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commits extraordinary blunders when | But Mr. Southey's error lies deeper he writes on points of which he ac- still. "All wealth," says he, "was knowledges himself to be ignorant. tangible and real till paper currency He confesses that he is not versed in political economy, and that he has neither liking nor aptitude for it; and he then proceeds to read the pub-were no debts? Is not a debt, while lic a lecture concerning it which fully bears out his confession.

"All wealth," says Sir Thomas More, "in former times was tangible. It consisted in land, money, or chattels, which were either of real or conventional value."

Montesinos, as Mr. Southey somewhat affectedly calls himself, answers thus:

"Jewels, for example, and pictures, as in Holland, where indeed at one time tulip bulbs answered the same purpose."

was introduced." Now, was there ever, since men emerged from a state of utter barbarism, an age in which there

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the solvency of the debtor is undoubted, always reckoned as part of the wealth of the creditor? Yet is it tangible and real wealth? Does it cease to be wealth, because there is the security of a written acknowledgment for it? And what else is paper currency? Did Mr. Southey ever read a banknote ? If he did, he would see that it is a written acknowledgment of a debt, and a promise to pay that debt. The promise may be violated: the debt may remain unpaid: those to whom it was due may suffer but this is a "That bubble," says Sir Thomas, risk not confined to cases of paper "was one of those contagious insa-currency: it is a risk inseparable from nities to which communities are sub- the relation of debtor and creditor. ject. All wealth was real, till the Every man who sells goods for any extent of commerce rendered a paper thing but ready money runs the risk currency necessary; which differed of finding that what he considered as from precious stones and pictures in part of his wealth one day is nothing at this important point, that there was no all the next day. Mr. Southey refers limit to its production." to the picture-galleries of Holland. The pictures were undoubtedly real and tangible possessions. But surely it might happen that a burgomaster might owe a picture-dealer a thousand guilders for a Teniers. What in this case corresponds to our paper money is not the picture, which is tangible, but the claim of the picture-dealer on his customer for the price of the picture; and this claim is not tangible. Now, would not the picture-dealer consider this claim as part of his wealth? Would not a tradesman who knew of the claim give credit to the picture-dealer the more readily on account of the claim? The burgomaster might be ruined. If so, would not those consequences follow which, as Mr. Southey tells us, were never heard of till paper money came into use? Yesterday this claim was worth a thousand guilders. To-day what is it ? The shadow of a shade.

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"We regard it," says Montesinos, as the representative of real wealth; and, therefore, limited always to the amount of what it represents."

"Pursue that notion," answers the ghost, "and you will be in the dark presently. Your provincial bank-notes, which constitute almost wholly the circulating medium of certain districts, pass current to-day. To-morrow tidings may come that the house which issued them has stopt payment, and what do they represent then? You will find them the shadow of a shade." We scarcely know at which end to begin to disentangle this knot of absurdities. We might ask, why it should be a greater proof of insanity in men to set a high value on rare tulips than on rare stones, which are neither more useful nor more beautiful? We might ask how it can be said that there is no limit to the production of paper money, when a man is hanged if he issues any in the name of another, and is forced to cash what he issues in his own ?

It is true that, the more readily claims of this sort are transferred from hand to hand, the more extensive will

be the injury produced by a single | industry in the kingdom, and feeds failure. The laws of all nations sanc- half the mouths. Take, indeed, the tion, in certain cases, the transfer of weight of the national debt from this rights not yet reduced into possession. great and complicated social machine, Mr. Southey would scarcely wish, we and the wheels must stop." should think, that all indorsements of bills and notes should be declared invalid. Yet even if this were done, the transfer of claims would imperceptibly take place, to a very great extent. When the baker trusts the butcher, for example, he is in fact, though not in form, trusting the butcher's customers. A man who owes large bills to tradesmen, and fails to pay them, almost always produces distress through a very wide circle of people with whom he never dealt.

From this passage we should have been inclined to think that Mr. Sonthey supposes the dividends to be a free gift periodically sent down from heaven to the fundholders, as quails and manna were sent to the Israelites; were it not that he has vouchsafed, in the following question and answer, to give the public some information which, we believe, was very little needed.

In short, what Mr. Southey takes for" a difference in kind is only a difference of form and degree. In every society men have claims on the property of others. In every society there is a possibility that some debtors may not be able to fulfil their obligations. In every society, therefore, there is wealth which is not tangible, and which may become the shadow of a shade.

Mr. Southey then proceeds to a dissertation on the national debt, which he considers in a new and most consolatory light, as a clear addition to the income of the country.

"You can understand," says Sir Thomas, "that it constitutes a great part of the national wealth."

"So large a part," answers Montesinos, "that the interest amounted, during the prosperous times of agriculture, to as much as the rental of all the land in Great Britain; and at present to the rental of all lands, all houses, and all other fixed property put together."

The Ghost and Laureate agree that it is very desirable that there should be so secure and advantageous a deposit for wealth as the funds afford. Sir Thomas then proceeds:

"Whence comes the interest?" says Sir Thomas.

"It is raised," answers Montesinos, by taxation."

Now, has Mr. Southey ever considered what would be done with this sum if it were not paid as interest to the national creditor? If he would think over this matter for a short time, we suspect that the "momentous benefit" of which he talks would appear to him to shrink strangely in amount. A fundholder, we will suppose, spends dividends amounting to five hundred pounds a year; and his ten nearest neighbours pay fifty pounds each to the tax-gatherer, for the purpose of discharging the interest of the national debt. If the debt were wiped out, a measure, be it understood, which we by no means recommend, the fundholder would cease to spend his five hundred pounds a year. He would no longer give employment to industry, or put food into the mouths of labourers. This Mr. Southey thinks a fearful evil. But is there no mitigating circumstance? Each of the ten neighbours of our fundholder has fifty pounds a year more than formerly. Each of them will, as it seems to our feeble understandings, employ more industry and feed more mouths than formerly. The sum is exactly the same. It is in different hands. But on what grounds does Mr. Southey call upon us to be

"Another and far more momentous benefit must not be overlooked; the expenditure of an annual interest,lieve that it is in the hands of men who equalling, as you have stated, the present rental of all fixed property."

"That expenditure," quoth Montesinos, "gives employment to half the

will spend it less liberally or less judiciously? He seems to think that nobody but a fundholder can employ the poor; that, if a tax is remitted, those

who formerly used to pay it proceed | which Mr. Southey can possibly main

immediately to dig holes in the earth, and to bury the sum which the government had been accustomed to take; that no money can set industry in motion till such money has been taken by the tax-gatherer out of one man's pocket and put into another man's pocket. We really wish that Mr. Southey would try to prove this principle, which is indeed the foundation of his whole theory of finance: for we think it right to hint to him that our hard-hearted and unimaginative generation will expect some more satisfactory reason than the only one with which he has yet favoured it, namely, a similitude touching evaporation and

dew.

Both the theory and the illustration, indeed, are old friends of ours. In every season of distress which we can remember, Mr. Southey has been proclaiming that it is not from economy, but from increased taxation, that the country must expect relief; and he still, we find, places the undoubting faith of a political Diafoirus, in his "Resaignare, repurgare, et reclysterizare." "A people," he tells us," may be too rich, but a government cannot be so."

"A state," says he, "cannot have more wealth at its command than may be employed for the general good, a liberal expenditure in national works being one of the surest means of promoting national prosperity; and the benefit being still more obvious, of an expenditure directed to the purposes of national improvement. But a people may be too rich."

We fully admit that a state cannot have at its command more wealth than may be employed for the general good. But neither can individuals, or bodies of individuals, have at their command more wealth than may be employed for the general good. If there be no limit to the sum which may be usefully laid out in public works and national improvement, then wealth, whether in the hands of private men or of the government, may always, if the possessors choose to spend it usefully, be usefully spent. The only ground, therefore, on

tain that a government cannot be too rich, but that a people may be too rich. must be this, that governments are more likely to spend their money on good objects than private individuals.

But what is useful expenditure? "A liberal expenditure in national works," says Mr. Southey, "is one of the surest means for promoting national prosperity." What does he mean by national prosperity? Does he mean the wealth of the state? If so, his reasoning runs thus: The more wealth a state has the better; for the more wealth a state has the more wealth it will have. This is surely something like that fallacy, which is ungallantly termed a lady's reason. If by national prosperity he means the wealth of the people, of how gross a contradiction is Mr. Southey guilty. A people, he tells us, may be too rich: a government cannot: for a government can employ its riches in making the people richer. The wealth of the people is to be taken from them, because they have too much, and laid out in works, which will yield them

more.

We are really at a loss to determine whether Mr. Southey's reason for recommending large taxation is that it will make the people rich, or that it will make them poor. But we are sure that, if his object is to make them rich, he takes the wrong course. There are two or three principles respecting public works, which, as an experience of vast extent proves, may be trusted in almost every case.

It scarcely ever happens that any private man or body of men will invest property in a canal, a tunnel, or a bridge, but from an expectation that the outlay will be profitable to them. No work of this sort can be profitable to private speculators, unless the public be willing to pay for the use of it. The public will not pay of their own accord for what yields no profit or convenience to them. There is thus a direct and obvious connection between the motive which induces individuals to undertake such a work, and the utility of the work.

Can we find any such connection in the case of a public work executed by

a government? If it is useful, are the individuals who rule the country richer? If it is useless, are they poorer? A public man may be solicitous for his credit. But is not he likely to gain more credit by an useless display of ostentatious architecture in a great town than by the best road or the best canal in some remote province? The fame of public works is a much less certain test of their utility than the amount of toll collected at them. In a corrupt age, there will be direct embezzlement. In the purest age, there will be abundance of jobbing. Never were the statesmen of any country more sensitive to public opinion, and more spotless in pecuniary transactions, than those who have of late governed England. Yet we have only to look at the buildings recently erected in London for a proof of our rule. In a bad age, the fate of the public is to be robbed outright. In a good age, it is merely to have the dearest and the worst of every thing.

Buildings for state purposes the state must erect. And here we think that, in general, the state ought to stop. We firmly believe that five hundred thousand pounds subscribed by individuals for rail-roads or canals would produce more advantage to the public than five millions voted by Parliament for the same purpose. There are certain old saws about the master's eye and about every body's business, in which we place very great faith.

stand it rightly, that no man can do any thing so well for himself as his rulers, be they who they may, can do it for him, and that a government approaches nearer and nearer to perfection, in proportion as it interferes more and more with the habits and notions of individuals.

He seems to be fully convinced that it is in the power of government to relieve all the distresses under which the lower orders labour. Nay, he considers doubt on this subject as impious. We cannot refrain from quoting his argument on this subject. It is a perfect jewel of logic.

"Many thousands in your metropolis,' says Sir Thomas More, 'rise every morning without knowing how they are to subsist during the day; as many of them, where they are to lay their heads at night. All men, even the vicious themselves, know that wickedness leads to misery: but many even among the good and the wise, have yet to learn that misery is almost as often the cause of wickedness.'

"There are many,' says Montesinos, 'who

know this, but believe that it is not in the power of human institutions to prevent this misery. They see the effect, but regard the causes as inseparable from the condition of human nature.'

"As surely as God is good,' replies Sir Thomas, 'so surely there is no such thing as necessary evil. For, by the religious mind, sickness, and pain, and death, are not to be accounted evils.'”

Now if sickness, pain, and death, are not evils, we cannot understand why it should be an evil that thousands should rise without knowing how they are to subsist. The only evil of hunger is that it produces first pain, then sickness, and finally death. If it did not produce these, it would be no calamity. If these are not evils, it is no calamity. We will propose a very plain dilemma: either physical pain is an evil, or it is not an evil. If it is an evil, then there is necessary evil in the universe: if it is not, why should the poor be delivered from it?

There is, we have said, no consistency in Mr. Southey's political system. But if there be in his political system any leading principle, any one error which diverges more widely and variously than any other, it is that of which his theory about national works is a ramification. He conceives that the business of the magistrate is, not merely to see that the persons and property of the people are secure from attack, but that he ought to be a jack-of- Mr. Southey entertains as exagall-trades, architect, engineer, school-gerated a notion of the wisdom of gomaster, merchant, theologian, a Lady vernments as of their power. He speaks Bountiful in every parish, a Paul Pry with the greatest disgust of the respect in every house, spying, caves-dropping, now paid to public opinion. That relieving, admonishing, spending our opinion is, according to him, to be dis money for us, and choosing our opinions trusted and dreaded; its usurpation for us His principle is, if we under- ought to be vigorously resisted; and

the practice of yielding to it is likely to ruin the country. To maintain police is, according to him, only one of the ends of government. The duties of a ruler are patriarchal and paternal. He ought to consider the moral discipline of the people as his first object, to establish a religion, to train the whole community in that religion, and to consider all dissenters as his own enemies.

"Nothing,' says Sir Thomas, 'is more certain, than that religion is the basis upon which civil government rests; that from religion power derives its authority, laws their efficacy, and both their zeal and sancion; and it is necessary that this religion be established as for the security of the state, and for the welfare of the people, who would otherwise be moved to and fro with every wind of doctrine. A state is secure in proportion as the people are attached to its institutions: it is, therefore, the first and plainest rule of sound policy, that the people be trained up in the way they should go. The state that neglects this prepares its own destruction; and they who train them in any other way are undermining it. Nothing in abstract science can be more certain than these positions are.'

"All of which,' answers Montesinos, are nevertheless denied by our professors of the arts Babblative and Scribblative: some in the audacity of evil designs, and others in the glorious assurance of impenetrable ignorance.""

be said to be the basis of government, in which religion is not also the basis of the practices of eating, drinking, and lighting fires in cold weather. Nothing in history is more certain than that government has existed, has received some obedience, and has given some protection, in times in which it derived no support from religion, in times in which there was no religion that influenced the hearts and lives of men. It was not from dread of Tartarus, or from belief in the Elysian fields, that an Athenian wished to have some institutions which might keep Orestes from filching his cloak, or Midias from breaking his head. "It is from religion," says Mr. Southey, "that power derives its authority, and laws their efficacy." From what religion does our power over the Hindoos derive its authority, or the law in virtue of which we hang Brahmins its efficacy? For thousands of years civil government has existed in almost every corner of the world, in ages of priestcraft, in ages of fanaticisin, in ages of Epicurean indifference, in ages of enlightened piety. However pure or impure the faith of the people might be, whether they adored a beneThe greater part of the two volumes ficent or a malignant power, whether before us is merely an amplification they thought the soul mortal or imof these paragraphs. What does Mr. mortal, they have, as soon as they ceased Southey mean by saying that religion to be absolute savages, found out their is demonstrably the basis of civil go-need of civil government, and instituted vernment? He cannot surely mean it accordingly. It is as universal as the that men have no motives except those derived from religion for establishing and supporting civil government, that no temporal advantage is derived from civil government, that men would experience no temporal inconvenience from living in a state of anarchy? If he allows, as we think he must allow, that it is for the good of mankind in this world to have civil government, and that the great majority of mankind have always thought it for their good in this world to have civil government, we then have a basis for government quite distinct from religion. It is true that the Christian religion sanctions government, as it sanctions every thing which promotes the happiness and virtue of our species. But we are at a loss to conceive in what sense religion can

practice of cookery. Yet, it is as certain, says Mr. Southey, as any thing in abstract science, that government is founded on religion. We should like to know what notion Mr. Southey has of the demonstrations of abstract science. A very vague one, we suspect.

The proof proceeds. As religion is the basis of government, and as the stete is secure in proportion as the people are attached to public institutions, it is therefore, says Mr. Southey, the first rule of policy, that the government should train the people in the way in which they should go; and it is plain that those who train them in any other way are undermining the state.

Now it does not appear to us to be the first object that people should always believe in the established religion

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