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Hamb. 8s. 6d. 280 Saintine, Une maitresse de Louis XIII. Tom. 1r. 8vo. 5s. 281 Brisset, Les Concini. 2 Vols. 8vo. 15s. 282 Du Clesieux, Exil et Patrie. 8vo. 7s. 6d. 283 De Bast, Malfilatre, Roman historique du 18e Siècle. 2 Vol. 8vo. 12s. 284 Bauchery, La Napolitaine. 8vo. 8s. 285 Menard, Romans Historiques Bretons. 1re Livr. 8vo. 7s. 6d. Printed by C. Roworth and Sons, Bell Yard, Temple Bar, London. THE FOREIGN QUARTERLY REVIEW. ART. I.-Statement of some New Principles on the Subject of MUCH as the study of political economy is cultivated in England, elsewhere it demands a much larger share of attention. In France it is pursued with zeal and enthusiasm, and the names of Christophe, Garnier, Sismondi, Say, and Dupin, are fresh in the recollection of most readers. Nor has Italy been behind; witness the names of Carli, Verri, Beccaria, d'Arco, Caracciolo, Filangieri, Palmieri, and Galiani. Statesmen disdained not to stoop from what some might deem their higher cares, and the more imposing standing occupied by them as legislators, to investigate the principles of a system. The history of the science and its professors, in fifty volumes, by Custodi, shows a willingness to labour in its mines altogether unexampled in England. Of this enormous work Chevalier Pecchio made an abridgment, in 1829. The contributions of the Spaniards are few: Campomanes, Jovellanos, Ortiz, and de Vadillo, have been lately introduced to our readers. All these writers, in some way or other, more or less remote, acknowledge their obligations to Adam Smith. It was to be expected that if America entered into the field of contention, she would despise authority. Mr. Rae's book (not the first produced by the "men of that ilk" on this high argument,) is accordingly set forth as a statement of new principles-principles subversive of the theories both of Adam Smith and his long tribe of followers. Mr. Rae expresses himself prepared for opposition; but, as the doctrines of Adam Smith never took so much hold in America as in England, he hopes to meet with less prejudice there than he should have done here. We can assure him, that we are willing to give a fair account of his argument, and are not disposed to weaken its effect by much show of resistance. To treat the subject at full would occupy over-much space. Time, also, VOL. XV. NO. XXX. R in these stirring days, is not a little precious; and, after all, what our readers expect is rather an account of the author's opinions than our own. The latter are well known by the many papers already devoted by us to this subject-one daily increasing in importance. Of the value of law Mr. Rae deems highly. According to him, "Nature gave man his peculiar faculties for the purpose that, universally, and as well here as elsewhere, he might acquire the direction of events, by discovering the laws regulating their successions." Every political system has proceeded from the operation, through long-extended time, of the things without and the things within man, acting according to certain powers and principles. Every system has many parts, but they all belong to a great whole, and from their action and reaction on each other the movements of the whole proceed. The parts of this whole cannot be properly said to act in opposition to the laws of Nature—and, least of all, statesmen, who are generally moulded after the form and character of their time and nation, and, instead of giving laws to the age, must rather be regarded by the philosopher as emanations of its genius and organs by which its voice is uttered. This notion our author carries so far as to declare that, "were the whole present race of politicians swept from the earth, so little essential difference would there be between them and their successors that the change hence resulting to human affairs could not, probably, be traced a century afterwards. Napoleon, when speaking on this subject to one of his generals, is somewhere reported to have expressed himself in nearly the following terms: We are apt to think that we have done much more than we really have. It is the march of events that has made us, and makes us, what we are. Had you and I never existed, our places would have been held by others, and, were we now to cease to exist, the blank would be so filled as not to be perceptible.' It must be allowed that this was with justice said of himself, even by such a man. Already we perceive that all the apparently mighty changes, referable to his personal agency, were rather undulations on the surface of the tide of human affairs than alterations in its course." This mode of arguing might suit Napoleon, as an apology for being the thing he had become; but we cannot concede altogether so much to the doctrine of circumstances, as to be quite blind to the force of individual character and the influence of a strong will, as manifested in the acts of a man of great genius, on society. Indeed the purpose for which the above is brought in illustration is a proof of this-it being the restoration of law to the estimation in which it was held previously to Adam Smith. The legislature, in Mr. Rae's opinion, in endeavouring to give an advantageous direction to the course of the national industry, promotes the production of wealth. "Man, indeed, never seeks to conquer Nature otherwise than by obeying her, but his aim, nevertheless, always is to conquer her. By observing the order of events, he acquires the power of changing that order. He does so by that which distinguishes him from other animals, the reasoning faculty, which so directed we term art, and without the aid of which so directed we scarce attain any object." We know not how the proposition is to be disputed, that the result of a successful inquiry into the nature of wealth would terminate in affording the means of exposing the errors that legislators had committed, from not attending to all the circumstances connected with the growth of that wealth, whose progress it had been their aim to advance; and would so teach them, not that they ought to remain inactive, but how they may act safely and advantageously. The nature of stock, and the means of increasing it, are matters of importance in this inquiry. Its increase, we are told, may be advanced, 1. By whatever promotes the general intelligence and morality of society; and, consequently, the moral and intellectual education of the people makes an important element in its progress; 2. By whatever promotes invention, advancing the progress of science and art within the community, and transferring from other communities their arts and sciences; and, 3. By whatever prevents the dissipation in luxury of any portion of the funds of the communities. Perhaps there is not any thing novel or striking in these views. They serve at any rate to show to what sect of political economists the writer belongs. It is clear that he does not exclude immaterial products from the idea of wealth. In this he decidedly differs from Adam Smith and Dr. Malthus-and agrees with M'Culloch, who considers that man is the most valuable of all instruments of labour-perfected at the cost of much labour, and destined in his turn to produce and perfect other such instruments. It seems impossible to exclude the subject of population from the inquiry-and in that subject the interests of morality are deeply involved. Political economy is a science which ought especially to proceed by an induction of facts. How much is contained, for instance, in this simple statement! "A farmer in the interior of North America has almost always a large mass of commodities which are nearly, or altogether, valueless to him. Great part of the timber he cuts down he is obliged to burn upon the ground, and much of the produce of his orchard, of his dairy, and of his poultry-yard and garden, is either entirely, or in a great measure, lost. No little part of the direct produce of the farm is also lost. His working cattle are idle for weeks or months in the course of the year, and any superabundance of the more bulky articles, such as unripe turnips, potatoes, oats, or hay, lies nearly useless on his hands. When a manufacturing village is established in his neighbourhood, all such productions become valuable, and are transferred to the artizan and master manufacturer, as returns for the products of their arts. The pine of the forest goes to build their houses; the maple, the birch, and the walnut, to make furniture for them; all potatoes and other vegetables of the sort, that can be spared, are consumed by them as articles of food; the working cattle get employed at all times; and there are none of the returns of the industry of the agriculturist but find a ready market." We repeat that the science of political economy should, in an especial manner, observe the philosophical canons of the Novum Organon. Speculation of all kinds should be suspended in favour of inductive evidence. The fact just mentioned is used by Mr. Rae to show the advantages resulting to the locality where a new art gains a fixed seat. The value and rent of land increases, and the neighbourhood of manufacturing towns and villages is distin guished by marked differences from places far distant. Every useful art is connected with many, or with all, others. Whatever renders its products more easily attainable facilitates the operations of a whole circle of arts, and introduces changethe great agent in producing improvements-under the most favourable form. Improvements in the iron manufacture have conduced to others in the mechanical arts. New arts are also generated by the passing of one into another, and the ingenuity of individuals is excited by the mere existence of the arts in society. An important lesson is involved in the fact, that the absolute loss caused to the present United States, from the interruption of their intercourse with Great Britain, at the commencement of the war of the revolution, equalled the whole expense of that war. The loss, in like manner, which many of the continental nations experienced from the sudden interruption to the supply of British manufactures, during the progress of the war against Napoleon, was excessive. Great Britain herself, on the same occasion, suffered very severely from being at once deprived of the supply of materials necessary to many branches of her industry. Thus the cutting off the trade in Baltic and Norwegian timber was for some years very severely felt by us. Yet compensation is found for the wasteful injuries occasioned by wars, in the ingenuity which is stimulated to provide substitutes for deficient commodities, and in the transfer which they frequently compel of the arts from country to country. Whatever the benefits producible by these or other means, the |