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BOOK II.
-
CHAPTER I.
On the practical treatment of the science of Political Economy by modern
statesmen. Reformation of the national commercial code commenced by
British statesmen. - Selection of Mr. Huskisson as a leading advocate in
Parliament for conducting this reformation. — Examination of Mr. Hus-
kisson's policy and course commenced
Page 176
CHAP. II.
- Mr. Hus-
Examination of Mr. Huskisson's parliamentary course continued. kisson shown to have advocated and supported contrary and opposite prin- ciples and courses. Instances adduced
--
188
CHAP. III.
Further examination of Mr. Huskisson's course.
- Professedly an advocate of
the free principle of trade, this statesman makes strenuous efforts to restrain
Parliament from advancing too far on this free course. The feature of
an apprehension of too much free action shown to have prevailed with this
statesman to the end of his parliamentary career
209
CHAP. IV.
Examination of the Parliamentary treatment of commercial principle and policy
continued. Extraordinary course adopted by Sir Robert Peel. How this
statesman contrived to abandon all reliance upon conviction and principle,
and to adopt expediency instead of them
226
CHAP. V.
Introduction of Mr. Francis Horner into the House of Commons as a man
specially conversant with the science of Political Economy. Reliance on
the scientific attainments of this statesman shown by the selection of him to
manage in Parliament the difficult subject of the currency. Mr. F. Horner
Chairman of the Bullion Committee. - The celebrated Report of this Com-
mittee. Mr. Horner's simple and honest description of the quality and
character of this Report. — Mr. Horner's premature decline and death.
Another Political Economist, Mr. C. Poulett Thomson, chosen to succeed
Mr. Horner -
CHAP. VI.
Description of Mr. C. Poulett Thomson's education and introduction into
life given by his brother and biographer, Mr. Poulett Scrope. He fails
to become a successful merchant. He is selected for presiding over the
mercantile affairs of the nation. — In a hasty manner he attempts to learn
from Mr. Bentham that which is called Political Economy. He undertakes
to argue in Parliament the immense and difficult question of Usury
Laws Page 251
CHAP. VII.
Important evidence, showing the treatment to which the science of Political
Economy has been subjected, supplied by the memoirs of Mr. Francis
Horner. History of the studies of this statesman in the province of Political
Economy, contributed by himself. - His researches into, and attempts to
understand, Adam Smith's "Wealth of Nations."- Mr. Horner announces
his discovery that Adam Smith had not been able to elucidate the cause of
value. A remarkable judgment delivered by Mr. Horner on the defective
and deluding character of Adam Smith's views and reasonings on Political
Economy - 261
CHAP. VIII.
Treatment of the Science of Political Economy by Mr. Cobden.-This states-
man declares his entire satisfaction with the manner in which the science
has been treated by Adam Smith, Ricardo, and the other schoolmen. - He
declares also that no further investigation being necessary, the people have
nothing more to do than to accept the doctrines, and to advance unhesita-
tingly on the courses, recommended by these writers. More evidence sup-
plied by Mr. Senior and Mr. J. Stuart Mill.Declaration of these writers
that little progress has yet been made towards elucidating the science
CHAP. IX.
271
The test of moral truth applied to the principles and system of the Political
Economists. Their principles and system fail under this test
277
СНАР. Х.
Treatment of the moral branch of the subject by Paley. This writer shown to
have sacrificed moral truth under an attempt to unite with the school of
Economic writers in upholding the supremacy of material enjoyment. — Con-
sistency evinced by Mr. M'Culloch. This writer, having, with Adam
Smith and the other schoolmen, maintained covetousness to be the best social
incentive, found himself to be under the necessity of contending, and hence
has contended, that the miser is the best citizen, because he, of all members of
a community, accumulates the largest amount of capital 286
BOOK III.
The character of the science of Social and Political Economy declared. - The
primitive condition of man considered and explained.—Human labour or-
dained to be the instrument by which all material things for human main-
tenance are to be acquired.—The first simple premises of the science advanced
and established
Page 307
The origin of property shown by an elucidation of the cause of value.-Pro-
perty not to be constituted without the influence and intervention of the
moral law of the Christian religion
320
Treatment of the subject by Locke. This writer shown to have discerned
clearly the power assigned to labour; but not to have discerned clearly the
social principle and course by which value is constituted.- Aggregate value
and not aggregate production, the main characteristic of the science
339
The competitive principle of commerce examined.
It is shown to be adverse
to the prosperity of nations, and destructive of the general interests of man-
kind
352
A new law introduced into the science of Social and Political Economy, the
law of definite proportions. The creation of value and of wealth determined
by this law. The necessity for this law discerned by Locke, Adam Smith,
and Malthus, but its character not comprehended by them
362
The law of proportions further developed. The necessity for a division of
mankind into separate nations shown
374
Contrast drawn between the free principle and system of commerce in which
no law of proportion has place, and that principle and system in which the
law of definite proportions constitutes the main characteristic
391
Remarkable illustration by Shakspeare of the social and universal character of
the law of proportions. - Special treatment of the law of proportions con-
cluded Page 398
Further reasoning on the course of exchange or trade by which the cause of
value is constituted.-Erroneous view of this subject entertained by modern
Political Economists
407
CHAP. X.
The question of abandoning a home trade and adopting a foreign trade in its
place tried. The capitals or aggregate wealth of nations diminished by the
change
418
CHAP. XI.
The true and the false principle of general commerce tested by the application
to them of an extreme proposition. The constant operation of the law of
union shown to be necessitated
447
CHAP. XII,
The amount of change and improvements of nations determined and limited by
that increase of capital called profit
463
СНАР. ХІІІ.
The true principle of production shown to operate through capital in pos-
session, constituting cost, and to eventuate in profit. The only increase to
the capital of an individual, or to the aggregate capital of a nation, that
which comes in the form of profit -
473
CHAP. XIV.
Absentee expenditure considered. - The course shown to involve an infraction
of the social law by which property is constituted. The truth elicited by
this question shown to explode and destroy the free principle of commerce,
and, with it, the prevailing system of Political Economy
485
BOOK IV.
Remedial course of social action considered. - Equality of wealth not possible
or desirable. The invented and proposed systems of Socialism and Com-
munism falsely-founded and injurious systems. — Remedy for the great evil
of poverty and destitution to be attained only by the adoption of the natural
law of Social Economy. - The proposal of enriching a nation by saving or
retrenching, a false and wrong proposal. The socialistic and communistic
idea a noble idea in itself. The true principle and course ensuring remedy
to be derived from religion only
Page 510
CHAP. IL
Remedy for a bad national social condition not to be derived by means of
laws regulating and restraining commerce; but by means of the religious
and moral principles of the people. - Natural remedial course of action
comprehended in a more just and moderate application of national ca-
pital
532
On social sacrifice. - The indispensability of this principle shown. - Lord
Bacon's philosophy and example adduced and commented on. He is shown
to have argued that all knowledge and social philosophy are to be derived
from religion only
548
On the exclusion of religion from the science of Political Economy. - Mention
made of this important feature by the Prince Consort on the occasion of pre-
siding at a meeting of the Conference on National Education - The new
philosophy of Auguste Comte.- -The declaration of this writer, that his
system of positive philosophy is to supersede revealed religion. The weak
and false character of this philosophy adverted to
571
The idea of uniting together all the people of the earth by means of free com-
merce, a false idea. The constructors of the prevailing system of Political
Economy shown to have been under the necessity of excluding religion, be-
cause of the falseness of their social principles. The methods of reasoning
by synthesis and analysis contrasted. The former the clear and strong;
the latter, the confused and weak method. -The latter method, that only
which the school of writers on Political Economy could attain
585