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The fundamental principles of the one school are, 

 that the persons intrusted with the Government of a 

 Country, by their superior knowledge arid ability, 

 must be more competent judges of what is good for 

 the people than they are themselves ; and that by 

 their power and command of resources they are 

 better able to carry out all undertakings with effi- 

 ciency. It is thought, too, that highly cultivated 

 and wholly disinterested persons, such as are usually 

 placed in charge of State affairs, are more likely to 

 study the interests of the people collectively, than 

 persons whose sole principle of action is individual 

 self-interest. 



The fundamental principles of the lauter-faire 

 school, on the contrary, are that every thing con- 

 nected with what may be called the c business of 

 life/ is best managed when intrusted to those who 

 are immediately concerned in it, without the meddling 

 interference of Government officials ; that individuals 

 are the proper guardians of their own interests; 

 and that the stronger the self-interest, the more 

 certain is the guarantee that undertakings will be 

 well and efficiently carried out. 



Both admit that there are certain functions which, 

 of necessity, appertain to Government ; and these 

 are divided into the necessary, and the optional, or, 

 as I prefer to term them, the obligatory and the 

 expedient obligatory, as signifying those functions 

 which a Government cannot neglect without sacrific- 

 ing the interests of the State or of the people ; and 



