that Political Economy is a study entitled to a place in all our seminaries of learning, public or private.

The term Political Economy does not convey to the popular mind a true idea of what the science teaches. It is the science of Wealth, but from its name is generally understood to be the science of Politics, or government. In the general absence of knowledge on this subject, among the masses of the people, this misapprehension of what it teaches, misleads the public mind, and engenders prejudice.

Wealth is subject to laws as determinate and immutable as the laws of motion, or mind. It is the province of Political Economy to show what the laws are, and how they affect the production, distribution, and consumption of wealth, how public and private prosperity may be advanced by obedience to those laws on the one hand, or retarded by a violation of them, on the other.

This science is innocent of all intermeddling with politics, only that since the greater part of all the legislation of society, at the present day, is upon wealth in some of its relations, it necessarily follows, that there is an intimate connection between the teachings of political economy, and the action of governments.

To illustrate this point. The science of hydraulics teaches the laws of fluids in motion, but does not teach us whether those fluids may be best employed to turn a grist mill or a factory. It teaches the laws, it is for the individual or community to determine what use can be made of them. So of Political Economy; it teaches the laws of wealth, it is for the individual or government to determine how those laws can be used most advantageously for the public good.

To show that this science is entitled to a place in the second list of youthful studies, I am bound to prove,

1. That a general knowledge of it is essential to the well being of the individual, and the state.

2. That the study is adapted to common schools, as well as all higher seminaries of learning.

I need not stop to prove that wealth is a good. It is only necessary to define the term.

Wealth consists of all those objects upon which men place a value.

To give value to any article, it must cost labor, and be an object of desire. With these two conditions united, and not without, can any article possess value.

This definition of the term wealth, will make it include, as it truly does, every thing that we call property, houses and lands, books and furniture, ships and merchandise, every thing thing man eats, drinks, wears, or uses in any way whatever, all, in fact, that contributes to his happiness and well being, so far as the possession and use of objects of value can do it.

Wealth is an essential element of civilization. Society can make no progress without it.

The continued improvement of the race depends upon the constant and gradual increase of wealth. Each succeeding generation ought to be, and, in a normal state of society, will be, richer than the preceding. It is one of the laws of the science, that capital, that part of wealth devoted to reproduction, must increase with the increase of labor, or a great part of the latter will be lost. It is one of the demonstrations of Political Economy, that the capital of a country must increase with the increase of its population, or else the people

must be constantly deteriorating in their scale of living, and eventually starve; a result strikingly exhibited in the present condition of Ireland, a country in which the capital has never been allowed to accumulate; all the surplus products being annually carried out of the country as rent.

But I need not enlarge here, since all must see that wealth is not only a desideratum, but a necessity, if man would improve and be happy.

I am to show, then, first, that a general knowledge of this science is essential to the well being of the individual and the state.

In a government like ours, all laws proceed directly from the people, and are enacted for their good. Probably seven-eighths of all the laws of each state, and of the United States, relate to wealth. Look at the laws and resolves on our statute-books, and you will find abundant evidence of this fact.

Now if wealth be such a constant object of legislation, and if legislation is wholly in the hands of the representatives of the people, chosen from every calling and profession, a great majority of whom, have only a common school education, how plain is it, that if there be any well established principles on which such legislation should be founded, in order to be productive of the greatest good to the greatest number, it is of the first importance that the people should well understand those principles. That they do not now, cannot be denied ; that their representatives, as a general fact, are without this knowledge, is equally manifest, and that a great deal of imperfect or vicious legislation, must be the consequence, is too obvious to need any proof.

As an illustration, however, of this ignorance on the part of those to whom the business of making laws, and regulating public affairs, is entrusted, I beg leave to state the following facts that came to my personal knowledge.

A young man who took a great interest in this subject, and hadʼread several of its authors, called one day upon a distinguished member of Congress, at his own house, and told him that he came as a learner, to ask his opinion upon some disputed points in Political Economy. The gentleman received him with much courtesy, and promised to render him what assistance he could. What think you of Mr. Ricardo's theory of Rent? asked the young man. The gentlemen hesitated, and after some circumlocution, frankly said, he had never read Mr. Ricardo. What is your opinion, inquired the young man farther, of Mr. Malthus' theory of population? Here, again, the gentleman faltered, and finally acknowledged he had never seen the work of Mr. Malthus; in fact, said he, "to tell you the truth, I have read nothing of the sort lately; when in college we had a text-book on Political Economy, and I recited with my class, but I have forgotten all I ever learned on the subject." Perhaps, said the young inquirer, you may have some work in your library on Political Economy, that you would loan me. With great pleasure, said the gentleman, going to his bookcase, and handing him down Mr. Sullivan's political class-book. The young man, after looking at it, remarked, that it did not treat of Political Economy. Finding himself driven to the last extremity, with the greatest good humor, the gentleman said he did not

think he had a volume on the subject, nor did he profess to have any information in regard to it; and in this respect, he believed himself on a level with most of his colleagues in Congress! Yet this man was, and still is, a leading and influential member of that body, and is intrusted with great and important interests.

Again, the people should have a proper understanding of this subject, or the most unwise and wasteful use may be made of the public funds, without any suspicion, on their part, of the injury that is done to themselves, and to the body politic.

It is a very common opinion that it matters not in what manner the public funds are expended, nor to what extent, since the money is all paid out to the people, who thereby get employment and good wages.

This false idea prevails to a greater or less extent in all countries. A striking instance of this kind, which came under my notice some years since, I beg leave to relate, as a case in point.

Passing out one day, at the gate of Windsor Castle, that opens upon the splendid avenue that leads off in the direction of London, I noticed a new tower built in the antique Gothic style. The architecture was that of an age anterior to the invention of gunpowder, and it had no adaptation to any present use; yet the tower had evidently been but just completed.

Observing a well-dressed Englishman, I asked him the object of this new building. "Oh," said he, “if you just look behind it, you will observe a dwellinghouse of quite ordinary appearance. Now that house was an offensive object to his majesty, George the Fourth, when he came here to reside, so he tried to