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glishman ought to be ashamed to confess himself unacquainted with the work of the immortal Adam Smithy that Newton of the Science of Political Eco nomy the Wealth of Nations-That great man is no longer an Englishman: he is a citizen of the world for he wrote for all nations, and all nations have received his far-civilizing doctrine with rese pect and admiration. od, ni boya

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It is not our present aim to teach the science of Political Economy, but merely to call the attention of our readers to a subject with which they ought to become more or less acquainted jog taif lo alt We cannot for this purpose give them better advice than to read over two or three times the volumes of Adam Smith, This done, they will be able to comprend the whole system, and at once seofthe glaring absurdity of the opposite principles whic'a often make otherwise well informed men advance the most repugnant opinions, which pass unnoticed owing to the almost universal ignorance of all classes on the subject

Some of our readers may by this time bevim patient to ask us what is Political Economy 2 The name does not, we confess, clearly designate the nature of the science. Smith calls it The Wealth of Nations au J. B. Say would have it called « Sot cial Economy. Many discussions have taken place respecting the title which pleases no one, yet it continnes to be called the Science of Political, Economyl yw acogitmete tai tuoit om st

here We will take the liberty of coffering J. Baptist Say's own words on the subject. Political Economy is nothing more than the economy of society. The societies politic which we call nations are livingabo dies, in the aggregate similar to the individual hu man body, they do not exist otherwise than by the action of the different parts of which they are composed, in the same way that the human body exists by the action of its organs.ng wolungat

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The science of the functions of the individual body is called physiology. The science of the func tions of the social body is called Political Economy,

ok Our own homely definition of the term is; a science which affords general rules to discover the most effectual way of promoting the wealth, and prosperity of nations, as a mean to the welfare of mankind in general bootyba Whethaghmom 2004

This science was for a time opposed by the rigid morality of ascetic Christianity but it was soon proved beyond as doubt that wealth obtained by ind dustry, unlike wealth obtained by rapines was the most solid foundation of true christian morality; and we owe to the great Adam Smith the discovery that labor is the great agent of wealth; hence we may safely conclude that what tends to banish idleness from the world promotes true morality, mot berk The object of this Science is to ascertain how wealth is formed, how it is accumulated, and dis tributed, and how it is consumed. It also explains! the most efficacious and advantageous way of for

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ming it, the most convenient way to accumulate and distribue it with reference to the welfare of society in general, and it points out the best rules for its consumption.ɛ (450 Sipho it, ande shining elle - In the second place it embraces the nature of the different modes of taxation, direct, indirect and mixed, and how each method affects the prosperity of nations. It is important to observe that whether labor, capital or revenue shall be taxed is not so indifferent to the welfare of the nation, as not to require the greatest caution in legislating on the subjects idol ni dice 1 pwd letong and he evil

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We will take the opportunity of observing that one of the causes of the preseut depressed state of Portugal, ands of the Wine Country in particular, is the heavy indirect tax on labor Had this truth been more generally understood, Portugal would have been ash prosperous a country as any in Europe, her government would have been possessed of by far asgreater revenue than at present. We will produce annexample to shew the importance of the mode; of taxationijeiudo og do misbojot Lizus Mudİ int Suppose a farmer lasten bushels of corn, with which to sow his fields, and suppose that he is required to pay five bushels from his stock her will have then only fiven to sow Suppose that these five bushels yield him one hundred bushels: bad he sown the (tehi bushelst he would in the same proportion have obtained two hundred bushels, out of which at the end of the year he could have paid double

the amount of, taxes, and still have remained with

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one hundred and ninety instead of one hundred bushels and all 190 2hhing at i sidom

This example shews, though perhaps imperfectly, the vast difference of the influence taxation has on labor, capital or revenue.ni to

-It is at any rate a question of the greats im portance, and ought to be studied and understood by every one who has his own, and his country's! welfare at heart. It is also highly important to ob serve that had the knowledge of Political Economy been more generally diffused both in England and Portugal, their respective governments would not have so long procrastinated a Treaty, to the manifest injury of the commercial interest of both countries. Every man but moderately initiated into thei sound doctrines of Adam 'Smith, at once sees: their error, and precisely where it lies. Had those doctri-l nes been better understood in the English Parliament the Prussian league would never have been formed. We speak of that vast continental plan to banish the Commerce of Britain from Europe; and yet though it is clearly proxed that such a plan exists, and is successfully working to her destruction, En gland continues to pursue the same blind policy with regard to the Peninsula that she has so unhappily pursued towards the rest of Europe. We speak of a subject far better understood, out of England than it is in it, and our object in so strongly recomH mending the perusal of Adam Smith's volumes, isy

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that our readers may by studying them, 'be enabled to see things in their true light, and not through the dark veil of ignorance. Since however that great father of the science wrote, it has advanced considerably, and we recommend those who would study it more deeply to consult J. B. Say, M2 Culloch Ricardo, and other writers of more modern date. her It is to Smith that Political Economy is indebted for the system called**** Industrial. In his work published in 1776 under the title of Enquiry

the nature and causes of the wealth of nations, be brought to light the all important principle of the present system: He discovered that the origin of wealth is labor, and this discovery upset at once the two previous systems which attributed Source of wealth, the one to external commerce, and the other to agriculture. Vi bodd (int pureté

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The origin of wealth which forms the foundation of the science being once discovered, 'the true causes of the production of wealth were, for the first time, explained in a scientific manner.

He domonstrated that all labor or industry whether applied to agriculture, Commerce or manufacturés, produces wealth, that the only way of accumulating it in order to reproduce wealth is by economy, and that the wish incident to man to occupy an honorable station in society renders him economical and induces him to accumulate wealth. He explained also the various means of turning labor to the best account, observing how prodigiously