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HUMAN NATURE.

this place, to attempt to investigate any system of abstract philosophy; our present object is merely to point out how we ought to be guided in the choice of our administrative Economists by a knowledge of the first principles of Political-economy; it may, however, serve to establish a conviction that so much of our legislation as relates to this subject ought to be founded upon a knowledge of the definite principles of human nature, if we briefly illustrate the manner in which the doctrines of physiology, and of psychology, must be applied to determine the first principles of Political-economy.

The consideration of this topic we shall reserve for the next chapter.

rence can only be made to a treatise by the author, entitled Natural Elements of Political Economy, Longman and Co.

HUMAN NATURE.

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CHAP. V.

ABSTRACT PRINCIPLES.

As the functions of matter, on account of which it enters into the relation of Value, may be said to be, generally, mechanical and chemical, so the functions of mind, on account of which it enters into the relation of Value, may be said to be, generally, experience of the past, and anticipation of the future, or a recollection of the past services, and a confidence in the future services of the object. The Political-economist must recognise the elementary fact that, as both matter and mind are essential to the existence of Value, so it is essential that the mind, which entertains this relation of Value, should have some knowledge of the qualities of the object from experience of the past, and also some degree of confidence that they will be found useful in

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MENTAL ELEMENTS.

the future. If the qualities of commodities are not known, as has sometimes been the case with precious stones, works of art, rare manuscripts, they cannot be adequately valued; if no degree of belief is entertained that these qualities will be available hereafter, as in the case of imminent peril by sea or by fire, very little, if any, degree of Value can be attached to them. In dealing, therefore, with changes of Value, the Political-economist has to consider two great classes of phenomena exhibited in the human mind, those which arise from a recollection of the past services, and those which arise from a confidence in the future services of commodities, both interesting to the lover of abstract philosophy, and deeply affecting the happy administration of State-economy.

With respect to confidence in the future, it must be unnecessary to enlarge upon the cases in which this state of mind affects the regard which we bestow on commodities, and the trust which we repose in our fellow-men, from the Value which it gives to a pin, to the

creant which it lends to the merchant or the banker, and to the stability which it imparts to the securities of a country; we all feel that it is the buoyant element on which alike the smallest objects of Value are supported, and the greatest objects of industrial enterprise are carried forward. Whilst in this belief in the future, entertained by the human mind, lies one of the fundamental truths of mental philosophy, every one is aware that the degree in which this belief is entertained, with respect to property, by a nation depends mainly on the conduct of Statesmen, and that by its regulation is determined the steady progress, or the alternate excitement and depression of industry. When we comment on the want of security for property which is felt under the sway of Eastern despots, or on the want of confidence which usually follows the overthrow of dynasties, we all know that it is a contemplated uncertainty of conduct on the part of their political head that occasions this unhappy feeling among the people. When we mourn over

those speculative manias which usually follow the attainment by capital of novel and unexpected methods of employment, or of new facilities for co-operation, and which we can surely foresee will be followed by a corresponding depression of industrial energy, we all feel that a want of knowledge and skill on the part of our political administrations, of depth of learning and firmness of purpose, gives room to these lamentable convulsions, and that financial measures, timely applied, would check undue speculation, whilst undue depression would in consequence be of rare occurrence. What are the effects of the alternate excitement and depression of trade, how its fluctuations influence the lower grades of society, what is their share in commercial revulsions, and what call their condition makes on the attention of abstract philosophy, will be most readily understood by those who are best acquainted with the population of our seats of industry, and who have witnessed, on the one hand, the hours of riotous excess, of exhausted energy, of ne