posed to acquiesce in any general principles, unless they are certified of their having been submitted to the touchstone of particular experience. The following pages, therefore, although perhaps the inquiry may be thought by some to be too brief for the purpose, will, it is hoped, satisfy the majority of such minds, that the doctrines of Political Economy are in no way repugnant to the dictates of an enlightened common sense. No novel views have been set forth in the course of these Lectures; nor can I lay claim to much originality of statement, having availed myself of the labours of many writers, wherever I have felt satisfied with their accuracy, and could agree with their opinions. Mr. Macculloch's Introductory Discourse to the "Wealth of Nations" is, as far as I am aware, the only historical sketch in the English language of the progress of the science. In the French language there is an abridged history at the conclusion of M. Jean Baptiste Say's "Cours d'Economie Politique," and there have issued from the French press, of late, several valuable publications, such as "L'Histoire de l'Economie Politique en Europe," by Professor Adolphe Blanqui, to which work I have been much indebted, and "L'Histoire de l'Economie Politique," by Le Vicomte Alban de Villeneuve Bargemont. The latter treatise contains what the Author considers to be the catholic view of the subject. In the Italian language we have Count Pecchio's "Storia della Economia Publica in Italia," comprising a series of brief notices of the chief Italian authors, whose works have been published by the Baron Custodi, in his collection of "Economisti Italiani." In addition, I may notice the "Collection des Principaux Economistes" in the course of publication at Paris, chez Guillaumin. In selecting the subjects of the following Lectures, I have taken in successive order what appeared to be the leading economical fact of each period, and endeavoured in each case to show how the anticipations of a sound theory have been signally confirmed by the experience of statesmen. The First Lecture exhibits Political Economy in its cradle in Italy, struggling against the stifling policy of the prohibitive system of Charles V. The Second Lecture shows the mischievous effects in France of Sully's protection of agriculture at the sacrifice of manufactures and commerce, and sets forth the origin of the mercantile system. The Third Lecture exhibits the evil results of Colbert's encouragement of manufactures and commerce at the expense of agriculture, based upon erroneous ideas of the value of manufactured produce. The object of the Fourth Lecture is to explain the nature of the great financial experiment in France, known as the Mississippi scheme, and to illustrate the confused notions of that day as to capital and credit, in reference more especially to banking transactions. The Fifth Lecture exhibits the reaction against Colbertism in France, and sets forth the agricultural theory of M. Quesnay, and the School of the French Economists. The Sixth Lecture contains an analysis of the chief doctrines of Adam Smith, and explains the importance of their bearings upon the subject of national wealth. In the Seventh Lecture the subject of population is discussed, in reference more particularly to the writings of Mr. Godwin and Mr. Malthus. The Eighth Lecture is occupied with M. Say's theory of commercial outlets and various questions incidental to liberty of commerce. The currency question may be said to form the subject of the Ninth and concluding Lecture, extending over a period of about sixty years, from the first issue of assignâts in France to the Bank Charter Act of 1844. I have attempted in the course of the above inquiry to assign to the chief writers their due shares respectively in furthering the progress of sound opinions, but I have purposely omitted the names of many authors of eminence, who have struggled to retard that progress, although they may have indirectly furthered it by the controversy which they have provoked. This circumstance will account for many names being passed over in the following pages. If, however, I had undertaken professedly to write in full a history of Political Economy, I should have attempted to find a suitable niche for each; but the limits of these Lectures would not allow me to do them justice, except at the expense of writers more deserving of the gratitude of posterity. T. T. UNIVERSITY COLLEGE, OXFORD, June 15, 1847. CONTENTS. Proposed Inquiry. Researches of Former Writers. The xvith Century. Aristotle's Economics. Camerarius. Discovery of the two Indies. Prohibitive System of Charles V. Antonio Serra, the Founder of the New Economical Science. The Abbé Galiani's Opinion of his Merits. General Misapprehen- sion as to his Work. Serra's Theory of the Precious Metals. Sixtus Quintus. Marco Antonio de Santis. The Course of Exchange. Inefficiency of Ordinary Remedies against a Scarcity of Specie. Monetary Questions in Italy. Count Scaruffi. Bernardo Davanzati. His Confusion of Utility with Exchange- able Value. A Briefe Conceipte of English Policy, published in 1581. Its Author, William Stafford. Rise of Prices. Value of Gold and Silver. System of Enclosures. Decay of Occupa- tions. Foreign Wares Prohibited. Exportation of Gold and Silver. Increase of Custom Duties. New Markets for Corn. Duties on Exportation of Corn. Mutual Dependence of Countries. Germ of Mercantile System. Foreign Wares not Necessaries, but Luxuries. Bailiff of Carmarthen. Foreign Commerce, an Exchange of Necessaries for Luxuries. Pro- hibitions entail Waste. Comparison of Stafford with Davanzati Enterprise of Vasco de Gama. Prohibitory System of Europe. during the Reign of Queen Elizabeth. Sully, the Minister of Henry IV. His Character and Predilection for Agriculture. He prohibits the Exportation of Specie. Depreciation of Silver. Sully's Discouragement of Manufactures. His aversion to Foreign Commerce. Destroys the Overland Transit Trade through France. Expostulations from the City of Lyons. The Canal of Briare. New Outlets for Produce. The British East India Company in 1600. Mr. Thomas Mun. Sir Dudley Diggs. Progress of Ideas in England. The Stuart Dynasty. The Mercantile System. Ustaritz. Serra. Sully. Mr. Mun. Balance of Trade. East Indian Trade. Edward III. Causes of Influx of Specie. Evils of Mercantile System. Free Ex- portation of Bullion. Debate in House of Commons in 1680. Arguments against East India Company. The Turkey Com- pany. Sir Josiah Child. The British Merchant. Sir W. Disorders in France after Death of Henri IV. Louis XIV. Colbert recommended by Mazarin. His Predi- lection for Manufactures and Commerce. Exportation of Corn prohibited. Effects upon Tillage. Tariff of 1664. Peace of Nimeguen in 1678. Vocabulary of Colbertism. Colbert's En- couragement of Commerce. L'Ordonnance de la Marine. Mengotti's treatise, Il Colbertismo. His Theory of Value. Colbert's Encouragement of Manufactures. His System of Bounties. Prejudicial to Growth of National Wealth. Causes of Revived Prosperity in France. Sir W. Petty's Treatise on Taxes and Contributions. Prevalent Error as to Value. Sir Dudley North's Discourses on Trade. Aristotle's Politics. Locke's Treatise on Money. The Regent Orleans. John Law. |