INTRODUCTORY.
Though so much has been said on political economy as applicable to the national prosperity, by profits derived from national industry, that we despair of offering any new thing on the subject, we have so far yielded to the wishes of many friends as to resolve upon the publication of a new series of essays, to elucidate some of the facts that belong to this deeply interesting concern—a concern that presses itself into every man's business, which invades our fire-sides and accompanies us to our bed-chambers: yet, so beset with it, and feeling it in all that we have to sell or want to buy, and in whatsoever business we do that requires the aid of money or use of credit—still we shrink from the trouble of ascertaining its operation and extent. The mind, by repeated mortifications and disappointments, loses its tone; and we seem rather disposed to trust to the chapter of accidents for redress, than rouse ourselves to an exertion to put an end to our wrongs, through the means afforded; forgetting that effects flow from causes.
It has pleased Providence to bless us with a "goodly land," and we are favoured with the best system of government ever devised—but the seat of ancient Paradise is a howling waste, and Greece and Rome are tenanted by slaves.
A nation's prosperity is the happiness of the individuals composing it. The freeman cannot be a happy man unless private industry secures private independence; and freedom itself must pass into despotism. The power of a government rests in the moral and physical force of the governed, and its wealth is constituted by personal acquisitions of property. Governments were made for the good of the people, not the people for governments; and their object fails when private happiness ceases to be respected. Emancipation from political tyranny, without the means of preserving personal liberty, is a nullity. The gift of life without the means of living, is destitute of value.
Production is the only source of national wealth that can be depended upon. The home market, even to the most commercial nations, is of many times the amount of the foreign one. The former is not easily effected, except by a self-mistaken policy; but the latter is as capricious as the winds, and beyond our control. Speculation does not create value—the purchase and sale of a million's worth of goods does not improve their quality or add to their quantity, to the amount of a cent. A change of commodities between different countries, may increase their value to the extent of the labour expended in transporting them; and it is generally convenient, if not advantageous, when exchanges are made on equal terms. But poverty must be the lot of every society which barters the labour of two or more of its members for that of one person in another society.
Employment is the best preservative of health and morals. Things should be so that every person willing to labour for his living, should find labour to do, and live plentifully. If it is otherwise, an error has been committed that ought to be corrected immediately, for it is pregnant with the greatest evils. It is the chief check to population, and more powerful than the sword to destroy the liberties of nations. Nations and individuals are spendthrifts of the worst description when they purchase that which they can make from the spare labour at home. Who will give away a hundred dollars and their interest for ever, for the sake of receiving twenty dollars of his own money as a premium? Yet thus a nation acts when, for the sake of the duties on imports, it accepts of another nation any commodity which it might supply itself with, without detriment to its other branches of industry.
Agriculture is the noblest and best occupation of man; and in a country like the United States, where land is plenty and labour scarce, it will always be pushed to the extent which a profitable market demands. Yet if none worked but those who laboured in the field, society could not exist long. We should perish with cold and hunger. It is by an association of the arts that we live—and our comfort materially depends on their respective perfections. Only about one fifth of a population are fitted for agricultural labours, in general. The other four fifths, if idle would consume the whole amount of value produced, and send the labourers supperless to bed. It is the capacity of production in the most numerous body that must be brought into action, if families and nations would prosper and be happy. If they purchase any thing which their lost time might be applied to the fabrication of—they might as well throw its cost into the sea.
In the course of our essays, which we expect to commence in two or three weeks, we shall endeavour to point out some of the chief things that require the protection of government, just as those of a well regulated family are managed; and shew that the well being of a nation depends upon a fair exchange of labour for labour, substantials for substantials, and even luxuries for luxuries. The man who exchanges wheat for ear-rings, unless those rings are manufactured in his country, wastes to the country the whole amount of the intrinsic value of the wheat over that of the ear-rings, which latter is only that of the metal composing them. A nation cannot be independent, if it looks to another for necessaries—it cannot be rich, if it exchanges necessaries for luxuries. And luxuries, especially, should not be received at all, unless things of the same class are remitted in payment for them. The effect of these on population and manners, will also be considered, and illustrated by many statistical facts—as leisure is allowed to arrange them.