370 [Assembly 



These general principles indicate the true theory of political eco- 

 nomy so far as the selection of pursuits is concerned, determine the 

 points to which we should direct the general labor, and to this end 

 all commercial policy should give place. If there are preferable 

 pursuits, then to secure those pursuits to our own citizens, will certain- 

 ly promote the interests of our own commonwealth; they demonstrate 

 what is the true policy irrespective of the arguments to be derived 

 from a consideration of the currency, where the argument becomes 

 in our view irresistable in favor of the theory of " protection for the 

 sake of protection." 



The currency of a country, of whatever composed, whether of 

 metal or credit, is an essential element of national wealth, and the 

 most active agent for its production. Like the blood in the human 

 system, it is the media of growth, the materials of which may be 

 elaborated in the laborious stomach and diffused through the intes- 

 tines, but until absorbed into the arterial system and vitalized inta 

 blood, there can be no proper or heaithy increase. The currency, 

 like the vital fluid, distributes all other forms of wealth from the 

 point of production to that of consumption, assimilates all forms of 

 wealth to their appropriate objects, constructs all permanent capital 

 resulting from national growth, and having performed its functions, 

 itself unconsumed, returns to re-perform its duties in the organism of 

 society. This it does in the rudest forms of civilization, of which 

 it is the earliest indication; but in the more advanced, when capital 

 is accumulated, and its consequent, credit, begins to be developed, 

 its importance and interest increase with every advancing step in 

 the progress. Currency not only permeates society, but gives form 

 and character to credit, the great agent by which society advances, 

 and without which, capital would be of little practical value. It 

 governs all existing obligations, and controls the relation of 

 creditor and debtor, which the use of credit creates, with all the 

 force of law, embracing within its sphere governments as well as 

 individuals. 



The defect of all modern reasoning on the subject of political 

 economy, consists in a neglect and a misapprehension of the nature 

 and the importance of the currency, and hence the failure to estab- 

 lish a science of political economy. That important public interest, 

 the currency, being overlooked or misapprehended, legislators find 

 their plans defeated, the results they had confidently anticipated, are 

 not realized, a disturbance here being a disturbance of the vital 

 functions which defeats all plans not framed according to their or- 



