122 NOMOLOGY. 



The first regular system of Political Economy, appears to have 

 been that adopted by Colbert, under Louis XIV., and promulgated in 

 the French Tariff of 1664. It has since been called the Mercantile 

 System ; as it maintained that the chief source of wealth is foreign 

 trade ; the value of which it supposed to be measured by the 

 balance of trade, or excess of exports over imports ; this balance 

 being usually made up in specie. The doctrine thus promulgated has 

 alsobeen termed Colbertism ; from the name of its author. This 

 theory was followed by the Agricultural (or Physiocratic) System 

 of Quesnay ; who published, in 1758, his " Tableau Economique," 

 maintaining that the earth is the only source of wealth ; and that all 

 taxes should be levied on land, or its produce. Adam Smith, in his 

 celebrated treatise on the " Wealth of Nations" published in 1776, 

 maintained that all wealth consists of material products, deriving 

 their value solely from the labor bestowed upon them ; while mental 

 labor and acquisition he overlooked, as unproductive. His system 

 was introduced into France by J. B. Say ; the first edition of whose 

 work, printed in 1802, was suppressed by the order of Bonaparte. 

 Say was the first writer who recognised the existence of mental 

 wealth, consisting of acquired skill, or learning ; but of this, his 

 system made no practical application. That such wealth really con- 

 stitutes capital, as much so as land or buildings, and like them, is 

 productive of more wealth, was first proved and incorporated in this 

 science, we believe, by our countryman, Prof. Vethake. 



In 1817, Ricardo published his " Principles of Political Economy 

 and Taxation," in which he differed from Adam Smith, in main- 

 taining that a rise of wages occasions a fall of profits, and hence may 

 take place without causing a rise in prices ; as also, that prices of 

 products do not depend upon rent ; and that as population increases, 

 profits decrease, because inferior land must then be cultivated. Rev. 

 T. R. Malthus has written exclusively on Population ; the increase 

 of which he considers as limited by the means of subsistence, refer- 

 ring particularly to food. Prof. Vethake, in his recent, able treatise 

 on this science, has shown, we think conclusively, that this increase 

 is limited, not by the means of subsistence only, but by the means 

 of support, or the amount of necessaries and luxuries actually pos- 

 sessed, in comparison with the amount desired. We proceed to treat 

 of Political Economy under the heads of Production, Distribution, 

 Exchanges, and Consumption, of Wealth. 



1. The Production of Wealth, is generally the result of labor ; 

 that is of effort or exertion, physical or mental, directed to this 

 object. Wealth or property, is that which can be appropriated by 

 an individual or society, and made to have an exchangeable value. 

 Wealth always possesses utility, technically speaking ; but there are 

 objects which possess utility, without constituting wealth ; as air and 

 light. The term utility, it will be seen, is here applied to many 

 things, which being in demand among men, have an exchangeable 

 value; although they may, like ardent spirits, be really injurious to 

 the best interests of society. This principle is distinctly recognised 

 by the political economist ; who terms such articles useful, only be- 

 cause they will command useful articles in exchange. Bv national 



