316 The Political Economist.*—No. II. [Nov. 1, 
only supportof the commercial system. 
From over supply disadvantage or loss 
invariably results. Thus, to provide a 
remedy, a knowledge of the circum¬ 
stances which have led to, or produced 
it, becomes indispensable. The cause 
of evil is not, as many persons have sup¬ 
posed, the introduction of machinery, 
but its subsequent misapplication. In 
particular lines, and in particular dis¬ 
tricts, occasionally losses have at all 
times been sustained from over supply, 
an evil that formerly corrected itself. 
Trade was then in the main beneficial 
to the trader, which it ought to be, and 
afforded remuneration to the mechanic, 
as well as to the artisan. It no longer 
does so to either. Only, however, with¬ 
in the last half century, since the in¬ 
discriminate and universal use of ma¬ 
chinery, has it ceased to do so, and 
over produce become general .* It is a 
maxim of Chinese policy, never to sub¬ 
stitute the use of machinery for any 
purpose within the compass of human 
powers and industry; nor does it prac¬ 
tically appear any other than the sound¬ 
est policy. For although constantly 
hearing of the oppression, nay, the ex- 
* Various are the causes to which our 
distresses have been attributed : but to 
none so futile, as to the depreciation and 
altered state of our currency ; siuce in 
many countries where no such alterations 
have taken place, similar results have been 
produced. Currency was introduced and 
adopted, for the sake of convenienca, an 
artificial medium only, by no meaps es¬ 
sential to commerce, and has proved, more¬ 
over, practically injurious, by facilitating 
speculation, monopoly, and wars. Even 
a legitimate currency, gold, is intrinsi¬ 
cally of no more worth than any other dirt; 
unless, as an accommodating medium for 
effecting valuable exchange. Were curren¬ 
cy of every kind to be annihilated it might 
prove inconvenient, but would in no re¬ 
spect sap the foundation and support of the 
commercial system, viz. “ The mutual 
advantage to be derived from the supply 
of reciprocal wants .” Had the pound note, 
from an over paper issue, been at any time 
depreciated below a shilling value, or to 
nothing, with no over supply of corn and 
wool for instance in the country, how 
would it have prevented the barter, and 
valuable exchange of these commodities ? 
Barter, on valuable exchange, took place 
before currency had existence, and would 
continue to do so were it to cease. Without 
overproduce becoming general, no¬ 
thing can permanently prevent a remune¬ 
rating price, or the valuable exchange of 
commodities from taking place. 
actions of tyrannical government, still 
with the immense population of the 
Chinese, w T e do not find the mass of 
the people (as in what are called the 
more civilized nations,) exposed to 
actual w'ant and misery, or dependent 
upon public or private contributions 
for support.* Here then we see strongly 
exemplified the proper limit to the 
exercise of artificial powers. Where 
human powers end or fail us, they be¬ 
gin. The natural limit, wdll in most 
cases, be found the just limit. Their 
misapplication, how'ever, is alone to be 
deprecated, not their use, which is 
frequently beneficial. To instance: 
nothing is more conducive to health 
and comfort in our houses, than abun¬ 
dance of water: in cities and the more 
elevated parts of towns, it often could 
not be obtained so effectually any other 
way. In the case adduced, it is im¬ 
portant to remark, no over supply takes 
place : the surplus produce or what is 
not wanted, passing away w'ithout in¬ 
jury. Not so, the indiscriminate ap¬ 
plication of machinery in our manufac¬ 
tories; wdiere surplus produce is sy¬ 
nonymous with oversupply. An addi¬ 
tional disadvantage attending its use is 
the following : inaction is ruin. What 
prior to its introduction constituted a 
reasonable profit to the manufacturer, 
is now absorbed in the additional in¬ 
terest of capital, and with fortunes 
sunk, before produce commences; in 
the event of unsuccessful trade, they 
are nearly, if not wholly lost. Working 
at all times, to cover expences ;t or to 
avoid the greater loss inseparable from 
standing still: By anticipation , an 
already superfluous stock is ever aug¬ 
menting. Employment moreover, un¬ 
der such circumstances, is both partial 
and w'ithout permanency, and admits 
not of a remunerating price to the la¬ 
bourer : hence the appalling increase 
of our poor rates. Nor is this all, the 
system is demoralizing and a monopoly; 
since none but capitalists can engage i u 
it. That such has been the practical 
result is unquestionable, and to this, 
* Such too is the case in Bengal, and 
throughout India, where machinery is not 
substituted for manual labour; and where 
every individual obtains adequate subsis¬ 
tence by his exertions. 
f Unhappily, this is the principle upon 
which our manufactories have been at work 
the last few months; the proprietors in many 
lines, are certainly so engaged with the 
expectation only of covering the expences 
of their establishments, 
Olir 
