§ 740. Those offences defined in this chapter whose punishment has not been stated, are punishable by imprisonment in the state prison for a term of years, varying in length according to the aggravation of the crime: excepting the offences enumerated in section 729; some of which may be punished by imprisonment either in the state or county prison, or by fine.

ment in the county jail and by fines? § 740. What punishment is annexed to the crimes herein defined, whose penalties have not been mentioned?

PART FOURTH.

POLITICAL ECONOMY.

CHAPTER I.

Definition of the Term.-Utility of the Science.

§ 741. POLITICAL ECONOMY is the science which treats of the nature and causes of wealth. The word economy is from two Greek words signifying house and law; and means the law of the house, or household. Hence, the economy of a person means the regulation and government of his family, or the concerns of his household. In this sense of the term, a man's economy may be said to be either good or bad. But it is commonly used in a more restricted sense, signify. ing frugality, or a prudent management of household affairs.

§ 742. In speaking of the regulation of the affairs of a state or nation, we use the term public economy, or more frequently political economy. As economy has in view the acquisition of wealth, or property, the term political economy is used to designate the science which teaches the manner in which the prosperity of the members of a body politic is promoted; or how the public wealth is produced, distributed, and consumed.

743. The utility of a knowledge of this science has not hitherto been duly appreciated. Nothing needs to be said to convince any one of the importance of domestic or private economy. All mankind, moved by self-interest, are ever seeking ways and means of increasing their wealth. Hence we see men assiduously pursuing their own private interests,

Exercises.—§ 741. What is political economy? Give the origin and meaning of the word economy. § 742. Why is the word political nere prefixed to economy? § 743. What degree of attention has this

apparently insensible of the connexion of their own prosperity with that of the community, or of its being in any degree attributable to the policy of the government under which they live. They do not seem to be aware that to promote the public welfare is the grand object of civil government.

§744. There are those, however, who admit the utility of the science of political economy to persons charged with the administration of public affairs, who do not regard it as a very essential branch of a common education. In a mon

archy, where the great body of the people have no agency or influence in the administration, a knowledge of this science is doubtless of less importance to them, than in a free government, where all men, whose interests are affected by the operation of the laws, possess, primarily, equal power in the government. Young men, who are now pursuing their, studies in schools, will in a few years be elevated to high public stations; and in a country where the road to public office is open to all classes, an intimate acquaintance with the principles of political economy, must be of the highest importance.

745. In a free government, the people have in their own hands the right of correcting the evils which result from unwise laws. But if they do not understand the cause of their distress, or if they do not agree in tracing the public suffering to its true cause, relief cannot be administered. Moreover, without a knowledge of political economy, a people might ignorantly oppose measures best adapted to promote the public prosperity.

§ 746. The inattention to this science which has so long prevailed, may be attributed, in part, to the common opinion. that its principles are too abstruse to be brought within the comprehension of the great mass of the people, especially of the young. The fact, however, is otherwise. ences are more simple. The youth of fifteen, though he may not be an adept in the science, nor possess the knowledge of an experienced legislator, is nevertheless capable of

Few sci

science received? § 744, 745. Why is a knowledge of political economy more useful in a free, than in an arbitrary government? What would ultimately be the consequence of general ignorance among the people of this country? § 746. What is one of the probable causes of

understanding the general laws and principles which regulate the production and distribution of the wealth of society. These principles, when duly explained, are as readily comprehended as those of mathematics, or of chemistry and natural philosophy.

§747. Writers on political economy have treated of the subject under these four general heads: production of wealth, exchange of wealth, distribution of wealth, and consumption of wealth. This order will be observed in the following treatise as nearly as the nature of the several subjects discussed will admit. Under the first head it will be shown how the industry of a nation may be rendered most produc. tive of wealth; under the second, will appear the necessity of an exchange of the products of labor, and the principles by which this exchange is conducted; under the third it will be seen how the profits of industry are distributed among the various classes of producers; and under the fourth, how property is consumed; in other words, how the value of objects created in production is destroyed.

CHAPTER II.

Production.-Definition of Terms.

§748. WEALTH comprehends those objects which are capable of gratifying the desires of man, and of being exchanged for other things which are necessary to satisfy his wants. These objects are numerous, consisting of land, buildings, grain, metal, cloth, fuel, money, household goods, domestic animals, and all commodities which are essential to the life and comfort of man, and for which other articles of value may be procured in exchange.

inattention to this science? §747. How is this subject usually divided? and what does each of these divisions treat of?

§ 748. What is the definition of wealth? § 749. What is value ?

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§ 749. Value is defined to be that quality in objects which renders them useful to man. A man's wealth is said to be in proportion to the amount of the value of the things which he possesses. But there are things of the highest degree of utility to man, which, however, constitute no portion of his wealth. Such are air, daylight, and water. These have great intrinsic value, or value in use, being indispensable to the existence of mankind; but, being possessed alike by all, no man can procure for them anything in exchange. It is therefore the value in exchange, or exchange. able value of a thing which makes it an item of wealth. Hence it is said, that to create value is to create wealth.

§750. As any object is considered valuable on account of its useful properties, a writer on economy (Say) gives to this fitness or capabilty of a thing to satisfy the wants of mankind, the name of utility. And he says, that to create objects which have any kind of utility, is to create wealth; for the utility of things is the ground work of their value, and their value constitutes wealth; and, hence, to create utility is to produce wealth. This latter definition, however, does not essentially differ from that given in the preceding section. According to either, wealth consists in the value of things.

§751. The questions then naturally arise, whence is wealth derived? and how is value created? The opinion formerly prevailed among economists, that the soil was the source of all wealth. But the more rational doctrine now prevails, which regards LABOR as the agent which produces wealth. The materials of wealth may be said to originate from the bosom of the earth; but it is by the aid of labor that they are made to constitute wealth. And in proportion to the amount of labor bestowed upon any material, is its value augmented, and the wealth of an individual increased.

752. Iron is an article of comparatively small exchangeable value. What value it possesses has been created almost wholly by the labor of changing its form from its rude state in the earth. By the labor of converting it into axes,

What is meant by the terms, intrinsic value and exchangeable value? §750. How is wealth produced? In what does it consist? §751. What is the grand agent which produces wealth? § 752. Show, by