OF THE NATURE OF STOCK, AND OF THE LAWS GOVERNING ITS INCREASEAND DIMINUTION.
INTRODUCTION.
Dugald Stewart prefaces the observations he makes on Adam Smith's great work, with the following remarks: "An historical review of the different forms under which human affairs have appeared in different ages and nations, naturally suggests the question, whether the experience of former times may not now furnish some general principles to enlighten and direct the policy of future legislators? The discussion, however, to which this question leads, is of singular difficulty; as it requires an accurate analysis of by far the most complicated class of phenomena that can possibly engage our attention, those which result from the intricate and often the imperceptible mechanism of political society; a subject of observation which seems, at first view, so little commensurate to our faculties, that it has been generally regarded with the same passive emotions of wonder and submission with which, in the material world, we survey the effects produced by the mysterious and uncontrollable operation of physical causes." (31) The science of Political Economy he considers as a part of this great subject.
If the accuracy of these observations be admitted, as I think it must, the inquiries in which Political Economy engages, lead to the investigation of the general principles of human action, and it is to be considered but as a branch of a larger science, having for its object, to trace the laws to which man is subject as a moral and intellectual animal, acted on by the system of things existing in the world, and acting, in turn on them, to explain from those laws the events which his past history, as far as known, exhibits, and to collect the means of ascertaining what will be the future course of it.While to be able clearly to unfold the laws regulating the events with which it deals would imply the capacity of tracing those regulating the whole system of phenomena of which man is the centre, just as to explain with accuracy the laws regulating the motions of one of the heavenly bodies, implies the knowledge of principles capable of disclosing the prescribed movements of them all.
I have already observed, that the subject first met me when engaged in the investigation of some principles which I conceived might in time assume a form capable of a general application of the sort.To attempt here an extensive generalization of this kind would be out of place, and is impracticable, because of necessity only a small portion of the phenomena are before us.Political Economy itself makes but a part of the subject to which such generalizations belong, and it is only one division of political economy of which we are to treat.It has usually been discussed under the heads of stock, wages of labor, and rent, and it is to the first of these that our investigations are to be altogether confined.It is only therefore in such parts of the subject as present a sufficient mass of phenomena, to warrant the procedure, that I shall attempt to introduce any very general principles.In other cases I will confine myself to the simple statement of facts admitted by all parties.
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CHAPTER I.It is characteristic of man to provide for the events of the future, by the formation of instruments; and his power to make this provision, is measured, by the extent and accuracy of his knowledge of the course of natural events.
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nec sibi soli, seal conjugi, liberis, ceterisque, quos cards habeat, tuerique debeat.""The chief distinction between man and the inferior animals consists in this.They are moved only by the immediate impressions of sense, and, as its impulses prompt, seek to gratify them from the objects before them, scarce regarding the future, or endeavoring from the experience of the past to provide against what is to come.Man again, as he is endowed with reason, by which he is able to connect effects with their causes, to perceive the principles which guide the progress of affairs, and to join together the present and the future, easily discerns the course of his whole life and prepares whatever may be necessary for passing it in comfort.The same intellectual powers also, which nature has bestowed on him, give scope to his affections, and join him to his fellows by the ties that spring form language and the connexions of social life.It is from this source that we must trace his peculiar provident love for his offspring, his concern for the interests of society, and his desire to mingle in its business and pleasures.
"From these principles it is that man is incited and enabled to provide beforehand whatever may be requisite both for utility and ornament, not only to himself but to his wife, his children, and all others who may be dear to him, or whom it may be his duty to protect."It is unquestionably the capacity for perceiving and retaining in his mind, the course of events and the connexion of one with another, that leads man to perceive what advancing futurity is to bring forth, and enables him to provide for its wants.The provident forethought distinguishes him from the inferior animals, and the degree in which he possesses it marks his rank in the scale of civilization.
When he has gained any knowledge or the nature of things around him, he finds many that satisfy more or less perfectly his present wants.He knows also that if he live to see the future he will then have similar wants and desires.Some of the things satisfying his desires and wants exist abundantly, others sparingly or imperfectly.If he regard the future, he must wish that those things of which he now can only obtain them to satisfy his wants sparingly and imperfectly, should exist then, so as that lie might be able to obtain them to satisfy those wants abundantly and perfectly.
