, 
 who desires adequately to realise the state in-, 
 duced in the human subject by any novel ap- 
 plication, wUl not trust to the reports of others, 
 but will make experiments on himself, the 
 Political-economist will meditate in the first 
 instance upon himself, for the purpose of com- 
 prehending fully the motives of the actions of 
 other mien";^ ^ 
 
 On closing the avenues of external sens'e, 
 and viewing, by the wondrous light of re- 
 flection, and under the guidance of Psycho- 
 logy, the world which lies within himself, the 
 Political-economist, if he now contemplates 
 this scene for the first time, will probably feel 
 surprise, that there is so large a portion of his 
 own mental nature with which he is not in- 
 tuitively familiar, — that there are secret work- 
 ings in the mind as in the body, phenomena, 
 if they may be so called, of construction and 
 of circulation, which, having cost ages to dis- 
 
 * v" Observe, \\^ith the utmost attention^ all the opera- 
 tionsW your own mind, t>e^5latu^e of your passions, atvd 
 the vjus^oua motiv^ thAt determine your will, and you 
 may, in a great degree, know all mankind." — Chester-^ 
 field. 
 
68 PSYCHOLOGY, 
 
 cover, must now be learnt from others, — and 
 satisfaction^ that this knowledge promises to be 
 useful in solving many of the mysteries of 
 Political-economy, by the interposition of that 
 inexhaustible bounty of Nature which ever 
 supplies the lover of truth with augmented 
 power, in proportion to the increasing diffi- 
 culties of his researches. In this internal 
 world he may discern unsuspected pheno- 
 mena : Senses, which have commenced their 
 education at the time of birth, and have been 
 taught by Nature, during the unremembered 
 age of infancy, to see things originally in- 
 visible, and to hear things originally inaudible," 
 and which, before they are exposed to the 
 scrutiny of the philosopher, differ from their 
 original germ as the leaved and fruited tree 
 differs from its seed ; Ideas, among which 
 are not only embalmed the sensations that 
 have been formerly felt, but there are also 
 new conceptions that have resulted from them 
 by a principle of intellectual combination, and 
 succeed them in obedience to a variety of laws 
 of suggestion or association ; Emotions, ex- 
 tending over days and years, now flowing on 
 uniformly towards one definite purpose, now 
 
PSYCHOLOGY. 69 
 
 swelling under the influence of a hidden im- 
 pulse, casting away, perhaps, those .who have 
 not learnt to control them, but subsiding in 
 obedience to the authority of those who know 
 that, as there are physical substances which 
 conduce to the health of the body, there are 
 appropriate sensations and ideas, by a skilful 
 application of which the mental constitution 
 may be soothed or stimulated, its strength re- 
 novated, and its health restored. In this field 
 it will be the purpose of the Political-economist 
 to collect whatever knowledge may serve to 
 explain the production, the distribution, and 
 the consumption of exchangeable property. It 
 is well known that modern geologists have, 
 often succeeded in demonstrating the compo- 
 sition of volcanic products by compounding 
 similar substances in their laboratories, and 
 inferring that the minute processes thus con- 
 ducted are counterparts of the magnificent 
 operations of Nature. With a similar intent 
 the investigator of Political-economy will retire 
 within the recesses of introspective reflection, 
 and endeavour, with the aid of Psycholog}^ to 
 observe the composition of mental states similar 
 to those which claim his attention in the wide 
 
 E s 
 
70 PSTCHOLOGT. 
 
 field of national industry. If, by minutely 
 analyzing his own mind, he can discern the 
 motives by the agency of which he becomes 
 a consumer, a producer, and a distributor 
 of exchangeable property, — if, from the ele- 
 mentary sensations of a gratifying nature, 
 which, in definite degrees, attend the consump- 
 tion of commodities in definite quantities, he 
 can deduce the attribute of value mentally 
 ascribed to them in definite amounts, and can 
 thus detect the principle by the operation of 
 which he is himself willing to exchange one 
 commodity for another, — and if, from the ele- 
 mentary sensations of a repulsive nature which 
 attend the production of commodities, he can 
 deduce the attribute of what may be called 
 negative value, mentally ascribed to the en- 
 durance of labour, and can detect the principle 
 by the operation of which he is himself actuated 
 to endure labour and to produce commodities, 
 — he will feel assured that the same principles 
 operate universally on all mankind, and ori- 
 ginate those mighty phenomena which appear 
 inscrutable to the superficial observer, because 
 their causes lie hid beneath the field of political 
 observation. 
 
DEFINITIOINS. 
 
'72 POLITICAL-ECONOMY. 
 
 DEFINITIONS. 
 
 Political-economy. — The branch of philo- 
 sophy which explains several important rela- 
 tions of man and matter, and shows how- they 
 ought to be dealt with for the ultimate benefit 
 of man, by the exercise of legal rights, or by 
 the establishment of legal liabilities. 
 
 Value An attribute ascribed by man to 
 
 numerous objects, from a remembrance of their 
 set-vices in past times, and a conviction that 
 such services are stiU available. 
 
 Exchangeable Value A variety of this 
 
 attribute, ascribed to the class of valuable ob- 
 jects which is defined by the laws of each 
 country as constituting property; the chief 
 circumstances to which this distinction is due 
 being that such valuable objects can be appro- 
 priated, and that they do not exist in quanti- 
 ties greater than are requisite to satisfy the 
 wants and wishes of mankind. 
 
 Statical Value — Exchangeable value, 
 when regarded as simply relative ; its various 
 degrees resulting from the comparison of se- 
 veral co-temporaneous objects, and being mea- 
 sured by prices. 
 
DEFINITIONS. 73 
 
 DyNAMicAL Value. — Exchangeable value, 
 when regarded as causing the manufacture of 
 the objects to which it is ascribed, being mea- 
 sured, in reference to time, by the rate at which 
 such objects are manufactured. 
 
 Consumption. — ^hat action and reaction of 
 matter and man, by which matter supplies the 
 means of gratification to man, while man di- 
 minishes or annihilates the valuable proper- 
 ties of matter. The former of these processes 
 is the object, of consumption, which is there- 
 fore denoted, physiologically, by the fact that, 
 during its continuance, the operation of the 
 afferent trunks of nerve-fibre prevails. 
 
 Production. — That action and reaction of 
 man and matter, by which valuable properties 
 are imparted to matter, whilst reflex impres- 
 sions of resistence are felt and sustained by 
 man. The former of these processes is the ob- 
 ject of production, which is therefore denoted, 
 physiologically, by the fact that, during its 
 continuance, the operation of the efferent 
 trunks of nerve-fibre prevails. 
 
 DiSTEiBUTiON An intermediate process, 
 
 that determines how valuable objects, which 
 have been produced, shall be consumed. 
 
74 DEFINITIONS. 
 
 Commodities, — -A term usually applied to 
 valuable objects when it is intended to refer to 
 the processes of consumption. 
 
 Products. — A term usually applied to va- 
 luable objects when it is intended to refer to 
 the processes of production. 
 
 Labour. — The active intervention of human 
 agents enduring toil in the processes of pro- 
 duction. 
 
 Primary Commodities Those commodities 
 
 all the valuable qualities of which are classed 
 among " objects of common sensation." 
 
 Secondary Commodities. — Those commo- 
 dities all the valuable qiialities of which are 
 classed among " objects of special sensation." 
 
 Mental Labour. — Labour is so called when 
 the actions performed originate in the brain. 
 
 Physical Labour. — Labour is so called 
 when the actions performed originate in the 
 spinal column. 
 
 Wealth — A term usually applied to va- 
 luable objects when it is intended to refer, not 
 to their production, nor to their consumption, 
 but to their duration and accumulation. 
 
BOOK I. 
 
 PRINCIPLES OF PHYSIOLOGY 
 
 AND OF 
 
 PSYCHOLOGY 
 
 WHICH AFFECT 
 
 POLITICAL ECONOMY. 
 
POLITICAL-ECONOMY. 77 
 
 CHAPTER L 
 
 tJonsumption and Production analyzed. — The Sensations 
 which accompany Consumption examined. — Primary 
 and Secondary Commodities. — Effects of Changes of 
 existing Quantities. 
 
 (1.) Let the Political-economist, regarding him- 
 self, on the one hand, and, on the other hand, 
 those forms of external matter whichj as he 
 knows by experience, are bought and sold in 
 civilized communities, reflect what his own feel- 
 ings would be if hei should himself become a 
 producer and a consumer of them ; selecting, at 
 will, several articles of necessity or of luxury, 
 let him consider what satisfaction is derived 
 from them, and what toil is endured by those 
 whose labour produces them; what satisfac- 
 tion, for instance, is derived from the warmth, 
 the protection, the dignity, the beauty of 
 raiment, and what- toil is endured in preparing 
 the raw material^ in dressing, spinnjhg, weav- 
 ing, dyeing, making it up for use, and retail- 
 ing it ; what satisfaction is derived from the 
 gratification of appetite and of taste, the exhi^ 
 
78 CONSUMPTION AND 
 
 laration of spirits, the health, and the strength 
 imparted by various articles of food, and what 
 toil is endured in growing, rearing, tending, 
 storing, and dressing them ; what satisfaction 
 is derived from architecture, sculpture, paint- 
 ing, and music, and with what toil their theo- 
 ries are elaborated, and their principles 
 applied : these, or other such varieties of 
 satisfaction and of toil, let him consider and 
 compare, remembering that, although to aid 
 his reflections information must be derived 
 copiously from others, it is by a reference to 
 his own feelings alone that his estimate of the 
 mental accompaniments of Consumption, and 
 of Production, must ultimately be formed. 
 
 The first intimation which this appeal to 
 his own feelings will probably convey to the 
 Political-economist is, that every adequate de- 
 scription of these two great classes of opera- 
 tions must distinguish them, not as being 
 operations in one of which external objecis 
 act upon man, and in the other of which man 
 acts uporflexternal objects, since both of these 
 effects occur simultaneously whenever men 
 either consume, or produce, but as being ope- 
 rations, in one of which the end immediately 
 
PRODUCTION. 70 
 
 contemplated, and which constitutes the de- 
 termining motive, is the effect of external 
 objects on man, and in the other of which it is 
 the effect of man on external objects. It is 
 quite evident that in both Consumption arid 
 Production there occur a simultaneous action 
 and reaction of external objects upon man, 
 and of man upon external objects : when the 
 operations of Consumption are performed, food 
 may give support, comfort, gratification to 
 men, whilst men masticate, swallow, digest, 
 and assimilate food; raiment may give de- 
 cency, protection, or decoration to men, while 
 men expose raiment to friction, or to the in- 
 fluences of the sun and the atmosphere ; but 
 it is manifest that the purpose contemplated is 
 not the destruction of food, or of raiment, but 
 certain benefits accruing to the consumer with 
 which this destruction is by nature indisso- 
 lubly connected : and when the operations, of 
 Production are performed, whilst the labourer 
 moves the soil, the weaver plies the shuttle, 
 the carpenter constructs with wood or the 
 mason with stone, resistance, difficulty, fatigue, 
 are felt ; but these are the inseparable adjuncts 
 of labour, and not the end proposed or the 
 
80 MOTIVES, 
 
 object immediately contemplated by the pro- 
 ducer. It is clear, therefore, that these two 
 great classes of actions will be rightly de- 
 scribed, Consumption, as comprising actions of 
 which the motive is the contemplated eifect of 
 external objects upon man, and Production, as 
 comprising actions of which the motive is the' 
 contemplated effect of man upon, external 
 objects.* 
 
 (2.) When distinctive notions of Consump- 
 tion and of Production have been thus formed,, 
 it will probably be felt that these modes of 
 action still require to be denoted by marks 
 more palpable and definite than those to 
 which we have here referred, — that to refer to 
 motives as marks of classification, is to employ- 
 for this purpose metaphysical abstractions, not 
 clearly perhaps apprehended by some minds, 
 and ill adapted for the purposes of practical 
 art. In order to substitute for these abstrac- 
 
 * It may serve .to illustrate this distinction, if we here 
 refer, in anticipation, to the events of social life, and de- 
 signate Consumption as consisting of those actions for the 
 Opportunity of performing which money is usually paid, 
 and Production as consisting of those for the performance 
 of which money is received. 
 
ORGANIC CHARACTERISTICS. 81 
 
 I 
 
 tions, objects cognizable by the external senses, 
 we may have recourse to Physiology, and con- 
 sider the processes of the human organism 
 that are ancillary to the mental processes 
 with which we are here concerned. 
 
 When external matter produces sensible 
 eflfects upon man, impressions are always 
 made, in the first instance, upon certain 
 trunks of nerve-fibres, which lead to the 
 sensorium and produce sensations, which may 
 be followed by a long succession of further 
 mental phenomena ; when man acts upon ex- 
 ternal matter, impressions are always made 
 upon similar but distinct trunks of nerve-fibres, 
 leading from the sensorium, and eventually 
 producing contraction of the muscles, and a 
 consequent exhibition of mechanical force; 
 these two classes of fibrous trunks being 
 never convertible — the afferent trunk, which 
 leads to the sensorium, being never used for 
 the efferent trunk, which leads from the 
 sensorium — ^but each being used invariably, 
 as the parallel lines of a railway are com- 
 monly, for distinctive communication, in op- 
 posite directions. Now, there appears to be 
 no reason why these two several channels of 
 
82 ORGANIC CHAEACTEEISTICS. 
 
 sensational influence, and of motor force, thus 
 distinctly marked out by Nature, may not 
 be employed to denote the two classes of 
 human actions in which they invariably take 
 a part, — why, when we require a mark to 
 discriminate between the actions of which 
 the motive is the effect of external objects 
 upon the agent, and the actions of which the 
 motive is the effect of the agent upon external 
 objects, the former class of actions may not 
 be denoted by the employment of the afferent 
 trunks of nerve-fibres, and the latter class of 
 actions by the employment of the efferent 
 trunks of nerve-fibres. Since of these two 
 descriptions of actions, when performed by 
 a large number of individuals, the former 
 constitutes Consumption, and the latter Pro- 
 duction, Consumptioi;! may be defined as that 
 class of human actions in which the instru- 
 mentality of the afferent trunks of nerve-fibre 
 is predominant, and Production, as that class 
 of actions in which the instrumentality of 
 the efferent trunks of nerve-fibre is pre- 
 dominant. 
 
 (3.) Having described and defined these, 
 the two great branches of the subject of 
 
SENSATION. 83 
 
 Political-economy, we may proceed to analyse 
 them separately, commencing with the actions 
 which constitute Consumption, since it is with 
 these alone that human nature is occupied 
 during the earliest years of life. As the 
 distinguishing characteristic of this class of 
 actions is the effect of matter on man, or the 
 effect of external objects acting through the 
 human body on the mind of man, our first 
 inquiries will be directed to elucidate the 
 nature of these mental effects. 
 
 Sensation^ the mental consciousness, arising 
 from the excitement of the nervous tissue, 
 is easily recognised as, on the one hand, dis- 
 tinguishing animal from vegetable life, and 
 as, on the other hand, being distinguished 
 from other mental states by the characteristic 
 that it is immediately caused by the action 
 of the bodily organs, without the occurrence of 
 any intervening mental state. Whilst the mem* 
 bers of the animal and of the vegetable king- 
 doms advance alike from an undeveloped to a 
 mature stage of existence, commonly imbibing 
 the atmosphere and exhaling it in an altered 
 state, deriving nourishment from external sub- 
 
 F 2 
 
84 SENSATION. 
 
 stances, growing in health or sinking under 
 disease until the process of growth is com- 
 pleted, and then yielding to a gradual process 
 of exhaustion, through which the constituent 
 particles of their bodies become eventually 
 subject to the laws of inorganic nature, 
 throughout the whole period of these " two- 
 fold movements of composition and decom- 
 position, at once general and continuous," 
 there exists this invariable distinction between 
 the lives' of animals and the lives of plants, 
 that the former feel, and the latter do not 
 feel, sensations derived from the contact of 
 external matter. All the sensations, again, 
 which are thus felt, differ from the concep- 
 tions which are derived from them by the 
 aid of memory and imagination, in this 
 respect, that whilst similar sensations and 
 conceptions occur of form and colour,, of taste 
 and odour, of touch and of resistance, the 
 latter may be entertained in the mind inde- 
 pendently of the existence of matter, at 
 various times and in various places, whilst 
 the former are dependent on the presence 
 of external objects, and are, therefore, limited 
 by the limits of the organs of sense, and by 
 
INDIFFERENT SENSATIONS. 85 
 
 the nature of the objects which are within 
 their grasp. 
 
 Of sensations, thus characterized, the atten- 
 tion of the Political-economist will be directed 
 to those only which are occasioned by the Con- 
 sumption, the; Production, and the Distribu- 
 tion of exchangeable Property; and, since it is 
 the purpose of his inquiries to trace through 
 human nature those mental susceptibilities 
 and powers, in consequence of which such 
 actions are continually performed by human 
 communities, these sensations will, in the first 
 instance, naturally fall under two heads, ac- 
 cording as they are felt with indifference, or 
 with a sense of pleasure or pain. 
 
 (4.) Sensations which are felt with in 
 difference can never be the efficient causes of 
 intentional actions. As they are felt, so they 
 are remembered, without interest or regard, 
 attached to them or on their account, to any 
 of the forms of matter which have caused 
 them. That objects which excite such sensa- 
 tions only are frequently the subject of active 
 industry, is a fact due to the intellectual pro- 
 cesses of association and combination, which 
 we shall hereafter have occasion to consider, 
 
 F 3 
 
86 SENSATIONS ATTENDING UPON 
 
 The objects which are regarded by the unedu- 
 cated mind without any degree of satisfaction, 
 such as raw materials of various kinds, could 
 never become the subject of human action, 
 were it not for those ulterior mental processes 
 in consequence of which they are eventually 
 regarded and esteemed as the causes and the 
 constituents of other and very different forms 
 of matter. 
 
 Sensations which are not regarded with in-, 
 difference claim a large share of our attention, 
 as the sources of the motives which cause 
 every action of Consumption, of Production, 
 and of Distribution. These sensations will, in 
 the first instance, be conveniently divided into 
 two classes, distinguished according as they 
 are felt during Consumption or during Pro- 
 duction, or (to refer to our definition of these 
 actions) according as the afferent or the 
 efferent trunks of nerve-fibres are in predo- 
 minant use at the time of their occurrence. 
 
 The sensations which are paramount in 
 Ctinsumption being usually attended with 
 pleasure, and the sensations which are para- 
 mount in Production being usually of an 
 opposite character, it might at first appear 
 
CONSUMPTION AND PRODUCTION. 87 
 
 easy to denote our classes of sensations by a 
 reference to this circumstance; but it would 
 be found that such a principle of classification 
 would often prove incorrect, whilst by refer- 
 ring to the channels along which these sensa- 
 tions are severally conducted, they are not 
 only denoted accurately, but become circum- 
 scribed by the same definitions as the two 
 great classes of operations with which we are 
 here concerned. These two classes of sensa- 
 tions, accordingly — sensations attending upon 
 Consumption, and sensations attending upon 
 Production — we shall mark respectively by 
 the fact, that whilst both classes alike are 
 naturally conveyed by the trunks of afferent 
 nerve-fibres, when the former are felt, the func- 
 tions of these nerve-fibres are paramount, and 
 when the latter are felt, the functions of the 
 eflPerent nerve-fibres are paramount. The re- 
 mainder of this chapter will be occupied with 
 the consideration of the former of these classes 
 — sensations attending upon Consumption. 
 
 (5.) If we reflect upon the variety of objects, 
 sold in the poorest market, which immediately 
 afiiect the senses, and consider how many are 
 designed to sustain health, or to promote com- 
 
 V 4 
 
88 SENSATIONS ATTENDING 
 
 fort, how many more to please the eye, to 
 attract the ear, to gratify the taste, and if we 
 further reflect how much greater a variety of 
 such objects is sold in opulent cities, in ex- 
 tensive empires, in the civilised world, the 
 number of the sensations that attend upon 
 Consumption must appear to be exceedingly 
 great. It is evident, however, that, numerous 
 as these sensations are, they all pass along 
 channels, the whole of which are comprised 
 within the small dimensions of each human 
 body; there appears also to be a strong ante- 
 cedent probability that the relative import- 
 ance of these several sensations to individual 
 man, and to human communities, will be found 
 to follow the various degrees of complexity, 
 and of mutual subordination, manifest in the 
 construction of these organic channels. We 
 are thus led to recur to Physiology for assist- 
 ance in classifying these numerous sensations. 
 The afferent or sensory nerve-fibres, dis- 
 tributed throughout the body in whatever 
 proportions, and endowed with degrees of 
 sensibility however different, are cleariy di- 
 visible into two general classes — the nerves of 
 .the organs of the five senses, and the sentient 
 
UPON CONSUMPTION. 89 
 
 nerves of the other parts of the body ; or, in 
 the language of Physiology, the nerves of 
 special sensation and the nerves of com- 
 mon sensation. Of the organs by means of 
 which we see, hear, smell, taste, and touch, 
 the eye, the ear, the nose, the tongue, and the 
 skin, the external structure is so characteristic 
 as to render any description unnecessary, but 
 it may serve to denote the sensations conveyed 
 by them if we obserye that between the nerves 
 of special sensation and the nerves of common 
 sensation there exists this distinction — whilst 
 the latter may convey to the sensorium more 
 than one kind of impression, each of the former 
 can convey only that kind of impression for 
 which it is specially designed, — pressure, for 
 instance, which, on the hand, excites a sensation 
 of resistance, when applied to the eye may 
 ' cause a sensation of light or of colour, and 
 when applied to the ear may cause a "tinnitus 
 aurium; " but excitement of the optic nerves 
 can only convey impressions of sight, and 
 excitement of the auditory nerve can only 
 convey impressions of sound. 
 
 The sensations which attend upon Consump- 
 tion may therefore, in the first instance, be 
 
90 COMMON AND 
 
 divided into two classes, according as they are 
 conveyed by the nerves of common sensation, 
 or by the nerves of special sensation. In the 
 former class are comprised all those sensations 
 which are not conveyed by the •well-defined 
 organisms of the five senses, such as the sensa- 
 tions of resistance communicated by the mus- 
 cular sense, apparently the most universally 
 difi'used throughout animal life, which in 
 human communities are agreeably aroused by 
 the numerous Commodities calculated to fur- 
 nish exercise or to assist repose, — the sensations 
 of temperature, probably the next in extent 
 of diffusion throughout animal life, which are 
 derived from Commodities, adapted to clothe 
 the body, to protect it from the inclemency of 
 the weather, or to produce artificial warmth 
 or coolness, — the sensations consequent upon 
 the gratification of appetite or the alleviation 
 of want conveyed by food of innumerable 
 kinds, — to which maybe added the sensations 
 produced by stimulants, so largely used in 
 modern times, as alcohol, tobacco, opium, and 
 the nearly identical elements of theine and 
 caff'eine. In the latter class are comprised 
 all the special sensations, whether conveyed 
 
SPECIAL SENSATIOIT. 91 
 
 by the natural power of the five senses as 
 originally constituted, or by that after-acquired 
 power which arises from the involuntary edu- 
 cation of the senses naturally attending the 
 growth of man or from education, in its gene- 
 ral acceptation, communicating to rising gene- 
 rations the knowledge of those who are passing 
 away, and making the senses the avowed 
 ministers of the intellect and of the moral 
 feelings : such are the charms of colour, height^ 
 ened by beauty of form, and rich with treasured 
 associations, imparted to the eye by objects to 
 which the fine arts have been applied ; the 
 pleasures of literature communicated by the 
 sight of conventional symbols; the thrill of 
 each note, the broad expanse of harmony, the 
 running stream of melody, con-eyed to the 
 ear by music ; the sweet odours imbibed from 
 the essences of costly extracts ; the delicate 
 sensation which the axils of the skin convey 
 when placed in contact with finely woven 
 tissues; and the luscious taste which the palate 
 derives from elaborated substances, in which 
 sapid properties are joined with congenial 
 odours, and difiused through substances agree- 
 able to the touch. 
 
92 PEIMAEY AND 
 
 The Commodities which serve to excite these 
 two classes of sensations, will naturally be 
 distinguished by a reference to them, and will 
 thus be divided into two classes. These classes 
 of Commodities will be found, probably, to 
 coincide nearly with those which have been 
 usually designated necessaries and luxuries, 
 with, perhaps, a somewhat vague reference to 
 certain characteristics which must always have 
 been apparent, — as that necessaries are an 
 indispensable preliminary to the enjoyment of 
 luxuries — that any change in the quantity of 
 necessaries is more sensibly felt than an equal 
 change in the quantity of luxuries — and that 
 the number of objects comprised under the 
 former head is continually increasing, many 
 commodities which have been regarded as 
 luxuries in rude times becoming necessaries 
 as wealth increases and civilization advances, — 
 characteristics, however, which supply no very 
 tangible line of demarcation to enable us to 
 determine whait Commodities fall under the 
 respective heads of necessaries and of luxuries. 
 When we point to the nerves of common sen- 
 sation, and to the nerves of special sensation, 
 as supplying this criterion, it will be found 
 
SECONDAEY COMMODITIES. 93 
 
 convenient to indicate the classes of Commo- 
 dities so defined by distinctive names, and we 
 shall accordingly designate them respectively 
 Primary and. Secondary Commodities; Primary 
 Commodities being objects of common sensa- 
 tion, and Secondary Commodities being objects 
 of special sensation. If Commodities are viewed, 
 as they are ultimately viewed by the Political- 
 economist, in large quantities, there will pro- 
 bably be found little difficulty in determining 
 to which of these classes * they .severally be- 
 long, or in what relative proportions they 
 administer to the gratification of each class of 
 sensations. The purpose of our present in- 
 quiry leads us now to examine, by the evidence 
 of our own feelings, the changes in the degree 
 and the duration of sensations that are occa- 
 sioned by changes in the quantity of the Com- 
 modities by which they are excited, — to consi- 
 der at what times and in what degrees Primary 
 
 * " The use of classification is to fix attention upon the 
 distinctions which exist among things ; and that is the 
 best classification which is founded upon the most im- 
 portant distinctions, whatever may be the facilities which 
 it may afford of ticketing and arranging the different 
 objects which may exist in Nature.''—'./. & Mill. 
 
94 RELATION OF PEIMAEY 
 
 and Secondary Commodities respectively afford 
 satisfaction to ourselves, in order to determine 
 the value that these Commodities may be ex- 
 pected to bear in the estimation of each indi- 
 vidual, and ultimately the price for which they 
 will be found to be bought and sold in the 
 dealings of civilized life. This examination 
 will conveniently be divided into two parts, 
 according as the sensations excited by the 
 Commodities are regarded as relative or abso- 
 lute — as dependent upon the existence of 
 some other than the commodity by which they 
 are immediately excited, or as dependent only 
 on the quantity and quality of that commodity. 
 (6.) 1st. That necessaries may confer on 
 the consumer their full amount of satisfaction 
 in the absence of luxuries, whilst luxuries 
 cannot be enjoyed by those who want the 
 necessaries of life, will be readily admitted. If 
 we express the subject matter of this propo- 
 sition by the more definite terms. Primary and 
 Secondary Commodities, and test its truth by 
 the experience of our own sensations, the pro- 
 position will be found to hold good, that Pri- 
 mary Commodities are essential to the fruition 
 of Secondary Commodities, but that Secondary 
 
AND SECOND AEY COMMODITIES. 95 
 
 Commodities are not essential to the fruition 
 of Primary Commodities. "Who would consider 
 it to be a reasonable motive for refusing any 
 gratification which should be within reach of 
 the organs of commbn sensation that he had 
 not also within reach the pleasures of special 
 sensation ? Which of us would refuse to 
 satisfy hunger or thirst, to take exercise or 
 repose, or to procure the consciousness of 
 health, and strength, and comfort, on the 
 ground that no gratification had been pre- 
 viously offered to the five senses? On the 
 other hand, who would prefer, when objects 
 which gratify common sensation have been 
 withheld, to offer to the senses objects designed 
 to produce the pleasures of special sensation ? 
 Who, when suffering from hunger or thirst, 
 pinched by cold, oppressed by heat, or pining 
 for exercise, would fully enjoy the charms of 
 the flower-garden, the statue-gallery, or the 
 opera? From our daily experience we all 
 feel that the satisfaction of our less specially 
 organized senses must precede that of those 
 which are more specially organized, although 
 the reverse of this is not the case, — that the 
 blossom cannot live without the stem and the 
 
96 CUANGES OF 
 
 root, althougli these may exist without the 
 blossom ; and we must be prepared to find, 
 when we shall apply this experience of our 
 own nature to elucidate the nature of others, 
 that no classes of men will appreciate the 
 objects of special sense until they shall have 
 been raised above absolute want, — that the 
 " Ragged Schoolboy" will not be taught until 
 he shall have been fed, — that the poorer grades 
 of society will not appreciate sesthetical or 
 literary pursuits until their condition shall 
 have been rendered comfortable,^ — and, when 
 our attention shall be directed to the great 
 phenomena of money value, that Secondary 
 Commodities will not be found to command a 
 high price from those amongst whom Primary 
 Commodities are not abundant. 
 
 (7.) 2ndly. To turn from the relative effect 
 of Commodities, in producing sensations, to 
 .those which are absolute, or dependent only 
 on the quantity of each Commodity, it is but 
 too well known to every condition of men, 
 that the degree of each sensation which is pro- 
 duced, is by no means commensurate with the 
 quantity of the Commodity applied to the 
 senses, — to the rich, that much more than 
 
QUANTITY. 97 
 
 enough is incapable of affording much more 
 satisfaction, that when the cup of pleasure has 
 been filled it is to no purpose that the stream 
 of Wealth remains unexhausted, — to the poor, 
 that much less than enough produces feelings 
 very different from mere loss of satisfaction. 
 If it be borne in mind that the feeling to which 
 we are here adverting is sensation — the first 
 effect of matter on mind, not the complex con- 
 ception of Yalue, and still less the ideas of 
 unpriced dignity and power usually associated 
 with the idea of large possessions — it will be 
 quite evident how different are the effects 
 produced on the senses by different quantities 
 of a Comnxpdity. These effects require to be 
 closely observed, beeause they are the founda- 
 tion of the changes of money price, which 
 valuable objects command in times of varied 
 scarcity and abundance ; we shall therefore 
 here direct our attention to them for the pur- 
 pose of ascertaining the nature of the law 
 accordinsT to which the sensations that attend; 
 on Consumption vary in degree with changes 
 in the quantity of the Commodity consumed. 
 
 We may gaze upon an object until we can 
 no longer discern it, listen until we can no 
 
 G 
 
98 RELATION OF 
 
 longer hear, smell until the sense of odour 
 is exhausted, taste until the object becomes 
 nauseous, and touch until it becomes painful ; 
 we may consume food until we are fully satis- 
 fied, and use stimulants until more would 
 cause pain. On the other hand, the same object 
 offered to the special senses for a moderate 
 duration of time, and the same food or stimu- 
 lants consumed when we are exhausted or 
 weary, may convey much gratification. If the 
 whole quantity of the Commodity consumed 
 during the interval between these two states 
 of sensation, the state of satiety and the state 
 of inanition, be conceived to be divided into a 
 number of equal parts, each marked with its 
 proper degrees of sensation, the question to 
 be determined will be, what relation does the 
 difference in the degrees of the sensation bear 
 to the difference in the quantities of the Com- 
 modity ? 
 
 First, with respect to all Commodities, our 
 feelings show that the degrees of satisfaction 
 do not proceed pari passu with the quantities 
 consumed, — they do not advance equally with 
 each instalment of the Commodity offered to 
 the senses, and then suddenly stop,' — but dimi- 
 
SENSATION TO QUANTITY. 99 
 
 nish gradually, until they ultimately disappear, 
 and further instalments can produce no further 
 satisfaction. In this progressive scale the in- 
 crements of sensation resulting from equal in- 
 crements of the Commodity are obviously less 
 and less at each -step, — each degree of sensa- 
 tion is less than the preceding degree. Placing 
 ourselves at that middle point of sensation, the | 
 juste milieu, the aurea mediocritas, the " a^n- 
 (TTov [xsTpov "of sages, -which is the most usual, 
 status of the mass of mankind, and which, 
 therefore, is the best position that can be cho- 
 sen for measuring deviations from the usual 
 amount, we may say that the law which ex- 
 presses the relation of degrees of sensation to 
 quantities of Commodities is of this character, 
 — if the average or t.emperate quantity of Com- 
 modities be increased, the satisfaction derived 
 is increased in a less degree, and ultimately 
 ceases to be increased at all ; if the average 
 or temperate quantity be diminished, the loss 
 of more and more satisfaction will continually 
 ensue, and the detriment thence >arising will 
 ultimately become exceedingly great. 
 
 (8.) From this law of the variation of sen- 
 sations consequences will be found to ensue, 
 
 c 2 
 
100 DIFFERENCE IN 
 
 affecting more or less all the problems of 
 Price and of Production; it may be well, there- 
 fore, to inquire whether the evidence which 
 this point of our subject supplies will throw 
 any more light on the nature of these pheno- 
 mena. If, it may be asked, the sensations 
 produced by the consumption of all kinds of 
 Commodities vary according to a law of this 
 description, do they all vary in the same 
 degree? — or, if not, from what cause does their 
 difference of variation arise? — and is it not 
 probably from the same cause which renders 
 most widely different the fruition of different 
 kinds of Commodities, and which has already 
 enabled us to divide them into distinct classes ? 
 
 It is very obvious that the satisfaction 
 which is derived from objects that affect the 
 special senses, is far less dependent on quantity 
 than that which is derived from objects that 
 are productive of satisfaction to our common 
 sensations, or that any change in the quantity 
 of the latter affects the consumer much more 
 nearly than an equal change in the quantity 
 of the former. Whilst food or raiment, 
 shelter or warmth, may be meted out to the 
 human body with the same degree of exact- 
 
CHANGES 01" SENSATION. 101 
 
 ness as to the stall-fed ox, or to the exotic 
 plant, who can mete out to the eye its due 
 amount of visual satisfaction — to the ear its 
 share of agreeable sounds — to the touch, the 
 smell, the taste, their portions of appropriate 
 gratification ? And it may be remarked, that 
 whilst the absence of one kind of common sen- 
 sation can seldom be supplied by another 
 kind, the reverse is the case with the special 
 sensations. A superfluity of repose cannot 
 satisfy hunger, or thirst be quenched by a 
 superfluity of warmth ; but one special sense 
 may, and often does, prove a sufficient substi- 
 tute for others : the Anglo-Saxon may revel 
 in the luxuries of sight alone ; the French in 
 the luxuries of the palate ; the Italian may 
 live in music ; the Oriental in perfume ; and 
 the blind, of whatever nation, may find in 
 touch a language, of which they alone know 
 the full expression. The sentient clothing, if 
 it may be so expressed, of special sensation 
 hangs loose, and one object may be easily sub- 
 stituted for another, whilst that of common 
 sensation * fits close, and requires to be spe- 
 cifically adjusted. It is evident, therefore, 
 that any change in the quantity of the former 
 
 G 3 
 
102 QUANTITY. 
 
 will be less sensibly felt than an equal change 
 in the quantity of the latter ; and that to our 
 former expression of the law which governs 
 the general variation of sensations, we may 
 now introduce this modification, that for equal 
 changes in the quantity of Commodities, the 
 change in the amount of satisfaction derived 
 from Primary Commodities is greater than the 
 change in the amount of satisfaction derived 
 from Secondary Commodities. 
 
 (9.) We shall here conclude the consider- 
 ation of such of our sensations as attend upon 
 Consumption. Having arranged them in two 
 great classes, denoted by natural marks, and 
 having traced the causes, and the conditions 
 of mutual dependence of these classes, of their 
 variation in reference to different quantities of 
 Commodities consumed, and of the difference 
 in the degrees according to which they so vary, 
 it may be considered that we have acquired a 
 knowledge of a sufficient number of facts, 
 through the evidence of our feelings, to enable 
 us to determine how far this kind of know- 
 ledge can be followed to its ulterior conse- 
 quences, and be found applicable to the solution 
 of the problems of Political-economy. 
 
TIME. 103 
 
 To complete our view of the satisfaction 
 derived from Commodities, if Physiology or 
 Psychology were the ultimate object of our in- 
 quiries, it would be requisite to proceed to the 
 examination of the changes which sensations 
 naturally undergo as time advances ; to the 
 knowledge of the laws of variation in quantity^ 
 we should require to add a knowledge of the 
 laws of variation in feme, in order that there 
 might be applied to- the elucidation of our sub- 
 ject a knowledge of all the principles by which 
 its conditions are determined. Indispensable, 
 however, for such inquiries, and always inter- 
 esting as is a knowledge of these changes, they 
 are evidently too minute, in comparison with 
 the means and with the object of Political- 
 economy, to engage the attention of those who 
 investigate this branch of philosophy. The 
 variations in the vividness of sensations, from 
 early youth to the time when life burns dimly 
 in the socket, cannot be brought into calcula- 
 tions of which nations, consisting of numerous 
 individuals of all ages, constitute the subject; 
 the vicissitudes of sleep and activity are insig- 
 nificant when compared with the periods over 
 which statistical observations are extended ; 
 
 G 4 
 
104 TIME. 
 
 nnd still more so are the alternations in the sa- 
 tisfaction of hunger and thirst, and in the ex- 
 ercise and repose either of the limbs or of the 
 more delicate organs, which have found delight 
 in alternations of similar and contrasted sounds 
 and colours, and which might perhaps find a 
 charm in a melodious succession of odours 
 and tastes, if time were to receive adequate 
 consideration, in the preparation of all kinds of 
 Commodities, — these are but as the ripples 
 which undulate on the surface of man's sen- 
 tient nature, and cannot be allowed to occupy 
 our attention when we attempt to fathom the 
 deep streams of national industry.* 
 
 * The few revolutions in the satisfaction derived from 
 Commodities, which are suflBciently long in their periods 
 to influence effectively Price and Production, such as 
 those caused by fashion and change of national taste, are 
 evidently governed by the principles, not of sensation, 
 but of memory and association. 
 
PRODUCTION. 105 
 
 CHAP. II. 
 
 The Sensations which accompany Production examined. 
 
 — Mental and Physical Labour distinguished Effects 
 
 of Changes in the existing Quantity of Work. 
 
 (10.) " * Sensibility would be a good por- 
 tress, if she had but one hand ; with her right 
 she opens the door to pleasure, but with her 
 left to pain." Having investigated the former 
 of these provinces of sensation, and observed 
 Avhatever appeared to touch most nearly the 
 subject of Political-economy, we may now en- 
 ter on the consideration of the latter, if, indeed, 
 the toilsome sensations experienced during the 
 performance of productive labour are properly 
 expressed by the word pain. These sensa- 
 tions, conveyed like all others to the sensorium 
 by means of the afferent nerves, are, as we 
 have seen, distinguished from the sensations 
 attendant upon Consumption by this charac- 
 teristic, that whereas, when Commodities are 
 
 * Colton. 
 
106 CLASSIFICATION 
 
 consumed, fruition being the object of the 
 action, the agency of the afferent trunks of 
 nerye-fibres is then paramount, and the efferent 
 trunks act in a subsidiary capacity, when Com- 
 modities are produced, the agency of the 
 efferent trunks is paramount, and the afferent 
 trunks subserve to indicate the direction and 
 the degree in which muscular contractility 
 ought to be exerted, and to convey those sen- 
 sations of toil from which the producer would 
 gladly escape, but which are inseparably at- 
 tached by nature to protracted labour. The 
 sensations thus attendant upon Production, 
 although occupying a subsidiary place com- 
 pared with those which we examined in the 
 last chapter, wilLbe found to exert very con- 
 siderable influence on fhe rate of Production, 
 whilst they are in themselves the phenomena, 
 an exact knowledge of which, in kind and in 
 degree, affords the surest means of alleviating 
 the sufferings of the labouring classes. 
 
 How then are we to class the sensations 
 which attend on Production — the feelings 
 which are carried back to the ■ agent by the 
 afferent nerves, whilst he makes the efforts 
 which are intended to produce valuable Com- 
 
OF LABOUR. 107 
 
 modities? What is their character ? — do they 
 vary according to the diflferent degrees of 
 effort which the producer is called on to 
 exert ? — and, if so, what iS the form of this 
 law of variation ? 
 
 If we were to attempt to answer these 
 questions by adverting to the anatomy of the 
 human frame, it would be at once apparent 
 that, for the purpose of conveying different 
 kinds of toilsome sensation, there exist no 
 distinct organs, specially designed for specific 
 ends, like those which have served us, to 
 characterize and to classify the sensations that 
 attend upon Consumption. Our own feelings, 
 and anatomical observation, alike show, that 
 the channels by which the sensations attendant 
 on Labour are conveyed to the sensorium, are 
 not independent organs, but are attached 
 severally to the several organic instruments 
 by which the work is effected. It appears 
 expedient, therefore, to turn at once to these 
 organic instruments, and, after having classified 
 them, to inquire whether the kinds of sensa- 
 tion severally attached to these classes present 
 any important distinctions. The determin- 
 ation of this question must obviously be 
 
108 ORGANIC CHARACTERISTICS 
 
 decided by direct observation ; but it may be 
 reasonably anticipated that if very consider- 
 able diiFerences are found to exist in the 
 nature of the organic instruments by means 
 of which the labours of Production are per- 
 formed, it will also be found, that there are 
 considerable differences in the nature of the 
 sensations attached to such instruments. 
 
 We are thus led to premise some remarks 
 respecting the means which man possesses 
 of acting on matter, in order to classify the 
 reflex effects of matter on man. This digres- 
 sion, however, will be of short continuance, 
 since the marks of classification to which we 
 shall have occasion to refer, we may be satis- 
 fied with specifying in this place, reserving 
 the discussion of the characteristics from which 
 they derive their full significance until we 
 reach that part of our subject in which they 
 are seen in operation. 
 
 (11.), Head work and hand work, the pro- 
 duction of changes of thought and of changes 
 of force, bear distinctive characters which are 
 too familiar to require description. To define, 
 however, the two forms of Labour which pro- 
 duce these two kinds of work requires more 
 
OF LABOUR. 109 
 
 reflection, and is indeed a task which it would 
 probably be found impossible to execute 
 satisfactorily, at least by means of a reference 
 to those palpable marks which Physiology 
 -alone can supply, if there were still to be 
 entertained the ancient opinion that the brain 
 is not only the seat of thought, but also the 
 recipient of each sensation, and the primura 
 mobile of every action. This opinion, however, 
 will be at once rejected by those who have 
 followed the course of recent discovery. The 
 brain having been progressively stripped, as 
 the history of Physiology shows, of numerous 
 attributes, having ceased to be regarded as the 
 source of vitality, the centre of animal spirits, 
 the sole origin of nervous influence, is now 
 held by general agreement to execute a class 
 of operations far less numerous, but clearly 
 defined ; the character of these functions may, 
 perhaps, be most clearly indicated, by briefly 
 describing, in the first instance, those opera- 
 tions of the nervous system which are re- 
 garded as being performed without the 
 assistance of the brain.* 
 
 A nervous system, in its simplest form, 
 
 * Principles of Human Physiology, by Dr. Carpenter. 
 
no ORGANIC CHARACTERISTICS 
 
 consists of a series of channels, leading to and 
 from a single ganglionic centre; by means of 
 this simple system, actions are performed, 
 respondent to external or internal impressions, 
 and without any necessary excitement of 
 mental sensations: in a higher form it con- 
 sists of numerous such series, connected 
 by channels which serve the purpose of 
 mutual correspondence, and aided by others 
 which subserve special organs, evidently 
 designed for special purposes, such as loco- 
 motion, respiration, and deglutition ; by means 
 of this more complicated system, actions are 
 performed of which the agent is, perhaps, to 
 a certain extent, sensible, but during the per- 
 formance, of which it does not appear to be 
 necessary that he should be guided by a 
 definite intention, or be conscious of an ac- 
 tuating motive. Thus is constituted the 
 whole nervous circle of numerous animated 
 beings (invertebrata), which, without possess- 
 ing any brain, properly so called, not only 
 live together in social intercourse, but labour 
 successfully, on what deserve to be denomi- 
 nated works of productive industry.* 
 
 * The labour bestowed on the honey-cells of bees, or 
 on the webs of spiders, might be truly considered analo- 
 
OF LABOUE. Ill 
 
 Seeing that this class of nervous system is 
 sufficient for the execution of merely mecha- 
 nical work, we may reasonably inquire whether 
 it be not a fit type of that part of man's 
 nervous system which is engaged with such 
 work. It is obvious that this question cannot 
 be answered until it is known whether, in the 
 human frame, this part of the nervous system 
 is promiscuously and inseparably mixed up 
 with that part which gives to mortal man his 
 pre-eminence over other living creatures, or 
 whether (in accordance with the principle of 
 structure, which is exhibited by other works 
 of Nature, when compared in. their dififerent 
 stages as more and less advanced) it is not 
 rather a separate foundation, on which the 
 higher parts, however wonderfully adapted to 
 it, are evidently superimposed, like the parts 
 of an additional structure. Now, when we 
 examine the form in which this lower type 
 
 gous to tlie labour bestowed on many branches of human 
 industry, if we were to regard, according to the principles 
 of sound philosophy, not the work of the insect as evinc- 
 ing remarkable intelligence on its part, but the work of 
 the human labourer as proceeding from little more than 
 simple automatic action. 
 
112 ORGANIC CHARACTERISTICS 
 
 is exhibited in man, we find that it is, in fact, 
 clearly distinguishable from the brain.* Since, 
 therefore, it appears, that mechanical work may 
 be executed without the intervention of the 
 brain, or by means of that type of nervous 
 system of which the brain does not form a con- 
 stituent, and since the part of man's nervous 
 system, which is represented by this type, may 
 be readily distinguished from the superior por- 
 tion, we may denote this class of work by re- 
 ferring it to the acephalous portion of the 
 nervous system, as it exists in man. The 
 class of work thus denoted may be denomi- 
 nated physical wovk. When, added to this 
 
 * That the fact of man being comprised in the order 
 of vertebrate animals, in consequence of his osseous struc- 
 ture, is not incompatible with the distinct existence of 
 ttp lower type of nervous system now under considera- 
 tion, is proved by the curious fact, that in the lowest 
 known vertebrate animal (the amphioxus) it is found 
 alone, without a trace of the rudiment of either a cere- 
 brum or a cerebellum. All argument, however, on this 
 subject is rendered needless by the well-known cases 
 of infants, who, having been born without either of 
 these appendages, have lived for several days, breathing, 
 sucking, swallowing, and performing other automatic 
 actions. 
 
OF LABOUR. 113 
 
 cranio-spinal axis* a structure of a higher 
 degree of complexity, composed also of nervous 
 matter, but with its vesicular portion placed 
 on the outer instead of the inner surface, — 
 when the cerebrum and the cerebellum are seen 
 in their full development superimposed on the 
 sensorium, — there is recognised by universal 
 assent an organ of superior endowments, the 
 seat of thought, and the instrument of intel- 
 lectual performance, the productions of which 
 cannot be supplied by the efforts of animated 
 beings inferior to man, nor by mechanical 
 contrivances, but must for ever stand alone as 
 the work of the human mind. No argument, 
 therefore, is needed to prove that this class of 
 work may be specially denoted by a reference 
 to the cerebral hemispheres ; when thus de- 
 noted we shall hereafter speak of it by the 
 appellation of mental work. 
 
 (12.) Having thus found that human work 
 is capable of division into two great classes, 
 physical work and mental work, each specially 
 marked by the organ which is principally in- 
 
 * Consisting of the spinal cord, the medulla oblongata, 
 and the sensory ganglia. 
 
 H 
 
114 TOILSOME SENSATIONS 
 
 strumental in its performance, we may now 
 revert to the main subject of the present 
 chapter, and inquire with what sensations each 
 of these classes of work is attended, — whatj 
 is the nature of the toilsome feelings that arise 
 during the execution of each kind of work, — 
 how far are they dependent on the quantity of 
 work performed, and in what degree, and 
 with what respective differences, are they so 
 dependent ? 
 
 It is manifest that a certain number of the 
 actions of productive industry do not fall 
 within the scope of this part of our inquiry, 
 being performed without the excitement of 
 any palpable amount of conscious sensation, 
 or of sensation that can be properly designated 
 toilsome. The " phenomena of reflex action 
 (now universally recognised by physiologists), 
 in which impressions made upon the nervous 
 system are followed by respondent automatic 
 movements," such as the movements of the 
 pupil of the eye and of the eyelid, of breath- 
 ing, of swallowing, and the like, are scarcely 
 attended with less effort than some actions for 
 which large sums of money are received. 
 The gifts of Nature, which are displayed with 
 
CLASSIFIED. 115 
 
 little more than a tacit assent of the will, — the 
 notes of her voice, the bound of her foot, the 
 touch of her pencil, whom the academy de- 
 lights to honour, the revelation of a happy 
 thought, of a bright idea, of a brilliant disco- 
 very, — these and similar actions, which com- 
 mand a high pecuniary equivalent, would 
 generally be performed without the prospect 
 of any such recompense, from a love of dis- 
 play, or from the sense of pleasure which 
 Nature has attached to the exercise of every 
 surpassing faculty. Actions, therefore, of this 
 character, however much they may influence 
 the sensations which attend upon Consump- 
 tion, do not fall witliin the scope of an exami- 
 nation of the toilsome sensations which attend 
 upon Production. 
 
 The great majority, however, of the actiong . 
 of Production are, as is but too well known, 
 attended with sensations that are not unfelt 
 by, nor are indifferent to, the producer — sen- 
 sations such as human nature would willingly 
 escape from if it were possible, but which are 
 so inseparably attached to continued exertion, 
 that, without conceiving them to be present, 
 no adequate notion of Labour can be formed, 
 
 H 2 
 
116 MENTAL AND 
 
 and which are still more severely felt than the 
 natural condition of man would indicate, in 
 consequence of the division of Labour, requir- 
 ing exclusively from a single organ of the body 
 the exertion that would otherwise be divided 
 amongst several, and thus entailing upon each 
 branch of productive industry its character- 
 istic malady. These toilsome sensations evi- 
 dently accompany in the great majority of 
 cases the execution of the two classes of work 
 which we have designated physical work 
 and mental work. Let any muscular effort 
 be made, as, for example, let the arm be ex- 
 tended in a horizontal direction, and be held 
 there, counteracting the force of gravitation : 
 the first sensations may be the indifferent, or 
 perhaps agreeable sensations of activity and 
 of power, arising from the exercise of the 
 muscular sense ; but the sensations which suc- 
 ceed assume a different complexion, and pro- 
 gressively merge into sensations of resistance, 
 of a necessity for effort, of a consciousness of a 
 force equal or superior to our own, and ulti- 
 mately of a painful reluctance to persist: 
 such are the class of sensations which may be 
 distinguished as the sensations of Physical 
 
PHYSICAL LABOUR. 117 
 
 Labour. Again, let the brain be exerted to 
 perform any mental work, as, for example, 
 to cast up long and complicated accounts ; the 
 feeling first experienced may be the pleasure of 
 occupation, of the employment of previously 
 acquired knowledge, of surmounting difiBi- 
 culties; but if the undertaking be per- 
 severed in, and we attempt continuously to 
 overcome the feeling of resistance (if this 
 word may be used to indicate a sensation 
 which we all feel to be very similar to the 
 resistance felt during Physical Labour, and 
 which Physiology sanctions by the observation 
 that cerebral movements accompany efforts of 
 thought), sensations will arise which, if it were 
 possible, we should willingly shake off. These 
 accompaniments of our toilsome thoughts, by 
 whatever names they are denoted in their 
 several degrees, as weariness, exhaustion, and 
 the like, but better known by experience than 
 by name, we may distinguish as the sensa- 
 tions of Mental Labour. 
 
 (13.) When there are performed produc- 
 tive actions the performance of which is not 
 indifferent to the producer, but which is 
 attended with sensations that constitute it, 
 
 H 3 
 
118 TOILSOME SENSATIONS 
 
 in the proper sense of the term, Mental or 
 Physical Labour, how far are these sensations 
 dependent on the quantity of exertion — in 
 what different degrees are they felt when the 
 work is performed in quantities of varioua 
 amount ? 
 
 If we turn our attention, in the first 
 instance, to the point at which action becomes 
 labour, — when the feeling of pleasure, conse- 
 quent upon the exercise of our faculties, 
 becomes merged in a feeling to which we are 
 averse, — when the honey at the brim has been 
 sipped, and the bitter draught, which has 
 been forced on the great majority of mankind, 
 in all ages and countries, is just tasted, — or, 
 to use the more defined language requisite 
 for our purpose, when the agency of the efferent 
 nerves begins to be in the ascendant, — it will 
 be quite evident that this state of feeling 
 would not continue if the work should be 
 continued, but that, on the contrary, the 
 degree of the toilsome sensation would in- 
 crease, and would become insupportable, if 
 the work should be protracted indefinitely: 
 the labourer would sink from exhaustion, not 
 after numerous years of work, when the 
 amount produced might be supposed to bear 
 
EELATIVE TO WORK. 119 
 
 some comparison with the degree of toilsome 
 sensation endured, but in a few weeks or 
 days, when the amount of production would 
 not be immoderately greater than that which 
 would have resulted from more moderate 
 labour during the same period. 
 
 Between these two points, the point of in- 
 cipient effort and the point of painful suf- 
 fering, it is quite evident that the degree of 
 toilsome sensations endured does not vary 
 directly as the quantity of work performed, 
 .but increases much more rapidly, like the 
 resistance offered by an opposing medium to 
 the velocity of a moving body. 
 
 When this observation comes to be applied 
 to the toilsome sensations endured by the 
 working classes, it will be found convenient 
 to fix on a middle point, the average amount 
 of toilsome sensation attending the average 
 amount of labour, and to measure from this 
 point the degrees of variation. If, for the sake 
 of illustration, this average amount be assumed 
 to be of ten hours' duration, it would follow 
 that, if at any period the amount were to be 
 supposed to be reduced to five hours, the sensa- 
 tions of Labour would be found, at least by. 
 
 H 4 
 
120 TOILSOME SENSATIONS 
 
 the majority of mankind, to be almost merged 
 in the pleasures of occupation and exercise, 
 whilst the amount of work performed would 
 only be diminished by one half; if, on the 
 contrary, the amount were to be supposed to 
 be increased to twenty hours, the quantity of 
 work produced would only be doubled, whilst 
 the amount of toilsome suffering would be- 
 come insupportable. Thus, if the quantity 
 produced, greater or less than the average 
 quantity, were to be divided into any number 
 of parts of equal magnitude, the amount of 
 toilsome sensation attending each succeeding 
 increment would be found greater than that 
 which would attend the increment preceding, 
 and the amount of toilsome sensation attend- 
 ing each succeeding decrement would be 
 found less than that which would attend the 
 decrement preceding. 
 
 (14.) In order to acquire a further insight 
 into the nature of this law of variation, we may 
 again appeal to the manifestations of our own 
 feelings, and ask whether it governs all our 
 toilsome sensations alike, or whether im- 
 portant distinctions do not exist between 
 the two classes which respectively accom- 
 
DIFFERENT IN DEGREE. 121 
 
 pany Mental and Physical Labour. If mental 
 exertions and physical exertions be made, 
 and strenuously persisted in for a length of 
 time, do we perceive any difference in the 
 manner in which they are respectively met by 
 counteracting sensations ? 
 
 That Physical Labour Tbas its proper period 
 of duration, most definitively marked by feel- 
 ings, intelligible alike to the human producer 
 and to the brute creation, we shall all be ready 
 to admit, but few perhaps are accustomed to 
 reflect how indefinite, in comparison, are the 
 feelings which inform us that the brain has 
 performed its due amount of work. Whilst it 
 is familiar to all that if inordinate exertion 
 be persisted in, the arm, the hand, the finger, 
 will become for a time paralysed, the leg will 
 refuse its office, and the muscular frame will 
 discontinue its efforts, or seek repose in sleep, 
 it is, perhaps, the student alone who is fully 
 conscious with how little of actual sensation 
 Mental Labour may be persisted in, and how 
 often, even after sleep lias supervened, ideas not 
 less original, and conclusions not less true, 
 may be formed, than during the hours devoted 
 to study. It is, indeed, the absence of that 
 
122 TOILSOME SENSATIONS 
 
 best of monitors, pain, that tempts the incon- 
 siderate to be so often the willing victims of 
 mental labour*, — that makes the successful 
 candidates for professional distinction at the 
 bar, and in medicine, and for eminence in phi- 
 losophy, and the fine arts, endure a degree of 
 toil from which the artizan or the mechanic 
 would shrink. Legislators who, by compul- 
 sory enactments, limit the duration of fac- 
 tory labour to ten hours, whilst they themselves 
 voluntarily extend their own hours of toil 
 over a much larger space of time, afford a 
 passing example of the difference between the 
 two classes of sensations, which respectively 
 oppose the progress of physical and of mental 
 production, when circumstances induce the per- 
 formance of an immoderate amount of work. 
 It may be further observed, that as the increase 
 of Mental Labour is attended with compara- 
 tively little increase of toilsome sensations, so 
 
 * It is well known that the brain, when handled, has 
 very little feeling. How far the difference between this 
 low degree of sensibility and the sensitiveness of a nerve, 
 when laid open, indicates the difference between the sen- 
 sations attached to Mental and to Physical Labour, it may 
 be reasonable to conjecture. 
 
DIFFERENT IN DEGREE. 123 
 
 also any diminution in the duration of Mental 
 Liabour is attended with comparatively little 
 change of sensation. The sudden feeling of 
 ease, of relief, of rest, which follows the cessa- 
 tion of long-continued physical efforts, we are 
 scarcely conscious of when we cease from 
 intellectual efforts. So little, indeed, is this 
 cessation often coveted, that the most laborious 
 investigations, and the most highly finished 
 compositions, have probably resulted from little 
 more than the indulgence of natural intel- 
 lectual activity. 
 
 If, then, we may trust to the evidence of 
 our own feelings, we may conclude that the 
 changes in the toilsome sense of resistance 
 conveyed by the fibres of the cerebral hemi- 
 spheres, and by the other parts of the nervous 
 system, are, as might have been expected, very 
 different in degree. It is easy to perceive how 
 the rate of velocity, with which different Com- 
 modities are produced, is affected by this 
 difference in the resistance offered by sensa- 
 tions to Mental and to Physical Labour. 
 
124 POLITICAL-ECONOMY. 
 
 CHAP. III. 
 
 The natural Order of Mental Inquiry Law of the 
 
 Intensity and of the Duration of Actions — Applied 
 to the Actions which constitute Production, Distribu- 
 tion, and Consumption. 
 
 (15.) Having now collected, on the borders of 
 Physiology and of Psychology, such initiatory 
 truths as appear to be applicable to the eluci- 
 dation of the events which occupy the attention, 
 of Political-economists, we shall pass on to that 
 higher stage of mental inquiry which is usually 
 designated internal, because its phenomena are 
 immediately preceded, not like those which we 
 have just left, by changes external to the mind, 
 and occurring either in the body or 'in the 
 outer world, but by changes occurring in the 
 mind, whether sensations, ideas, or emotions. 
 Whilst surveying these internal states of mind, 
 we shall find that the sensations which we have 
 xamined, are remembered in their various 
 degrees of intensity, and in their opposite 
 qualities, as satisfactory or toilsome, in con-' 
 
MEMORY. 125 
 
 junction with the objects and with the actions 
 which they have invariably accompanied, and, 
 becoming thus mentally combined with them, 
 invest them ultimately in the mind with that 
 attribute. of Value in respect of which they are 
 balanced by the judgment, and are selected by 
 the will, and become the efficient motives of 
 the actions of Consumption, of Distribution, 
 and of Production. 
 
 Memory, the lowest, as it may be termed, of 
 these purely mental functions, since it is un- 
 doubtedly shared with man by some of the 
 lower members of the animal kingdom, causes, 
 it is needless to say, the sensations which are 
 attached to the fruition of such objects, and to 
 the performance of such actions as we have 
 been engaged ih considering, to be remembered 
 by the consumer and by the producer. That 
 every sensation, once felt, causes a lasting im- 
 pression on the mind, there is much reason to 
 believe, although perhaps there'*' is nothing in 
 the nature of present feeling incompatible with 
 future obliviousness ; whilst the mind might 
 possibly have been so constituted that its im- 
 pressions should vanish like the "waves of 
 shadow w^hich pass over the com," there is 
 
12S mTERNAL PHENOMENA 
 
 much reason to ascribe to it that character 
 which philosophy ascribes to material nature, 
 of retaining perpetual traces of every external 
 impression. It is quite needless, however, to 
 claim for memory this degree of retentiveness, 
 in order to prove that with which alone we 
 are concerned here, — that there is retained in 
 each human mind a continual remembrance of 
 such of its past pleasures and pains as will 
 probably recur in the future, and amongst 
 these of the sweets of enjoyment, and of the 
 toil of labour, with the character of every 
 object and of every form of action that have 
 been experienced to be their proximate or 
 remote causes. 
 
 (16.) When we go beyond the phenomena 
 of simple memory, and observe that the im- 
 pressions of past events are not only retained 
 in the mind, but, being so retained, are mani- 
 festly subject to certain definite principles of, 
 attraction or association, and are in certain 
 cases indissolubly combined together, and be- 
 come the efficient causes of long continued 
 lines of conduct, — that the mind is a deep which 
 is not only not trackless, but which gives birth to 
 new forms related by certain ties of affinity, — 
 
OF MIND. 127 
 
 we enter on a subject which, if not more won- 
 derful, is probably less familiarly known, and 
 for a right understanding of which, the evi- 
 dence of our personal feelings requires to be 
 guided by the wide experience of Psychology. 
 Without entering on the vexed questions of 
 metaphysics, or referring to principles which 
 an unprejudiced inquirer can reasonably doubt, 
 it will still be necessary to trace the effect of the 
 sensations which we have examined, through 
 a part of this field of mental inquiry, before 
 we can fully discern their influence on the great 
 phenomena of Political-economy. 
 
 The first and the most important step, in 
 this, and, indeed, in every discussion concerning 
 the nature of ideas, is to decide how the inves- 
 tigation is to be conducted, — into what divi- 
 sions the subject naturally falls,^and especially 
 in what order these divisions are to be severally 
 brought under notice. If these natural divi- 
 sions are found to rise in degrees of com- 
 plexity, the more complicated being governed 
 by the same laws which govern the more 
 simple with the addition of other laws, it is 
 manifest that no researches can be rightly 
 conducted which do not approach the divisions 
 
128 NATURAL OKDEE 
 
 successively in this order, tracing the effect of 
 each law in the field in which it alone is un- 
 known, and always subduing one class of 
 difficulties before another is added to them* 
 As this important consideration does not 
 appear to have been pointed out by any writer 
 on Psychology, a few remarks may be pre- 
 I mised to justify the order in which the steps 
 of the subject are here placed, different, as it 
 is believed to be, from any that has been yet 
 adopted. 
 
 The internal phenomena of mind may be 
 conveniently divided into three classes : the 
 first comprising those properties of our ideas 
 in consequence of which they cause actions, 
 commonly known as the emotive faculties; 
 the second, those properties through which 
 they call up or suggest each other, known as 
 the principles of association or suggestion ; the 
 third, which may be called the principles of 
 combination, comprising those properties in 
 consequence of which two or more ideas be- 
 come inseparably combined, and grow by a 
 process of continual accretion, and ultimately 
 become so transformed as to assume an allo-^ 
 tropic characterj and to produce effects differ- 
 
OF INQUIRY. 129 
 
 ent from or opposite . to the effects of the 
 original Ideas. To illustrate this classification 
 of mental phenomena by analogous pheno- 
 mena occurring in the world of matter, the 
 first class inay be compared to the effects of 
 moving force ; the second to the attraction of 
 gravitation, or cohesion ; the third to the 
 effects of chemical affinity, and of those laws 
 which govern the successive stages of organic 
 life. 
 
 The Emotive Faculties may evidently be 
 seen in operation in fields of observation, in 
 which neither the laws of Association nor of 
 Combination operate. Thus the infant, and, 
 in a more remarkable degree, some of the 
 inferior animals, immediately- after birth, 
 perform actions which can neither be con- 
 sidered to be the result of chance, nor to be 
 occasioned by any object contemplated in the 
 mind, but which are manifestly governed, by 
 certain intuitive principles; and several of 
 the actions of advanced life, as we shall pre- 
 sently have occasion to point out, are pee- 
 formed in the same manner, without the 
 active intervention of any higher power of the 
 mind. As the most simple, therefore, of these 
 
130 NATURAL ORDER 
 
 three classes of phenomena — not as the most 
 easily intelligible, for, in truth, they are the 
 most abstract, but ^ as acting alone, and as 
 capable of being observed when so acting — :the 
 Emotive Faculties naturally stand first for ex- 
 amination. 
 
 The next place must evidently be occupied 
 by the phenomena of Mental Association, The 
 very young children, and the numerous ver- 
 tebrated animals, that continue to ascribe to 
 objects the qualities which past experience 
 has shown them to possess, exhibit no traces 
 of the operation of any other mental powers 
 except those of Mental Association and of the 
 Emotive Faculties. 
 
 The third in succession stand those pheno- 
 mena of Mental Combination which are only 
 to be observed in minds in which the two 
 former classes also have a place, and which 
 therefore can never be profitably investigated 
 until their conditions shall have been deter- 
 mined. It is in the minds of the adult only 
 that there occur the amalgamations and trans- 
 formations, the secondary conceptions, and 
 the secondary emotions, that so strangely 
 elevate or degrade the moral dignity of man. 
 
OF INQUIKY. 131 
 
 For these reasons the laws which govern, 
 the internal phenomena of mind will be rightly 
 examined in the following order : — Firstly, the '' 
 Emotive. Faculties ; —Secondly, the principles 
 of Mental Association ; — Thirdly, the principles 
 of Mental Combination : and if this order be 
 not observed, the right understanding of them 
 will be impeded by great, and perhaps by in- 
 surmountable obstacles. 
 
 (17.) It is scarcely necessary to premise, with 
 respect to all these phenomena, that the sub- 
 ject which we have to examine is the operation [ 
 of natural laws, acting in this, as in the sub- 
 ject of every other science, definitively and 
 invariably. Man has very frequently the 
 power, in the exercise of free will, to regulate 
 the conditions under which these natural laws 
 shall operate, but this power evidently leaves 
 their nature intact,— it no more affects their \ 
 independence as natural principles when they 
 happen to be laws of mind, than his power to 
 decide what food his digestive organs shall 
 act upon, or what crops shall grow on his land, 
 affects the independence of the laws of organic 
 chemistry. The exercise of free will on the 
 mind, the deliberate selection of one mental \ 
 
 I 2 
 
132 " CAUSE AND 
 
 law to operate, and, of the conditions under 
 which it shall operate — an event which pro- 
 bably occurs much less frequently than is 
 commonly supposed — in no way prejudices its 
 title to the character of an immutable law of 
 Nature. 
 
 "What laws of Nature are, it is happily no 
 longer necessary to inquire. That truth will 
 be always found stranger than fiction — that a 
 knowledge of immediate and invariable se- 
 quences of events will alike confer the greatest 
 power, and excite, in those to whom they are 
 new, the most lively surprise, will now be gene- 
 rally anticipated, — whether in the changes of 
 sensation, that constitute the first truths of 
 Psychology, and excite constant surprise in 
 the infant mind, — in the changes of motion, 
 which constitute the first truths of Dynamics, 
 and which supply childhood with perpetual 
 novelty, — in the first truths of chemistry, 
 which often furnish the toys of a maturer age, 
 — or in any other province of naked truth. 
 Whilst the gratification thus arising from 
 elementary laws of Nature, not less probably 
 than a desire of power, induced the philo- 
 sophers of the last century to imagine the 
 
EFFECT. 133 
 
 universal existence of unknown causes, and 
 the schoolmen of an earlier age to speak of 
 these phantoms under the name of powers, 
 and the still earlier inquirers, by whom the 
 great origin of all creation had been forgotten, 
 to invest these imagined powers with life and 
 superhuman excellence, to dedicate temples to 
 them, and to worship their divinity; in the- 
 present age it may be confidently anticipated, 
 that the strangeness of a sequence of events 
 will not be regarded as fatal to its claim to 
 rank as a law of Nature, but that — whether we' 
 examine the effect of matter on matter, the 
 subject of physical science, or the effect of 
 matter on mind, which we have already had 
 occasion to investigate, or the effect of one 
 state of mind on another state of mind, or 
 the effect of mind on matter, the subjects 
 which will now claim our attention, — no 
 intervening causes will be supposed to exist 
 Avhere the connection of events as invariably 
 and unconditionally antecedent and conse- 
 quent has been ascertained, and that, in all 
 cases, the discovery of such causes will only 
 be considered desirable, so far as they shall 
 serve to establish that which it is the highest 
 
 1 3 
 
134 NATURE OF 
 
 ambition of philosophy to demonstrate — the 
 existence of unconditional sequences of phe- 
 nomena occurring in known quantities, after 
 known intervals of time. 
 
 (18.) To commence with the consideration 
 of the natural laws which govern the Emotive 
 Phenomena of mind, Political-economy requires 
 to be informed how the operations of pro- 
 ductive industry are carried forward, and in 
 order to be able to measure the quantities pro- 
 duced, and the degrees of velocity with which 
 they are produced, requires this information 
 to be of the most precise and definite charac- 
 ter that it is possible to obtain. How, then, is 
 the nature of these actions illustrated by the 
 philosophy of the human mind ? Having seen 
 that these operations are distinctly marked by ' 
 the parts of the human organism that are most 
 instrumental in their performance, we have 
 now to inquire, what is the modus operandi of 
 the mental influence which actuates these 
 organic instruments ? — not, what is the nature 
 of these organic instruments ? for that is a 
 question for Physiology, — nor, what is the 
 primum mobile that causes the performance of 
 these actions ? for the nature of motives 
 
HUMAN ACTIONS. 135 
 
 belongs to a more advanced stage of our/ 
 inquiry, — but supposing the organism to be 
 understood, and the motive to exist, in what 
 manner, with what energy, with what stability 
 or variation, with what necessity for referring 
 to the conscious will, are these actions per- 
 formed? — not, what is the spring of the me- 
 chanism, nor how is it put together, but what 
 are the abstract principles in obedience to 
 
 which it works ? A- 
 
 It: 
 
 These questions will be most readily an- 
 swered, like other problems of abstract science, V 
 by dividing the subject into two parts, distin-u 
 guished as involving, or as not involving, the Y 
 consideration of time — as exhibiting either 
 contemporaneous phenomena, only offering for 
 determination relations of qu antity , or as ex-/ 
 hibiting the same phenomena at different 
 epochs, only offering for determination the 
 TOfe at which their changes have been effected. 
 Of these divisions the former may be expected 
 to receive some light at least from an exami- \ 
 nation of the nature of individual man, whilst / 
 the latter can, perhaps, only be satisfactorily 
 determined after statistical returns of the 
 actions of nations shall have been examined ; 
 
 I 4 
 
136 UNCONSCIOUS ACTIONS. 
 
 the one resembling the laws of Statics, whicK 
 can be determined by an examination of ter- 
 restrial phenomena, the other the laws of 
 Dynamics, which are most clearly exhibited 
 by the distant bodies that move through the 
 heavens. 
 
 What, then, to commence with the former 
 of these branches of our inquiry, are the 
 powers of the human mind by which the great 
 operations of Political-economy are actuated? — 
 what is their manner of causing action ? — are 
 they inert during the absence of mind of the 
 agent, or do they ever operate without his at- 
 tention, and even without his consciousness? 
 If this latter be the proper view of their na- 
 ture, it will be readily conceded that they are 
 governed by natural laws which are perma- 
 nent and invariable, — that activity, and not 
 inaction, is the natural condition of their func- 
 tionsj — and that the phenoniena of Political- 
 economy, which are their consequences, will be 
 found to recur, ever and unceasingly, as the 
 same Sensations,' Ideas, and Emotions, recur 
 in the mind of each individual, or of his suc- 
 cessors in the tide of population. 
 
 Now it has been established, by the evidence 
 
UNCONSCIOUS ACTIONS. 137 
 
 of both Physiology and Psychology, that < 
 actions can be, and frequently are, performed 
 without the attention, or the intention, or 
 even the excitement of consciousness in the / 
 mind of the agent, being the simply ajitomatic7 
 or instinctive effects of either Sensations, Ideas,\ 
 or Emotions ; and, in order to distinguish to 
 which of these states of mind such action's are 
 simply reflex, they have been respectively de- 
 signated sensori-motor, ideo-motor, and emo- 
 tional.* As some actions of the human body 
 (the excito-motor) are respondent to mere 
 excitation, like the movements of the leaves of 
 the sensitive plant, — as, for instance, the ap- 
 plication of galvanism to the limbs, even after 
 they have been severed from the body, may 
 cause muscular movements, or as simple touch 
 may in certain cases cause the limbs to be 
 moved involuntarily and eyen unconsciously, 
 or as many of the actions which modify the 
 process of digestion, and others which are 
 necessary for the support of life, are performed, 
 whether in sleep or otherwise, by the reflex 
 activity of the organ in the absence of any 
 
 * Principles of Human Physiology, by Dr. Carpenter. 
 
138 CAUSES OF 
 
 mental sensation, — so other actions are re- 
 spondent to mental causes, although these are 
 unnoticed or unobserved. A variety of ex- 
 periments must obviously be requisite to prove 
 that any mental state is the efficient cause of 
 any bodily action, and we can here only refer 
 to the evidence of Comparative Anatomy, of 
 Pathological Observation, and of Psychological 
 Keflection, by which the following facts have 
 been established. If certain sensations be ex- 
 cited, certain actions may be caused by them 
 Avithout the intention or the consciousness of 
 the individual. The efforts which the infant 
 makes to find the nipple with its lips, the acts 
 of yawning, starting, sneezing, laughing, closing 
 the eyes when exposed to a sudden glare, and 
 many series of actions performed whilst the 
 individual is engaged in earnest thought or 
 ein^g~ted in conversation, as those of walking, 
 writing, eating, and performing some kinds of 
 mechanical work, may be readily recognised 
 as falling under this description.* 
 
 If, again, certain Ideas occupy the mind, 
 
 * It may be remarked, that it is probably by means of 
 this Sensori-motor influence alone, that all the actions of the 
 industrious tribes of insects are performed. 
 
ACTIONS. 139 
 
 certain purely reflex actions may be imme-|i 
 diately caused by them, and may be thus un- 
 consciously, or even unwillingly, performed ; ' 
 such are several of the actions which are well 
 known to have been performed during reverie or 
 abstraction, — those which constitute sdranam- 
 bulism, — and those which are familiarly known 
 to experimental psychologists as table-turn- 
 ing, time-striking, and the popular results of 
 misnamed Electro-biology, — to which may be 
 added the innumerable actions which are the 
 effect of permissive ideo-imitation, or of the 
 natural tendency of the limbs, when unchecked, 
 to imitate movements that are conceived in 
 the mind, as may be witnessed in the sports of 
 childhood, and in the gesticulations of un- 
 tutored eloquence. 
 
 If, lastly, an Ew,otion occupy the mind, its 
 appropriate bodily action will naturally ensue. 
 As Fear affects the pulsations of the heart and 
 moistens the skin, and Horror makes the hair 
 stand on end — as the eye of Melancholy is 
 leaden, of Anger is on fire, of Pity " drops the 
 softly pleasing tear " — as Envy is wan, Care is 
 piale. Shame "mantles the cheek and skulks 
 behind," and Joy calls forth " Laughter hold- 
 
140 MIND AND ACTION, 
 
 ing both his sides," — so, when a desire is enter- 
 tained to move the limbs, the movement 
 naturally follows * ; the action is preconceived 
 as desirable, and it is consequently performed f, 
 sometimes without the excitement of conscious- 
 ness, and sometimes even in opposition to the 
 will. 
 
 The laws, then, of human action are, in the 
 same sense ip which other laws of Nature are 
 so, fixed and invariable, — the conditions under 
 which they operate are undoubtedly subject to 
 the interposition of the human will, but their 
 results are, in the absence of such interposi- 
 
 * Any illustration of the self-existence of emotional 
 actions, if it could ever have been needed, is now rendered 
 unnecessary by the physiological researches which have 
 shown that the antagonism between Volition and Emotion, 
 virhich all have felt internally, can be traced by anatomy. 
 When it is proved that emotional action operates in one 
 of tvFO vrays, either downwards directly upon the muscular 
 apparatus, or upwards directly upon the brain (in which. • 
 case it gives rise to various modifications of thought, 
 before it is allowed to reach the muscular apparatus), it 
 becomes evident that it is the choice of these two routes, 
 or rather the latter, that determines the subjection of our 
 animal to our mental nature, or is the end and aim of 
 moral teaching, and that, in the absence -of such selection, 
 one of these forms of action ensues automatically. 
 
 ■f Vide Brown on Cause and Effect. 
 
AS CAUSE AND EFFECT. 141 
 
 tion, certain, and therefore subject to prevision 
 where sufficient knowledge has been attained 
 to determine the existing conditions of phe- 
 nomena, and to trace their consequences. 
 Of all the direct connections of cause and 
 effect, this, perhaps, appears the most para- 
 doxical — that our own organs should ever 
 without our consciousness minister, like fairy 
 hands, to our Desires, and even to our Ideas 
 and our Sensations ; but this fact is established 
 by evidence scarcely less controvertible than 
 that by which any other known cases of inva- 
 riable causation are established. Human Sen- 
 sations and Ideas might have been denomi- 
 nated by the Greek sage, not less aptly than 
 human Emotions, the horses which draw the 
 chariot, or, since the horses of Apollo have 
 given way to the Newtonian theory, the in- 
 fluence of all may now be alike compared to 
 the moving force of gravitation. 
 
 (19.) To apply a knowledge of these prin- 
 ciples to the elucidation of the great courses 
 of action, which form the subject of Political- 
 economy, — since they naturally follow the oc- . 
 currence of certain states of mind, and only 
 meet with occasional disturbances from the 
 
142 ACTIONS OF 
 
 intervention of the will, it is the determina- 
 tion of these states of mind that must deter- 
 mine the direction and the energy of, these 
 actions. The natural law, then, by which 
 i these actions are governed is this — each course 
 I of action varies as the state of mind producing 
 it. When this conclusion has become evident, 
 the mystery of action is solved, the necessity 
 for observing a confused multitude of move- 
 ments is at an end, and predictions of the 
 future course of Production, of Interchange, 
 and of Consumption, cease to be empirical, 
 since it is now only necessary to determine 
 I their causes, and to deduce from them their 
 natural consequences. 
 
 The manner in which these abstract prin- 
 
 j ciples govern the several concrete actions of 
 
 I Consumption and of Production, it may be 
 
 j necessary briefly to indicate, whilst the actions 
 
 j of Interchange, deriving their whole signifi- 
 
 : cance from the mental processes of -Comparison 
 
 j and of Judgment, which precede them, may 
 
 require no further notice. The actions which 
 
 minister to Consumption, during which, as we 
 
 have seen, the functions of the afferent nerves 
 
 are paramount, and the efferent nerves may 
 
CONSUMPTION. 143 
 
 officiate, in a great degree, without the atten- 
 tion of the individual, are easily understood, 
 — the manner in which Commodities are 
 brought within the reach of the senses, the 
 actions which are performed in consuming 
 them, whether they be the objects of general 
 Sensation which we have called Primary Com- 
 modities, or Secondary Commodities, the objects 
 of special Sensation, such as the actions of 
 sitting and of lying down to rest, of putting 
 on raiment, of eating, and drinking and the 
 like, or the actions which administer to the 
 pleasures of the five senses, such as the move- 
 ments of the tongue and of the palate necessary 
 to gratify the taste, the gentle and equable mo- 
 tion that arouses the touch, the inhalation of 
 sweet odours, the strokes on the drum of the 
 ear, constant, and ever significant, the move- 
 ments of the muscles of the eye, and the dila- 
 tion and contraction of the pupil, by which the 
 pleasures of sight are derived from objects in 
 various lights and at various distances, — 
 these, and the similar actions which are per- 
 formed during the processes of Consumption, 
 will readily occur to every inquirer as expo- 
 nents of the laws of Nature which we have 
 
144 ACTIONS OF 
 
 been considering. In the various processes 
 of Production their operation may, perhaps, be 
 less readily perceived, in consequence of 
 natural feelings which it is difficult to shake 
 off, and which usually induce men to speak of 
 their feats of industry as kings and con- 
 querors speak of their victories, as having 
 been achieved by themselves, in gratifying 
 oblivion of all that intermediate agency has 
 effected for them. If, however, we fully 
 realise that natural connection of certain states 
 of mind and certain actions, as cause and 
 effect, which we have been engaged in con- 
 sidering, we may easily perceive how the 
 great operations of Production are carried for- 
 ward. If there be entertained a desire to 
 perform one of those operations which we 
 have distinguished as the work of that type of 
 nervous system, of Avhich the brain is not a 
 constituent, — if a desire be entertained to 
 perform any branch of Physical Labour, — the 
 initiatory contraction of the muscles naturally 
 ensues, and as, by the laws of Association, which 
 we are hereafter to examine, habitual Ideas 
 and Sensations follow, respondent to each 
 ensue the. appropriate actions of all the mem.- 
 
PRODUCTION. 145 
 
 bers of the body, in their various degrees of 
 force and quickness, of bodily strength and 
 manual dexterity, resulting in the innume- 
 rable products of manufactures and of com- 
 merce, which are due to this department of 
 industrial labour. Or, if it be desired to 
 execute a work requiring Mental Labour, with 
 the aid of that crowning capital of the nervous 
 system which supports the intellectual su" 
 premacy of man, whether the object be cursory, 
 — as to solve a problem, to form a judgment, 
 to analyze an expression, — or an intellectual 
 undertaking which can only be achieved by a 
 Succession of mental operations, as analysis, 
 and abstriaction, and comparison, and classifi- 
 cation, and composition, — the desire is fol- 
 lowed by the commencement of the work, and 
 by its prosecution with more or less of suc- 
 cess: the form of the proposed object rises 
 indistinctly, as in a mist, from the sea of 
 thoughts, and suggests and controls every 
 Idea that can administer to its development ; 
 the absence of external Sensations is desired, 
 and the river of oblivion is instantly passed, 
 whilst the plan of the edifice is designed within 
 the shades of the mind : the Idea of the whole 
 
146 DURATION OF 
 
 work suggests tlie Idea of its parts ; their pre- 
 sence is desired and they appear; it is de- 
 sired to mould and fashion them, and they as- 
 sume a definite appearance — to decorate them 
 with the charms of form and colour, and they 
 become so adorned — to observe them through 
 the achromatic medium of taste, and they 
 become chastened — to compound the whole, 
 and each part falls into its proper place, and 
 the intellectual edifice at length rises, scarcely 
 betraying the labour that has been bestowed 
 on it, as a coral reef above the ocean, — a series 
 of conceptions that, with a slight efibrt of Phy- 
 sical Labour, may be embodied in a statue, or 
 a painting, or a pile of building, or may be 
 expressed in the language of music or poetry, 
 or be uttered in the words of an oration that 
 may fly forth winged, and produce an in- 
 delible impression on the hearts of the hearers, 
 and a momentous change in the laws of a 
 country, if it be not also caught by the 
 hand of the ready writer, and become em- 
 balmed amongst the treasures of national elo- 
 quence. 
 
 (20.) We may now examine the second 
 part of this subject, in which the actions thus 
 
CONSUMPTION AND PRODUCTION. 147 
 
 caused by certain states of mind are no longer 
 to be regarded as instantaneous, but as en- 1 
 during through long spaces of time, and 
 in examining which our object must be to 
 ascertain whether, from their own nature, 
 any, and what, changes occur in them in con- 1 
 sequence of the lapse of time. We have seen 
 how the dynamical phenomena of Political- 
 economy are caused, and how they vary with 
 the variations of their causes, we have now 
 to inquire what effect is produced by the | 
 progress of time on these phenomena. Does 
 the course of action produced by Sensations or \ 
 Ideas, or Emotions naturally cease ? — or, if it j 
 be continuous, is it uniformly exerted ? Until 
 these questions shall have been answered, it is 
 evident that no data will exist for determining, 
 otherwise than empirically, what, will be the 
 rate of Consumption and of Production, after / 
 any given space of time shall l\ave elapsed. 
 
 The actions of each individual are, it is , 
 quite evident, continually disturbed or inter- 
 rupted by external causes, as time glides on. 
 Of the disturbing causes which thus affect the 
 actions of Consumption, we may instance the ' 
 alternations of hunger and of thirst, as 
 
 K 2 
 
148 CONSUMPTION AND PKODUCTION 
 
 among the most conspicuous ; and of those 
 which affect the actions of Production, we 
 may specify the alternations of day and night, 
 and of the seasons of the year, and the transi- 
 tion from youth to age. From a field of obser- 
 vation, in which actions can only thus be seen 
 under circumstances the most unfavourable 
 for the pui'poses of our examination, it is not 
 probable that any evidence will ever be col- 
 lected capable of furnishing a conclusive 
 answer to the abstract question which we are 
 here called on to consider. It might, perhaps, 
 be surmised, that as human action produces, 
 or resists, mechanical force, makes durable 
 impressions on matter, or causes motion, in its 
 nature continuous and uniform, it would also 
 endure without change, until some assignable 
 causes of change should occur, or that no action 
 would be suspended but in consequence of an 
 efficient cause, — an opinion which many curious 
 pathological facts might serve to confirm. And 
 as the Sensations, Ideas, and Emotions that 
 are connected with the enjoyment derived 
 from the objects which constitute exchange- 
 able Property, or with the necessity of produc- 
 ing them, occupy, as we shall hereafter have 
 
AEE INTEBMITTENT. 149 
 
 occasion to observe, the largest part of the 
 thoughts of the largest memlSers of individuals 
 in every civilized community, it might be 
 surmised that the actions of Consumption and 
 of Production would stand forth prominently, 
 when large masses of population of each sex, 
 and of every age, should be observed collec- 
 tively, undisturbed by the numerous causes 
 which affect thoughts and actions of lesser 
 frequency or magnitude, and exhibiting cease- 
 less continuity, and an uniform rate of oc- 
 currence. 
 
 It is useless, however, to have recourse to 
 this abstract and difficult course of reasoning, 
 when we have the power of observing directly 
 the movements of political bodies. The more 
 distant, objects are, the more free are they 
 tisuaUy found to be from the influence of 
 disturbing causes, and the greater advantage, 
 consequently, in examining them is enjoyed by 
 the observer, provided they can be clearly 
 perceived ; such is the case with human nature . 
 as seen in statistical returns. Without antici- 
 pating in this place our discussion of political 
 phenomena, we may close this part of our 
 
 k3 
 
150 ' DNIFOEMITY OF 
 
 inquiry by adverting to the fact, that, when 
 thus examined, the actions of Consumption, of 
 Production, and of Distribution are found to 
 be equably performed, so long as no assignable 
 cause occurs to disturb them. In any number 
 of succeeding years (after the changes of 
 population and the effects of physical causes 
 have been brought into calculation), so nearly 
 the same amount of food, fuel, raiment, and 
 other perishable articles are found to be con- 
 sumed, the same quantity of manufactures to 
 be produced, and the same average rate of 
 prices to be maintained, that if there be any 
 deviation, the statist ascribes it, with the 
 utmost confidence, to the intervention of some 
 disturbing cause. Unregarded, or rather un- 
 examined, as this law has hitherto been allowed 
 to pass, its influence affects every dynamical 
 question of Political-economy. It is indeed 
 the universal occurrence of the effects of this 
 law, that, on the one hand, has occasioned it to 
 be tacitly assumed, and its operation to be 
 passed over in silence, as if familiarly under- 
 stood, and that, on the other hand, has induced 
 some, who have objected to assume, and have 
 omitted to examine it, to feel insuperable re- 
 
CONSUMPTION AND PRODUCTION. 151 
 
 pugnance to the whole teaching of this branch 
 of political philosophy. 
 
 A wider view, extending almost beyond the 
 range of the Politician, and more properly be- 
 longing to the province of the Historian, may 
 possibly shoAV that this law of the uniform 
 continuance of the great actions of Political- 
 economy is subject to the influence of other 
 laws of still wider jurisdiction. It may appear, 
 as some have thought, that the energy of hu- 
 man action moves in a slow revolution round 
 our globe, — that the natural course of human 
 activity may be traced, advancing from East 
 to West, and from South to North, over a 
 path determined by the position of the mag- 
 netic pole, and that there may thus be wit- 
 nessed, in the vast fields of History and of 
 Physical GreOgraphy, that co-existence of the 
 phenomena of human action and of electro- 
 magnetic currents which are apparent to 
 every observer of the nervous system. Or it 
 may be thought that by the original constitu- 
 tion of the human mind, and by the natural 
 position of man with respect to the external 
 world, every subject of investigation passes 
 successively through certain stages of belief, 
 
 E 4 
 
152 CONJECTURAL CYCLES. 
 
 the superstitious, the metaphysical, and the 
 physical, and that the sentiments connected 
 with these subjects are consequently enter- 
 tained in this order, each arousing, at its ap- 
 pointed time, the branches of active Industry 
 devoted to its gratification. Of these, and 
 
 I similar conjectural cycles, it may be sufficient 
 to observe that, should it ever be proved that 
 there is excited in nations, after assignable 
 periods of time, an unusual degree of activity 
 in the Consumption, the Distribution, or the 
 Production of intellectual or of material 
 Wealth, — that there are periodical revolutions 
 in the various forms of national energy, which 
 distinctly mark the age of a people, as of 
 Pericles or as Augustan, as a Renaissance or 
 as Elizabethan, such a law of Nature would 
 
 [ derservedly engage the attention of this and 
 every other branch of Political Philosophy. 
 
ASSOCIATION. 153 
 
 CHAP. IV. 
 
 The Principles of Mental Association. — Application of 
 these Principles to classify Industrial Occupations and 
 Professions. 
 
 (21.) The Association of Ideas, or the laws ^ 
 which determine the sequences of our thoughts, 
 form the subject which, as we have seen, 
 ought to occupy the second place in every I 
 investigation of the internal phenomena of 
 mind according to their natural order, and 
 constitutes, therefore, the field in which we ! 
 must next enter, to search for such of the 
 principles of human nature as will serve to 
 elucidate the phenomena of Political-economy. 
 What is the influence of these laws on the 
 actions which constitute Consumption, Pro- 
 duction, and Interchange will appear from this 
 consideration, that if these laws could be 
 supposed to be abrogated, the Ideas passing 
 through each human mind would become to- 
 tally unconnected ; all external actions would 
 
154 ASSOCIATION. 
 
 become inconsequent ; and in the place of the 
 admirable succession and subordination of 
 actions by which the various processes of. in- 
 dustry and of enjoyment are carried on, each 
 human organ, as a Sensation or an Idea might 
 chance to enter the mind, would spring into 
 attitudes, or pursue courses of action, more in- 
 congruous than any that are exhibited by the 
 most unfortunate victims of mental imbe- 
 cility. 
 
 Essential, however, as a knowledge of this 
 part of the philosophy of the human mind is 
 to a right understanding of Political-economy, 
 this knowledge is now so widely diffused, that 
 no further remarks will be required in this 
 place than are sufficient to show how it can 
 be applied to the elucidation of our subject ; 
 and for this purpose it will be sufficient to 
 point out how it serves to furnish natural 
 marks of classification which, in the future 
 growth of the science, may perhaps be found 
 better adapted than any others to denote the 
 classes of an industrial population. 
 
 It is obvious that one Sensation cannot be 
 immediately caused by another Sensation, be- 
 cause these states of mind are marked, by their 
 
ASSOCIATION. 155 
 
 definition, as immediately caused by the con- 
 tact of external objects with the organs of 
 sense. When, however, the avenues of Sensa- , 
 tion are free from the intrusion of external J 
 objects, as during our night thoughts or day 
 dreams, and Ideas are naturally succeeded by 
 Ideas, continually passing before the conscious- 
 ness in every variety of mental" imagery, if 
 these natural successions of Ideas are closely j 
 observed, and, especially, if such of them as 
 occur the most frequently are scrutinized, the 
 same order of succession, repeatedly occurring, 1 
 unequivocally indicates that certain amongst j 
 them are naturally connected together, or j 
 that there exist among the occupants of this ) 
 ideal world certain definite bonds of causal 
 relation. It may be added, that this natural 
 succession of Ideas which we observed in our 
 own minds, we intuitively attribute to others, 
 and to characterize their thoughts as inco- 
 herent, or unconnected, is understood by com- 
 mon consent to question the soundness of their 
 understanding. The causes of this natural 
 association of Ideas have been classed, as is/ 
 well known, under two heads, which may be 
 described as the circumstance of the Ideas \ 
 
156 CAUSES OF 
 
 having previously entered the mind together, 
 — a circumstance which, having occurred on 
 one or more occasions, tends at any subsequent 
 period, when one of such Ideas has chanced 
 to enter the mind, to cause the appearance of 
 the other, — and, as the circumstance, of the 
 Ideas being naturally similar or contrasted, 
 which, without any previous companionship, 
 tends to cause the appearance of one to be 
 followed by the appearance of the other. The 
 former of these principles, — that which con- 
 nects thoughts that have been previously en- 
 tertained together at nearly the same time, or 
 in nearly the same place, — is familiarly knowrif, 
 to psychologists as the Law of former Co-exist'^ 
 ence ; the latter connecting thoughts that are 
 remarkably alike or contrasted, as the Law o/i 
 
 "Whether these be in truth, as they have 
 been usually considered to be, primary and 
 fundamental principles of the human mind, 
 or whether they be not rather the natural 
 consequence of that connection between certain 
 states of mind and actions, whether mental 
 or physical, which we have been engaged in 
 examining, it is not the province of Politicalr 
 
ASSOCIATION. 157 
 
 economy to inquire; but it may be remarked, in 
 this place, that when the fact has been recog- 
 nized, that our desires have the power of bring- 
 ing before the mind those Ideas, the presence 
 of which is desired, and it is found that the \ 
 Ideas which are naturally brought before the 1 
 mind by the Laws of Association are bound by 
 the same ties as the objects, the connection of' 
 which is mogt attractive to us, or which excites 
 our attention most readily, in the external 
 world, — by proximity in time, indicative ofi 
 Ihe all-important sequence of cause and effect, ' 
 a knowledge of which is the great source of ! 
 gratification and of power, — by proximity in 
 space, the province of the dominion of the \ 
 senses, — and by resemblance or contrast, the 
 foundation of every mode of expression, of ] 
 language, of classification, and of the fine 
 arts, — it seems impossible not' to refer the 
 association of Ideas to the presence of latent 
 desires, which are entertained unconsciously, 
 because they are always entertained, and thus 
 to ascribe the silent current of our thoughts,! 
 which flows on alike by day and by night, to 
 the influence of the same attractive principle j 
 which is known to cause the occurrence of 
 
158 PBINCIPLKS OP ASSOCIATION 
 
 our occasional, and therefore conscious, succes- 
 sions of Ideas. 
 
 (22.) These two great laws of mental 
 sequence, however imperfectly expressed, and 
 subject to whatever modifications, are mani- 
 festly laws of natural causation, connecting 
 antecedent and consequent Ideas as cause and 
 effect; not originated by the individual on 
 whose mind they operate, but acting fre- 
 quently without his intention, and even with- 
 out his consciousness. If a knowledge of 
 them gives him the power to make an occa- 
 sional use of them, they are no more on this 
 account to be regarded as subject to his wiU 
 than are any other known laws of Nature. 
 When he has become acquainted with this 
 
 [ part of his mental mechanism, he may, if he 
 desire to operate on his own mind, fill it, by 
 means of artificial memory, with a collection 
 of facts, conveniently assorted, permanently 
 retained, and capable of being produced, as 
 occasion may require, with a promptitude 
 
 I that must appear miraculous to those who 
 have not learnt the art of guiding the in- 
 tellect ; or, if he desire to operate on the minds 
 
 I of others, he may call up a crowd of facts. 
 
ABB LAWS OF NATURE. 159 
 
 grouped in the order, arrayed in the colours, 
 and productive of the Emotions which he 
 desires, but in each case, and whether relying 
 on the law of former Co-existence, or on the 
 law of Resemblance, it is obvious that he must 
 trust to their operation as he trusts to the 
 stability of other natural laws, to the gravita- 
 tion or the coherence of matter, to the buoyancy 
 of water, or to the elasticity of steam. And 
 when the actions of large masses of men, 
 guided by the same mental principles, fall 
 under his obseryation, — when the diflferent 
 forms of Consumption, and of Production, and 
 of Interchange are considered, — it must be 
 obvious that, in these cases also, the same laws 
 control alike individual minds, and the great 
 ocean of thoughts on which national actions 
 are embarked, — that Ideas follow Ideas, as 
 we have already seen that actions follow Ideas, 
 naturally and independently, in the absence 
 of direct interposition of the Will- 
 On the manner in which these trains of 
 Ideas actuate the great phenomena of Political- 
 economy, it is scarcely necessary to enlarge - 
 As, in the early studies of infancy, the mental 
 portion of the arts of walking, of standing, 
 
160 ACTIONS GUIDED BY 
 
 and numerous others, are learnt by repetition, 
 
 ' Idea at length succeeding Idea, without atten- 
 tion, and almost without consciousness, in the 
 
 \ order which has been frequently practised, 
 so, at a more advanced age, the memorial pro- 
 cesses of each art become stereotyped in the 
 mind of the Producer, and, having been so 
 
 j acquired, are justly regarded as valuable facul- 
 ties, to be employed at the will of their pos- 
 sessor. If we contemplate the artificial suc- 
 
 I cessions of Ideas which exist in the mind of 
 each individual who practises an art, trade, or 
 profession, it will at once be ^evident how 
 large a part is played by this habitual juxta - 
 position of Ideas in the processes of national 
 Industry. It is equally perceptible how these 
 trains of actions are guided to the most pro- 
 fitable results by the new conceptions of 
 similitudes and contrasts which arise in minds 
 possessing higher capabilities, or placed under 
 the influence of more favourable circumstances. 
 Nor is it less evident how powerfully both of 
 the principles which govern the connection of 
 Ideas operate on the processes which run 
 counter to Accumulation. In considering 
 these cases there are probably few inquirers 
 
PRINCIPLES OF ASSOCIATION. 161 
 
 who will rest satisfied with silently contem- 
 plating the permissive operation of laws, of 
 Nature, and will not immediately remark, how 
 wide a field is here open for the improvement 
 of man's physical condition, — what incalculable 
 effects education may produce on Wealth, by 
 connecting the Ideas which ought to be con- 
 nected in the mind of each operator, thus con- 
 stituting him the best possible instrument of 
 Production and of Interchange, and by keep- 
 ing apart, in the mind of the consumer, Ideas 
 the connection of which leads to extravagant 
 dissipation. 
 
 (23.) It will be readily conceived how a 
 knowledge of these two laws of Mental Asso- 
 ciation may hereafter serve to furnish the 
 inquirer into the natural principles of Poli- 
 tical-economy with his most approved marks 
 of classification. To endeavour, at the present 
 moment, to apply these intellectual laws to 
 such a purpose would evidently be premature 
 and fruitless; we have, therefore, in classi- 
 fying the operations , of Consumption and of 
 Production, had recourse to the less elegant 
 and more imperfect marks offered by Phy- 
 siology. It may, however, be anticipated 
 
162 ACTIONS' DENOTED BY 
 
 that, in the progress of science, and by a much 
 
 ' wider extension of the division of labour, the 
 ground will hereafter be prepared for the 
 application to these phenomena of a system 
 of classification such as we shall here specify, 
 not widely differing, it may be observed, from 
 that which we have already employed, but 
 denoting nearly the same classes with more 
 accuracy, because standing higher in the chain 
 of causation. The law of former Co-existence 
 and the law of Resemblance respectively go- 
 
 1 vern courses of action which may be readily 
 distinguished. The law of former Co-existence 
 
 ' produces, in the world of Ideas, phenomena 
 analogous to those which the attraction of 
 matter produces in the external world. If 
 the various parts of a machine are put to- 
 gether, so they remain — ■ if various ideas are 
 fixed together in the mind, so they remain; 
 it is this quality of permanence, of remaining 
 •unchanged by time, which renders both alike 
 
 ' available for the purposes of human art, and 
 which, it may also be remarked, causes the 
 actions due to the Law of former Co-existence 
 to be continually superseded by the use of a 
 larger number of mechanical contrivances, — 
 
PRINCIPLES 01- A'SSOCIATION. 163 
 
 as, for example, the action of walking by the 
 use of wheels, the action of writing by the use 
 of the printing-press, of weaviijg by the use of 
 the loom, of sewing by the sewing-machine, 
 and various other actions by various applica- 
 tions of steam-power. The liaw of Resem- 
 blance, on the other hand, causes successions 
 of Ideas which cannot be compared to any 
 of the relations existing amongst forms of 
 matter, except perhaps to the similitudes 
 which exist among the members of the vege- 
 table kingdom and other parts, each resem- 
 bling the other, and yet none exactly alike. 
 The operation of this law, we may be fully 
 assured, can never be supplanted by any prin- 
 ciple of matter, — for the human actions which 
 it causes, so largely conducive to Wealth, no 
 artificial machinery can ever be substituted; 
 whilst the power to perform these actions is, 
 in a great measure, dependent on original 
 constitution, and can be but imperfectly se- 
 cured even by means of education. 
 
 This obvious and well-defined difierence be- 
 tween the two Laws of Mental Association will 
 indicate how they may serve to classify, and 
 
 I. 2 
 
164 CLASSIFICATION OF 
 
 to denote the classes of, those actions of which 
 ' Political-economy takes cognizance. 
 
 Thus the industrial actions, performed by 
 
 f the productive classes of every civilized com- 
 munity, may be divided into four classes, each 
 denoted by an appropriate and well-defined 
 intellectual operation. 
 
 The first of these classes is marked simply 
 by the operation of the Law of former Co-exis- 
 tence of Ideas. Thus are connected the trains 
 of thought which govern those classes of ac- 
 tions, the art of performing which is learnt 
 
 I simply by memory, and the performance of 
 which constitutes the least intellectual portion 
 of Physical Labour. Such are the operations 
 of digging, thrashing, rowing, sawing,, and 
 the like. 
 
 The second class is marked by the applica- 
 tion of judgment to these merely memorial 
 trains of thought. Thus are governed the ac- 
 
 I tions which characterise the officials of every 
 class, who superintend the execution of works, 
 as masters of vessels, farm bailiflfs, directors 
 of gangs of labourers, master workmen, and 
 others who unite experience of the past with 
 
INDUSTEIAL ACTIONS. 165 
 
 the application of judgment to existing cir- 
 cumstances. 
 
 The third class is marked by the application, 
 of the Law of Eesemblance to these processes ' 
 of thought. By the mental principle, thus con- 
 stituted, are obviously connected the Ideas 
 whence spring productions of a higher order, \ 
 as when the painter produces a suggestive 
 likeness, or the sculptor forms an idealised 
 image of life, or the actor adds new beauties 
 to the words of the dramatist, or the poet 
 adorns simple truths, and makes them attrac- 
 tive to the many. 
 
 The fourth class of actions is marked by 
 the further application of judgment to Eesem- 
 blances, or by that perception of Analogies 
 which stamps the highest order of mind in every 
 profession, and which may be exemplified in the 
 services rendered to Production by the judges ' 
 who sit in the supreme courts, by the legisla- , 
 tors who are deservedly the leaders of their 
 party, and by the investigators of philosophy . 
 and of science, whose names are remembered 
 by succeeding generations. 
 
 L 3 
 
166 GEOWTH OF 
 
 CHAP. V. 
 
 The Growth and Development of Mental Phenomena. — 
 The Conception of Value — its Causes and Conditions, 
 The Value of Commodities and of Labour. — Measures 
 of Value. — Accumulation, 
 
 (24.) If the Laws of Sensation, of Emotion, 
 and of Association were the only principles of 
 the human mind. Political-economy could not 
 exist ; it is the process of Melital Combination 
 (the consideration of which, in conformity with, 
 the natural order of the tracts of psychological 
 inquiry, we have reserved for the. present 
 chapter) that binds up the scattered elements 
 of thought, and renders possible the modes 
 of Consumption, of Production, and of Inter- 
 change, that are carried on in human societies. 
 What is Yalue ? How can it be measured ? 
 Is more than one kind of measure ever re- 
 quired ? How does the Value of Commodities 
 vary in consequence of changes in the quan- 
 tity ? How does the quantity of Commodities 
 produced vary in consequence of changes in 
 
MENTAL PHENOMENA. 167 
 
 their Valxie ? These and similar questions, a 
 knowledge of Mental Combination alone en- I 
 ables us to solve. 
 
 By this principle, Sensations and Ideas, 
 which have been habitually entertained toge- 
 ther, become indissolubly united, and so in- 
 timately blended, that they appear to the 
 untutored perception to constitute naturally . 
 one state of mind. Thus although, as is well 
 known, the eye and the ear have no intuitive 
 power to distinguish distance, and this power 
 is in every case the result of judgment based 
 on experience, yet we appear to ourselves to 
 be naturally able to see whether obgects are 
 near or remote, and to hear whether sounds 
 are close or far off; and in these and the nu- 
 merous other instances familiar to psycholo- 
 gists, so close is the connection between the 
 original and the acquired property of the organ, j 
 that no mental analys is is able to_resolve it, ,' 
 nor, indeed, could its origin have become known 
 but by observing the natural education of in- 
 fancy. Whether this mental amalgamation of . 
 several Ideas be conceived to exist only in ap- 
 pearance, its appearance being caused by the 
 infirmity of our intellectual perception, as se- 1 
 
 L 4 
 
168 ELEMENTS 
 
 veral rapidly revolving bodies appear to be 
 one to the visual perception, — or be conceived 
 to be caused by a principle of actual combina- 
 tion, as elements are united by chemical affi- 
 nity, — or be rather ascribed to the natural 
 growth of the human mind (aided by the as- 
 similation of the brain), developing new con- 
 
 I ceptions from external sources, as new tissues 
 are formed by the vital principle, — it is only 
 necessary for our present purpose to observe 
 that, however caused, it affects powerfully the 
 thoughts and the actions of each individual, 
 and especially those which, having reference 
 
 I to pleasure or pain, attract the largest share 
 of unconscious attention, 
 
 (25.) To apply our knowledge of this prin- 
 ciple to the elucidation of our present subject, 
 we must commence with the consideration of 
 
 j its effect on those elementary thoughts which, 
 we have examined, and trace its influence on 
 them ; since the complex conception of Value 
 cannot be directly resolved by any intellectual 
 analysis, we must endeavour to trace its pro- 
 gressive growth in the human mind, as 
 moulded by the operation of this principle 
 through successive stages, observing the. 
 
OF VALUE. 169 
 
 various feelings as they arise, the secondary 
 conceptions as they are compounded, and the 
 manner in which, by the use of the physical 
 appliances of social life, they assume a definite 
 form in the mind of each individual, and 
 ultimately become subject to exact measure- 
 ment. The elements of thought of which we 
 are thus to trace the growth, are the feelings 
 of satisfaction and of dissatisfaction, which 
 enter into and become combined with the 
 Ideas of certain objects, and of certain 
 actions ; the nature of this process we shall, 
 in the first instance, attempt to trace gene- 
 rally, reserving our ultimate application of its 
 principles to those particular forms of satis- 
 faction and of dissatisfaction, which, as we 
 have seen, accompany the Consumption and 
 the Production of Commodities.* 
 
 When an object has rendered us a signal 
 service, a totally new feeling becomes attached) 
 to the Conception w;hich had been previously,' 
 formed of it, and, if the service is of extreme 
 importance, the Conception and the feeling may' 
 remain ever after inseparable. Thus, the boat 
 
 * Chapters I— II. 
 
170 SERVICES EXPERIENCED 
 
 which has proved a refuge from a watery grave, 
 the horse whose fleetness has distanced an 
 enemy's force, or the chalet which has warded 
 off the perils of an Alpine night, may come to 
 be thought of ever after with a feeling' that 
 closely approaches to Gratitude. If a service, 
 although of a slighter kind, has been very 
 frequently rendered, the same object having 
 proved on every occasion a source of pleasure 
 or an alleviation of pain, the feeling which is 
 thus caused will also become intimately 
 blended with every Conception of the object. 
 Siach are the; Conceptions that may be formed 
 of the fountain whose waters have never 
 failed, of the ,shade which in summer has 
 never been found wanting,, of the romantic 
 spot that is always alive with new images of 
 beauty, — Conpeptions fraught with a feeling 
 of Regard, not very dissimilar to that with 
 which are contemplated the living com- 
 panions, who multiply our joys, and share 
 our sorrows, and! our affection for whom has 
 been traced by Hartley to this principle of 
 Mental Combination.* 
 
 * It is easy to perceive how the complacency inspired 
 by a benefit may be transferred to a benefactor, and 
 
AND EXPECTED. 171 
 
 If, in addition to the feelings which thus 
 arise from experience of certain objects in the ( 
 past, there be also entertained other feelings i 
 which have reference to the future, and which 
 centre about the same objects, Conceptions of 
 these objects will be formed in every mind, 
 ascribing to them qualities which can only be 
 expressed by the word valuable. Whatever, 
 in the abstract, is the origin of a feeling of con-' 
 fidence* in the future, — whether it be rightly 
 regarded as a first principle of human nature, 
 or be deduced from past experience of the laws 
 of cause and effect, — we must all concur in 
 admitting (and it is this alone which affects 
 
 thence to all beneficent beings and acts. The well-chosen 
 instance of the nurse familiarly exemplifies the naanner 
 in which the child transfers his complacency from the 
 gratification of his senses to the causer of it, and thus 
 learns an afiection for her who is the source of his enjoy- 
 ment. With this simple process concur, in the case of a 
 tender nurse, and far more of a mother, a thousand acts 
 of relief and endearment, of which the complacency is, 
 fixed in the person from whom they flowi and are in 
 some degree extended by association to all who resemble 
 that person ; so much of the pleasure of early life depends 
 on others, that the like process is almost constantly re- 
 peated." — Mackintosh on Ethical Philosophy. 
 * Mill on the Human Mind, vol. i. p. 274. 
 
172 CONFIDENCE, 
 
 our present inquiry), that various shades of 
 belief in the future of various objects are 
 naturally blended with the Conceptions of them 
 entertained in each human mind. It is evident 
 that objects only begin to be truly regarded 
 as valuable, when there is attached to them 
 some definite degree of this belief, something 
 beyond that hope which faintly illumines the 
 breast when the dictates of reason would leave 
 it in darkness, something approaching that 
 expectation with which the return of a freighted 
 ship, the safety of a house from fire^ the exten- 
 sion 6f a life, the security of property in the 
 hands of an agent, or the return of a loan from 
 a creditor is regarded, if not amounting to that 
 perfect degree of confidence which is attached, 
 under a free government, to the satisfaction 
 that is to be derived from our possessions. To 
 whatever objects the conception of Value is 
 attached, and however it is measured, the in- 
 fluence of this essential element — confidence 
 in the future — will always be found per- 
 ceptible. 
 
 (26.) By the gradual accretion of these 
 elements, the mental attribute of Value insen- 
 sibly grows to maturity, and becomes indis- 
 
VALUABLE COMMODITIES. 173 
 
 solubly blended with our Conceptions of a class 
 of objects the number of which is exceedingly 
 great. "Which among these objects, we have 
 to inquire, fall under the cognizance of Poli- 
 tical-economy, and what is the consequence of 
 this attribute of Value being mentally ascribed 
 to them ? 
 
 It is not difficult to satisfy the first part of 
 this inquiry, if the functions of Political-, 
 economy be considered as extending to their, 
 furthest limit. Human Laws are so obviously 
 the instrument by whose aid alone the objects 
 of this art can be effected, and the capabilities 
 of this instrument so obviously limit the objects 
 which fall under the cognizance of the science, 
 that it is at once apparent that the Political- 
 economist is concerned with the valuable ob- 
 jects to which the protection of the Law is 
 extended, and that he is not concerned with 
 valuable objects which are not so protected. 
 Thus, whilst such objects as seasonable wea- 
 ther, good health, peace of mind, a tried friend, 
 would be universally regarded as valuable, 
 these could never form a part of the subject 
 matter of Political-economy, even if regarded 
 as extending to its utmost limits : whilst such 
 
174 VALUABLE COMMODITIES. 
 
 valuable objects as the free use of light, and of 
 pure water, and of unadulterated air, unsullied 
 character, and good education, might be so 
 considered, because in every civilized country 
 they are recognized, and are more or less 
 protected by the Courts of Civil Jurisdiction. 
 If, however, the functions of Political-economy 
 be regarded, not as extending to this their 
 utmost boundary, but only to the Consumption, 
 the Production, and the Interchange of Wealth, 
 the number of valuable objects that claim our 
 attention will obviously be much narrowed. 
 A large number of the valuable objects that 
 are protected by the Civil Law, such, for 
 example, as those which we have just instanced, 
 cannot be exchanged from their very nature. 
 There are others which the policy of the Law 
 will not suffer to be exchanged; thus, it is 
 probably the illegality of the transaction alone 
 that, in many cases, prevents the transfer for 
 pecuniary consideration of seats in Parliament, 
 of government offices, and of rights to rank 
 and title. Valuable objects such as these, 
 although recognized by the Law, are not in- 
 cluded in that peculiar class which derive addi- 
 tional Value from the fact of being made the 
 
VALUABLE COMMODITIES. 17^ 
 
 subject of Exchange. What the peculiar sig- 
 nificance of this property is, why it should not 
 only constitute the characteristic feature of a 
 large class of valuable objects, but should 
 elevate this class to a position that claims, 
 alnaost exclusively, the attention of this branch 
 of Political Philosophy it is not difficult to 
 perceive. The siusceptibility of being ex- 
 changed constitutes the characteristic of the 
 class, because it is the valuable property . 
 which they have in common ; their other 
 valuable properties may serve, some for one 
 purpose, others for another, some to gratify 
 the eye, some the ear, others the taste, but 
 the one common purpose to which they all 
 alike administer, is that of procuring other 
 objects in exchange : and the possession of 
 this property attracts to the natural laws 
 which govern exchangeable Commodities a 
 large share of the attention of Political-eco- 
 nomy, because through its means they are 
 produced in incalculably greater quantities,) 
 and are allocated in the manner most condu- ) 
 cive to the gratification of human nature. It 
 is indeed the power of exchanging Commodities 
 that, next to the interchange of moral sympa- 1 
 
176 VALUABLE COMMODITIES. 
 
 thy and natural affection, and to the necessity 
 for mutual defence, most closely connects 
 human societies. 
 
 (27.) Slowly reared from these initiatory 
 Sensations, the Conception of the Value of ex- 
 changeable Commodities grows imperceptibly 
 in the mind of every member of a civilized 
 community ; so insensibly, indeed, is this men- 
 tal process carried on, that it is difficult, in 
 our maturer years, to trace the steps by which 
 we have attained a definite knowledge of the 
 degrees, of Value that we attach to different 
 quantities and qualities of each Commodity, 
 whether derived from our own experience of 
 valuable objects, or from the communications 
 of others. It is thus, however, that each indi- 
 vidual gradually imparts to his Conceptions of 
 valuable objects, feelings derived from his ex- 
 perience of their availability to increase plea- 
 sure and to diminish toil, and entertains these 
 modified Conceptions with more intelligence, 
 and with greater confidence, the more he is 
 conversant with these objects. The fisherman 
 thus extends to his estimation of the finny 
 tribes, of his nets, his boat, his hut, not only 
 d ray of the satisfaction which is derived from 
 
EXCHANGEABLE VALUE. 177 
 
 appeasing hunger and gratifying the palate, — 
 the miner extends to his estimation of his coal, '' 
 his shafts, and tramroad, and ropes, and pick- 
 axes, not only a grateful remembrance of the i 
 uses of fuel, — the husbandman extends to his , 
 estimation of his flour and his grain, his agri- 
 cultural implements and his farm, not only a , 
 sense of the benefits which the staff of life 
 affords, — but each of these, and all other 
 members of a civilized community, in their 
 several vocations, extend to their estimation of j 
 every Commodity a consciousness of the bene- 
 fits that may be derived from all those for 
 which it can be exchanged, and thus affix to i 
 it the highly complex attribute of Exchange- 
 able Value. 
 
 If Value were nothing more than this — if i 
 no further conditions were to direct and to 
 mature its growth, — it is possible indeed that 
 traffic might be practised by the barter of | 
 Commodities, as in the rude intercourse of un- 
 civilized nations; but those extensive and 
 nicely measured human operations, which ^ 
 alone are worthy the attention of Political- 
 economy, could have no existence. In order ' 
 to complete our view of the nature of these 
 
 M 
 
178 MONEY A MEASURE 
 
 operations, we must advert to circumstances 
 by means of whicli the amounts of this con- 
 ceived attribute — Value — are measured as it 
 : grows, and attached to different objects in 
 ; different degrees, with the assistance of an 
 instrument that imparts to these processes a 
 great degree of accuracy, and causes their 
 results to be expressed in language of the ut- 
 most clearness. 
 
 To measure a complex mental conception 
 by means of an instrument formed of material 
 1 substances, might at first be thought almost 
 paradoxical. Distance can be measured, and 
 weight, imperfectly by the human feelings, 
 more exactly by the aid of instruments ; sound 
 too, and perhaps also colour, may eventually 
 be so measured, because they are known to be 
 caused by mechanical vibrations : but to mea- 
 sure an internal mental phenomenon by an 
 unconscious material index is a very different 
 process. If, however, it be borne in mind 
 ^|that human actions are the exponents of 
 i human thoughts, and that by these human 
 I actions are caused the indications of the phy«- 
 sical instrument to which we are about to 
 advert, it may in some. degree be anticipated 
 
OF VALUE. 179 
 
 what functions such an instrument will be 
 found to discharge, when universally employed 
 in the numberless operations of Interchange. 
 
 Money, the great material instrument of com- 
 merce, discharges two principal functions : pri- 1 
 marily, it is a representative of Value, in dis- 
 charging which function it becomes, second- 
 arily, a measureof Value. States of society have 
 doubtless existed in which objects of indefinite 
 Value, such as oxen, shells, and nails, havepassed 
 current as Money, from a general understand- 
 ing as to their convertibility only, and without 
 reference to any exact standard of Value, — as 
 a traveller may sometimes invest his fortune in 
 precious stones, in order to convey it from one 
 country to another. But Money of this de- 
 scription will evidently not satisfy the exigen- 
 cies of advanced states of societj'; for these 
 there is required not only a representative of 
 Value, possessing portability and durability, 
 but representatives of numerous amounts of 
 Value, bearing a known relation to each other, 
 and protected by legal authority. Money, 
 thus constituted, becomes a well understood 
 instrument of commerce, measuring the Value 
 set upon each Commodity in, every act of In- 
 
 M 2 
 
180 VALUE MODIFIED BY 
 
 terchange, and sharply impressing a knowledge 
 of the amount on the intelligence of the par- 
 ties to every such transaction. 
 
 So vigorously, indeed, does Money fulfil the 
 I purpose of representation, that it has, as is well 
 ! known, been mistaken, not seldom, or on slight 
 j occasions, for that which it represents and 
 measures, — it has been imagined that Money 
 j is not only the instrument of Exchange and 
 1 the measure of Value, but that all Value is 
 centred in Money- There is probably no risk 
 that any such imaginary attributes will in 
 future be attached to the medium of Ex- 
 change, but the fact of their having at one 
 time received universal credence, affords 
 cogent evidence how strong an impression the 
 frequent employment of this physical instru- 
 ment naturally makes on the human mind.* 
 
 (28.) With the assistance of the various 
 monetary systems employed by different na- 
 tions, two mental operations. Comparison and 
 
 * An instance of similar confusion may be found in 
 the History of Ethics. " Mackintosh has, with great pro- 
 priety, insisted on the importance of a distinction of two 
 parts of Moral Philosophy which are often confounded — 
 the Theory of Moral Sentiments, and the Criterion of 
 Morality." — Whewell. 
 
THE USE OF MONEY* 181 
 
 Abstraction, are frequently performed by 
 every member of a civilized community with 
 confidence and with exactness. These mental 
 processes, it has been established by psycho- 
 logists, may be, and often are, performed auto- , 
 matically, without the intention or even the 
 consciousness of the individual ; there can be 
 no doubt that they are thus performed much 
 oftener than might be imagined, and that they 
 exert an important influence on the character 
 of every growing Conception. When it is 
 seen that during the performance of these 
 mental processes, it is only necessary to ob- \ 
 serve the Prices for which objects are bought 
 and sold, in order to find the general amount • 
 of their Exchangeable Value expressed in the 
 most exact language, it is sufficiently obvious 
 how, in every mind, definite Conceptions of 
 a vast variety of Commodities, accurately dis- 
 tinguished in point of Exchangeable Value, 
 come to be fully matured, confidently enter- 
 tained, and rarely suffered to escape from the 
 memory. 
 
 It is thus that, by the wonderful alchemy of . 
 mind — by Memory, Confidence in the future. 
 Comparison and Abstraction, acting under 
 
 M 3 
 
182 PRICES DEPENDENT 
 
 the ever present influence of Combination, and 
 aided by external appliances — the feeling of 
 satisfaction eventually grows into the concep- 
 tion of Value ; that the Sensation being re- 
 membered, and attributed to its permanent 
 cause, and frequently anticipated, eventually 
 produces the Idea ; that the fleeting shadow 
 types its enduring impression ; and that im- 
 palpable varieties of degree become subject to 
 exact numerical measurement. So great a 
 change might almost seem to justify the 
 Political-economist in losing sight of the ex- 
 istence of the original Sensations, were not 
 his attentions continually called to the all-im- 
 portant subject of the changes of Value. 
 When it is attempted to determine the amount 
 o£ these changes, it immediately becomes ob- 
 vious that, as the Conception of Value ori- 
 ginated in past satisfaction, so it is only 
 attached to Commodities with a view to 
 present or future satisfaction ; on this present 
 or future satisfaction it is based, and by 
 the contemplated changes of this present or 
 future satisfaction its changes are determined. 
 The buver and the seller of each Commo- 
 ' dity consider — not, indeed, in reference to 
 
ON SENSATIONS. 183 
 
 their own feelings alone, but also in reference 
 to that wider field of human nature to which 
 their market extendsf/either by the blind ar- 
 bitrament of present prices, or by a sagacious 
 forecast of the futureW-the degrees of satisfac- 
 tion which will arise from the Consumption of 
 existing or of future quantities : on this ground j 
 they act, and by their united acts indicate the | 
 •Exchangeable Value of each Commodity. 
 
 Hence arises the importance of discovering 
 the different degrees of satisfaction which 1 
 different classes and different quantities of| 
 Commodities yield to human nature — a subject 
 which has tediously occupied our attention, 
 but a knowledge of which, when applied to 
 the consideration of fluctuations of Prices, will, [ 
 it is believed, be found to cast a light on this 
 class of questions that can be derived from no 
 other source. 
 
 (29.) The class of objects to which this 
 attribute of Exchangeable Value is annexed, 
 may, as we have already observed, be recog- 
 nised through this incident — that Money is| 
 commonly paid for them ; or they may be 
 distinctly specified as a class, if we appeal to 
 the interpreters of the civil law, as administered i 
 
 M 4 
 
184 JIEMUNEEATION 
 
 in each country, to determine what objects are 
 there recognised as Exchangeable Property. 
 These objects, therefore, it is needless to at- 
 tempt to particularize. There is, however, 
 one very important section of the class which 
 is materially different from the remainder, 
 and the consideration of which offers peculiar 
 difficulties. If Money be paid for the services 
 of a free citizen, by what natural laws is its 
 amount determined ? By what principles is 
 the remuneration of excessive Labour, of 
 skilled Labour, of natural talent, governed ? 
 In those countries where slavery is unhappUy 
 enforced, the Exchangeable Value of human 
 services may be regulated, like that of any 
 •other Commodity, by the laws which we have 
 examined ; but where free men labour for free 
 men, entertaining an aversion to toil in differ- 
 ent degrees, according to its kind and quan- 
 tity, and having the power to act on that 
 aversion, it is evident that the amount of their 
 remuneration can only be determined by intro- 
 ducing other elements of calculation. 
 
 The determination of the amount of Wages 
 Inust be commenced by regarding the labourer 
 abstractedly as exhibiting two functions, capa- 
 
OF TOIL. 185 
 
 bilities and susceptibilities. In the former of , 
 these characters the labourer appears as an or- ' 
 ganic machine, void of the sense of toil, contri- 
 buting to the progress of productive industry 
 by means of the efferent nerves acting in 
 obedience to those natural laws some of which 
 we have considered, and commanding, there- 
 fore, like any commodity that bears a money 
 price, the Exchangeable Value of these services ; I 
 small in amount if they be of an ordinary 
 character, higher if they be highly endowed 
 by Nature, or have been artificially elaborated. 
 With this element of wages we shall have no . 
 further concern. In the second of these cha- 
 racters the labourer appears as a sentient en- ' 
 dureroftoil, felt through the afferent nerves 
 in its different degrees, with different degrees 
 of dissatisfaction, remembered and contem- 
 plated with different degrees of aversion, and ^ 
 only endured in contemplation of prepondera- 
 ting amounts of satisfaction. The Conception ; 
 of toil, which is thus caused to be entertained, 
 is evidently an extraneous element in the 
 thoughts of those who exchange their services, 
 becoming very obvious when there is an ex- 
 orbitant demand for these services, and re- 
 
186 SENSATION AND POWEE 
 
 quiring on all occasions distinct consideration. 
 In the present case a few remarks will suffice 
 to show how the influence of the Conception 
 arises, since we have already fully examined 
 the elementary Sensations of toil, and the 
 mental principles of Association and Com- 
 bination by which these grow into the Con- 
 ception of toil we have also had occasion to 
 examine, whilst considering the growth of the 
 Conception of Value. 
 
 (30.) Toilsome Sensations may arise from, 
 and consequently feelings of aversion may be 
 entertained towards^ the performance of some 
 productive actions for which Money is not 
 paid, but which the citizen even of a free state 
 may be obliged to perform, — such, for in- 
 stance, are the compulsory duties of overseers, 
 constables, jurymen, sheriffs. The feelings of 
 constraint, abnegation, irksomeness, if not of 
 positive effort, which accompany the perform- 
 ance of such duties, are remembered, and, oc- 
 curring when the idea of each office occurs, 
 become mentally combined with it, and form 
 integral parts of its conceptive character in 
 the minds of those who have personally dis- 
 
IN LABOUR. 187 
 
 charged the office, and in popular estimation 
 generally, through their communication to 
 others. 
 
 •Precisely similar to the simple feeling of 
 aversion which is entertained towards these 
 compulsory actions, is the feeling of aversion 
 which enters into the complex conception of 
 Labour as contemplated by the labourer. 
 Whilst the laborious action is regarded as 
 possessing a positive Value on account of its 
 pecuniary reward, it is regarded as possessing 
 also a negative Value, on account of the toil- 
 some feelings which are its inseparable accom- 
 paniments. 
 
 When Labour is regarded as an exchange- 
 able Commodity, sjnce this negative and this 
 positive Value affect conjointly the Price that 
 is paid, or the amount of Wages, it is difficult 
 to determine how far any change of this 
 amount is due to a change of the one, and 
 how far to a change of the other of these 
 elements. Money is thus found to be an in- 
 efficient and sometimes a perplexing measure 
 of the Value of Labour. When, however, not 
 Exchange, but the other no less important 
 
188 ACCUMULATION. 
 
 consequences of Value, which constitute Pro- 
 duction, are considered, it is found that this 
 incidence of toilsome feeling, and the conse- 
 quent conception of negative Value, may be 
 accurately measured by their eflFect on the 
 rate of Production. To the principle of this 
 dynamical measure we shall have occasion to 
 refer hereafter; we .need only here premise 
 that when its application is ful^ly considered, 
 the variations of toilsome feeling that accom- 
 pany various amounts of exertion *, will be 
 found to merit the degree of attention which 
 we have bestowed on them. 
 
 (31.) By means of the same principle can 
 also be measured the influence of that desire 
 of Accumulation which results from the Con- 
 ceptions of positive and of negative Value, and 
 which, no less than the aversion to Labour, influ- 
 ences the rate of Production, but in an opposite 
 direction, affording, when entertained in a high 
 degree in the mind of wealthy capitalists, the 
 chief motive power to the wheel of industry, 
 and constituting the principal cause that some 
 
 ' * Chap. ii. 
 
ACCUMULATION. 189 
 
 nations are rich, whilst others are poor. To ex- 
 plain the growth of this ulterior state of mind, 
 we must refer to another mental process — 
 the last, but not the least wonderful, of those 
 that affect the subject of Political-economy. 
 
 If the Conception of Value be rightly derived 
 from the recollection of Pleasure that has been 
 enjoyed, how can it actuate the rich in oppo- 
 sition to Pleasure ? Why do they who possess 
 the largest share of Wealth often exhibit the 
 greatest disregard for pleasurable Sensations, 
 pursuing the work of Accumulation with cal- 
 culating and plodding industry, voluntarily con- 
 suming the food, wearing the dress, and using 
 the conveyance, that restricted means impose 
 upon others ? When deaf to the calls of ambi- 
 tion, and blind to the charms of power, without 
 the obligation to provide for a family, or the 
 jw4sh to endow a charity, why do the princes 
 of monetary possessions still continue to be 
 merchants, and the honourable of the earth to 
 be traffickers ? When certain objects which in 
 past times have imparted pleasure or alleviated 
 toil, and which will probably produce the 
 same effects in future times, have on this 
 
190 ACCUMULATION. 
 
 account been regarded as valuable, and wh6n, 
 further, a portion of these objects being durable, 
 susceptible of appropriation, of accumulation, 
 and of transfer, and being also protected by 
 the law as Property, have been frequently con- 
 templated in all their relations, and the highly 
 complex notion of Wealth has been at length 
 formed, if from the desire of Wealth there were 
 to ensue the actions that conduce to the realiza- 
 tion of a limited amount of Wealth, and these 
 were to be succeeded by the actions that dissi- 
 pate that Wealth in pleasure, — if Money were 
 to be sought for in order to be spent as soon 
 as gained, — ,- such conduct would require no 
 explanation: it would only be the natural 
 result of the laws which we have examined, 
 although, if generally pursued, it would obvi- 
 ously be fatal to the interests of every civilized 
 community. That such is not the course of 
 ■ conduct usually pursued, is due to a mental 
 principle, of a curious and almost parodoxical 
 nature, which has only become known to psy- 
 chologists through their investigations into 
 some of the strangest anomalies of human 
 character. By the operation of this principle,, 
 
accumulation; 191 
 
 whether it be a first principle of Psychology, 
 or be deduced from the inability of the human 
 mind, when unsupported, to dwell long upon 
 abstract notions, or from our natural tendency 
 to continue the performance of actions that 
 have been often repeated, a transference of 
 aifection from Sensations or Ideas to their 
 material causes* takes place, and in conse- 
 quence of this transference a desire to attain 
 the former ceases to be, and a desire to attain 
 the latter becomes an efficient motive of con- 
 duct. It will occur to every one how often 
 the veneration due to the Power has been for- 
 gotten in the veneration supposed to be due 
 to the Idol, or, to advert to an example more 
 conformable to our present subject, how in the 
 case of the miser the objects which were 
 originally valued, only because they afforded 
 pleasure, have ultimately been valued for them- 
 selves, independently of, or in opposition to, 
 pleasure. From these instances of mental 
 disease, it is pleasing to turn to the innu- 
 merable instances in which the same principle 
 operates beneficially, producing that manly 
 
 • Brown's Philosophy of the Mind. — Lecture Ixix. 
 
192 ACCUMULATION. 
 
 regard for pecuniary interest, which, whilst 
 affording occupation and gratification to the 
 individual, supplies Labour with Capital, and 
 enriches successive generations with the accu- 
 mulated products of bygone Industry. 
 
BOOK II. 
 
 THE APPLICATION 
 
 OP THE 
 
 PRINCIPLES OF PHYSIOLOGY 
 
 AND OF 
 
 PSYCHOLOGY 
 
 TO 
 
 POLITICAL ECONOMY; , 
 
 N 
 
POLITICAL-ECONOMr. 195 
 
 CHAPTER I. 
 
 Connection of the Principles of Physiology and of Psy- 
 chology with the Subject of Political-economy Unity 
 
 of Public Opinion and Community of Industrial Action. 
 — ^.Public Economy as observed and controlled by thq 
 Executive and by the Legislature. 
 
 (32.) As the human body is universally found 
 to be framed after the same type, by its con- 
 formity with which all its parts are known to 
 belong to man, whatever their varieties of 
 feature or of complexion, of stature or of 
 strength, so the human mind, whatever idio- 
 syncrasies it may exhibit in particular in- 
 stances, is universally found to offer to the^ 
 philosophical observer the same general class 
 of natural phenomena; among the most general 
 of these subjects of the Philosophy of the 
 Human Mind are comprised those phenomena; 
 the consideration of which has hitherto occu- 
 pied our attention — whether the sensations of 
 Pleasure that are derived from the possession 
 of objects whicjh constitute Property, and 
 which are greater than, and prevail over, th^ 
 
 N 2 
 
196 POLITICAL-ECONOMY. 
 
 sensations of toil that accompany the efforts 
 by which alone they are commonly produced, 
 or the consequent conception of Value set 
 upon these objects, or the will to labour for 
 th-e purpose of producing, and to exercise self- 
 denial for the purpose of accumulating them. 
 We have now to consider how a knowledge of 
 these abstract principles may be applied to 
 illustrate the modes of Production, of Dis- 
 tribution, and of Consumption, practised by 
 numerous individuals when aggregated in one 
 body politic, or how it may serve to accomplish 
 the purposes of the great social art, , which 
 would be properly named Social-economy were 
 all men united in one community, but which 
 is more expressively named Political-economy, 
 as requiring to be applied in a different man- 
 ner to each of the several political units into 
 which the human race is diArided, by differ- 
 ences of language and of race, and by the 
 inequalities and disruptions of the earth's 
 surface. When we pass from the provinces of 
 Physiology, and of Psychology, to the field of 
 statistics, it will be anticipated, by all who are 
 acquainted with the nature of these records, 
 that the results of the principles which we 
 
POLITICAL-ECONOMY. 197 
 
 have hitherto investigated within the dark re- 
 cesses of self-consciousness, will appear in a 
 new light — that the impalpable Sensations, 
 Emotions, and Ideas of Mental Philosophy 
 will be evidenced by their influence on mate- 
 rial substances, and that individual actions, 
 ever fleeting and evanescent, will find their 
 expression in enduring national actions — that 
 regarding each individual mind as but one 
 particle of a mass, and surveying the broad 
 tide of national mind, we shall be able to ob- 
 serve the number and the magnitude of its 
 undulations, or to measure, in the cold annals 
 of the past, the glaciers of human action, 
 standing out in durable forms, and offering 
 themselves as subjects for deliberate examina- 
 tion, and as the bases of numerical calcu- 
 lations. 
 
 Whilst we pursue the results of our abstract 
 inquiries into this new field of observation, it 
 will be borne in mind that although it may be 
 found convenient to refer, for the purpose of 
 illustration, to the political questions of the 
 day, it is no part of the province of any art to 
 determine what ought to be the ultimate ob- 
 jects of those who practise it ; the art of.build- 
 
 N 3 
 
198 PRACTICAL 
 
 ing, for example, does not teach us whether a 
 house ought to be built, but how it ought to 
 be built, when the project has been resolved 
 on ; and it is obvious that the most satisfac- 
 tory determination of the abstract laws of 
 Political-economy will not serve to guide us 
 to the same practical measures, unless our 
 opinions also agree respecting the ultimate ob- 
 jects to which the conduct both of public and 
 of private life should be directed. He who, 
 with the Greek moralist, holds it to be his 
 duty " always to excel and to surpass others" 
 will not adopt the same course of conduct as 
 he who holds an opposite opinion ; the State 
 which aims at national pre-eminence will not 
 adopt the same measures as that which merges 
 the love of country in the feeling of universal 
 philanthropy, to whatever extent these may 
 agree in the abstract principles of Political- 
 economy. These principles, therefore, how- 
 ever clearly settled, cannot be applied to de- 
 termine conclusively such -practical questions 
 as the expediency of Free Trade, of Poor 
 Laws, or of Taxes on testamentary disposi^ 
 tions, except by those who agree upon higher 
 principles ; statesmen who prefer being silent 
 
POLITICAL-ECONOMY. 199 
 
 respectihg these latter, whilst advahcing purely 
 political reasons for or against measures of 
 Government, can only be compared to com- 
 batants who handle good weapons, but prefer 
 fighting in the dark. Much as this considera- 
 tion may be thought to detract from the in- 
 terest of abstract Eolitical-feconomy, this dis- 
 advantage must be regarded as in some mea- 
 sure compensated for by the opportunities 
 which We enjoy of working out our conclu- 
 sions at a distance from the noise of active 
 life, and undisturbed by the passions and the 
 prejudices which always surround its conflict- 
 ing interests. 
 
 (33.) To advert, in the first instance, to the 
 most general of thb aligtract doctrines which 
 we undertook to examine — that which teaches 
 that the consideration of every part of organic 
 life must consist of two co-ordinate branches,, 
 the consideration of the organism itself, and 
 the consideration of the medium by which it 
 is surrounded — it is easy to observe how this 
 doctrine affects the whole subject of Political- 
 economy. Nations are living organisms, — 
 Wealth is, in the eye of Political-economy, the 
 most important of the media by which they 
 
 N 4 
 
200 HEALTH 
 
 are surrounded; the reciprocal relations of 
 Nations and Wealth form, consequently, the 
 subject matter of this science, and every system 
 of legislation propounded by it ought to re-: 
 gard simultaneously both Mankind and Wealth ; 
 yet it is not perhaps too much to af&rm, that 
 in no promulgated system has this principle 
 ever been distinctly avowed. When we find 
 that Lycurgus, and other less renowned legis- 
 lators, directing all their attention to the 
 bodily health and strength of their fellow- 
 citizens, framed laws designed only to prevent 
 deformity and disease, and to impart vigour, 
 skill, endurance, and ardent patriotism, whilst . 
 neglecting or discountenancing the Consump- 
 tion, the Production, thje Interchange, and the 
 Accumulation of material Wealth, we must 
 pronounce that they did but half their duty 
 as Political-economists, — they nursed the living 
 organism of the State, but neglected the ex- 
 ternal appliances which are necessary for its 
 improved culture. When, under the admi- 
 nistration of Political-economists of a later 
 date, we find the opposite extreme, — that 
 every thing is sacrificed to the culture of 
 Wealth, either by direct enactments, or by 
 
AND WEALTH. 201 
 
 allowing its possessors to overrun the best 
 interests of the State by means of the power 
 which it naturally imparts, — that whilst this 
 object is exclusively regarded, the stature of 
 the majority of the people becomes stunted, 
 their health impaired, their limbs distorted, 
 and their natural term of life shortened, — that 
 females are corrupted and brutalized, and 
 children are suffered to grow up in ignorance, 
 impatient, and unskilled, if not cut off by un- 
 timely Labour, — we must pronounce that the 
 Political-economists who have thus admini- 
 stered affairs have done but half their duty, 
 and that half, we must add, not in condemna- 
 tion but in sorrow, that which had been best 
 left undone. Political-economists* would have 
 learnt much from abstract philosophy had 
 
 * Future Political-economists may read with surprise 
 that at a time when farm-labourers, and unskilled needle- 
 women, could with difficulty obtain a bare subsistence, 
 to spend large sums on dress and equipage was thought 
 praiseworthy by moralists, as serving to encourage trade, 
 manufactures, and the fine arts ; and that at a time when 
 truth and charity were generally respected, advertised 
 falsehoods and insinuations against rivals were universally 
 tolerated, if not encouraged, when employed in the cause 
 of competition. 
 
202 MANKIND AND COMMODITIES. 
 
 they only accepted this fundamental maxim — 
 that Health and Wealth are the correlative and 
 inseparable objects of their art. 
 
 (34.) Having thus premised, that in every 
 phenomenon of Political-economy the two co- 
 ordinate branches, Mankind and Wealth, act 
 and re-act simultaneously on each other, we 
 naturally commenced our inquiries by dividing 
 our subject into two rudimentary parts, hu- 
 man nature and external matter ; and, having 
 selected the former of these divisions for prior 
 consideration, we proceeded to inquire whether 
 the definitions and the classificatory marks of 
 Political-economy ought not rather to be de- 
 duced from the phenomena which are mani- 
 fested by human nature, than from the rela- 
 tions of matter from which they have been 
 deduced by those modern writers who have, 
 not unreasonably, sought their first principles 
 in the same branch of the subject which they 
 have recommended exclusively to the care of 
 statesmen. If the whole course of our reason- 
 ing was not based on error, we must conclude, 
 with respect to the most important of these 
 definitions, that Value is not a condition of 
 matter, but a purely human condition ; that. 
 
VALUE. 203 
 
 whatever aversion may be felt to metaphysical 
 subtUties, and however Value is measured, it 
 is a natural phenomenon of the human mind, 
 resulting from that universal anticipation of 
 future satisfaction which is grafted on the 
 experience of the past. If Animal Life were 
 to be swept away from the face of the earth, 
 the sun might give light and warmth, fertUe 
 lands might be spread out, juicy fruits and 
 fragrant spices might grow, gold and precious 
 stones might glitter, but these could have no 
 Value — the mind, the soil on which alone 
 this conception can grow, would be wanting ; 
 and without this, Value could not exist. Of 
 the importance of settling the habitat of this, 
 the first great chimera that we have to en- 
 counter, none wiU doubt who have perused 
 and attempted to reconcile the numerous and 
 ever varying definitions which have been 
 affixed to it; whilst, to find its real nature, 
 unexpressed by the terms of any of these defi- 
 nitions, may afford hope to those who, having 
 fruitlessly attempted to build on the founda- 
 tion which they offer, have been compelled to 
 despair of the progress of Political-economy. 
 (35.) The conception of Value, thus enter- 
 
204 THE EFFECTS OF VALUE 
 
 tained in the human mind, we traced from its 
 source, and eventually found it to assume, like 
 all other Ideas which are derived from plea- 
 sure or from pain, two distinctly-marked cha- 
 racters, one Conceptive, the other Emotional, 
 producing in the external world two distinct 
 classes of phenomena which in the most 
 general language may be termed Statical and 
 Dynamical, and, in the technical langtiage of 
 our subject, phenomena of Price and pheno- 
 mena of Production. It may be observed here, 
 that it is a matter of no small consequence to 
 be able to trace, by the light of abstract phi- 
 losophy, the branching of these phenomena of 
 Value from their very root, to see that every 
 change of Consumption naturally produces a 
 change of Value, and that every change of 
 Value is naturally followed by a change of 
 Production. If this law of Nature were to be 
 clearly apprehended — if it were to be clearly 
 felt that every purchaser of a Commodity not 
 only raises its Price, but causes its Production 
 - — public opinion would scarcely sanction the 
 lavish expenditure of money on articles which 
 serve only to feed vanity, or to gratify a taste 
 for frivolous distinctions. They who spend 
 
STATICAL AND DYNAMICAL. 205 
 
 money on these articles of luxury virtually 
 order labourers to make more; they who spend 
 money for the purpose of placing "within reach 
 of the poor better dwellings, better fuel, better 
 clothing, virtually order labourers to make 
 more: if the former course be preferred to 
 the latter, food, cottages, and fuel are con- 
 verted into articles of luxury, by an unseen, 
 but not, on that account, a less effectual pro- 
 cess. Were the principles of Tiuman nature 
 better understood, the course of Labour would 
 be less frequently diverted from its proper 
 channel, whilst the kindly wish to give em- 
 ployment to industry would be equally 
 gratified. 
 
 Tracing the formation of this mental attri- 
 bute. Value, we found it to be derived from 
 two principal constituents — Memory of the 
 past and Confidence in the future — from the 
 recollection of the gratification afforded, and 
 the services rendered by external objects in 
 bygone time, and from the belief that they 
 mil continue to be so afforded and rendered 
 by them in time to come. With respect to. the 
 latter of these constituents. Confidence in the 
 future, we attempted fully to realize the im- 
 
206 CONSTITUENT ELEMENTS 
 
 portant consideration, that it is essential to 
 the existence of Value, — the more necessary 
 to be borne in mind because changes of Con- 
 fidence are very imperfectly indicated by 
 changes of Price. When, under the admini- 
 stration of a bad or feeble Government, little 
 Confidence is attached to the safety of Pro- 
 perty, the Price of money-securities will 
 naturally be low, and the rate of Production! 
 will be slow, but the prices of the Commo- 
 dities which are consumed by the great bulk 
 of the community may not indicate the dis- 
 satisfaction that smoulders in the hidden 
 breast. Were it to be established, by evidence 
 accessible to all, that Value depends . on Con- 
 fidence, and that a want of Confidence afi^ects 
 alike our enjoyment of the present and our 
 provision for the future, revolutions and 
 changes of government would be ranked by 
 all classes among the most serious of moral 
 evils. 
 
 (36.) With respect to the former of the 
 constituent elements of Value, the recollection 
 of the gratification directly or indirectly ren- 
 dered by external objects, we observed, that 
 whilst this gratification obviously differs in 
 
OF VALUE. 207 
 
 kind and in degree, according to the quan- 
 tity and the quality of the Commodity from 
 which it is derived, each kind and degree of 
 gratification is remembered, and that there 
 are thus ascribed to each Commodity various 
 kinds and degrees of Value. So milch con- 
 troversial energy has been expended on this 
 subject, and so many conflicting reasons 
 have been advanced to show why some things 
 have Value and others have none, and why 
 the Value of dififerent Commodities varies in 
 different degrees, that it may be expedient 
 to recapitulate the course of reasoning by 
 which we believe these points ought to be 
 settled. 
 
 It will be remembered, that whilst some in-- 
 quirers have derived all Value from Land, 
 others from Money, and others, adverting to 
 human nature, from Labour, we ascribed it to 
 none of these things ; but believing that the 
 subject of Political-economy, when rightly 
 viewed, is found to consist of an organism and 
 a surrounding medium, which, in their im- 
 proved condition, may be described as citizens, 
 healthy and right-minded, and Property ade- 
 quate to its occasions and wisely distributed, 
 
208 ELEMENTARY LAWS 
 
 we did not hesitate to describe Value as a 
 human sentiment, derived from the perception 
 of Wealth, however called into existence, and 
 based on a belief of its future availability. 
 Considering diflFerent kinds of Value to be 
 differences in kind of this sentiment, we pre- 
 ferred classifying the causes of these differ- 
 ences by referring to the parts of the human 
 body through which the senses are reached, 
 rejecting alike the differences of external 
 objects as being- too remote, and the differ- 
 ences of internal sensations as being too inde- 
 finite for the purpose ; and we consequently 
 commenced the classification of Valuable Com- 
 modities by grouping them under two heads, 
 according as the services rendered by them 
 to mankind appeared to be of paramount or 
 of subordinate importance ; these classes we 
 named respectively Primary and Secondary 
 Commodities. The organs of the human 
 body, we further observed, are capable of con- 
 veying to the senses satisfaction or gratifica- 
 tion only within certain definite limits ; hence, 
 we deduced the conclusion, that no Value can 
 be attached to a limited amount of such 
 objects as exist in unlimited quantities, for 
 
OF VALUE. 209 
 
 the obvious reason that if such an amount 
 were to be withheld, others of equal magnitude 
 could be substituted for it, and this until all 
 the wants of human nature should be satiated. 
 We further observed, that when a moderate 
 quantity of a Commodity has reached the 
 senses of the consumer, each successive addi- 
 tion of the Commodity produces sensations 
 progressively less and less satisfactory, and 
 vice versd ; hence we concluded that, in pro- 
 portion as objects are less abundant, any 
 limited quantity must be held more valuable, 
 and in proportion as they are more abundant, 
 it must be held less valuable, the Value of 
 every Commodity being dissipated as it in- 
 creases in quantity, like a circle in the water, 
 till " by broad spreading it disperse to nought." 
 We further found that this variation* would 
 naturally be greater in the case of Primary 
 than in the case of Secondary Commodities. The 
 
 * "It is found that prices vary in a ratio very differ- 
 ent from the variation in quantity, and that the differ- 
 ence of ratio between quantities and prices is liable to 
 alter, according to the nature of the .Commodity, but is 
 greater probably in the case of corn than in that of most 
 other articles of extensive consumption." — Tooke on 
 High and Low Prices, p. 284. 
 
 O 
 
210 ELEMENTARY LAWS 
 
 susceptibilities, again, of some organs are de- 
 pendent on those of others, and hence we 
 drew the conclusion that the Value of Second- 
 ary Commodities is in the first instance de- 
 pendent on the quantity of Primary Com- 
 modities. If, then, the student of Political- 
 economy inquire why corn, wine, and oil are 
 valuable, the answer clearly ought to be, not 
 because they are derived from Land, nor be- 
 cause they are the result of Labour, nor 
 because they are the subjects of Exchange, 
 but because their future services are antici- 
 pated, and they can be appropriated. Why, 
 then, are air, light, and water of no value ? 
 In this question there is an ambiguity ; as a 
 whole, light and water are of extreme Value, 
 but if it be asked why any definite quantity of 
 light or of water is of no Value, the answer is 
 obvious — because it can generally be spared, 
 on account of the indefinite quantity that 
 exists, in proportion to the number and to the 
 finite capacities of mankind, or because the 
 whole existing quantity cannot be appro- 
 priated ; under peculiar circumstances a small 
 quantity of water, as in the mid-passage of the 
 desert, and of light, as ancient lights in a city. 
 
OF VALUE. 211 
 
 are valuable. Why do corn, wine, and oil, or, 
 to speak more accurately, why does any 
 specific quantity, as a gallon of either of them, 
 change in Value ? Principally on account of 
 changes in their whole quantity, because their 
 Value diminishes as this tends to s-uperfluity, 
 and increases as it tends to rarily*, in propor- 
 tion to human wants and susceptibilities; such 
 is the general principle which determines the 
 Value of all Commodities, both Primary and 
 Secondary. Why is the Value of bread and 
 potatoes regulated by their whole quantity 
 more sensibly than the Value of sUks and 
 gloves is regulated by their whole quantity ? 
 Because the former are Primary and the latter 
 are Secondary Commodities ; and when neither 
 of these classes is abundant, the welfare of 
 mankind is more intimately dependent on the 
 quantity of the former than on the quantity of 
 the latter class of objects. Why are precious 
 stones of little Value in uncivilized countries ? 
 Because in such countries the supply of Pri- 
 
 * Vide Tooke on High and Low Prices, part iii. sect. 
 5. "Application of the Principles! of the 'EflFect of 
 Quantity on Price ' to the State of Agriculture." Vide 
 also Tooke's History of Prices. 
 
 o 2 
 
212 EFFECTS OF VALUE 
 
 mary Commodities is usually scanty and un- 
 certain, and the Value of Secondary Commo-r 
 dities is based on the abundance of Primary; 
 Commodities. Why are diamonds the most' 
 valuable of familiar substances ? Because 
 classes of society exist to whom an abundance 
 of Primary Commodities is secured, and the: 
 extreme rarity of diamonds renders them the 
 most prized of Secondary Commodities. To 
 these and similar inquiries the student is now 
 prepared to give answers, not deduced from 
 arbitrary dogmas, nor resting on the authority 
 of any name, but based on the natural pheno- 
 mena of the human mind and body, which he 
 can himself examine and understand. 
 
 ( 37. ) Had valuable Commodities the quality 
 of perpetual endurance, or were they not sub- 
 ject to absorption and to renovation at the 
 hands of man, the consideration of the ab- 
 stract principles of Value might be concluded 
 when an exposition of these, its statical phe- 
 nomena, should be attained. But this is evi- 
 dently not the case ; a large remnant of the 
 effects of Value remains to be accounted for, 
 and Production has therefore always occupied 
 a considerable share of the attention of Politi- 
 
ON PRODUCTION. 213 
 
 ■cal-economists; we were accordingly led to in- 
 vestigate the elementary laws of Value which 
 come into operation when this complex idea 
 ceases to have a merely conceptive, and as- 
 sumes an emotive, character. What, we in- 
 quired, is the effect of Price on Production ? 
 — of the emotive sentiment, Value, on enter- 
 prise and Labour? — and in the first place, 
 generally, of Emotions on human action ? 
 The consideration of the elementary laws of 
 this vis viva necessarily led us to an abstruse, 
 and perhaps unsatisfactory, train of reasoning; 
 .but the conclusions to which it led will not be 
 regarded as fruitless, if they are found to 
 afford but an approximation to a deductive 
 exposition of these important elements. The 
 first result which we arrived at, that indus- 
 trial actions, when viewed on a large scale, are 
 to be regarded as unintermittent in the absence 
 of disturbing causes, is a law on which must , 
 rest our appreciation of the dynamical, science 
 of Political-economy, and our faith in the 
 future occurrence of each of its phenomena. 
 If mankind could be viewed from the surface 
 of the sun, they would appear to be never at 
 rest ; and this is the view of national actions 
 
 O 3 
 
214 EFFECTS OF TOIL 
 
 which Physiology and Psychology must force 
 on the attention of abstract Political-economy. 
 It is manifest, that in every case that can 
 be observed, the effect of this primary law of 
 the rate of Production is very soon influenced 
 by the effect of another primary law, acting 
 in opposition to it whenever the Commodity 
 is produced by human Labour — that which 
 governs the ever-increasing degrees of toilsome 
 .Sensation accompanying increased Labour. 
 We accordingly investigated the elementary 
 nature of this Sensation, and thence traced 
 the growth in the mind of the labourer of a 
 Conception opposite to that of Yalue, and at- 
 tached, not to various amounts of Property, 
 but to the endurance of various amounts of 
 Toil. Observing that this negative ^Value acts 
 powerfully as an opposing medium to the rate 
 of Production, we concluded that it enters 
 into, and must be partly evidenced by, the 
 amount of the Price of Labour. By thus 
 directing our attention, not only to the feel- 
 ings of the laborious classes, but to the exact 
 measurement of the various degrees of Toil 
 which they endure in the pursuit of their 
 various avocations, we may hope to have at- 
 
ON PRODUCTION. 215 
 
 ■tained a more distinct knowledge of their 
 actual condition, of their real wants, and of 
 their true interests. If Nature rightly teaches 
 us that the last fractions of protracted Toil 
 are attended with ever-increasing suffering, 
 that whilst in labouring man performs his 
 destiny, in labouring immoderately he lowers 
 his faculties and degrades human nature, a 
 purely scientific Political-economy cannot 
 rightly hold that the tenth hour of the arti- 
 ficer's time must stiU be inexorably devoted 
 to the purposes of Production, or that, if 
 moral or intellectual teaching were to be sub- 
 stituted, the prosperity of a nation would be 
 endangered. Should philosophy ever be com- 
 pelled so to govern any nation, the conclusion 
 would be irresistible, that in the institutions 
 of such a nation there must be some vital 
 defect, the seat of which would probably be 
 found in those laws by which Valuable Com- 
 modities are held, distributed, and transmitted 
 to posterity. 
 
 From this double experience of the past — 
 the experience of wants satisfied or gratifica- 
 tion conferred by Commodities, and the ex- 
 perience of efforts made, or self-denial practised 
 
 O 4 
 
216 ACCUMULATION. 
 
 in their realization — we observed that there 
 results the desire of Accumulation, causing 
 the abstinence from expenditure and the per- 
 sistence in voluntary Labour, by which are 
 eventually accumulated the hoards that, if 
 properly distributed, constitute the Wealth of 
 Nations. The encouragement of this course 
 of action is evidently not only conducive to 
 the interests, but essential to the existence, of 
 a part of each succeeding generation. It is 
 no small matter that abstract philosophy 
 teaches how this conduct can be encouraged, 
 by pointing out, that when a real want of ne- 
 cessaries has been felt in early life, a strong 
 propensity to acquisitiveness, and an unwil- 
 lingness to consume, naturally ensue, and that, 
 consequently, by so educating* the sons and 
 daughters of opulence that they may be made 
 acquainted with want, not sufficiently to 
 harden the heart, but to inform the senses 
 and the understanding, a bulwark may be 
 raised against that prodigality by which, as 
 we now see but too frequently, there may be 
 ,dissipated, in a short time, and without enjoy- 
 
 * Brown's Philosophy of the Mind. — Lecture Ixix. 
 
SOCIAL CO-OPEBATION. 217 
 
 ment, the resources which, if rightly directed, 
 would have adrainisteried to thousands neces- 
 sary sustenance or prolonged comfort. 
 
 (38.) Having examined these several func- 
 tions of the Human Mind by means of self- 
 observation and reflection, aided by Psycho- 
 logy, and with the occasional assistance of 
 Physiology, we shall now endeavour to ob- 
 serve how these functions are exhibited when 
 numerous individuals, so connected together 
 as to form one social organism, pursue in con- 
 cert the various purposes of Production, of 
 Distribution, and of Consumption ; and to de- 
 termine what means the Statesman possesses 
 of ascertaining the actual state of these opera- 
 'tions, and what measures he" can, and ought 
 to apply in order to ensure their right per- 
 formance. The type towards which, in the 
 widest view of the Political-economist, all 
 mankind must undoubtedly be regarded as, 
 however slowly, yet constantly tending, is one 
 vast human family, acting together in harmo- 
 nious co-operation for the subjugation and the 
 amelioration of physical nature ; at the present 
 moment, however, when nations are popularly 
 considered to have conflicting interests, and 
 
218 NATUBAL ORGANIZATION 
 
 these interests are contemplated with much 
 heat, the operation of the principles of Physi- 
 ology on the subject of Political-economy may 
 be best exemplified by considering how they 
 operate in the case of a single nation. 
 
 A civilized nation is evidently an organic 
 body, that has arrived at a certain stage of 
 maturity at which it has become susceptible 
 of common feeling, capable of joint action, 
 and competent to entertain a public opinion. 
 It is quite clear that at present a perfect state 
 of these functions nowhere exists, but such a 
 state maybe conceived*, and ought to be re- 
 garded as the ideal regulative type to which 
 every wise measure causes a nation to ap- 
 proach more nearly. In that approximate 
 state, indeed, which is found in every civUized 
 nation, we may feel assured that the true de- 
 finition of organic bodies is satisfied, — each of 
 its several parts aflfects, and is aflfected by, the 
 rest. In every such nation mind comes in 
 contact with mind, and from their aggregate 
 
 * ... or, in philosophy, the assumption of an ideal 
 man as a normal type, towards which we may conceive a 
 perpetual tendency in the actual man of our experience. 
 All these are regulative ideas. — T. De Quincy. 
 
OF SOCIETIES. 219 
 
 a national mind is formed, exhibiting an intel- 
 ligence (to advert only to such of its functions 
 as affect our present subject) which derives 
 , its knowledge of Value from the wisdom of 
 the wisest, and is guided, in the pursuit of 
 interest, to the most widely approved projects. 
 So striking is this organization of public 
 opinion, that Political-economists appear 
 sometimes to have forgotten that it is enter- 
 tained by individual human minds, acted on 
 primarily by those natural laws which it is 
 the province of Psychology to investigate. 
 To the stages through which this state of ma- 
 turity is reached, and to the numerous physi- 
 cal appliances by means of which its develop- 
 ment is advanced, we can here only cursorily 
 allude. The successive stages of civihzation 
 — the pastoral, the agricultural, the commer- 
 cial, and the manufacturing — the rise and 
 progress of governments, moral force prevail- 
 ing over physical force, and opinions becoming 
 more potent than laws, and duties more im- 
 portant than rights, until evolved from the 
 conflicts of feudal systems, and corporate 
 systems, and republics, and hierarchies, and 
 military despotisms, there stands forth in two 
 
220 NATURAL ORGANIZATION 
 
 distinct branches the great type of modem 
 civilization, the governors and the governed, 
 the Government and the People — these and 
 similar investigations form the subject of that 
 general science which statesmen have studied 
 in all ages, and of which Political-economy is 
 but a subsidiary department. With the phy- 
 sical appliances, by means of which, at this 
 advanced stage of civilization, different classes 
 of men become consentient and co-operative 
 organs of one public mind, we are all fami- 
 liarly acquainted. There is no need to say 
 that the hundred tongues of Fame are now 
 aided by the less poetical services of the Ex- 
 change, the Post-office, the Press, and the 
 Electric Telegraph — that the waters on which 
 alone commerce dwelt of old are now ploughed 
 by steamboats in ever increasing numbers — r 
 that pathways and turnpike-roads are gra- 
 dually superseded by Railways — and that 
 innumerable other appliances bow exist, by 
 means of which a knowledge of the Prices 
 of Commodities, and the current rate of In- 
 terest, is rapidly conveyed, and persons and 
 Commodities are rapidly transferred from 
 place to place in consequence of the informa- 
 
OP SOCIETIES. 221 
 
 tion communicated. It is enough to refer to 
 the circumstance that, by the aid of art, the 
 public mind is informed, and actions of the 
 Community ensue, in a space of time which 
 tends to be instantaneous in comparison with 
 the term of national existence. 
 
 (39.) The Government and the People — 
 the former conceived to be actuated by the 
 most worthy motives, the latter million-headed 
 and million-handed, yet conceived to be of one 
 mind and to act as one man — constitute the 
 field of operation for the modem Political-! 
 economist. In the advanced stage of civiliza- 
 tion, to which our observ£(.tions are here 
 directed, each individual among the People 
 acts, as has been very frequently remarked, 
 instinctively for the good of all. The often-< 
 cited example of the corn-factor, who, regard- 
 ing only his own interest, follows in pursuit 
 of it precisely the same course that , a disin- 
 terested public officer would pursue, is but a 
 single instance of the operation of that law 
 of Nature which generally causes each indi- 
 vidual to promote, to a certain degree, the 
 public weal, although occupied solely in the 
 pursuit of his own advantage. Whilst, how- 
 
222 ORGANIZATION OF SOCIETIES 
 
 ever, it is manifest that the effect of this bene- 
 volent provision of Nature is so importantj 
 that civilized societies could scarcely have 
 grown up without the presiding influence of 
 some such natural law, it must be remarked 
 that the tendency of the present age is rather 
 to overrate than to depreciate the scope of its 
 design, and to look upon it as a permanent 
 and independent, rather than as a provisional 
 and ancillary, arrangement of Nature. Expe- 
 rience unhappily proves that in a civilized 
 community the interest of highly influential 
 individuals is not unfrequently opposed to the 
 public interests. Bank and Railway specula- 
 tions, sufficiently profitable to individuals, 
 have in our times unnecessarily caused wide 
 disaster — factories have been suddenly closed, 
 leaving the owners with large fortunes, and 
 their workpeople destitute — these and many 
 similar occurrences incontestably prove that 
 human art is now required to administer to 
 the necessities of 9, fully developed organism. 
 Nor does this conclusion militate against our 
 iexperience of other natural provisions. Appe- 
 tite is a wise provision for the support of the 
 natural body, and sleepiness is a wise provi- 
 
NOT PERFECT. 223 
 
 sion for its repose; but advanced reason 
 teaches man to watch and to control his love 
 of food and of sleep. The same advanced rea- 
 son may warn the politicians of modern times 
 to watch and to control the operations of in- 
 dividuals in pursuit of their own private inter- 
 ests. To stimulate the leaders of commerce 
 in the production of real Wealth — to check 
 their pursuit of undue or uncertain profit — ■■ 
 to provide for the immediate communication 
 of intelligence aiid the free exertion of enter- 
 prise — to watch that the Consumption of a 
 people does not exceed its Production, that a 
 reasonable proportion of Commodities is within 
 the reach of the poorest citizen, that the rate 
 of Accumulation advances with the increase of 
 Population — the performance of these and of 
 similar functions every People will now justly 
 claim at the hands of its Government. 
 
 (40.) In order to perform these duties in a 
 manner adequate to the importance of the 
 subject, very little consideration wiU show 
 that two classes, at least, of public function- 
 aries must exist — a legislative class, and an 
 executive class — each supplied with all the 
 means that can be contrived to observe and to 
 
224 POLITICAL-ECONOMISTS LEGISLATIVE, 
 
 control the movements of so vast a living or-' 
 ganism as a civilized nation. With the former 
 of these classes of functionaries we are all 
 sufficiently acquainted in, this country, under 
 the title of Ministers and Members of Parlia- 
 ment ; and the instruments of observation 
 which they employ for the purposes of Poli- 
 tical-economy, such as the Census, The Re- 
 turns of the Registear-Genebal, The Re- 
 turns of Savings Banks, Trade Returns, 
 Excise Returns, Income Tax Returns, Re- 
 ports of Special Committees, and the like, 
 and the operative measures which they frame, 
 in order to compass the ends of Political-eco- 
 nomy, being in fact such of our Laws as ope- 
 rate upon Wealth, and especially those which 
 relate to the incidence of taxation, we have 
 brought under our notice for frequent consi- 
 deration. With respect to the latter of these 
 classes of functionaries, it can scarcely be 
 said that there exists, in this country, an exe- 
 cutive department of Government constituted 
 for the purposes of Political-economy, and of 
 the means both of observation and of control 
 which such a board of functionaries ought to 
 employ, there is little popular knowledge. 
 
AND EXECUTIVE, 225 
 
 Yet for such a class of functionaries there is 
 evidently both opportunity and occasion. In 
 the daily intelligence communicated by Go- 
 vernment Despatches, and by Newspapers, 
 there exists a ready means of observing each 
 passing sentiment of the national mind, and 
 in the power of publishing information, of 
 giving warning, and of determining how large 
 sums of money shall be employed in loans or 
 otherwise, there is an ever present means of 
 exerting influence , to secure right action. 
 Nor can it be doubted that the active control 
 of such an executive power is now impera- 
 tively required.* Capitalists usually know 
 their own interests, and their interests most 
 frequently coincide with those of the State j 
 but is this true of the new leaders of industry, 
 associated Companies ? Are shareholders tho- 
 
 * It is worthy of note that, as the wants of a free peo- 
 ple are usually felt, and in some measure supplied from 
 its own resources, before they have attracted the atten- 
 tion of GoTernment, so the functions here designated 
 have been for some time past exercised with general appro- 
 bation by the Bank of England, however its administra- 
 tion may be deemed to have been swayed by private 
 interests, or to have been impeded by the possession of 
 an unrecognized and merely incidental power. 
 
226 POLITIC AL-BCONOMISTS. 
 
 roughly acquainted with the nature of their 
 undertakings ? Are directors always wise, if 
 always honest ? And, if so, do they always 
 evince that regard which a Government must 
 entertain for the workpeople whose move- 
 ments they direct, and whose destiny they 
 often determine ? So long as our working- 
 classes continue to be the victims of the 
 periodic diseases of Capital, speculation and 
 panic, no argument can be required to prove 
 that the interference of a controlling power 
 is necessary on their behalf. Whether this 
 power should be left in the hands of those 
 who casually enjoy the confidence of our great 
 capitalists, or whether it might not rather be 
 intrusted to a Board of Public-economy, made 
 directly responsible to Parliament, this is not 
 the place to inquire : it is rather our business 
 to consider the conclusions which such a power, 
 however constituted, would naturally deduce 
 from the evidence of surrounding circum- 
 stances, and the practical measures which it 
 would adopt, — or in other words to determine 
 what are the right interpretation, and the proper 
 use, of changes of Value, in securing the ad- 
 vancement of national prosperity. - 
 
JUNCTIONS OF MONEY. 227 
 
 (41.) The class of instruments by means 
 of which both this evidence must be procured, 
 and these ends must be accomplished, —by 
 which the changes of Value that occur must 
 be exhibited, and the changes of Value that 
 are desired must be produced, — may be 
 designated as Money, if we understand this 
 term to comprise all the numerous instru- 
 ments of Exchange, whether coins of various 
 denominations, or bank notes, and other secu- 
 rities that are based upon the principle of 
 convertibility at will into a fixed amount of 
 precious metal. The nature of the services 
 which this class of instruments renders to 
 Political-economy is sufficiently obvious : 
 when discharging the functions which we 
 have described, the Political-economist is to 
 the State pretty much what the domestic- 
 economist is to the household, but with this 
 difference in their means of action, that 
 whereas the latter can see, and hear, and com- 
 mand, in all that concerns his office, the for- 
 mer must use instruments of observation, 
 employ ratiocination, adopt indirect or merely 
 influential measures, and take such prelimi- 
 nary steps as are adapted to a subject of vast 
 
 P 2 
 
228 FUNCTIONS OP MONEY 
 
 dimensions and of perpetual mobility. We 
 have seen that one great division, of funda- 
 mental importance if not indispensable in deal- 
 ing with every subject of this character, is 
 that which classifies subjects according as they 
 involve, or do not involve, the consideration 
 of time, and this division we have accordingly 
 followed in tracing the natural principles of 
 Value ; it is very remarkable that Money, by an 
 easya,daptation to the exigencies of advancing 
 civilization, serves to measure both of these 
 classes of phenomena — that whilst the Statical 
 phenomena of Value are measured by Price, 
 the Dynamical phenomena of Value are mea- 
 sured by the rate of Interest. It is quite ob- 
 vious, however, that, whilst the same instru- 
 ment is made use of*, it is employed for diflfer- 
 ent purposes, and must be handled differently, 
 according as it is applied to one or to the 
 other of these two classes of phenomena. 
 These two uses of Money we shall therefore 
 examine separately, devoting the former of 
 the two succeeding Chapters to the considera- 
 tion of the manner in which changes of Price 
 both indicate, and cause, changes in the pheno- 
 mena of Exchange, and the latter to the con- 
 
IN POLITICAL-ECONOMY. 229 
 
 sideration of the manner in which changes in 
 the rate of Interest both indicate, and cause, 
 changes, in the phenomena of Production — 
 the former subject being especially the field of 
 action for the legislative measures, and the 
 latter for the executive operations of Govern- 
 ments. 
 
230 ADMINISTRATION 
 
 CHAP. II. 
 
 The Use of Money in the Statics of Political-economy. 
 — First, as a Means of Observation — Prices. — Se- 
 condly, as a Means of Interference — Taxation. 
 
 (42.) It is familiar to all that, imperceptible 
 as the thoughts of other men are to the obser- 
 ver so long as their effects are limited to the 
 mind within, when they cause external actions 
 they can usually be decyphered without diffi- 
 culty, and that on the other hand, intangible 
 as the human mind is to the hand of the 
 operator, emotions may be roused, and exer- 
 tions may be stimulated through the interven- 
 tion of external objects ; in applying these 
 general laws of mind to the subject before us, 
 we have had occasion to enlarge upon the fact 
 that the actions of Exchange mark the Value 
 which men set upon objects, and that changes 
 of Value cause changes of Production, of Dis- 
 tribution, and of Consumption. It must be 
 sufficiently manifest that whenever the Politi- 
 cal-economist is able to observe, and to con- 
 trol, the course of these actions, he can regu- 
 
OF MONEY. 231 
 
 late the conditions of Valuable Commodities, 
 and whenever he can observe and control the 
 conditions of Valuable Commodities, he can re- 
 gulate the course of these actions. We shall 
 now proceed to examine how this fourfold 
 power, of observing the rate of these actions, 
 and of observing the Value of Commodities, of 
 controlling the rate of these actions, and of con- 
 trolling the Value of Commodities, can be ex- 
 erted through the instrumentality of Money. 
 It will follow from this examination, that to 
 whatever hands is committed the duty of rais- 
 ing, atid expending, the revenues of a State, in 
 the same hands rest the means of regulating the 
 whole subject-matter of its Political-economy. 
 The circumstance, that this fourfold purpose 
 is answered by one and the same instrument, 
 Money, whilst it facilitates their concrete ex- 
 pression, evidently adds in some measure to 
 the difficulty of distinguishing the abstract 
 principles of our subject. If one and the same 
 instrument were to be employed to measure, 
 and to cause, both pressure and moving force, 
 it would be far more difficult than it now is 
 to keep distinct in. the mind the processes of 
 observation, and of action, that are applied to 
 
 P 4 
 
232 MONEY AN INDEX 
 
 the Statical, aud to the Dynamical, Pheno- 
 mena of Mechanics ; a difficulty of the same 
 kind arises in Political-economy from the pro- 
 miscuous use of the single instrument, Money. 
 It is, however, on this account, only the more 
 requisite to keep distinct in the mind, from 
 their fountain head, those two classes of phe- 
 nomena to which we have so often had occa- 
 sion to refer, as distinguished by the pre- 
 sence, or the absence, of the element time — 
 the phenomena of Ideas and of Emotions, of 
 rest and of continuous action, of order and 
 of progress, resulting in the phenomena which 
 constitute the level and the velocity of the 
 stream of industry, or the phenomena of Ex- 
 change and the phenomena of Production. 
 
 (43.) To commence with those phenomena 
 in which the consideration of time is not in- 
 volved, it is evident that if but two indivi- 
 duals, possessed of different Commodities, 
 were to meet for the purpose of barter, an 
 observer might immediately become aware of 
 the amount of Value jointly attached by them 
 to each Commodity, and might thus be able 
 to express this amount in terms of every other 
 of the Commodities given and taken in ex- 
 
TO STATICAL VALUE. 233 
 
 change ; or if one of such individuals were 
 to pay the other in Commodities for different 
 kinds of Labour, the observer might express 
 the Value attached to each kind of Labour in 
 terms of some sorts of Commodities. In order 
 to be able to compare all these different 
 amounts, it would obviously be necessary that 
 the observer should employ, as a common 
 measure, some one Commodity, bearing a 
 known relation in point of Value to each of 
 the others ; but if it could be supposed pos- 
 sible that the traffickers would consent to ex- 
 change on every occasion one and the same 
 . Commodity for the other Commodities, such a 
 common measure would be at once obtained. 
 The observer would then possess a material 
 instrument, capable of being divided into 
 units of space or weight, and therefore indi- 
 cating accurately, based on the principle of 
 self-interest, and therefore indicating with cer- 
 tainty the average* of the degrees of Value 
 
 * It will be remarked that the degrees of Value thus 
 indicated would not exactly coincide with the conception 
 entertained by either of the parties to the Exchanges, but 
 would represent the medium of the amounts of Value 
 attached by them severally to the Commodities ; if it were 
 
234 MONEY AN INDEX 
 
 attached by the barterers to every other Com- 
 modity. This imaginary case is but a type of 
 all the exchanges of civilized life. However 
 inconvenient it might appear to be, that two 
 exchanges should be made where one would 
 suffice ; that instead of directly bartering his 
 goods, the seller should part with them in one 
 place for the medium of Exchange, which he 
 must carry to another place, in order to pro- 
 cure what he wishes to purchase ; yet this 
 practice, it is needless to say, has secured uni- 
 versal adoption, in consequence of the im- 
 portant advantages that are found to be 
 attached to it ; and the one Commodity thus 
 universally exchanged is Money. The posses- 
 sor of Money may command whatever it is 
 worth, in all the variety of quantity and of 
 quality that he desires ; and if he does not 
 wish to exchange the whole sum, he can carry 
 aw^y any portion of it because it is portable, 
 and preserve it because it is durable. There are 
 
 otherwise, neither of the exchangers would have any in- 
 ducement to exchange, their only reason for exchanging 
 being, that they mentally attach different degrees of 
 Value to each Cpmmodity. The amount of Value there- 
 fore which . would be thus indicated is precisely that 
 average amount which we require to be informed of when 
 dealing, not with an individual, but with a community. 
 
TO STATICAL VALUE. 235 
 
 also advantages arising from the use of Money 
 which accrue to the whole Community, and 
 in which, therefore, every member participates. 
 "Wherever Money is used the language of 
 Money is used, the existing state of the mar- 
 kets becomes known, and is accurately ex- 
 pressed, the buyers and the sellers of every 
 Commodity become tacitly aware of each 
 other's presence, and the Price of the Com- 
 modity is insensibly fixed, by the competition 
 of all, at that exact amount which indicates 
 the decree of Value mentally attached to it by 
 the Community. In the monetary systems 
 which, in consequence of these advantages, 
 are established in every . civilized country, 
 the Political-economist gladly recognizes in- 
 struments of observation admirably adapted 
 for his purpose, being protected by their' 
 vast size from ordinary disturbances, whilst 
 capable of measuring the largest and the 
 smallest amounts of Value. 
 
 But Money not only serves to measure the 
 Statical Phenomena of Political-economy ; it 
 also serves to operate upon them. If, by the 
 ordinance of a superior power, any kind of Pro- 
 perty becomes charged with the payment of a. 
 
236 MONEY A REGULATOR 
 
 certain sura of Money, the Value attached to 
 it is diminished in that degree ; if, the posses- 
 sors desire to exchange it, they find that pur- 
 chasers are aware that there is a burden laid 
 upon it, and they obtain a less Price than 
 before, whilst they who retain it, retain it 
 with its burden, and sink, in consequence, in 
 monetary position. Such are the effects 
 which it is in the power of every Government 
 to cause by means of fiscal enactments, or 
 rather, such is the power which every Govern- 
 ment must necessarily exercise whilst raising 
 taxes ; it is much to be regretted that this 
 power has been more frequently employed to 
 reap the solid fruits of civil victories than to 
 maintain the true conditions of social pro- 
 sperity, and that the existence and the misuse 
 . of this power are unhappily, blended in every 
 page of Fiscal History. It may be further 
 observed that this power is vested to a certain 
 degree in all who possess Money, and use it. 
 All who purchase for the purpose of consum- 
 ing or retaining, manifestly diminish so far the 
 quantity of the Commodity existing in the 
 market, and enhance its Value or enrich its 
 possessors, — whether these political effects of 
 
OF STATICAL VALUE. 237 
 
 the action of purchasing be or be not contem- 
 plated, such must be the inevitable conse- 
 quences of the action. 
 
 (44.) Having thus briefly considered what 
 Money is with respect to Statical phenomena, 
 as a means of observation and as a means of 
 active interference, let us now ask how it 
 ought to be employed in both these capacities. 
 
 As an instrument of observation it is quite 
 evident that Money, however admirably 
 adapted to express the Value set upon Com- 
 modities by public opinion, is not always an 
 exponent of the opinion which ought to be so 
 formed. The Price of Commodities may be 
 trusted to as a true indication of their proper 
 Value, only when dealers can command every 
 kind of information, and know how to make 
 use of it. With respect to old and well esta- 
 blished trades, the ability of private individuals 
 to learn and to apply their knowledge, is very 
 frequently superior to that of any Govern- 
 ment; but with respect to new enterprises this 
 is far from being true, and it is evident that in 
 these cases the superior means of information 
 at the disposal of Government might advan-. 
 tageously be applied to aid the knowledge of 
 
238 USE OF MONEY IN 
 
 private individuals. It is scarcely necessary 
 to observe that, whilst Governments should 
 anxiously interfere to remedy these defects in 
 the indications of money, every step should 
 be taken to prevent the necessity for such in- 
 terference, by encouraging the most rapid and 
 the most certain communication of intelli- 
 gence through private channels, and by fur- 
 nishing, to all who are to be concerned with 
 industrial operations, the means of securing 
 an appropriate industrial education. 
 
 When we regard Money, not as an instru- 
 ment for observing, but as an instrument in 
 the hands of the Legislature for control- 
 ling the Statical conditions of Industrial 
 Life, and reflect that the incidence of taxation 
 renders whole classes rich or poor, determines; 
 the physical happiness or misery of numerous 
 families, and affects powerfully the moral con- 
 dition of the people, and more remotely the 
 security of the State, we cannot but pause 
 and consider how great is the power, and how 
 high the responsibility of those by whose 
 counsels fiscal operations are directed. The 
 mere Political-economist may well be congra- 
 tulated that the determination of the ultimate 
 
STATICAL POLITICAL-ECONOMY. 239 
 
 ends to be aimed at in directing the incidence 
 of Taxation are not, as we have before intir 
 mated, a part of his functions, that whilst it 
 is his object to determine the means which 
 will conduce to the accomplishment of certain 
 purposes, it is the part of a higher functionary 
 — the professed Statesman — to point out what 
 those -purposes are. What position of the 
 various classes of society is required for the 
 ends of civil government — in what proportion 
 the clergy, the aristocracy, the middle classes, 
 the proletaires, ought to be endowed with 
 Wealth — how the conflicting interests of land- 
 owners, merchants, and manufacturers, ought 
 to be regarded — how far young and weakly 
 organs of industry can be fostered without 
 exciting jealousy, or offending abstract notions 
 of justice^ — these and similar conclusions form 
 the principles of Cabinets, in conformity with 
 which the Political-economist who supports 
 them must devise his measures; they deter- 
 mine what the conditions of Society ought to 
 he, he devises financial measures calculated to 
 maintain or to produce those conditions ; they 
 are as the body of directors, he. as the engineer 
 of this special branch of Politics. It is evident. 
 
240 USE OF MONEY IN 
 
 however, that there are some purposes to be 
 answered in the imposition of taxes, which are 
 less a matter of party politics, than of moral 
 feeling. Certain practices are carried on in 
 civilized societies, and some habits are formed 
 which it is inexpedient or impossible to pro- 
 hibit by law, but which every virtuous States- 
 man would wish to discountenance, — such are 
 the practices of drinking ardent spirits, of 
 gambling, and others, which, however inno- 
 cent in themselves, cease to be so when carried 
 to excess. By imposing a tax on practices of 
 this description two moral ends are accom- 
 plished, — the practices are in some degree pre- 
 vented, and they who persist incur a pecuniary 
 penalty proportionate to the degree of their 
 dereliction of morals, or of their excesses. In 
 providing therefore for the exigencies of the 
 state the practical Political-economist must in 
 this case also be guided by dictates of a higher 
 nature than any which he can learn from this 
 science, not however furnished, in this in- 
 stance, by politicians his superiors in station, 
 but suggested by his own aspirations for mora- 
 lity and virtue. 
 
 (45.) To effect these two several purposes — 
 
STATICAL POLITICAL-ECONOMY. 241 
 
 the adjustment of the ranks of society, and the 
 prevention of undesirable practices — two se- 
 veral instrumental agencies may be employed 
 by Statical Political-economy, well known to 
 those who are familiar with the machinery 
 of Fiscal Legislation, by the terms Direct, and 
 Indirect, Taxes.* A time will possibly arrive 
 when the whole object of Taxation will be 
 simply to raise Money, or when the con- 
 dition of society will so nearly approach to 
 perfection that it will not be necessary to 
 keep in view any purely political object, nor 
 to aim at any purpose of moral improvement, 
 whilst determining the incidence of Taxation ; 
 but these things are clearly not yet, A great 
 disproportion of classes exists in every coun- 
 try; undesirable habits and practices are 
 
 * It is evident how each of these classes of taxes pro- 
 duces the eflPects here indicated ; the former, as in the 
 case of the Income Tax, and of the Assessed Taxes, 
 being paid directly by those who possess the Income, or 
 who consume the Commodity taxed, depresses their posi- 
 tion by reducing their Income, or by enhancing the cost 
 of the Commodity ; the latter, as in the case of the Cus- 
 toms and the Excise, although gathered from interme- 
 diate agents, is paid ultimately by the consumer, and 
 affords consequently the means of checking to any extent 
 the Consumption of the Commodity taxed. 
 
 Q 
 
242 USE OF MONEY IN 
 
 everywhere visible ; both evils alike may be 
 traced to what may be not so fitly called imper- 
 fect Distribution, as the imperfect direction of 
 Production. To foster the arts and encourage 
 genius, to give honour a local habitation, and 
 principle a sanctuary, there must necessarily 
 ' exist, in every country, a class composed of 
 an adequate number of persons exempt from 
 the corrosions of care, and from the mate- 
 rializing influence of toil ; but a vast aggre- 
 gate of independent fortunes can scarcely be 
 necessary or useful for this end, nor can it be 
 for services rendered to the State by number- 
 less proprietors that a large section of la- 
 bourers are constantly employed in producing 
 Secondary Commodities, and that consequently 
 Primary Commodities are always deficient in 
 quantity, and miserable cottages, and un- 
 drained alleys, want of food and of fuel, 
 overwork and underpay, raise their voices 
 against our civilization. Tet it is certainly 
 not beyond the power of Taxation to raise 
 the condition of the poorer classes, and that 
 probably without subtracting from the real 
 welfare of the rich.. If, for example, a Legis- 
 lature were to be sujBEiciently independent of 
 
STATICAL POLITICAL-ECONOMY. 243 
 
 private considerations to enact that, in the 
 case of proprietors dying without leaving near 
 relations, a considerable share of their pro- 
 perty should revert to the funds of the State, 
 these lamentable evils might cease, and it is 
 not impossible that if moral inducements 
 were judiciously offered, the State might once 
 more be' regarded as parens patrice, and its 
 revenues might eventually be augmented by 
 the voluntary legacies of numerous testators. 
 Again, gin-palaces, divans, and shops dedi- 
 cated to the consumption of stimulants inju- 
 rious alike to the physical and the mental 
 energies of the consumers, can scarcely be 
 regarded as fitting substitutes for convenient 
 dwellings, wholesoDiie food, good education; 
 yet a judicious tax avowedly designed for 
 moral ends, if it could be imposed, would 
 powerfully divert Labour from the Produc- 
 tion of the former to the Production of the 
 latter class of Commodities. While these 
 things continue it is clear that no taxes 
 can be wisely imposed for merely fiscal ends, 
 although it must be avowed that the present 
 state of political knowledge affords little hope 
 
 Q 2 
 
244 STATICAL POLITICAL-ECONOMY. 
 
 that any other ends will receive their due 
 consideration, until the time shall have elapsed 
 that is necessary to imbue public opinion with 
 the spirit of truths such as those which have 
 occupied our attention. 
 
DYNAMICAL POLITICAL-ECONOMY. 245 
 
 CHAP. III. 
 
 The Use of Money in the Dynamics of Political-economy. 
 -;- First, as a Means of Observation. — The current 
 Eate of Interest. — Secondly, as a Means of Inter- 
 ference. — Determination of the Rate of Discount. 
 
 (46.) Having considered the use of Money, 
 in the hands of the Legislature, as a means 
 both of observing and of rectifying the Statical 
 conditions of national Industry, we have now 
 to consider the Dynamical use of Money. in 
 the hands of the Executive, as a means both 
 of observing and of controlling the rate of in- 
 dustrial movements. This latter class of phe- 
 nomena, it will be remembered, we distin- 
 guished by the circumstance that in them is 
 involved the consideration of time. 
 
 As Valye is attached to the possession of 
 Property, a proportion of that Value is 
 naturally attached to the temporary use of 
 Property, whenever it is in its nature durable. 
 Of some perishable Commodities the whole 
 Value may be confined to one single occasion 
 
 Q 3 
 
246 MONEY AN INDEX TO 
 
 of utility, and to speak of using such objects 
 temporarily would therefore be absurd; it 
 would be ridiculous, for instance, to speak of 
 lending such Commodities as food or fuel for 
 the purpose of being used and returned. But 
 as these objects have a Value, notwithstanding 
 they are used but once, so enduring objects 
 may be said to have several temporary Values, 
 as many in number as the several successive 
 occasions on which they are capable of being 
 used; thus, a house, a ship, a carriage, may 
 be let out for hire on several successive occa- 
 sions, the Value of their use on each occasion 
 being considel-ed to form integral parts of 
 their entire Value. Moreover, whilst it is 
 thus the nature of some objects to render their 
 services throughout a length of time, it is 
 also the nature of many others to increase and 
 multiply : in time vegetation , grows — by the 
 active powers of nature, the bare rock becomes 
 covered with mosses and lichens, and consti- 
 tutes a foundation for the tribes of ferns, which 
 again form beds for the meadow and cereal 
 grasses; in time, animal life is multiplied — ■ 
 the wild bees swarm, the birds lay their eggs, 
 the fishes deposit their spawn, and the steppes 
 
RATE OF PRODUCTION. 247 
 
 and the prairies become peopled with wild 
 cattle and horses ; in time, men labour, and 
 accumulate the fruits of their labour, and en- 
 closed fields and elaborated roads, furnished 
 houses and orderly cities, become permanent 
 features of a civilized country. The use for a 
 time, therefore, of most articles of property 
 must always have had its usufruct, or par- 
 titioned Value. We may feel assured that in 
 every country, as soon as the Exchange of 
 articles of equal Yalue came to be practised 
 (if, indeed, it were not naturally prior and 
 ancillary to the operations of Exchange), the 
 act of lending for a valuable consideration, 
 or of parting with the temporary use for 
 hire, would also be performed; and since in 
 the great majority of cases Commodities 
 would be so let on accousnt of their availability 
 to assist human Labourj or of their natural 
 powers of Production, it is evident that the 
 amount of hire would be principally deter- 
 mined by their instrumentality in realizing 
 Products, — however the amount might be in- 
 fluenced by other causes, we may feel certain 
 that if the object hired produced much fruit, 
 the owner would receive much ; if less, he 
 
 Q 4 
 
248 MONEY A REGULATOR OF 
 
 would receive a less amount. When Money 
 becomes the general representative of all 
 objects of Value, and is itself hired for Money, 
 the amount paid, or the rate of Interest, is 
 still principally determined by the availability 
 of the objects* (which the Money lent princi- 
 pally represents) to aid the purposes of Pro- 
 duction. The rate of the Interest of Money 
 thus becomes a natural exponent of the pro- 
 ductive power of Industry, or furnishes, when 
 allowance is made for the influence of disturb- 
 ing causes, a faithful index to the rate of Pro- 
 duction. 
 
 But Money not only supplies a natural mea- 
 sure of the rate of industrial operations, it also 
 supplies the means of controlling them, to 
 those who have large sums at their disposal. 
 In consequence of the practice of lending, 
 there exist in all civilized countries a certain 
 number amongst the most active and enter- 
 prising of the leaders of industry f, whose 
 
 * The old arguments against usury, " that it is against 
 nature for Money to beget Money," and the like, were 
 founded at once on the perception of this principle, and 
 on ignorance of the real functions of Money. 
 
 f It is certain that the greatest part of trade is driven 
 by young merchants upon borrowing at interest. — 
 Bacon. 
 
RATE OF PRODUCTION. 249 
 
 operations are always in a great degree, and 
 are often entirely, dependent on the terms on 
 ■which they can obtain loans of Money ; if 
 Money is lent at a low rate of Interest, old 
 ■ operations are pushed forward, new and often 
 hazardous enterprises are commenced, and the 
 industrial world glows with lively and some- 
 times with superabundant energy ; if Money 
 can be procured only at a high rate of Interest 
 some works cease to be remunerative, and are 
 abandoned, speculative projects are discon- 
 tinued, and operatives find it difficult or even 
 impossible to obtain employment. From the 
 one excess there ensue feverish excitement 
 and sudden collapse, from the other, gradual 
 want of circulation and inanition of the ex- 
 tremities of society; and to produce these evils, 
 or to ward them ofi', is therefore in the power 
 of those who can command large sums of 
 Money. The healthy progress of Industry 
 thus depends very much on those who have 
 the power to lend for higher objects than 
 mere gain, or who can stipulate for or refuse 
 a certain rate of Interest principally, or solely, 
 for the purpose of securing the public welfare, 
 — ^in other words, the rate at which the wheel 
 
250 CONTROLLING POWEK. 
 
 revolves can be regulated by those who have 
 the power to regulate the supplies. This 
 power, if it be not already possessed, might 
 evidently be secured without difficulty by the 
 executive branch of every Government. In 
 the case of many States there are already in 
 the Exchequer large sums invested in floating 
 securities, or the revenues of the State are 
 partly derived from Crown Lands which 
 might be converted into Money, and be used 
 under proper control for the purposes here 
 indicated, and how much better be used for 
 purposes avowedly the functions of the States- 
 man, than for carrying on the business of the 
 farmer, the i planter, or the timber merchant, 
 with necessary abuses and probable loss. If a 
 Board of Public Economy were to be entrusted 
 with the administration of these funds, and 
 loans were to be issued after each month's in- 
 terval at such rates of Interest as public policy 
 might indicate, the cost to the State would 
 probably be trifling, whilst the ebb and flow 
 of speculation and panic would certainly sub- 
 side in the stream of regular enterprise. 
 
 These two functions of Money as a means 
 of indicating, and as a means of controlling, 
 
DISTUBBING CAUSES. 251 
 
 industrial movement, may require a little closer 
 examination. 
 
 (47.) When the rate of Interest is used as 
 a measure to indicate the rate of Production, 
 this, like nearly all measures, when observed 
 attentively, is found to be subject to disturb- 
 ing causes, the eflFect of which must be ap- 
 prehended and allowed for before its indica- 
 tions can be received as expressions of the 
 truth. Of these disturbances the most strik- 
 ing are comprised in two classes— .those which 
 are caused by variations in the credit of bor- 
 rowers, and especially in the credit of the 
 States which have public debts — and those 
 which are caused by variations in the quantity 
 of Money required to be borrowed in com- 
 parison with the quantity offered to be lent. 
 These two classes of events may be said to 
 constitute the characteristics of what is fami- 
 liarly called the Money Market, or the inci- 
 dents of the Dynamical functions of Money, 
 as distinguished from those of Prices current, 
 the incidents of its Statical functions.* 
 
 * This description would be more strictly correct were 
 the practice of exchanging, or dealing in, debts, still 
 prohibited by Law. Stocks and funds have now their 
 
252 INTERPRETATION OF 
 
 Of the variations of Value caused by the 
 variations of these two factors, Credit and 
 Quantity, we have already spoken at sufficient 
 length. Credit — the confidence in the future 
 of Psychology — the buoyant element on which 
 float the adventures of Industry — obviously 
 enters into the Value of all loans. Changes 
 of Quantity exercise an influence on loans, as 
 on every other Commodity, in consequence of 
 which their Value varies inversely as, but in 
 a greater degree than, their abundance or 
 scarcity. The influence of each of these dis- 
 turbing causes on the Value of public securi- 
 ties, as indicated by its general representative 
 Money, is too familiarly understood to require 
 illustration. 
 
 When the effect of these, and of other lesser 
 disturbing forces, has been calculated on and 
 allowed for, Money is found to afford an index 
 to the rate of industrial movement, founded 
 on laws of nature, and exhibiting their opera- 
 tion in numerical language. Let us consider 
 what information may be derived from the 
 
 prices. It is obvious, however, that in this case the 
 Statical use of Money is only ancillary to its Dynamical 
 
RATE OF INTEREST. 253 
 
 use of a measure thus constituted and en- 
 dowed. 
 
 As the income of an individual serves popu- 
 larly to denote his fortune, so the income of a 
 nation (provided it be happily distributed) 
 serves to mark its economical position amongst 
 nations. Income evidently depends on two 
 conditions — on the amount of Capital, and on 
 its rate of Production ; or, if we advert to our 
 Statical and Dynamical measures, on the sum 
 of Money possessed, and on the rate of In- 
 terest which that Money bears. If, therefore, 
 the amount of Capital be known, a knowledge 
 of the ordinary rate of Interest will enable 
 us to determine the economical status of each 
 nation. Again, as the progress of an indi- 
 vidual in becoming rich depends on the 
 difference between his income and his expen- 
 diture, the progress of the Wealth of Nations 
 depends on the difference between their rate of 
 Production and their rate of Consumption. 
 Thus, the rates of Accumulation of two 
 nations may be compared by comparing the 
 differences between the rates of Interest that 
 Money usually bears, and the rates of expen- 
 diture usually made ; when with this is com- 
 
25'4 RATE OF INTEREST 
 
 pared the increase and the decrease of popula- 
 tion, an exact measure is obtained of what 
 Political-economy regards as the progress of a 
 Nation. 
 
 These and similar conclusions depend on 
 those abstract principles of Physiology and of 
 Psychology to which the first part of our inqui- 
 ries was directed. When we found that Value 
 is not only a Conception, but that it bears also 
 an Emotive character, that not only are Ideas 
 of equivalence contemplated, but that when an 
 overplus of Value exists, Emotive desires are 
 entertained, causing actions of an enduring na- 
 ture, and we concluded that this is undoubtedly 
 the source of that power which sets Industry 
 in motion, we argued that the effect thus pro- 
 duced might be used as a measure of its 
 cause, or that the rate of industrial movement 
 might be used as a Dynamical measure of Value, 
 if this rate should ever be correctly observed, 
 and accurately denoted. That such a mea- 
 sure is needful, that there is occasion to 
 employ both a Statical and a Dynamical mea- 
 sure of Value, is sufficiently manifest. Whilst 
 of those changes of Value to the measurement 
 of which Price can be applied, it furnishes an 
 
A MEASURE OF VALUE. 255 
 
 index alike faithful and exact, to those more 
 abstract phenomena which test the resources 
 of a science, it is obviously inapplicable ; when, 
 for example, it is sought to determine how 
 much Value is attached at different periods of 
 time to different Valuable Commodities by an 
 individual living in solitude, by a nation at 
 peace and at war, by the nations of antiquity 
 and of modern times, or by the whole human 
 race at different epochs, it is obvious that a 
 system of measurement founded on the action 
 of exchanging, will be found inapplicable or 
 insufficient. To phenomena of this character 
 a measure of Value must be applied founded 
 on other principles, which, as they involve 
 higher and more abstract truths, cannot be 
 witnessed in undisturbed operation among the 
 ordinary events of social life. Such a mea- 
 sure of the Value attached to objects is 
 afforded by its tendency, to accelerate or to retard 
 the rate of their. Production. Whatever diffi- 
 culties may be found to intervene in the ap- 
 plication of the rate of Interest as an exponent 
 of this measure, it will be remembered, that 
 to a progressive science it is of the chief im- 
 pcflrtance that its principles should be, not so 
 
256 RATE OF INTEREST 
 
 much practically applicable, as fundamentally 
 correct. It will be borne in mind that al- 
 though this phenomenon has been frequently 
 employed in practice as a sign of the changes, 
 of Value, it is now for the first time demon- 
 strated to be a measure founded on strictly 
 philosophical principles; and that the same 
 instrument may be expected to render very 
 different services, when elaborated and applied 
 to a specific purpose, from those which it has 
 rendered when used without skill, and almost 
 without design. If we recognize a certain 
 process of observation as distinctly applicable 
 to a certain class of phenomena, we can with- 
 out hesitation exempt other phenomena from 
 that process, we can confidently apply it to 
 the phenomena to which it is applicable, we 
 can coUect significant facts, and, what is 
 scarcely of less importance, we can communi- 
 cate our observations to others in language 
 which cannot be misunderstood ; such are the 
 results which may be reasonably anticipated 
 from the employment of this Dynamical mea- 
 sure of Value by the scientific Political-econo- 
 mist. 
 
 (48.) To the less abstract, and more interest- 
 
HOW REGULATED. 267 
 
 hag, consideration of the Dynamical use of the 
 rate of Interest, not as an instrument of obser- 
 vation, but as a means of active interference, 
 the same observations will in a great measure 
 apply. Knowledge must be gained by ex- 
 perience, and when an instrument has been 
 almost untried, it is difficult to argue the full 
 effects of its employment; yet some intiinlation 
 respecting the nature of these effects may be 
 gathered from a philosophical examination of 
 the abstract principles on which it diepends, 
 and from experience of the effects which have 
 been produced whenever this instrument has 
 been used. The most sensitive of all the 
 affections in the mind of man, and especially 
 of industrial man, is the atiticipation of the 
 future ; as it is usually involved in obscure 
 uncertainty, a hint from a superior power wiU 
 on most occasions serve to darken or illumine 
 it ; and when many minds are brought in con- 
 tact with the never-failing eonsequence of 
 additional excitement, and especially when 
 legalized partnership engenders an esprit de 
 corps, often forgetful alike of moral and of 
 prudential considerations, a very slight im- 
 pulse from withput will serve either to fan 
 
258 BATE OF DISCOUNT, 
 
 enterprize or to damp the ardent excitement 
 of speculation. Were a Board of Public Eco- 
 nomy to be established, for the purpose of 
 debating publicly on the Dynamical condition 
 of Industry, and of fixing by its decisions the 
 rate of Interest at which loans should be 
 granted, it is difficult to conceive how great 
 might be its influence in directing to right 
 conclusions a public opinion constituted like 
 that of England. Small facilities afforded, or 
 small difficulties interposed, at the right time 
 and in the proper direction, might prevent on 
 the one hand the overwork of the labouring 
 classes, ever accompanied by the exhaustion 
 of their best energies, and frequently by the 
 pollution and the annihilation of their better 
 nature, and on the other hand that stagnation 
 of trade which is the dead sea of the work- 
 man's existence, and the fruitful mother of 
 such social pests as combinations, and strikes, 
 and lock-outs — the cankerworms of Produc- 
 tive Industry. A real remedy for such evils 
 as these should be cast aside for no light* ob- 
 
 * It can be scarcely necessary to repeat that no con- 
 siderations are here adverted to, save those which enter 
 into the province of Political-economy. 
 
MONEY AN EXACT INSTRUMENT. 259 
 
 jections. " It is not the rapid increase of 
 national wealth or income which sovereign 
 authority ought to have in view, but its sta- 
 bility and equality ; for the duration of an in- 
 variable proportion between population and 
 income is always attended by general well- 
 being, whUst whenever they are subject to 
 variable chances, the unexpected opulence of 
 some cannot, be considered as a compensation 
 for the ruin and miserable death of others."* 
 (49.) Thus it is that Money, both in the 
 Statics and in the Dynamics of Political- 
 economy, affords a means of observation, and 
 a means of intervention — that Prices, and 
 rates of Interest, expressed in Pounds and 
 Shillings and Pence, constitute both the 
 dial and the graduated wheel through which 
 we are to observe, and to operate — or, 
 that our instruments, although acting on and 
 through the principles of human nature, are 
 found to consist of metallic indices, related as 
 parts, and multiples, and not less capable of 
 being made subservient to the processes of 
 exact calculation than are the instruments of 
 any purely physical art. The results of these 
 
 * Sismondi. 
 B 2 
 
260 APPLICATION OF MATHEMATICS 
 
 principles, when observed, may thus be ex- 
 pressed in figures ; as may also be the antici- 
 pated results of their future operation, or 
 such relations as those of Quantity and Value, 
 Value and Rate of Production may be exhi- 
 bited in the formulae, and analyzed by the 
 different methods of Algebra and of Fluxions. 
 It is not to be supposed that the scientific 
 student of Political-economy will fail to apply 
 these methods in order to elucidate the ab- 
 stract principles of this branch of philosophy, 
 to employ figures in order to tabulate facts, 
 and to assume hypothetical laws in order to 
 indicate the points to which the future course 
 of observation ought to be directed. When 
 we have learnt that certain forms of matter 
 cause certain mental phenomena, and that 
 these mental phenomena cause certain actions, 
 which again produce definite effects upon 
 forms of matter, and when we have recognized 
 in these successive causes and effects, the 
 principles which lie at the root of all the phe- 
 nomena of Political-economy, we have indeed 
 acquired a knowledge of principles which may 
 be graced with the title of Laws of Nature, 
 in the widest signification of that term, but 
 
TO POLITICAL ECONOMT. 261 
 
 we are still far distant from that knowledge 
 of numerical Laws which is the characteristic 
 of the higher branches of Science, that have 
 succeeded not only in breaking up complex 
 phenomena into their constituent parts, but 
 also in ascribing to each of these parts its 
 exact proportion of influence in kind and in 
 degree. This is the field which now claims 
 the attention, and will hereafter produce the 
 laurels of the scientific Political-economist. 
 It is only by numerical exposition that truths 
 can be placed beyond the reach of contro- 
 versy, and although the art of Political-eco- 
 nomy must always be exercised by many who 
 have not the opportunity to enter into and to 
 appreciate abstract calculation, yet these will 
 always be found ready to follow the philo- 
 sopher who, by common consent, has applied 
 the most searching analysis to the examination 
 of natural phenomena, and has written in the 
 most lucid terms the true exposition of natural 
 principles. 
 
262 CONCLUSION. 
 
 CHAP. IV. 
 
 CONCLUSION, 
 
 In concluding our examination of this branch 
 of abstract Political-economy, it may be con- 
 venient to consider, in the most general man- 
 ner, how the principles, with which we have 
 been engaged, ought to be applied to effectuate 
 the purposes of the Art. We shall, therefore, 
 suppose the case of a Political-economist, in 
 possession of the means of improving the social 
 condition of mankind, and desirous to learn 
 the right method of applying those means — 
 selecting the Country on which he has the 
 power of operating as the field of his opera- 
 tions, and inquiring by what specific measures, 
 as, for instance, by devising and promoting 
 what Acts of Parliament, by giving what 
 votes, by writing what essays, by making what 
 speeches, or by what other mode of exerting 
 his influence, he can promote the happiest 
 
CONCLUSION. 263 
 
 Production, Distribution, and Consumption of 
 Wealth in this country. 
 
 When thus regarding men as composing 
 one single political body, and viewing a nation 
 as a whole, the consideration to which the 
 Political-economist would direct his attention 
 first, is that at which, in analyzing its parts^ 
 and tracing its elementary principles, we 
 naturally arrived last, viz., the consideration 
 of the present rate of Industrial and Econo- 
 mical Operations as compared with their rate 
 in past times, and in reference to existing cir- 
 cumstances, — to borrow the language of sana- 
 tory art, he would, in the first instance, feel the 
 pulse of his patient. If for this purpose he 
 Avere to select any fixed period, as, for instance, 
 a month, to constitute an unit of time for the 
 measurement of the Dynamical Phenomena of 
 Political-economy, his first object would be to 
 discover what the rate of Industrial and Eco- 
 nomical Action had been during the past 
 month; and should it appear to have been 
 disturbed by extraneous circumstances, it 
 would then be his object to discover whether 
 during this time any exceptional phenomena 
 had occurred among the elements of Public 
 
 R 4 
 
264 co:nci-usion. 
 
 Opinion, having a tendency to affect the usual 
 course of such Action. Had, for instance, 
 any degree of undue confidence in the future 
 been evinced, had there been any speculative 
 mania, or any groundless panic, the effect of 
 Such abnormal conditions of Industry would 
 be ascertained and allowed for before it would 
 be attempted to determine the rate of action 
 due to its purely normal conditions. Having 
 noted the amount, if any, of such undue ex- 
 citement or depression of Public Opinion, the 
 Political'economist would endeavour to ascer- 
 tain the rate of Industrial and Economical 
 Action throughout the body politic, in all 
 those parts, and with reference to all those 
 relations which he has learnt to distinguish 
 by a study of Nature. Thus dividing, in the 
 first place, the innumerable instances in which 
 the action and the reaction of Human Nature 
 and of Valuable Commodities occur into two 
 groups, known as Production and Consump- 
 tion, and distinguished by the circumstances 
 that in Production the effects of man on 
 matter are predominant, and in Consumption 
 the effects of matter on man, he would proceed 
 to determine the rates at which these effects 
 
CONCLUSION. 265 
 
 have respectively been evinced durihg the time 
 specified. 
 
 Commencing with Production, and consi- 
 dering, in the first instance, the efifect of its 
 operations in imparting Value to Commodities, 
 for the purpose of discovering the rate at 
 which these processes had been carried on he 
 would be careful to ascertain the average rate 
 of the Interest of money during the current 
 period, and after having determined the in- 
 fluence, if any, of disturbing causes, he would 
 proceed to affix to thjs phenomenon its pro- 
 per interpretation. Considering, secondly, the 
 effect of these operations on the producer, 
 and examining the counteracting medium of 
 toilsome sensation through which the course of 
 Production had proceeded at this rate, he 
 would ascertain the number of hours of work 
 that had prevailed at the seats of Industry 
 during the same period. After comparing 
 these quantities with those that had usually 
 occurred, he would be prepared to mark the 
 character of the period in question as regards 
 the rate of Industrial Action, in reference both 
 to man and to matter, as being equal to, or in 
 
266 CONCLUSION. 
 
 a definite degree greater or less than the ave- 
 rage rate. 
 
 Proceeding to consider the rate of Con- 
 sumption during the time in question, and 
 examining, in the first instance, the efifects of 
 matter on man evinced in this class of opera- 
 tions, the Political-economist would attempt 
 to ascertain how the moral and physical ener- 
 gies of the people had been sustained, or in 
 what degree the health and strength and 
 satisfaction of every class of the population 
 had been affected by the abundance, or the 
 scarcity, of Commodities, during the period 
 in question. He would then examine the 
 effect of man on matter caused by this class of 
 actions, and inquire how large an amount of 
 Commodities had been consumed by the Na- 
 tion, whether in the immediate satisfaction of 
 human tastes and wants, or in works of repro- 
 duction. 
 
 A comparison of the rate of Consumption 
 with the rate of Production would naturally 
 indicate the rate of Accumulation — a pheno- 
 menon which the Political-economist would 
 always be careful to compare with the rate of 
 the growth of the Population. 
 
CONCLUSION. 267 
 
 Having thjis examined the present state of 
 what may be called the vital action of the 
 Nation, and having determined how far its 
 rate has been due to usual and how far to ex- 
 ceptional causes, the Political-economist would 
 now proceed to consider the more permanent 
 conditions of National Health and Wealth — to 
 refer to the test which we have so frequently 
 employed, from the consideration of phenomena 
 in which time is involved, he would proceed 
 to those in which time is not involved ; from 
 rates of movement ever fleeting, and frequently 
 changing, he would proceed to the less diffi- 
 cult consideration of the lasting qualities and 
 quantities which make up the more permanent 
 conditions of national prosperity. Reflecting 
 that, when viewed in this aspect, the subject 
 of his inquiries admits of being more fully 
 analyzed, and bearing in mind that it exhibits 
 the relations of two great co-ordinate branches 
 — Human Nature and Valuable Commodities 
 ' — he would endeavour to arrange the consti- 
 tuent parts of each of these great branches, in 
 classes distinguished by the principles which 
 he has learned from Natural Philosophy. 
 
 Thus commencing with the consideration of 
 
268 CONCLUSION, 
 
 the more permanent conditions of Labour, and 
 examining, in the first place, those eifects 
 which, by means of its performance, are 
 wrought by man upon external objects, the Po- 
 litical-economist, having classified the qualities 
 of man which are adapted by Nature to impart 
 Value to Commodities under two heads, as 
 Physical and Mental, would endeavour to 
 ascertain, with respect to the Nation whose 
 condition he is engaged in considering, how 
 large an amount of the population applies its 
 energies to the purposes of Production in 
 each of the modes thus indicated. If, having 
 refereilce to the natural capacities of the Na- 
 tion, to the physical conditions under which 
 it is placed, and to the present stage of civili- 
 zation, he should find that work is well distri- 
 buted, in kind and in degree, he would haU 
 with pleasure a. rare example of fortuitous ex- 
 cellence; should he, on the other hand, dis- 
 cern an inequality in the distribution of work, 
 should he find, for example, that any who are 
 capable of applying Mental Labour to the 
 purposes of Production are misplaced — that 
 men of cultivated intellect cannot find em- 
 
CONCLUSION. 269 
 
 ployment, whilst the mining and the manufac- 
 turing population are unable to perform, 
 without undue exertion, the work required of 
 them by the weight of a national debt, and by 
 the heat of foreign competitors — he would 
 have to consider by what fiscal regulations,' or 
 by what application of honorary distinctions, 
 the energies of the industrial population might 
 be more happily distributed. If he should 
 feel disposed to prosecute further the work of 
 classifying the operations of National Industry, 
 with a view to their amelioration, we have 
 seen how this object may be prosecuted by 
 selecting, as marks of the lines of conduct 
 which they guide, certain definite principles 
 of the human mind, such as Memory, Judg- 
 ment, Perception of Similitudes, and Analogy, 
 and by making use of them to divide the in- 
 dustrial population into -those classes which 
 are endowed by Nature with such qualifica- 
 tions as ensure the most successful pursuit of 
 definite industrial avocations. It would be 
 no ungrateful or barren theme to speculate on 
 the results which might be caused by putting 
 the right men in the right places, or by re- 
 
270 CONCLUSION. 
 
 moving such among the leaders of Industry 
 as are without the higher powers of the mind 
 to a sphere of useful activity, and placing 
 among their foremost ranks many a latent 
 genius, now occupied in the constant repe- 
 tition of some purely mechanical process. 
 
 Considering, in the second place, those effects 
 which, in the performance of Labour, are pro- 
 duced through the sensations on the physical, 
 intellectual, and moral health of the industrial 
 population, the Political-economist would have 
 to resolve by what amount of time devoted to 
 Labour such of these effects would result as 
 are most to be desired or are Jeast to be de- 
 plored, remembering that work is made for 
 man, and not man for work. Comparing the 
 durations of time, thus approved of as best 
 for Mental and Physical Labour respectively, 
 with the hours which are devoted to work by 
 the classes employed in each kind of Labour 
 throughout the country under consideratioUj 
 he would see how far they differed or agreed, 
 and in the former case would reflect how this 
 difference might be made less, whether through 
 the effect of compulsory enactments, through 
 
CONCLUSION. 271 
 
 tlie pressure of taxation,, or through the in- 
 fluence of high and conspicuous examples. 
 
 Proceeding to consider, in the next place, 
 the conditions under which Commodities are 
 habitually consumed, and taking first that 
 part of this inquiry which consists of the efifects 
 of matter upon man, the Political-economist, 
 having tested these objects by their adaptation 
 to certain definite parts of the human frame, 
 and having classed them accordingly under 
 two heads, as Primary and Secondary, would 
 endeavour to determine, approximately, how 
 large an amount of each of these classes of 
 Commodities affords satisfaction to the wants, 
 or gratifies the senses, of each of the classes of 
 the People under his consideration. It would 
 be borne in mind that the Distribution of Valu- 
 able Commodities is that condition and con- 
 sequence of healthy economical action which, 
 like the circulation of the blood in the Animal 
 Kingdom, conveys nourishment, to the parts 
 where it is wanted, and causes that due ap- 
 propriation without which any amount of 
 supply conduces little to national strength- 
 Having previously observed, the rate at which 
 Commodities are at present consumed, the ob- 
 
272 CONCLUSION. 
 
 server would now determine how these Com- 
 modities are habitually consumed. Does every 
 member of the community sufficiently partici- 
 pate in the benefits that are centred in Pri- 
 mary Commodities ? Is the share accruing 
 to each individual compatible with the pecu- 
 liar circumstances in which he has been placed 
 by the advanced tide of civilization ? — is a 
 sufficient allowance made for the influence of 
 a polluted atmosphere ? of crowded dwellings ? 
 of uniformity of employment ? — if a sufficient 
 quantity is distributed to each, what security 
 is felt that it wiU so continue in future times ? 
 — if Primary Commodities are adequately dis- 
 tributed, what amount of Secondary Commo- 
 dities reaches each individual, reference being 
 had to the quantity consumed by the whole 
 community, and to the state of manufactures 
 and of commerce in the ages in which we live ? 
 — or, in other words, what is the annual Value 
 of each kind of the Commodities consumed by 
 each class of the population ? — what is the 
 highest and the lowest amount ? — how far in 
 the case of each class of the population is the 
 amount of Income received greater than the 
 
CONCLUSION. 273 
 
 amount of expenditure ? — what guarantee does 
 this difiference afford against future contingen- 
 cies ? — and, finally, how can these amounts be 
 so expressed as to afford the most accurate 
 idea of the manner in which Valuable Com- 
 modities are circulated, and become conducive 
 to the lasting health and happiness of every 
 member of the body politic, however remote 
 from the centres of Wealth? 
 
 Examining, ultimately, the effect of man 
 upon matter, as constituting part of the con- 
 ditions under which Commodities are habitu- 
 ally consumed, the Political-economist would 
 advert to many of those circumstances which 
 are witnessed in detail among the daily in- 
 cidents of domestic life. What is the Value 
 of the food, and clothing, consumed by the 
 large section of the male population employed 
 in domestic occupations ? What is the Value 
 of the grain consumed by animals, that are 
 kept or killed for the purposes of luxury ? 
 What Value ought to be set upon the pro- 
 digious quantities of animal manure, which 
 are poured into our rivers ,as a sacrifice to 
 health and cleanliness ? Are these objects 
 
274 - CONCLUSION. 
 
 rightly so disposed of in the quantities thus 
 indicated, and if not, what measures ought 
 to be employed, VphoUy or partially to change 
 their destination ? Such is the nature of the 
 questions which would arise from the con- 
 sideration of this branch of the phenomena of 
 Consumption. 
 
 Finally, the conclusions arrived at after the 
 separate observation of Statistical Phenomena 
 in each of these definite classes, and the various 
 means of improvement suggested by their 
 separate examination, the Political-economist 
 would be careful to compare, and to ar- 
 range according to their relative degrees of 
 importance, in order to found upon them re- 
 medial measures, specifically adapted for the 
 removal of every obstacle to the happiest Pro- 
 duction, Distribution, and Consumption of 
 Wealth, and for the improvement of every 
 defective condition of Industry. Thus might 
 he* be enabled to quit the domain of natural 
 Political-economy with a compact and assorted 
 body of measures, prepared either to be in- 
 corporated with the general code of Political 
 Principles entertained by himself, or, should 
 
CONCLUSION. 275 
 
 he chance to be a member of Government, to 
 be submitted to the arbitrament of those higher 
 functionaries whose general policy he would 
 be prepared to follow. 
 
 THE END. 
 
London : 
 
 A. and G. A. Spottiswoode, 
 
 Newrttreet-Square. 
 
A CATALOGUE 
 
 OP 
 
 NEW WORKS 
 
 IN GENERAL LITERATURE, 
 
 PUBLISHED BY 
 
 LONGMAN. BROWN, GREEN, and LONGMANS, 
 
 39, PATERNOSTER ROW, LONDON. 
 
 CLASSIFIED INDEX. 
 
 Agriculture aud Rural Affairs. 
 
 Bn^ldon on Valiilnff Rents, etc. . . G 
 
 Caird's Letters on Ai^riculture ... 7 
 
 Cecil's Stud Farm 8 
 
 Loudon's EncyclopBBdiii of Agriculture . 14 
 
 f , Self-Instruction for Farniera, etc. 14 
 
 Low's Elements of Agrriculture . . 15 
 
 ,, Domesticated Animals . . . 15 
 
 Arts, Manufactures, aud 
 Architecture. 
 
 Bourne on the Screw Propeller 
 BVande's Dictionary of Science^ etc. 
 Ulievteul on Colour .... 
 Cresy'a Eucyclo. of Civil Engineering 
 Eastlake on Oil Painting* . . 
 Gwilt's Encyclopiedia of Architecture 
 Jameson's Sacred and LegendniyArt 
 
 ,, Commonplace Book 
 Loudon's Rural Architecture . 
 
 Moseley's Engineering and Architecture 
 Richardson's Art of Horsemanship . 
 ticrivenor on the Iron Trade ■ . 
 Steam Engine, by theArtisan Club 
 Tftte on Strength of Materials 
 Ure's Dictionary of Arts, etc. . 
 
 Biography- 
 
 Arago's Autobiography 
 
 ^, Lives of scientific Men 
 Bodenstedt and Warner's Schamyl 
 Brightwell's Memorials of Opic 
 BucKingham's (J. S.) Memoirs 
 Bunsen^B Hippolytus 
 Chestertnn's Autobiography 
 'Clinton's (Fynes) Autobiography 
 Cockayne's Marshal Turenne . 
 Dennistoun's Strange and Lumisden 
 Forster^a De Foe and Churchill 
 Freeman's Life of Kirby 
 Haydon'a Autobiography, by Tom Taylor 
 Kayward's Chesterfield and Selwyn . 
 Holcroft's Memoirs .... 
 Holland's (Lord) Memoirs 
 Lardner's Cabinet C^clopsedia 
 Maunder's Biographical Treasury . 
 Menioir.of the Dulte of Wellington 
 Memoirs of James Montgomery 
 Merirale's Memoirs of Cicero 
 Russell'^ Memolrj of Moore . 
 
 ^ Life of Lord William Russell 
 
 Pages 
 Southey's Life of Wesley . . 21 
 
 ., Life and Correspondence 
 St^pben's Eecleal&stical Biography 
 Taylor's Loyola .... 
 
 „ Wesley 21 
 
 Towntieud'fl Eminent judges . . . S3 
 Watertdtt's Antobibgrnphy and E&sayA 
 
 Books of General Utility. 
 
 Ac'tou's Modern Cootkery Book . . 5 
 
 Black's Treatise on Brewing ... 6 
 
 Cabinet Gazetteer 7 
 
 _», Lawyer 7 
 
 Gust's IiivaUd's Own Book ... 8 
 Girbart's Logic for th^ Million . . 9 
 
 Hints on Etiquette ]0 
 
 Hdw to' Nurse Sick Children '. . ,11 
 
 Hudson's Exeeutor'fiGuide , . .11 
 
 ■ „ On Making Wills . . .11 
 
 Lardner's Cabinet Cyclopiedia . . .13 
 
 Lo'udon's Self Instruction . . .14 
 
 ,, ' (Mrs.) Amateur Gardener' . 15 
 
 Maander's Treasury of Knowledge , 16 
 
 ,t Biographical Treasury . ■ i 16 
 
 '.,, S'cientificTreasury ^ • 16 
 
 ,1 Treasury of History , '. 16 
 
 „ Natural History . , '. 16 
 
 .Piscator's Cookeiy of Fish . . .18 
 
 Pocket bnd the Stud . , . .10 
 
 PyCroft's Knjflish Reading , . .18 
 
 Re'ece's Medical Guide . . > ' . IS 
 
 Rich's Companion to Latin Dictionary . .19 
 
 Riddle's Latin Dictionaries . . » 19. 
 
 RiChai'dBon's Art of Horsemanship . W 
 
 Roget's -English Thesaurus . . .19 
 
 Rowton's Debater 19 
 
 Shbft Whist , . , i .- . 20 
 
 Thbmson's ("Bterest'Tablcs . . .23 
 Webster's" Domestic Economy , « 24 
 Wdst on Children's Diseases ; . .24 
 WiUich*s Potiular Tables . .. ,24 
 
 Wilmot's Blackstone's Con^inentaries , 24 
 
 Botany and Gardening, 
 
 Conversations on Botany , . . , 8' 
 
 Hooker's British Flora .... 11 
 
 „ Guide to Kew Gardens . . IJ 
 
 Lindley's Introduction to Botany . ,14 
 
 f, . Theory of Horticulture .' . 14 
 
 London's HortusBritannicuB . . ' . 15 
 
 ..,, , (Mrs.) Amateur Gardener . IS 
 
 ,,, , Self-Instraction for Gardeners 14 
 
 ,, . EncyclopaediAofTrees& Shrubs 
 
 14 
 
 1\ 
 
 London! Printecl^y M. Mason, Ivy Lane, Paternoater Row. 
 
CLASSIFIED INDEX. 
 
 Loudon's EncrclopiEdia of GardeniDg . 14 
 ,, Plants . . 14 
 
 Pereira'B Materia Medica . ... IS 
 RWerB's Hose Amateur's Gnide . • 18 
 
 Wilson'b British Mosaes . . . .24 
 
 Chronology- 
 
 Alcorn's Chronology 5 
 
 Blnir's ChronologkRlTahles ... 6 
 Bnnsen's Ancient Egypt .... 7 
 Hnydii's Sentson's Inaez . . . .10 
 JnbnB and Nicolas's Calendar of Victory 12 
 Nicolas's Chronology of History , .13 
 
 Commerce and Mercantile 
 Affairs. 
 
 Atkinaon^s Shipping Laws ... 6 
 
 Francis On Life Assurance ... 9 
 
 ,t Stock Exchange .... 9 
 Loch's Sailor's Guide .... 14 
 
 Lorimer'R Letters to aYoungMnster Mariner 14 
 M'CuUoch'B Commerce ana Navigation . 16 
 Scriveuor on the Iron Trade , . .19 
 Thomson's Interest Tables . . .23 
 
 Criticism, History, and 
 Memoirs. 
 
 Austin's Germany 5 
 
 Balfour^s Sketches of Literature . . 6 
 Blair's Chroii.aud HistoricalTables . 6 
 Bunsen's Ancient Egypt ... 7 
 
 ,j Hippolytiis .... 7 
 
 Barton's History of Scotland ... 7 
 Chalybaeus's Speculative Philosophy . 8 
 Conybeare and Howson's St. Paul . . 8 
 Eastlake's History of Oil Painting . 8 
 
 Erskine's History of India ... 9 
 
 Francis's Annals of Life Assurance . 9 
 
 Gleig's Leipsic Campaign . . .S3 
 
 Gurney's Historical Sketches . . .10 
 Hamilton'a DiscuRsions in Philoaopbyi etc. 10 
 Haydon's Autobiography, by Tom "I^ylor 10 
 Holland's (Lord) Whig Patty ... 11 
 Jeffrey's (Lord) Contributions . . J2 
 
 Johns and Kicolas's Calendar of Victory 12 
 Kemble's Anglo-Saxons in England . 12 
 
 Lafdner's Cabinet Cyclopaedia , . 13 
 
 Macaulay's Grit, and Hist. Essays , . }5 
 t, History of England . .15 
 „ Speeches . , . . IS 
 
 Mackintosh's Miscellaneous Works . 15 
 ,« History of England . . 15 
 
 M*Culloch's Geographical Dictionary . 15 
 Martineau's Church History . . .16 
 Maunder's Treasury of History . . 16 
 
 Mayne's Czar Nicholas 1 16 
 
 Memoir of the Duke of Wellington . S2 
 
 Merivale's History of Rome ... 16 
 „ Roman Republic ... 16 
 Milner's Church History . . . , J6 
 Moore's (Thomas) Memoirs, etc. . . 17 
 Mure'a Greek Literature . . . ,17 
 Ranke'a Ferdinand and Maximilian . . 22 
 Rich's Companion to Latin Dictionary . 19 
 Riddle's Latin Dictionaries . . .19 
 Rogers's Essays from Edinburgh Review 19 
 Roget's English Thesaunis . . ,19 
 RuBselTs (Lady Rachel} Letters . , 19 
 .» Life of Lord William Ruflsell . 19 
 St. John s Indian Archipelago ■ . .19 
 Schmitz'sHistoryof Greece . . ' 19 
 Smith's Sacred Annals ... * 20 
 Soutbey's The Doctor etc. . . * 21 
 
 Pages 
 
 Stephen's EccleBlastlcal Biography . 21 
 
 ,, Lectures on Frencn History . 21 
 
 Sydney Smith's Works .... 21 
 
 -- Select Works . . 22 
 
 LectnreaonMoralPblloBopby 21 
 
 -- ■ .21 
 
 . 21 
 
 . 21 
 
 Memoirs 
 
 Taylor's Loyols. 
 
 ., Wesley 
 
 Thirlwall's History of Greece 
 
 Thirty Years of Foreign Policy 
 
 Townsend'a State Trials . 
 
 Turkey and Christendom 
 
 Turner's Anglo-Saxons . 
 
 ji Middle Ages . 
 
 ■ „ Sacred History of the World . 
 
 Vehse's Austrian Court .... 
 
 Whitelocke's Svedish Embassy . . 
 
 Geography and Atlases. 
 
 Arrowsmitb'a Geog. Diet, of Bible 
 Butler's Geography and Atlases 
 Cabinet Gasetteer 
 Cornwall , its Mines, Scenery^ etc. 
 Daiton's British Guiana ■. 
 Durrleu's Morocco . . 
 Hughes's AuBtralian Colonies • 
 Johnston's General GazAteer . 
 M'Culloch's Geographical Dictionary 
 
 ,, Rnasia and Turkey 
 
 Milner's Baltic Sea . 
 Murray's Gncyclopsdia of Geography 
 Sharp's Britisn Gazetteer . . , 
 Wheeler's Geography of Herodotus 
 
 Juvenile Books. 
 
 Earl's Danghter (The) .... SO 
 
 Experience of- Life 20 
 
 Gertrude 20 
 
 Gtlbart'sLt^c for the Young ... 9 
 
 Howitt's Boy's CoQutry Book . . .11 
 
 ,, (Mary) Children's Year . . 11 
 
 Katharine Ashton ..... 20 
 
 Laneton Parsonage 20 
 
 Mrs. Marcet's Conversations , . IS&lfi 
 
 Margaret Percival 20 
 
 Pyeroft's English Reading , . . IS 
 
 Medicine and Surgery* 
 
 Brodie's Psycfaological Inqniries . . 6 
 Ball's Hints to Mothers .... 7 
 „ Management of Children . . 7 
 
 Copland 's Dictionary of Medicine . . 8 
 Gust's Invalid's Own Book ... 8 
 
 Holland's Mental Physiology , , .11 
 How to Nurse Sick Children . . , H 
 Latham On Diseases of the Heart . .14 
 Moore On Health, Disease, and Remedy . 17 
 PereiraOn Food and Diet . . .18 
 
 „ Materia Medica . . . .18 
 Reece's Medical Guide . . , .18 
 West on the Diseases of Infancy ^ . . 24 
 
 Miscellaneous and General 
 
 Literature. 
 
 Atkinson's Sheriff Law .... & 
 
 Austin's Sketches of German Life .' . 5 
 
 Carlisle's Lectures and Addresses . . 22 
 
 Chalybaeus'a Speculative Philosophy . 8 
 
 Defence of EtUpie of Faith ... 9 
 
 Eclipse of Faith ■ ■ k . . . 9 
 Greg's Essays on FoUtical and Social 
 
 Science ...... 10 
 
TO Messrs. LONGMAN and Co.'s CATALOGUE. 
 
 Pag-eii 
 HsBsnll on AduUeration o f Food 
 Havdu's Uook of Dignities 
 Holland'u Mental Physiology . 
 Hooker's Kevr Guide 
 Howitt's Rural Life of Bnglaud 
 
 „ Visits to Remarkable Places 
 Jaiaesou's Commonplnce Book 
 Jeffrey's (Lord) Essays 
 Last of the Old Squires . 
 Macaulay'ii Critical and Historical Essnys 
 Speeched 
 
 1) c<[it:ci:iit:a • . > • ■ lu 
 
 MBCkintosh*s{SirJ.) MiBcellaneous Works 15 
 Memoirs of a Mnitre d'lVnnes . . 22 
 
 Maitland'b Church in the Catacombs . 15 
 Pascal's Works, bv Pearce . . .18 
 P^croft'a English Ueftdlng . . . 18 
 Rich's Companion to Latin Dictionary . 19 
 Riddle's Lntin Dictionaries . . . 19 
 
 Rowton^s Debater 19 
 
 Seaward'e Narrative of his Shipwreck . 19 
 Sir Roger De Coverley . . . .20 
 Smitli's (Rev. Sydney) Works . . .21 
 Southey's Common-Place Books . . 21 
 
 t. Doctor Si 
 
 SouTestre*s Attic Philosopher . . 22 
 
 ,, Confesdians uF a Working Man 22 
 
 Stephen's Essays 21 
 
 Stow^s I'raimug System . . . .21 
 Thomson's Outline of the Laws of Thought 23 
 Townsend's State Trials .... 23 
 Willich's Popular Tales .... 24 
 Yonge's Eiig;lish Greek Lexicon 
 
 ,1 Latin Gradus 
 Znmpt's Latin Grammar . 
 
 Natural History in G-eneral. 
 
 Callow's Popular Coacbology ... 7 
 
 Ephemera and Young on the SalmoD . 9 
 
 Gosse's Natural History of Jamaica . 10 
 
 Kemp's Natural History of Creation . 22 
 
 Kirby and Spence's Entomology . . 12 
 
 Lee's Elements of Natural Histoi^ . 14 
 
 Mannder^s Treasury of Natural History . 16 
 
 Tnrton's Shellsof the Britishlslanda . 23 
 
 Waterton's Essays on Natural History . 23 
 
 Youatt's The Dog 24 
 
 „ The Horse ..... 24 
 
 1-Volume Encyclopsedias 
 Dictionaries. 
 
 Arrowsmith's Geog. Diet, of the Bible 
 Blaine's Rural Sports ... 
 Brande's Science, Literature, and Art 
 Copland's Dictionary of Medicine 
 Cresy's Civil Engineering . 
 
 Gwilt's Architecture . . 
 Johnston's Geographical Dictionary 
 Loudon's Agriculture . ■ 
 
 ,, .Rural Architecture 
 
 ,, Gardening . , 
 
 ,, Plants 
 
 „ Trees and Shmbs . 
 M'CoUoch's Geographical Dictionary 
 
 , J, Dictionary of Commerce 
 Murniy'sEncvclopBodiaof Geography 
 Sharp's British Gazetteer . 
 Ure's Dictionary of Arts, etc. • • 
 Webster'sDomestic Economy 
 
 and 
 
 Beligious and Moral Works. 
 
 Amy Herbert 20 
 
 Arrowsmith's Geog. Diet, of the Bible . 5 
 
 Pages 
 Bloomrield'sGreekTestnmcnts 
 
 ,, Annotations on ditto . 
 
 Calvert's Wife's Manual . 
 Conybeare's Essays .... 
 
 Conybenre and Howson's St. Paul . 
 Dale's l^omestic Liturgy . . ■ 
 Defence of Eclipse of Faith 
 Discipline ...... 
 
 Earl's Dauffliter (The) . 
 
 Eclipse of Faith 
 
 Kngfiahmao's Greek Concordance . 
 
 ,, Heb. and Chald. Concord, 
 
 Experience of Life (The) . 
 
 Gertrude 
 
 Harrison'sLightof the Forge . 
 
 Hook's (Dr.) Lectures on Passion Week 
 
 Home's Introduction to Scriptures 
 
 t$ Abridgment of ditto 
 Jameson's Sacred Legends . . 
 
 t. Monastic Legends . 
 
 ,i Legends of the Madonna 
 
 if Sisters of Charity • 
 Jeremy Taylor's Works . • 
 Katharine Ashton .... 
 
 Kippis's Hymns 
 
 Laneton Parsounge , . . . 
 Letters to My Unknown Friends 
 
 I, on Happiness . 
 Litton'sChurcliuf Christ . 
 Maitland's Church in the Cataconibs 
 Margaret Percival .... 
 Martineau's Church History 
 Milner's Church of Christ . . 
 Montgomery's Original Hymns 
 Moore On the Use of the Body . 
 M ,t Soul and Body . . 
 
 „ 'fl Man and his Motives . . 
 Mormonism < . . . . 
 
 Neale's Closing Scene . . 
 Pt Resting Places of the Just . 
 ,f Riches that briiig no Sorrow 
 ft Risen from the Ranks . 
 Newpian's fJ. H.) Discourses . 
 Ranke's Ferdinand and Maximilian . 
 Readings for Lent .... 
 
 ft Confirmation 
 
 Robinson's Lexicon to Greek Testament 
 Saints our Example .... 
 
 Self-Denial 
 
 Sermon in the Monnt 
 Shortland's New Zealand Traditions 
 Sinclair's Journey of Life . . , 
 Smith's (Sydney) Moral PliUosophy 
 ti (G.) Sacred Annals . . 
 Southey's Life of Wesley .... 
 Stephen's (Sir J.)£cclesiBsticaI Biography 
 Taylor's Loyola .... 
 
 fa Wesley . 
 
 Theologia Germauica 
 Tkuuib Bible (The) . 
 Tiirner'sSacredHistory ^ 
 
 Poetry and the Drama. 
 
 Arnold's Poems . . 
 Aikin's (Dr.) BritlshPoeta 
 Bfdllie'a (Joanna) Poetical Works 
 Bode's Ballads from Herodotus 
 Calvert's Wife's Manual . 
 Goldsmith's Poems, illustrated 
 Kiupis's Hymns .... 
 L.E.L.'s Poetical Works . 
 Linwood's Anthologia Oxoniensis 
 MacAulay'a Lays of^ncient Rome 
 Montgomery'sPoetical Works 
 „ Original Hymns 
 
CLASSIFIED INDEX. 
 
 ■1 
 
 . 17 
 . 17 
 
 . 19 
 
 . 20 
 
 . 12 
 
 . 21 
 
 . 21 
 
 . 23 
 
 . 28 
 
 Moore's PoeticalWorkB . 
 
 „ Lalla Rnokh .... 
 
 „ IriBh MelfidicB . . 
 
 ,, Songs and Ballads 
 Roby's Remains . , . • 
 
 Shakapeare, by Bowdler . 
 
 „ 's Sentiments and Similes 
 Souttiey's Poetical Works 
 
 ,, British Poets . . 
 Thomson's Seasons* illustrated 
 Watttt's Lyrics of the Heart 
 
 Political Economy & Statistics. 
 
 Caird'fi Letters on Agriculture . • • 7 
 Francis on Life AsBurance . . ■ 9 
 Greg:'a Bssays on Political and Social 
 
 S'-ience 1" 
 
 Laing'sNotesof aTraveller . . 12 & 22 
 
 M'Culloch's Geographical Dictionary . 15 
 
 ff Dictiouaryof Copimerce . . 15 
 
 ,, . London 22 
 
 ,, Statistics of the British Empire 16 
 Marcet's Political Econopiy . . .16 
 Tegoborski's Rnsaian Statistics . . 21 
 Wmich's Popular Tables .... 24 
 
 The Sciences in General and 
 Mathematics. 
 
 Ar^o*s Meteorological i^ssays 
 
 „ Popular Astronomy 
 Bourne's on the Screw Propeller . 
 Brande's Dictionary of Science, etc. 
 
 ,-, Lectures on Organic Chemistry 
 Cresy's Civil Engineering 
 DelaBeche's Geology of Cornwall, etc 
 
 ,, Geological Observer 
 
 De la Rive's Electricity . 
 Varaday^B Non-Metallic Elements 
 Eierschers Outlines of Astronomy 
 Hoi land's Mental Physiology . 
 Humboldt's Aspects of Nature 
 >, Cosmos . . 
 
 Hunt's Researches on Light 
 Lardner's Cabinet Cyclopaedia . 
 Mnrcet's (Mrs.) ConTersations 
 
 15 & I 
 
 Moseley's Engineering and Arcbitectnre 1? 
 Owen'sLectuieson Comparative AiiBtomy 18 
 Our Coal Fields and onr Coal Pits , 
 Pereira on Polarised Light 
 Pescbel's Elements of Physics . 18 
 
 Phillips's Fossils 7)f Cornwall, etc. . . IS 
 „ 'Mineralogy .... 15 
 ■„ Guide to Geology . . .18 
 Portlock's Geology of Londonderry , 18 
 Powell's Unity of Worlds , - . 
 Smee's Klectro-Metallnrgy 
 Steam Engine, by the Artisan Clab 
 Tate on Strength of Materials . 
 Wilson's Electricity and the Electric 
 Telegraph 22 
 
 Rural Sports. 
 
 Dakar's Rifle and Hound in Ceylon 
 Berkeley's Reminiscences . 
 Bliiiiie's Dlctionaryot Sports 
 Cecil's Stable Practice 
 
 „ Records of the Chase . 
 Cecil's Scud Form 
 The Cricket Field 
 Dav^B Angling Colloqales 
 Ephemera on Angling 
 
 ;, '*B Book of the Salmon 
 Hawker's Young Sportsman 
 
 The Hunting Field . 
 Idle's Hiilts ou Shooting . 
 Pocket and the Stud . • 
 Practical t^oraemanshlp • • 
 PuIman'sFly-Fishing 
 Richardson's Horsemanship 
 St. Jolin's Sporting Rambles . 
 Stable Talk and Table Talk 
 Stonefaenge on the Greyhound . 
 The Stud^fot Practical Purposes 
 
 Pages 
 10 
 12 
 )0 
 10 
 I« 
 19 
 19 
 10 
 21 
 10 
 
 Veterinary Medicine, etCi 
 
 Cecil's Stable Practice 
 
 ;, Stud Farm 
 The Hunting Field . 
 Pocket and the Stud . 
 Practical Horsemanship . . 
 Richardson's Horsemanship . 
 Stable Talk and Table Talk 
 The Stud for Practical Purposes 
 Youatt'sThe Dog 
 ,, The Horse . 
 
 Voyages and Travels. 
 
 Baker's Rifle and Hound in Ceylon . 
 Barrow'9 Continental Tour 
 Barton's Medina .... 
 
 Carlisle's Turkey and Greece . 
 Ue Custine's Russia .... 
 
 EOthen 
 
 Ferguson's Swiss Men and Mountains 
 Forester and Biddulpb's Norway . 
 Gironiftre's Philippines . > . 
 Gregororrius's Corsica . 
 HilPs Travels in Siberia . . . 
 Hope'sBrittany and the Bible ■ 
 
 „ Chase in Brittany . . . 
 Howitt's Art Student In Mnnlch . 
 „ Victoria .... 
 Hue's Chinese Empire . 
 Hue, and Gabet's Tartarr and Thibet 
 Hughes's Australian Colonies . 
 Humboldt's Aspects of Nature 
 
 Jameson's Canada 
 
 Jerrmann'b Pictures from St. retersbur; 
 
 Laing's Norway 
 
 ), Notes.nf a Traveller . 12 
 
 Macintosh's Turkey and Black Sea . 
 
 Marryat's California 
 
 Mnyne's Artie Discoveries 
 Miles' Rambles in Iceland . . . . 
 Month before Sebastopol . . . , 
 Oldmixon's Piccadilly to Pern , 
 Osborn's Narrative of Discovery of N. W. 
 Pajisage . , . , , ^ , 
 
 Paton's Bulgarian, etc 
 
 Pfeiffer's.Voyaee round the World . 
 Power's New Zealand Sketches 
 Richardson's Arctic Boat Voyage . , 
 Seaward's Narrative of his Shipwreck 
 St. John's (H.) Indian Archipelago . 
 
 „ (Hon. P.)1lBmbleB . 
 SuthJerland's Arctic Voyage . 
 
 Wathen'a Victoria 
 
 Weme's African Wanderings . 
 
 Works of Fiction. 
 
 Arnold's Oakfield 
 
 Lady Willonehby's Diary . . . , 
 
 Macdon^ild's villa Verocchio . 
 
 Sir Roger De Coverley . . . . 
 
 Southey's Doctor 
 
 Trollope's Warden 
 
 White's Charles Randon . . . . 
 
 . 10 
 
 . 23 
 
 . 22 
 
 . 11 
 
 . II 
 
 . II 
 
 . 22 
 
 . 22 
 
 . 11 
 
 22 
 
 & 22 
 . 15 
 
 5 
 
 24 
 
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