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CHAPTER XIV.-RESTRAINTS ON MANUFACTURES.-

Taxes on raw materials.-Excise duties.-Factory-bill 353

CHAPTER XV.-RESTRAINTS ON COMMERCE.-Restric-

tions on Exchanges.-Fallacy of the Arguments against

Free Trade. History of the Protecting System.-

Ruinous policy for a Commercial State-Depresses

Industry and discourages Production.-Taxation no

ground for protection-Nor the absence of recipro-

city.-True principle and limits of protection.-Colo-

nial System.-Advantage of Colonial over Foreign

Trade.-Real use of Colonies.-Should be considered

as extensions of cultivable Territory, and the Trade

with them assimilated to the Home Trade.-Coloni-

zation. Corn Laws-In principle unjust and impo-

litic, except to a very limited extent.-Present Sys-

tem. Its removal should be preceded by a removal

of the restraints on Agriculture.-Absenteeism.—

Conclusion

CHAPTER XVI.-RESTRAINTS ON THE INSTRUMENT OF EX-

CHANGE.-Injury of restrictions on the Instrument of

Exchange. Credit always employed as a medium for

circulating values to a far greater extent than Coin.-

Credit should be free to take what form convenience

may dictate. Just limitations of Currency.-The ob-

ject, convenience, security, and stability of Value-

To be obtained either, 1. By complete freedom of

Note issue-2. By a National Bank.-Vices of the

English System.-Bank of England Monopoly.-Va-

riations in Value of the Standard.-Proposed mea-

sure of Variations.-Their injustice and enormous

extent of late years.-Suggestions for improvement

of Monetary System.-Weights and Measures.-

Usury Laws

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PRELIMINARY DISCOURSE.

ON THE COINCIDENCE OF THE RIGHTS, DUTIES, AND INTERESTS OF MAN IN SOCIETY.

CHAPTER I.

Definition of Right—some Rule of Right necessary-Moral and Legal Rules of Right—should coincide with Natural Right-Rights and Duties correlative.

THE axiom, that whatever is is right,' has been said, sung, and upheld in various argument. But though perfectly true in the sense that Providence has, on the whole, ordered all things for the best, it is evidently false if applied to individual actions; as, for example, cruelty, theft, and murder. Providence, in arranging things on the whole for the best,' has left to man the liberty of acting on any occasion in a variety of ways; of all which but one only can be right, or 'for the best.'

In the conduct of man, therefore, and in the circumstances by which he surrounds himself, it seldom happens that what is ought to be, or is right.' Caprice often urges him in one direction, prejudice in another, selfishness in a third, sympathy in a fourth, fear in a fifth, habit in a sixth, while force perhaps supervenes and compels him to move in one totally distinct from all of

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these. Yet in whatever way he may be led to act under the influence of such conflicting motives, there has been all along one, and but one, right course which he ought' to have taken, which alone would have been for the best;' that is, as we interpret it, most for the welfare of mankind.'

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Paley makes abstract or natural right to depend on the will of God, directly revealed, or deduced from His general intentions, as they are evidently displayed in His works. And for those who believe with Paley, as we most firmly do, that God wills the greatest attainable happiness of his sentient creatures, and especially of mankind, the will of God becomes an additional and most powerful sanction of the right' in the sense here assigned to it. But whether it can be proved or not to the satisfaction of every one, by the evidence of natural or revealed religion, that the Creator does will the greatest attainable happiness of mankind in this world, it must remain selfevident to every reasonable mind, and will probably be disputed by none, that whatever course of conduct makes most for the happiness of mankind is, abstractedly, for the best,' or right in man. Abstract right, therefore, or, in other words, natural justice, may be defined as that disposition of the circumstances within his power by man, which is most for the welfare of mankind.'

Throughout all ages and nations there has been more or less of direct reference to the good of mankind, the happiness of society, the public welfare, and similar phrases, as the standard of right and justice. And both the moral rules which have been suggested at various periods by the best and

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