PREFACE.

THIS work forms a third and revised edition of the author's "Social Science and National Economy," published in 1875, and in a revised edition in the following year. The author retains his preference for the earlier title, but the general use of the term Political Economy to designate this science renders it desirable to make this change.

The author of this book has had a twofold purpose in its preparation, first, to furnish a readable discussion of the subject for the use of those who wish to get some knowledge of it, but have neither the time nor the inclination to study elaborate or voluminous works; secondly, and more especially, to provide a text-book for those teachers-in colleges and elsewhere who approve of our national policy as in the main the right one, and who wish to teach the principles on which it rests and the facts by which it is justified. Of course the book is not exactly what it would have been had either of these purposes been kept singly in view. Some explanations are given, which are here only because this is meant to be a textbook; there are discussions of a political kind, for instance, in the second chapter, whose presence is necessitated by the fact that no specific instruction in political philosophy is ordinarily given in our college courses, and the teacher of

National Economy cannot always assume that his classes are already familiar with the conception of the state in its full significance. On the other hand, in the closing chapters, what the theological controversialists used to call "the present truth" has been stated and defended with a fulness which would ordinarily be needless in a text-book, and it is suggested that in the use of those chapters a selection be made, and the rest omitted. But it is believed that nothing has been inserted, and it is hoped that nothing has been omitted, whose insertion or omission will interfere with either purpose of the book.

The form of the book is entirely different from the ordinary arrangement under the three rubrics, "Production, Distribution and Consumption." The method pursued of itself excludes that artificial and symmetrical distribution of its parts, which the author believes-sacrifices life and reality to system. Whatever interest or other merits the book possesses it owes to the method which underlies its construction. In so far as the author has succeeded in being faithful to that method, he must have succeeded also in showing that this science is not one that is "up in the clouds," but one that touches on human life and the world's history at all points.

The author has had access to the library of the late Stephen Colwell, Esq., now in possession of the University, and only regrets that he has not been able to use its treasures more freely. It contains some eight thousand books and pamphlets, whose collection occupied Mr. Colwell's leisure till his death in 1869, and it embraces nearly every important book, periodical or pamphlet on the subject, that had appeared in the English, French or Italian languages, besides a large number in German and Spanish.

Of the books that the author has drawn upon, the writings of Mr. Henry C. Carey hold the first place. Then come those

PREFACE.

of his school-Dr. Wm. Elder, Hon. E. Peshine Smith (especially in chapter III.), Dr. E. Dühring (chapter I.) and Stephen Colwell (chapter VIII.). Free use has also been made of the writings of Sir Henry S. Maine and Rev. E. Mulford (chapter II.), W. R. Greg (chapter IV.), Cliffe Leslie, Maine, and E. Laveleye (chapter V.), W. T. Thornton (chapter VII.), R. H. Patterson (chapter VIII,), J. Noble (chapter IX.), and Edward Young (chapter XII.). Other authorities are specified in the notes appended to various paragraphs.

For the correction of many small and some large errors, and for suggestions which have contributed to whatever completeness of discussion or other merits the book possesses, the author is greatly indebted to the kindness of Cyrus Elder, Esq., of Johnstown, to Joseph Wharton, Esq., and especially to his friend Wharton Barker, Esq., to whose encouragement this book owes its existence.

University of Pennsylvania.