in his own way, and to bring both his industry and his capital into the freest competition with those of his fellow-citizens. Every system of policy which endeavours, either by extraordinary encouragements, to draw towards a particular species of industry a greater share of the capital of the society than what would naturally go to it; or, by extraordinary restraints, to force from a particular species of industry some share of the capital which would otherwise be employed in it, is in reality, subversive of the great purpose which it means to promote.

What the circumstances are, which, in modern Europe, have contributed to disturb this order of nature,

in particular, to encourage the industry of towns, at the expense of that of the country, Mr. Smith has investigated with great ingenuity; and in such a manner, as to throw much new light on the history of that state of society which prevails in this quarter of the globe. His observations on this subject tend to show, that these circumstances were, in their first origin, the natural and the unavoidable result of the peculiar situation of mankind during a certain period; and that they took their rise, not from any general scheme of policy, but from the private interests and prejudices of particular orders of men.

The state of society, however, which at first arose from a singular combination of accidents, has been prolonged much beyond its natural period, by a false system of political economy, propagated by merchants and manufacturers; a class of individuals, whose interest is not always the same with that of the public, and whose professional knowledge gave them many advantages, more particularly in the infancy of this branch of science, in defending those opinions which they wished to encourage. By means of this system, a new set of obstacles to the progress of national prosperity has been created. Those which arose from the disorders of the feudal ages, tended directly to disturb the internal arrangements of society, by obstructing the free circulation of labor and of stock, from employment to employment, and from place to place. The false sys



tem of political economy which has been hitherto prevalent, as its professed object has been to regulate the commercial intercourse between different nations has produced its effect in a way less direct and less manifest, but equally prejudicial to the states that have adopted it.

On this system, as it took its rise from the prejudices, or rather from the interested views of mercantile speculators, Mr. Smith bestows the title of the Commercial or Mercantile System; and he has considered at great length its two principal expedients for enriching a nation ; restraints upon importation, and encouragements to exportation. Part of these expedients, he observes, has been dictated by the spirit of monopoly, and part by a spirit of jealousy against those countries with which the balance of trade is supposed to be disadvantageous. All of them appear clearly, from his reasonings, to have a tendency unfavorable to the wealth of the nation which imposes them.--His remarks with respect to the jealousy of commerce are expressed in a tone of indignation, which he seldom assumes in his political writings.

“In this manner,” says he,“ the sneaking arts of underling tradesmen are erected into political maxims for the conduct of a great empire. By such maxims as these, nations have been taught that their interest consisted in beggaring all their neighbours. Each nation has been made to look with an invidious eye upon the prosperity of all the nations with which it trades, and to consider their gain as its own loss. Commerce, which ought naturally to be among nations as among individuals, a bond of union and friendship, has become the most fertile source of discord and animosity. The capricious ambition of Kings and Ministers has not, during the present and the preceding century, been more fatal to the repose of Europe, than the impertinent jealousy of merchants and manufacturers. The violence and injustice of the rulers of mankind is an ancient evil, for which perhaps the nature of human affairs can scarce admit of a remedy. But the mean rapacity, the monopolizing spirit of merchants and manufacturers, who neither are nor ought to be the rulers of mankind, though

it cannot perhaps be corrected, may very easily be prevented from disturbing the tranquillity of any body but themselves.”

Such are the liberal principles which, according to Mr. Smith, ought to direct the commercial policy of nations; and of which it ought to be the great object of legislators to facilitate the establishment. In what manner the execution of the theory should be conducted in particular instances, is a question of a very different nature, and to which the answer must vary, in different countries, according to the different circumstances of the case. In a speculative work, such as Mr. Smith's, the consideration of this question did not fall properly under his general plan ; but that he was abundantly aware of the danger to be apprehended from a rash application of political theories, appears not only from the general strain of his writings, but from some incidental observations which he has expressly made upon the subject. “So unfortunate,” says he, in one passage, “are the effects of all the regulations of the mercantile system, that they not only introduce very dangerous disorders into the state of the body politic, but disorders which it is often difficult to remedy, without occasioning, for a time at least, still greater disorders.—In what manner, therefore, the natural system of perfect liberty and justice ought gradually to be restored, we must leave to the wisdom of future statesmen and legislators to determine." In the last edition of his Theory of Moral Sentiments, he has introduced some remarks, which have an obvious reference to the same important doctrine. The following passage seems to refer more particularly to those derangements of the social order which derive their origin from the feudal institutions :

“ The man whose public spirit is prompted altogether by humanity and benevolence, will respect the established powers and privileges even of individuals, and still more of the great orders and societies into which the state is divided. Though he should consider some of them as in some measure abusive, he will content himself with moderating, what he often cannot annihilate without great violence. When he cannot conquer the

rooted prejudices of the people by reason and persuasion, he will not attempt to subdue them by force ; but will religiously observe what, by Cicero, is justly called the divine maxim of Plato, never to use violence to his country no more than to his parents. He will accommodate, as well as he can, his public arrangements to the confirmed habits and prejudices of the people; and will remedy, as well as he can, the inconveniences which may flow from the want of those regulations which the people are averse to submit to. When he cannot establish the right, he will not disdain to meliorate the wrong; but like Solon, when he cannot establish the best system of laws, he will endeavour to establish the best that the people can bear.”

These cautions with respect to the practical application of general principles were peculiarly necessary from the author of “ The Wealth of Nations;” as the unlimited freedom of trade, which it is the chief aim of his work to recommend, is extremely apt, by flattering the indolence of the statesman, to suggest to those who are invested with absolute power, the idea of carrying it into immediate execution. “ Nothing is more averse to the tranquillity of a statesman,” says the author of an Eloge on the Administration of Colbert, “than a spirit of moderation; because it condemns him to perpetual observation, shows him every moment the insufficiency of his wisdom, and leaves him the melancholy sense of his own imperfection ; while under the shelter of a few general principles, a systematical politician enjoys a perpetual calm. By the help of one alone, that of a perfect liberty of trade, he would govern the world, and would leave human affairs to arrange themselves at pleasure, under the operation of the prejudices and the selfinterest of individuals. If these run counter to each other, he gives himself no anxiety about the consequence; he insists that the result cannot be judged of till after a century or two shall have elapsed. If his contemporaries, in consequence of the disorder into which he has thrown public affairs, are scrupulous about submitting quietly to the experiment, he accuses them of impatience. They alone, and not he, are to blame

for what they have suffered ; and the principle continues to be inculcated with the same zeal and the same confidence as before.” These are the words of the ingenious and eloquent author of the Eloge on Colbert, which obtained the prize from the French Academy in the year 1763; a performance which, although confined and erroneous in its speculative views, abounds with just and important reflections of a practical nature. How far his remarks apply to that particular class of politicians whom he had evidently in his eye in the foregoing passage, I shall not presume to decide.

It is hardly necessary for me to add to these observations, that they do not detract in the least from the value of those political theories which attempt to delineate the principles of a perfect legislation. Such theories (as I have elsewhere observed *) ought to be considered merely as descriptions of the ultimate objects at which the statesman ought to aim. The tranquillity of his administration, and the immediate success of his measures, depend on his good sense and his practical skill; and his theoretical principles only enable him to direct his measures steadily and wisely, to promote the improvement and happiness of mankind, and prevent him from being ever led astray from these important ends, by more limited views of temporary expedience. “In all cases,” says Mr. Hume, “it must be advantageous to know what is most perfect in the kind, that we may be able to bring any real constitution or form of government as near it as possible, by such gentle alterations and innovations as may not give too great disturbance to society."

The limits of this memoir make it impossible for me to examine particularly the merit of Mr. Smith's work in point of originality. That his doctrine concerning the freedom of trade and of industry coincides remarkably with that which we find in the writings of the French Economists, appears from the slight view of their system which he himself has given. But it surely cannot be pretended by the warmest admirers of that sys

* Elements of the Philosophy of the Human Mind, Vol. I.

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