Principles of the economic philosophy of society, government and industry

Contents

(Figures preceding sub-titles refer to sections of volume.)

PAGE

PREFACE xi

CHAPTER I.— Scope and Method 1

1. Definitions. — 3. Is Political Economy a Science. — 3. Political Economy^lsoan Art. — 4. The Deductive, a priori, or Metaphysical Method. — 5. Decline of the Metaphysical and Rise of the Historical Method. — 6 Carey's Corrective Influence. — 7. The Historical Method is Not a History of Opinion Merely.— 8. Limitations on the Historical Method. — 9. Relation of Economics to Ethics. — 10. The Scientific Method. — 11. — The Philosophy of Statistics. —

13. The Result of Statistics.— 13. Utility of Statistics.—

14. Regularity of Phenomena Shown by Statistics. — 15. Statistics Taken with a Bias. — 16. The American Impulse toward Economic Progress. — 17. The United States as an Economic Instructor.

CHAPTER IL— Wealth 41

18. Wealth and Poverty — Social. — 19. Savage Life — Social Poverty. — 30. Ownership by the Tribe — Barbarism. — 31. Tribal Ownership Depends on Occupancy and Use. — 33. Tribal Precedes State Ownership. — 23. Charitable and Religious Communism. — 34. Relative Inducement to Effort under Both Systems. — 35. Wealth Dependent on Exchange — How Far. — 26. Private or Individual (Including Corporate) Wealth. — 37. The Commonwealth. — 38. The Family and Its Wealth. — 39. Social and Spiritual Wealth.— 80. The Wealth of Nations.— 31. The Evanescence of Wealth. — 33. Can Poverty be Abolished ?

CHAPTER III.— Values and Prices 79

33. What is Value ?— 34. Fallacy of Resting Value on Labor. —35. Whence Comes Value ?— The Consumer.— 36. The Consumer's Place in Industrv. — 37. Karl Marx's Theory of Value.— 38. Why Men Exchange.— 39. The Theory of Value. — 40. Markets are the Index of Values. — 41. Freedom in Establishing Prices. — 42. Cornering the Market. — 43. How Prices are Made. — 44. Errors Concerning Causes of Prices. — 45. Tooke on Prices. — 46. Prices Rise in Disproportion to Scarcity. — 47. Permanent and Temporary Cheapness. — 48. Relation of Prices to Freedom. — 49. Countries of Low and High Prices.

VI CONTENTS.

CHAPTER IV.— Title and Use 125

50. Title and Labor. — 51. Title Dates from Seizure or Appropriation. — 52. Private Title is Monopoly. — 53. The State - as a Form of Monopoly. — 54. Title the Source of Exchange, and of Division of Labor. — 55. Titles Becoming Private. — 56. The American Land System. — 57. Effect of Free Land on Immigration.- — 58. Wasting the Land. — 59. American Railway System in Its Unproductive Infancy. — • 60. The Era of Consolidation. — 61. Great Land Grants to Railways. — 62. Socialistic Reaction Against Railways. — 63. Objections to Socialistic Theories Concerning Railways.

CHAPTER v.— Profit and Loss 163

64. The Beginnings of Industry. — 65. Capital and Labor to be Partners. — 66. Organization of Labor by Force. — 67. Adam Smith on Wages. — 68. Equivalence of Exchange in the Wages Contract. — 69. Instances of Equality of Division. — 70. Productive Industry is a Form of Social Government. — 71. Do the Indispensable Means of Labor Earn a Share of the Product ? — 72. Does the Risk of Loss Give Valid Title to the Profit ? — 73. Loss as well as Profit an Economic Force. — 74. The Rate of Profit.

CHAPTER VI.— Capital 196

75. Definitions. — 76. Distribution of Wealth Precedes and Causes Production. — 77. Is Economic Distribution Just ? — 78. Dispersion of Capital is a Mode of Destroying It. — 79. How Distribution of Wealth Attends its Accumulation and Getting Rich is Doing Good. — 80. The Greater the Accumulation of Reproductive Wealth, the More Equal the Diffusion of Enjoyable Wealth. — 81. Capital as a Laborer.— 82. Forms of Capital. — 83. Capital as an Emancipator. — 84. Re-distribution of Ill-used Wealth. — 85. Distribution by Luxury. — 86. Its Humanity Arraigned. — 87. Society's Gain by Economy. — 88. Society's Gain by Large Accumulations. — 89. Large Capitals Lessen Consumption. — 90. Effects of Large Capitals on Rates of Wages. — 91. Constancy of Returns. — 92. What Makes High Profits'?— 93. Malthus' So called Law.— 94. Fewer Producers — Less Production. — 95. Wages are Also Capital.

CHAPTER VII.— Land 237

96. Values of Land.— 97. True Cause of Rent.— 98. Rent and Transportation. — 99. Rent as a Balance to Transportation. — 100. Rent as a Dispersive Force on Population. — 101. -" Exhaustion of Soils. — 102. Values of Laud Due to the Consumers of Land Products. — 103. Machinery in Farming. — 104. Effects of ReleasingLabor by Machinery. — 105. Tenant Farms and Large Holdings in America. — 106. Large and Small Land Holdings in England. — 107. Land in Ireland. — 108. Evolution of Cultivated Plants as Sources of Food.

CONTENTS. vii

CHAPTER VIII.— Labor 281

109. Deliuitiou of Laboi-. — 110. Work Differs from Labor. — 111. All Labor Can Not be Agreeable. — 113. Labor Less Broad than Production.— 113. The "Wage Fund"*. Doctrine. — 114. The Rate of Wages and Margin of Profits. — 115. Is Population a Check on Wages? '—116. Countries of High and Low Wages.— 117. Labor-Saving Machines. — 118. Labor Combinations. — 119. Arbitration and Labor Courts. — 120. Labor Agitations for a Social Revolution. — 121. Causes which Compel Men to Work for Wages— 122. The Organization of Labor in Industry. — 123. The Terms of Partnership, Labor, and Capital.— 124. Effect of Importation of Competing Products on the Wages of Labor. — 125. Effect of Military Protection to Foreign Trade on Home Wages. — 126. Diversity of Industries Essential to High Wages. — 127. Exclusion of Immigration as a Measure ' to Promote Wages. — 128. The Barter of Domestic Labor for Domestic Labor Promotes Domestic Wages. — 129. Wages of Social Labor. — 130. Wages of Women.

CHAPTER IX.— Money 329

131. What is Money?— 132. Originof Money.— 133. The Form of Money. — 134. The Substance of Coins. — 135. Changes in British Coinage.— 136. The Standard.— 137. The Ratio between the Money Metals. — 138. Exchangeable Credit as Quasi Money. — 139. Bills of Exchange and Notes. — 140. Money of Account. — 141. Bank Deposits and Checks. — 142. Bank Notes. — 143. Government Notes and Debts. — 144. The Volume of Credit.— 145. Relative Cost and Economy of Coin and Credit — Fiat Money. — 146. Variations in the Volume of Money. — 147. The Single and Double Standard. — 148. Rate of Production of Gold and Silver.

CHAPTER X.— Crises 370

149. Crises Defined. — 150. Crises Produced by Excessive Importation of Competing Products. — 151. "Competing Iraports Again the Cause. — 152. Exhaustion of Capital. — 153. Great Wars Seldom, if Ever, Produce, but Often Avert or Remedy Crises. — 154. The American Crisis of 1837. — 155. Crisis of 1857.— 156. The Crisis of 1866.-157. The Crisis of 1873-9.-158. The Balance of Trade.— 159. Doctrine of the Balance of Trade. — 160. Are Crises Useful or Penal?

CHAPTER XL— The State 398

161. Government Is Natxu-al. — 162. Interest Organizes Industry. — 163. The Motive Force in Industry. — 164. Forms of Government Dependent on the Evolution of Occupations. — 165. Governments Classified. — 166. Parliamentary and Representative States, — 167. Diversity of Form in Republics. — 168. Diversity of Functions and Qbjects. — 169. Local Govern ment. — 170. The State as Related to Indu.stry. — 171. Coercion and Attraction in the State. — 172. Government by Force.— Voting by Males. — 173. Armies and Their Cost. — 174. Crime and Its Punishment. — 175. Social Crimes and lusauilies. — 176. The Recent Growth of Debt.

viii CONTENTS.

CHAPTER XII.— Taxation 452

177. Origin of Taxes.— 178. Stondards of Equal Taxation.- 179. An Ideal Theory of Taxation.— 180. The Search for the Incidence of Taxation, and of Specific Taxes. — 181. The Practice of Modern Governments in Taxation. — The United States. — 182. Taxation in Great Britain. — Local. — 183. General Taxation in Great Britain. — 184. India. — Taxation by Profits of Enforced Foreign Trade. — 185. Taxation by Profits of Enforced Trade.— Turlsey.— 186. Taxation by Profits of Enforced Trade. — Ireland.

CHAPTER XIII.— Taxation Continued 496

187. France. — Conditions. — 188. France. — Revenues. — 189. France, as Discussed by Smith. — 190. Taxation as a Cause of Production. — Beet Sugar. — 191. The Sophisms of Bastiat. — 192. Hodern Germany. — Protective Taxation a Source of National Unity. — 193. Germany's Present System of Taxation. — 194. Revenue System of Russia. — 195. English Colonies. — 196. China and Japan.

CHAPTER XIV.— The Free Trade Criticism 555

197. Methods of Argument Concerning Protection and So-called Free Trade. — 198. Sidgwick on Protection to Native Industiy. — 199. Moffat on Protection in Growing Coun- • tries. —200. Devas on Protection. — 301. Prof. Perry's Free-Trade Methods. — Does or Does Not Free Trade Employ Foreign Labor? — 202. Why Canadians May Not Have Free Trade with Vermont. — 203. The Profit Argument. — Protection Profits a Nation or Nations Would Not Protect. — 204. Cost of Labor in America and Europe. — 205. Making Taxes Productive. — 206. Collecting Taxes from Foreign Producers. — 207. Whether the Duty Raises the Price on the Whole Domestic Product. — 208. Getting Cutlery by Making Buttons. — 209. Must a Nation Import Commodities in order to Export Them, or Buy Them in order to Sell Them?— 210. The Theory of Barter Does Not Aid the Free-Trade Criticism. — 211. Private, Special, and Public Interests.— 212. Protection Universal.

CHAPTER XV.— Economy op Protection 609

213. How a Tariff May Protect Producers.— 214. When Duties on Imports Protect from Taxation.— 215. When Protection Promotes Production. — 216. Protection Promotes Wages. —217. Protection Promotes National Unity and Peace.

CONTENTS. IX

CHAPTER XVI. — State Action in Relation to Special Industries , 631

218. Silk. — 219. Decline of Silk Manufacture in England. — 230. Evolution of Glass Manufacture. — 221. Evolution of Iron and Steel Manufacture. — 222. Rivalry between Great Britain and America. — 223. American Ship-Building, Coasting and Ocean Vessels and Carrying Trade. — 224. Evolution of Manufactures in Canada. — 225. The Sheep and Wool.— 226. Wool a Finished Product.— 227. Rate of Consumption of Wool. — 228. The Protection of Wool and Woolens in Europe. — 229. Wool Culture in America. — 230. Woolen Industry of England.— 231. The Cost of Protection to the Woolen Manufacture. — 232. Cotton, Antiquity and Modern Growth of the Industry.— 233. The Cotton-Gh-owing Industry of the United States. — 234. Cotton as a Power in Politics. — 235. The Cotton Famine of 1860-5. — 236. Destruction of Quinine Manufacture in the United States.— 237. The Salt Industry as Related to the Tariff.— 238. Leather, Boots and Shoes.— 239. Industries Must be Unprofitable as well as Desirable to Merit State Action. — 240. Private and Public Purposes. — 241. Post Hoc, Ergo Propter Hoc.

GEKERAL INDEX 709

Preface

Students of Political Economy are more often the old than the young; and more largely those who have already given much time and thought to its mastery, than those to whom the effort is new. I am satisfied that what both classes desire is an extended but convenient repository of accessible facts, avoiding dogma and abstraction, but allowing human experience and history to convey their own lesson. In the work of teaching Political Economy to young men, I found their perceptions generally keener than their text-books were adapted to satisfy. Still more, in. responding to the innumerable inquiries made of an economic daily joui-nalist, I have discovered that the people could not find in the books of current discussion of economic theories any answers whatever to the practical questions on which they sought light. Or if the questions were answered it was easy to perceive that the answer in many cases was false, partial, or obscure. Instead of the book being above the student or the inquiring public, it was either below, or irrelevant to both. I have therefore assumed in prepai'ing this book that society contains no fact or feature which its reader will not fully comprehend if the story be told clearly and simply. I have tried to do only this. I trust my work may prove acceptable to the students of Political Economy in this and other lands, in the degree in which it fairly reflects the opinions of statesmen, the wisdom of nations, the views of practical men and men of affairs — for these get nearest to the truth of things.

The fundamental view of economics which may be said to inspire and give structure to the book, is that to be true or useful economic science must be no longer destructive but constructive. It must study to explain how things actually are, before plunging into the question whether they are as they ought to be. In doing this it must make appreciative exposition precede criticism. The history of the battle must first be given before the generals who led in it are court-martialled and shot. Political Economy has thus far been conducted in a way that makes it a xii PREFACE.

body of fault-finding and carping, by men innocent of any connection with government and but slightly acquainte'd with business, as to the effect of that legislation whose responsibilities they have never borne, upon that industiy toward which they maintain a parasitic rather than a controlling relation.

However political economists may seek to dodge it by their definitions, Political Economy is a criticism upon statesmanship, so long as it continues to be any thing. They may say it is a " science of sales " only, and that there is nothing of a political nature about it ; that it has been wrongly named ; that it should be called Catallactics, or Plutology, or the like. But to this the statesmen may reply : "Why, then, do you bore us with it? We have no time to do more than acquaint ourselves with those sciences and arts which have a bearing upon government- You say yours has not. If your science is that of selling and exchanging, go on with your didactical exposition of swapping and trading. It has no more to do with us than a treatise on weaving or spinning. "

In fact the men who define Political Economy as a "science of sales " mean thereby that it is a science which teaches that the right of individuals to make sales is superior to the right of government to afPect in any manner by legislation the nature or quality of the sales they shall make. They show this palpably by filling their volumes and speeches with complaints that government is interfering with sales. Not a line of Perry, Mill, or Sumner is free from this complaint. Hence their definition of Political Economy is annulled by the quality of the thing they put forth as being Political Economy. That is a critique on the relation of government to sales. If it were scientific in its quality, it would not be a science of sales, but a science of the relations which government sustains to sales. This restores the name "Political " to their " Economy." This restoration they can not escape except by letting government entirely alone. When the teachers of the " sales " school begin by saying " it is none of our business as economists whether the governmeut interferes with trade or industry or not ; our sole duty is to teach the principles, on which trade and industry will proceed after government shall have adopted such interferences as it thinks proper, and the methods by which the industrial mass will adapt itself to the action of the government"; then, and not till then, will they have the right to reduce the terms of theii- definition to those of a science of sales only, with which government has nothing to do.

PREFACE. xiii

The true logic of Laissez Faire will only be reached when that Political Economy, which consists in teaching that government and sales have nothing to do with each other, shall manifest at least its sincerity, by conceding in advance that the expounders of sales have no opinion whatever concerning the functions of government. But. so long as, under pretence of teaching a science of sales only, they in fact purport to convert their teaching into a complaint against all action of government that, interferes with sales, lessening them in one direction and promoting them in anotlier, they ai'e bound to begin by an exposition of government itself; for perad venture the right of the individual to sell may by jiossibility be subordinate, as a fact in social science, to the right of governments to regulate sales. It may even appear that much of the economic value of the individual's right to sell may depend on the fidelity with which government sliall govern his sales.

But supposing the contrary to be true, the sales school can not teach it to be so without teaching the functions of government, and the instant they do this they cease to be a " sales" school. Political Economy passes from a science of sales into a science of the relation between government and sales.

Apprehending that Political Economy must needs teach the functions of government concerning industry it next follows that the economist must no longer be a member of a mere sect of antigovernment critics. Political Economy can not attain its true dignity, as a scientific expositor of the relations of government to industry, so long as the statesmen of the world monopolize the ability to see things as they are, and to do things in a way that is practicable, while the economists indulge in the mere imaginative occupatiofii of theorizing in the subjunctive mood as to how they might, could, would, or should be. It is time that the economists of every country had ceased to be a sect antagonizing the statesmen ; especially is it time that the economists of America, France, and Germaay had ceased, in antagonizing the statesmen of their own country, to fall into a species of disloyal alliance with the statesmen of countries whose economic interests may not be in harmony, in certain important and vital respects, with their own.

A second fundamental idea of this book is tliat nations are collective persons, having each its individuality and its career to pursue, in a certain logical continuity with those antecedents which have brought it where it is, and hence that any given economic expedient, to be understood, must be studied in the

XIV PREFACE.

light of the antecedent career of the nation adopting it. An import duty of $1.25 per pound, or say 1200 percent., on cigars, or an enactment prohibiting the domestic cultivation of tobacco — both of which exist in England, and are deemed wise, by wise men — would not even address themselves to the discretion of an American for calm consideration. The duty would here be too preposterous to be pi'oposed, and the enactment could not be passed at all by virtue of any power with which our national government is clothed by the written constitution. It is as impossible of adoption in America as Herod's decree for the slaughter of the Innocents would be of imitation by one of our Collectors of Internal Revenue. Hence to assume that in a college class room the enactment of a duty of 5s. sterling on cigars, or the prohibition of the cultivation of tobacco, can be discussed on the cosmopolitan plane, without recognizing nations as distinct integral persons, having each its career determined largely by its peculiar antecedents, is to incapacitate ourselves wholly for the intelligent apprehension of the subject. The revenue legislation of England is no better adapted to any such cosmopolitan tests than that of any other country. Its tobacco taxes, its exemption of land and capital from direct taxation, its policy of aggression among the barbarian races in behalf of its manufactures and its export trade, are all as impossible in our national economy as its conquest of India, its nobility, or its church establishment. Hence, to take a simple act of legislation concerning one point, a duty on avooI for instance, and discuss it as if were the same thing in one country as in another, is not to discuss it at all. Countries must be studied like careers, as continuous and consecutive wholes, and to this end a little must be known of the organization and structure of each before we seek to pass upon its conduct. If it have fins it will not climb. If it have claws it may not swim. It will obey the inner law of its constitution, be its career long or brief.

Hence, in this work, the prominence given in the chapter on the State to the quality and, so far as might be, the true inwardness of political institutions, is in harmony with the first fundamental view above taken, that Political Economy is an exposition of the economic aspects of statesmanship. But a state is a mechanism, and no two mechanisms are alike. Each engineer masters only his own engine. The others would explode under him. I have endeavored to lay bare chiefly and fairly, in discussing the workings of the English and American constitutions, those features in both which their own most fair-minded states-

PREFACE. XV

men, either on tlie one hand admire, or on the other deplore. For the people of either country, so long content with using such political machinery as they found themselves provided with to promote their material interests, may at any moment find a hall in their activities, in which to overhaul and seek even to mend their political machinery. Ancestor-worship forms but a small part of the intellectual equipment of the i^eople of either country if they come to believe that they can improve the political mechanism in its actual workings. It has been deemed fitting, therefore, to make clear the unity between the national mechanism, which is after all only tlie embodied people, and the same people when viewed in their industrial aspects as producers and consumers. It is not merely that the Political State and Industrial State are companions on the same road, but the Political State is shown to be the apparel of which the Industrial Life of the people is the wearer.

To some it may seem that certain policies, pursued by the governing powers both in Great Britain and America, are treated with an acerbity that throws the book out of tune with the statesmanship of both countries. In America, the drifting away from the intent of the framers of the Constitution, in respect to the mode of selecting the President, and the increasingly autocratic tendencies of the Presidential oflB.ce, may be deemed to have been so treated. In discussing economic features of the British Empire, the chief points of criticism are the very unequal degree in which the various populations composing it have found it possible to secure the friendly regard of Parliament, and the consequent voluntary abandonment of the farmers to unequal competition with those of other countries, after certain classes of the manufacturers, through four centuries of protection, had ceased to need its further continuance. The judicious reader will discover, and the adverse concede, that among the truer and higher statesmen of the country whose legislative or administrative action may be tlius criticised, some, of note, have preceded me in the utterance substantially of the views here enunciated.

It is believed that the fullness of the indexes and the simplicity of the order and arrangement adopted, combined with its ample pi-esentation, in the text, of the facts essential to guide a judgment on most economic issues, and in tlie notes, of the views of nearly all economists, may make it convenient as a book of reference to that very large number of persons who, if amply supplied with facts, find it not difficult to arrive at their own conclusions.

XVI . PBEFACS.

Political Economy, so far f i-om being a dismal science, is fascinating in all its parts to all who master in any degree the clues to its right apprehension. It is even entertaining in the hands of some, every blow of whose fiugei's upon its strings evolves only discord and misapprehension. In its fairer spirit and fuller apprehension it will become the mediator between all of society's extremes of condition, race, and culture — between the poor and the rich, the virtuous and the criminal, the wise and the unlearned, the governors and the governed, and, among nations, between the monarchical and the republican, the debtor and the creditor, the Christian and the heathen. It reconciles man to himself by acquainting him with himself in others. The proper study of society is society. No other study can be so broad or so enlightening. I do not with Jevons thinls: it can be greatly helped by measuring gains and losses of pleasurable emotion against each other with algebraic signs and symbols. Nor with Mill can I attach profound value to tenuous speculations pervaded by metaphysical subtlety. Nor, with Senior, am I prepared to dispose of conditions of society, past, present, or f utui'e, wherein wealth arises, of kinds that are not exchangeable, and in modes that are not due to competition, nor measurable in coin values, which it becomes perhaps impossible or even criminal to buy or sell, by saying that they are not economic conditions, and that the society in which they arise would not be an economic world. It is sufficient for me that they are, have been, and may long continue to be, a part of actual society, government, and industry, and that they have economic effects. The family, the church, the state, the college, the literary, artistic, and social world are full of priceless values that do not arise by competition, but exclude it ; society is in part organized and held in place by means of these unpurchasable values which it is proud to know are not exchangeable. They create cooperation. They inspire trust. They promote united action. Honor, Law, Patriotism, Fidelity are as much parts of the existing social wealth of the world as profits, money, and exchange. Hence, to limit economic discussion to the consideration of things that can be bought and sold may be to emasculate, disinspire, and destroy it.

Finally Economic Science is a continuing inspiration. It can only be petrified into fixity, after it has lost its living pi'inciple. As an in.spiration it leads, but it can not halt. Its future can not be dwarfed by recognizing its present state as final. It must

PREFACE. xvn

migrate to new fields of instruction as the old lose their interest, by the same law by which its chief factors, profits, and wages avoid the declining rate of compensation in old investments, by themselves passing on to new efforts, new processes, and new places. So Political Economy will find its new I'ate of profit and higher wage in advancing to new forms of thought, new expositions, new fields and themes. Its spirit must keep pace with the march of the industries and the governments. In its present stage of development it is not unlike the early systems of placer mining for gold. The one rule which governed finding it was " where you find it, there it is." In judging of its value the placer system further enriches our language with the proper test. It is " worth what it pans out." The ore in this book is now ready to be submitted to the sieve. The reader will shake the sieve and hold the pan. Interested vitriol throwers v^ill stand around and express a doubt whether the glistening grains are not pyrites. If so, let the acid thrower have free fire at every grain. So many as remain will be the fine gold of commerce and of nations.

Potter Building, New York, May 1, 1888.

PERSONAL INDEX.

[Many facts of economic importance stand associated with the names of actors in prominent events rather than with those of economic teacliers or critici?. Such is the connection of Colbert witli Freiicli manufactures or of Cortez with the increased supply of silver. As the puriiose of an index is to give the reader the clews most liiiely to enab e liim to find what lie is searching for, ic is believed that such an index wiil prove more valuable than the tabulated list of autliors cited, which is also conveniently included in it. It shades outward toward names whose connection with the current of economic history is slight or trivial. But an index of authors cited picks up in like manner many whose contribution to the course of discussion has been slight. The present Index is designed simply to aid the reader in his special search for facts.]

Academy, French (Institute de France), 466

" Academy," London, 490

Achard and beet sugar, 503

Achilles, 334

Adams, Prof. H. C-, on debts, 353, 448-451; on special interests, 603, 653, 654

Agricultural Report, 96, 106, 252 ; of Ohio, 254 ; of the United States, 256

Albert, Prince, 215

Alexander of Macedon, 276, 279, 331

Alison, Sir Archibald, 359

Alton farm, 269

American Encycloptedia, 255

American Association for Advancement of Science, 650

American Iron and Steel Association, Bulletin of, 555 ; on prices of English and American iron and steel goods, 590

American Wool Growers' Association, 669

Annales de Cliimie, 503

Anne, coinage, 342

Aristotle, definition of political economy, 2, 405 ; women owned land, 61 ; on value, 82 ; on title, 131

Archangel Michael, 340

Asiatic Museum in St. Peteisburg,

334 Atchison, Topeka and Santa Fe

Railroad Company, 157 Atkinson, Edward, on profit

sharing. 179, 180 ; decline of

profit, 195 ; on washes, 219, 294 ;

on product, 224, 229 " Atlantic Monthly," 553 Ailesbury, Marquis of, — land of,

270 Augustus, 668

Bacon, Lord, on balance of trade,

393 Baird, H. C, on price, 117 Bakewells and Co., glass, 640 Baltimore and Ohio Railroad

Co., 153 Baring, Sir Evelyn, on India, 66 Bastiat, Frederic, 3 ; definition of political economy, 16 ; definition of wealth, 42; definition of value, 80, 82; on declining returns, 229; on choice between wages and profits, 234; rent, 241, 503; " Sophi.sms " of , reviewed, 506- 514; ' ' Harmonies Economiques," 507 Bnttersley's " Repealer's Manual," 493