339 



to relinquifli, altogether, than to continue the purfuit of a manufac- 

 ture, which, inftead of promifing to fupport itfelf, would require, to 

 be fed with perpetual alms, and threaten to remain a permanent charge 

 on the community. Loans from the public funds, to enterprifing and 

 intelligent individuals, to aid them, in the profecution of expenfive fpe- 

 culations, in manufafture, might be attended with the befl effefts, if 

 they were not perverted, by the fph-it of jobbing, and made fubfer- 

 vient to corruption. 



There is, no doubt, profound wifdom, combined with extenfive know- 

 ledge, in Doftor Smit/j's admirable book on the Wealt/j of Nations, 

 and, in a general abftrafted fenfe, mod of his pofitions are undenia- 

 bly true ; yet, I believe, his book has been produflive of many errors 

 and falfe rcafonings, and much idle declamation, on different fubje<fts 

 of political economy. Were men to aft fully on his principles, in 

 detail, I am afraid, they would be the caufe of irreparable miftakes 

 in praftice ; and teem with the mod injurious confequences to fociety. 

 Many theoretical propofitions may be true, which yet will not bear 

 to be drawn out, into minute corollaries, and applied, in detail, to 

 the purpofes of real life. It has been the peculiar misfortune of the 

 prefent age, to proceed too much on general reafonings, and abftraft 

 theories, in contempt of the plain good fenfe, and accumulated expe- 

 rience of pad ages ; and, without attending to the limitations, quali- 

 fications, and exceptions, required by real ufe and practice. — The va- 

 nity of the prefent generation, has difpofed them to imagine them- 

 felves poffed of more wifdom, than all the generations, that have pre- 

 ceded them, put together.— Under this perfuafion, they have ventured 

 to meddle with every thing ; and attempted to demolifl:, with a fweep- 

 ing hand, all the opinions, eftablifliments, and regulations, which had 

 obtained the fandlion of pad ages. They feem to delight in con- 

 founding all the bounds of right and wrong. Thus, we have heard 

 people, in the fpirit of the new philofophy, preaching up the bleffmgs 

 of monopoly, and the beneficial tendency of exceffive and unredrained 



( U u a ) ufury j 



