the new science of political economy, some of the earlier cultivators of which we noticed in the last Chapter. The most remarkable work upon this science that had yet appeared was produced in 1691, on occasion of the proposed recoinage of the silver money, by Sir Dudley North, under the title of "Discourses upon Trade, principally directed to the cases of Interest, Coinage, Clipping, and Increase of Money." The immediate object of the work was to oppose the government plan (which was that ultimately adopted) of throwing the loss arising from the clipped money upon the public; and Sir Dudley's brother and biographer, Roger North, hints that means were taken to suppress it:—"it is certain," he says, "the pamphlet is, and hath been ever since, utterly sunk, and a copy not to be had for money."[1] But the author sought to establish his conclusions by the most rigorous and methodical deduction, and his Discourses accordingly presented a statement and elucidation of all the leading principles of commercial and economical science. "He is throughout," says a distinguished modern writer upon these subjects, "the intelligent and consistent advocate of commercial freedom. He is not, like the most eminent of his predecessors, well informed on one subject and erroneous on another. His system is consentaneous in its parts, and complete. He shows that in commercial matters nations have the same interests as individuals, and forcibly exposes the absurdity of supposing that any trade which is advantageous to the merchant can be injurious to the public. His opinions respecting the imposition of a seignorage on the coinage of money, and the expediency of sumptuary laws, then very popular, are equally enlightened."[2] One or two of the general propositions which Sir Dudley lays down will show how perfectly untrammelled he was by the
- ↑ Lives, iii. 172.
- ↑ Principles of Political Economy, by J. R. M'Culloch, Esq., p. 43. Mr. M'Culloch, we believe, was fortunate enough to recover a few years ago the only known copy of the original edition of Sir Dudley North's tract. A small impression has been since privately printed from that copy.
