or testament, is a voluntary instrument, disposing of the testator's property, after his decease.

§3. The Laws of Crimes, are included in the first parts of Blackstone's Books on Private, and Public Wrongs. Crimes may be classed either as directly against the public welfare; or against private persons; or against private property. In the first class may be mentioned treason, piracy; insurrection, riots, or affrays; resisting the execution of the law; obstructing or injuring public works, as highways; creating public nuisances, by contaminating the air, or water, and the like; gambling, profanity, and other violations of public morals; and all similar offences. Perjury, or false swearing; and bribery, which is hiring or being hired to pervert justice; including embracery, or an attempt to corrupt or unjustly influence a jury; are usually both public and private wrongs. Crimes against private persons, are such as murder, or inflicting death unlawfully and intentionally; manslaughter, or doing the same criminally, though without direct intention; injury to personal safety, as assaulting, maiming, stabbing, shooting, or poisoning; injury to personal liberty, as seizing or kidnapping; injury to personal character, as slander, or libelling; and injury to personal purity, as bigamy, adultery, and the like. Crimes against private property, are arson, or setting fire intentionally to dwellings or buildings contiguous to them; and, of like character, setting fire to, or destroying other property; also burglary, or house-breaking by night; and, analogous to it, other house-breaking; also robbery, or forcibly taking away property; and larceny, or stealing; together with forgery, counterfeiting, fraudulent conveyances, swindling, and the like.

Of the particular punishments, which, for these and other offences, vary in the different states, we have not sufficient room to speak particularly. The punishments generally in use, are capital punishment, or the infliction of death, usually by hanging; next imprisonment, either in penitentiaries, which are state prisons, or in jails, which are county prisons; and lastly, fines or amercements, exacting the payment of money to the state, the informer, or prosecutor; or damages, awarded to the injured party. Corporal punishments, such as whipping, branding, and cropping, are now seldom inflicted; solitary confinement being generally regarded as the punishment best calculated to reform the offender. On the theory of punishments we have already briefly spoken, under the head of Political Philosophy. (p. 103.)

§4. The Laws of Procedure, include the latter parts of Blackstone's Books on Private and Public Wrongs; relating to the mode of redressing injuries, or of punishing crimes. Proceedings in Courts of Justice, are styled either civil or criminal, according as they relate to the former or the latter objects. The violation of any legal right, produces an injury or wrong. If it be a dangerous one to society, the public authorities take cognizance of it, as a public crime; otherwise it is regarded as a private wrong, for which the injured party has a civil remedy; whether it relates to his lands, goods, person, or reputation. The redress usually sought, is the recovery, either of some specific article of property, or of damages,

to compensate for some injury sustained. An action or suit, is the whole course of legal proceedings, to obtain redress for a private wrong. The party who commences it, or sues, is called the plaintiff; the other, the defendant. An action of debt, is one for the recovery of a debt; an action of covenant, is for breach of a sealed contract; and one of assumpsit, is for breach of a contract not sealed; these being all termed actions of contract. Among actions of tort, are those of trespass, for violent or forcible injury to person or property; of trover, for the recovery of goods stolen or wrongfully taken; of detinue, or of replevin, for obtaining goods wrongfully withheld; and of ejectment, for recovering possession of real property. An action on the case, or of trespass on the case, is for any injury to the person, property, health, reputation, or comfort of the complaining party, inflicted without actual or constructive force.

The term process, includes all writs and orders, issued by courts to their executive officers, in the course of judicial proceedings. A summons, is a writ, commanding the sheriff or constable to summon the defendant; and a capias, requires him to take the defendant, and bring him into court. In some cases, the defendant is permitted to give bail, or security, in a certain sum of money, for his appearance. A writ of attachment, is one for the seizure of property. The declaration or count, is the plaintiff's statement of the cause of action; to which the defendant may either demur; maintaining that there is no sufficient cause of action, or that it is not brought in legal form; or he may plead in abatement, against the jurisdiction of the court, the identity of the parties, or the like; or finally, he may plead in bar, that is in traverse, denying the allegations of the plaintiff entirely. After this may come the evidence of witnesses; the arguments of counsel; the charge of the judge to the jury; the verdict of the jury; and the judgment of the court; enforced by a writ of execution, unless the cause be removed to a higher court.

CHAPTER V.

POLITICAL ECONOMY.

POLITICAL Economy, is that branch of knowledge which investigates the nature, sources, and proper uses of national wealth. The name is from the Greek, ons, a state; and oixovoμia, housekeeping: this latter term being derived from the words ocxos, a house; and voμos, law. In many respects, Political Economy may be said to bear the same relation to a state, which Domestic Economy does to a single family for, although professedly relating to the wealth of nations, it indirectly examines many points of comfort and well-being, which are connected with the acquisition, and expenditure of wealth. connection with legislation and government, and its subserviency thereto, will at once be perceived from its definition; while the merchant, and even the moralist may derive important lessons from a knowledge of its facts and principles.

Its

The first regular system of Political Economy, appears to have been that adopted by Colbert, under Louis XIV., and promulgated in the French Tariff of 1664. It has since been called the Mercantile System; as it maintained that the chief source of wealth is foreign trade; the value of which it supposed to be measured by the balance of trade, or excess of exports over imports: this balance being usually made up in specie. The doctrine thus promulgated has also been termed Colbertism; from the name of its author. This theory was followed by the Agricultural (or Physiocratic) System of Quesnay; who published, in 1758, his Tableau Economique," maintaining that the earth is the only source of wealth; and that all taxes should be levied on land, or its produce. Adam Smith, in his celebrated treatise on the "Wealth of Nations," published in 1776, maintained that all wealth consists of material products, deriving their value solely from the labor bestowed upon them; while mental labor and acquisition he overlooked, as unproductive. His system was introduced into France by J. B. Say; the first edition of whose work, printed in 1802, was suppressed by the order of Bonaparte. Say was the first writer who recognised the existence of mental wealth, consisting of acquired skill, or learning; but of this, his system made no practical application. That such wealth really constitutes capital, as much so as land or buildings, and like them, is productive of more wealth, was first proved and incorporated in this science, we believe, by our countryman, Prof. Vethake.

In 1817, Ricardo published his "Principles of Political Economy and Taxation," in which he differed from Adam Smith, in maintaining that a rise of wages occasions a fall of profits, and hence may take place without causing a rise in prices; as also, that prices of products do not depend upon rent; and that as population increases, profits decrease, because inferior land must then be cultivated. Rev. T. R. Malthus has written extensively on Population; the increase of which he considers as limited by the means of subsistence, referring particularly to food. Prof. Vethake, in his recent, able treatise on this science, has shown, we think conclusively, that this increase is limited, not by the means of subsistence only, but by the means of support, or the amount of necessaries and luxuries actually possessed, in comparison with the amount desired. We proceed to treat of Political Economy under the heads of Production, Distribution, Exchanges, and Consumption, of Wealth.

§ 1. The Production of Wealth, is generally the result of labor; that is of effort or exertion, physical or mental, directed to this object. Wealth or property, is that which can be appropriated by an individual or society, and made to have an exchangeable value. Wealth always possesses utility, technically speaking; but there are objects which possess utility, without constituting wealth; as air and light. The term utility, it will be seen, is here applied to many things, which being in demand among men, have an exchangeable value; although they may, like ardent spirits, be really injurious to the best interests of society. This principle is distinctly recognised by the political economist; who terms such articles useful, only because they will command useful articles in exchange. By national

wealth, is meant the whole wealth of a nation, whether in the hands of individuals or of the government; and hence a general increase of private wealth is an increase of national.

The objects, or purposes, of labor, are either agricultural, to obtain the raw materials or produce; or manufacturing, to prepare these materials for use; or commercial, to transport them to the places where they are wanted. Thus, the farmer, miner and fisherman; the manufacturer and mechanic; and the merchant and navigator reciprocally aid each other. Capital, is wealth saved, and applied to produce more wealth, hence said to be reproductive. Fixed capital, is that which is comparatively durable; as houses, mills and the like; while circulating capital, is relatively transient or perishable, as wages, provisions, and materials. Writers have seen fit to distinguish between capital, which is the produce of labor, and what may be termed rental, which is the produce of nature, simply appropriated by individuals; as land or mill seats. Thus labor produces wages; capital produces interest; and rental produces true rent, meaning that which is received for the use of land, independently of its improvements. The excess of produce over the wages, interest, and true rent, is the reward of the skill, which is intellectual capital, and of the mental labor of the producer.

The production of wealth is generally increased by the subdivision of labor; assigning to each individual that work which from skill or habit he can best perform, and to each region or country its most available produce. The amount of production is also increased by means of inventions and improvements in the arts; which the subdivision of labor tends greatly to multiply. Monopolies or exclusive privileges, should be granted only as a reward for such improvements; as in the case of patents, and copyrights, which serve as stimulants to mental labor and ingenuity. Regulating and prohibitory duties, or Tariffs, tend to restrain commercial enterprise, and to elevate the prices of the protected articles. Hence they are justifiable only on a limited scale, and for some great national object. In general, the production of wealth will be the greatest, where each person is left free to choose any lawful pursuit; and permitted to enjoy the full fruit of his labors.

§ 2. The Distribution of Wealth, is necessarily regulated by the relations of the demand and supply of commodities; which are always tending to a standard or medium, for each article and place. This principle alone decides how much the rentalist, who rented the land, the capitalist, who loaned the requisite money, and the laborer, who aided in their application, shall respectively receive from the producer. Capital and rental, being absolutely necessary, for many productions, in order to render labor available, become marketable objects, which are to be returned good, and with a price paid for their use. And as the relative quantities of labor, capital, and rental, in any country, or in the world, can vary but slowly, their real value is comparatively constant; though their nominal value fluctuates with that of money. Rent is said to have no influence upon the price of commodities; it being the effect of a rise of prices, but not the cause. The natural price of raw produce, is the cost of its production from

land which pays no rent. As the demand increases, and new land is cultivated, the increased cost of produce therefrom, causes a rise of the rent on lands previously cultivated. Capital loaned to individuals, sometimes commands a high rate of interest, including a premium paid for the risk of its loss. It is generally first applied to produce such objects as are in permanent demand; and more cautiously to objects of fluctuating value; especially if in such cases it would be transferred with difficulty.

As countries advance in wealth and technical skill, the value of rent generally increases; while that of interest and wages comparatively declines. Wages must vary, not only with the amount of labor, and the demand for it, but with its nature, as being more or less productive, pleasant, or honorable. It is clear that the physician, who cures the farmer's illness; the clergyman, who labors for his eternal welfare; the lawyer, who pleads his cause; the judge, who sustains his rights; and the soldier, who defends them; should all share in his earnings, as well as his landlord and merchant; each in proportion to his services, as custom and agreement may decide: nor should the government interfere, unless appealed to by some aggrieved party. Usury laws, or those restricting the rate of interest, are of doubtful policy, and, we think, should apply only in cases where no special agreement was made between the parties. No government has a right to take, by taxation or otherwise, any more for itself, than is necessary for its adequate support, and for its legitimate objects. Among these, we would include such public improvements as cannot be effected by individual efforts; or by corporations duly restricted in their powers and profits, and under reasonable legislative control.

§3. Exchanges of Wealth, including its transportation to places where it is wanted, may increase its actual value, though not its quantity. The exchangeable value of any commodity depends not only on its intrinsic value, including durability, but on the supply and demand for it, in comparison with other articles. The natural price, or real value, is the actual cost of producing and transporting it; but the market price, or nominal value, depends also upon the relative value of money. When the relative value of money varies, the market prices of all other articles, so far as they are affected thereby, rise or fall alike, unless it be that articles of luxury fluctuate the most.

Money, is that commodity which is most frequently exchanged for every other; that is, the medium of exchanges. Gold and silver, from their durability, rarity, and convenience, have become the standard money of the world. They are coined, to save the necessity of frequently weighing and assaying them; the government stamp attesting their quantity and purity; and hence slightly increasing their value. Bank notes derive their value from their convertibility into coin; and hence they are at par, only so long as they are payable in specie, on demand, at the counter of the bank which owes them; otherwise they are depreciated, however solvent the bank may eventually be found. The value of money fluctuates with its quantity. Were half the money in the world to be annihilated, the remainder would be nearly doubled in value; and the nominal prices of all other commodities would rise in nearly the same proportion. It will be