James Steuart
An Inquiry into the Principles of Political Economy
Book One: Of Population and Agriculture
Book Two: Of Trade and Industry
Book Three: Of Money and Coin
Book Four: Of Credits and Debts
Book Five: Of Taxes, and of the Proper Application of their Amount
An Inquiry into the Principles of Political Economy
An Inquiry into the Principles of Political Economy being an
Essay on the Science of Domestic Policy in Free Nations.
in which are particularly considered
Population, Agriculture, Trade, Industry, Money, Coin, Interest,
Circulation, Banks, Exchange, Public Credit, and Taxes
by Sir James Steuart, Bart.
Ore trabit quodcumque potest atque addit acervo.
Hor. Lib. I. Sat. 1
in Two Volumes.
London:
Printed for A. Millar, and T. Cadell, in the Strand.
MDCCLXVII
PREFACE
It is with the greatest diffidence that I present to the
public this attempt towards reducing to principles, and forming
into a regular science, the complicated interests of domestic
policy. When I consider the time and labour employed in the
composition, I am apt to value it from selfish considerations.
When I compare it even with my own abilities, I still think
favourably of it, for a better reason; because it contains a
summary of the most valuable part of all my knowledge. But when I
consider the greatness of my subject, how small does the result
of my application appear!
The imperfections, therefore, discovered in this work, must
be ascribed to the disproportion between the extent of the
undertaking, and that of my capacity. This, I can assure my
reader, has been exerted to the utmost: and if, after all, I have
failed, it may, at least, with justice, be said, that I have
miscarried in an attempt of the greatest importance to mankind.
I no where, I think, have shewn a desire to make my court to
any particular minister, whose administration might have been
hinted at. I have freely followed the thread of my reasoning
without a bias, either in favour of popular opinions, or of any
of the numberless systems which have been formed by those who
have written upon particular parts of my subject. The warmth of
my temper may have led me sometimes into commendations when I
have been pleased; but when I felt the effects of ill humour on
being dissatisfied with particular circumstances, relating to
countries, to men, and to things, which I had in my eye at the
time I was writing, I was immediately aware of the danger of
blaming the steps of any administration, without being well
formed of the whole combination of circumstances which the
minister may have had before him at the time.
This composition being the successive labour of many years
spent in travelling, the reader will find some passages in which
the unities of time and place have not been observed. These I
could have corrected with ease, had I not been advised to leave
them as characters to point out the circumstances under which I
wrote, and thereby to confirm the authenticity of certain facts.
The modes of thinking, also, peculiar to the several
countries where I have lived, have, no doubt, had an influence on
what I have written concerning their customs: this work,
therefore, will not, in general, correspond to the meridian of
national opinions any where; and of this it is proper the reader
should be apprised, that he may not apply to the domestic
circumstances of his own country what was intended to refer to
those of other nations; nor impute to wilful prejudice, what was
the irresistible effect of my experience and conviction.
Since the first publication of this work some criticisms upon
it have been published in which little regard has been paid to
this advertisement.
The greater part of it by far, (the three first books
particularly) was composed abroad. Can it be supposed, that
during an absence of near twenty years, I should in my studies
have all the while been modelling my speculations upon the
standard of English notions.
It has been alleged that I have imbibed prejudices abroad, by
no means consistent with the present state of England, and the
genius of Englishmen.
To which I answer, that I flatter myself to have imbibed no
prejudices either abroad or at home, at least I think I have
exhibited none of them in my work; because there I have rejected
all party opinions whatever.
According to my way of treating this subject no general rule
can be laid down in political matters: every thing there must be
considered according to the circumstances and spirit of the
nations to which they relate. Accordingly we shall find in this
inquiry some reasonings built on the principles of arbitrary
power, others on those of national liberty, others again on those
of democracy. Had I, in compliment to the sentiments of
Englishmen, suppressed every combination which might apply to the
circumstances of those very countries where I was studying my
subject, from the actual inspection of their policy, what merit
should I have had to plead with my own countrymen from my travels
and from my studies, any local English writer describing English
policy and sounding through every page the most peculiar opinions
of this nation, might have amused his readers far better than
ever I could pretend to.
If, from this work, I have any merit at all, it is by
divesting myself of English notions, so far as to be able to
expose in a fair light, the sentiments and policy of foreign
nations, relatively to their own situation.
Now the principal attention of an intelligent reader who
peruses a book like this, will be directed towards the
investigatory part of it: every step of the reasoning will be
weighed by him until the final conclusion be drawn; he will then
give his assent to it in proportion to the accuracy of the
induction; but he never will recoil from what he has once
assented to, in order to form a general notion conceding any
result by comparing it with his own animal feelings or with the
popular opinion of his countrymen.
This much I am obliged to say in my own justification, with
respect to several passages which have been written at times when
England was very distant from my thoughts.
I have read many authors on the subject of political
oeconomy; and I have endeavoured to draw from them all the
instruction I could. I have travelled, for many years, through
different countries, and have examined them, constantly, with an
eye to my own subject. I have attempted to draw information from
every one with whom I have been acquainted: this, however, I
found to be very difficult until I had attained to some previous
knowledge of my subject. Such difficulties confirmed to me the
justness of Lord Bacon's remark, that he who can draw information
by forming proper questions, must be already possessed of half
the science.
I could form no consistent plan from the various opinions I
met with: hence I was engaged to compile the observations I bad
casually made, in the course of my travels, reading, and
experience. From these I formed the following work after
expunging the numberless inconsistencies and contradictions which
I found had arisen from my separate inquiries into every
particular branch.
I had observed so many persons declining in knowledge as they
advanced in years, that I resolved early to throw upon paper
whatever I had learned; and to this I used to have recourse, as
others have to their memories. The unity of the object of all my
speculations, rendered this practice more useful to me than it
would be to one whose researches are more extended.
Whoever is much accustomed to write for his own use merely,
must contract a more careless style than another who has made
language his study, and who writes in hopes of acquiring a
literary reputation. I never, till very lately, thought of
appearing as an author on this subject; and, in the frequent
perusals of what I had written, my corrections were chiefly in
favour of perspicuity. add to this, that the language in which I
now write was, for many years, foreign to those with whom I lived
and conversed. When these circumstances are added to the
intricacy of my subject, which constantly carried off my
attention from every ornament of language, I flatter myself that
those of my readers, at least, who enter as heartily as I have
done into the spirit of this work, will candidly overlook the
want of that elegance which adorns the style of some celebrated
authors in this Augustan age.
I present this enquiry to the public as nothing more than an
essay which may serve as a canvass for better hands than mine to
work upon.
It contains such observations only as the general view of the
domestic policy of the countries I have seen, has suggested. It
is a speculation, and no more. ...
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