2. Of the effect of regulations, fixing the 3. Of privileged trading companies 4. Of regulations affecting the corn trade XVIII. Of the effect upon national wealth, resulting from 3. Of the accession of value, a commodity receives, by being vested with the cha- ed to, in estimating the sums mention- 8. Of the absence of any fixed ratio of value, 9. Of money as it ought to be - 10. Of copper and brass metal coinage 11. Of the preferable form of coined money 12. Of the party, on whom the loss of coin XXII. Of signs or representatives of money Sect. 1. Of bills of exchange and letters of credit Of the manner, in which revenue is distributed Of what branches of production yield the most libe- ral recompense to production agency VII. Of the revenue of industry: Sect. 1. Of the profits of industry in general 2. Of the profits of the man of science 3. Of the profits of the master-agent or ad- 4. Of the profits of the operative labourer 5. Of the independence accruing to the mo- Of the different kinds of consumption - Of the effect of consumption in general Of the charges of public benevolent insti- Of the charges of public edifices and works 403 IX. Sect. 1. Of the effect of all kinds of taxation in ge- ADVERTISEMENT By the American Editor. No work upon Political Economy has appeared in Europe, since the publication of Dr. Adam Smith's profound and original Inquiry into the nature and causes of the Wealth of Nations, that has attracted more general attention, and received more distinguished marks of approbation from competent judges, than the "Traite D'Economie Politique" of M. Say. The first edition of this treatise was printed in Paris in the year 1803; and, subsequently, it has passed through four large editions, that have received various corrections and improvements from the author. Translations of it have, also, been made into the German, Spanish, Italian, and other languages; and it has been adopted as a text-book in all the universities of the continent of Europe in which this new but essential branch of liberal education is now taught. The two former American editions of the following translation have also been introduced into several of the most respectable of our own seminaries of learning. It is unquestionably the most methodical, comprehensive, and best digested treatise on the elements of Political Economy, that has yet been presented to the world. It contains a clear and systematical view of all the solid and important doctrines of this very extensive and difficult science, unfolded in their proper order and connexion. The reasonings employed by the author in defence of his principles are, with but a few exceptions, logical and accurate, delivered with distinctness and perspicuity, and supported by the fullest and most satisfactory illustrations. By a rigid adherence to the inductive method of investigation, in the prosecution of almost every part of his inquiry, M. Say has effected a nearly complete analysis of the numerous and complicated phenomena of Wealth, and has thus been enabled to lay down and establish, with all the evidence of demonstration, the simple and general laws on which its production, distribution, and consumption depend. The few slight and inconsiderable errors into which the author has fallen in the course of his investigation do not, in the opinion of the editor, impair the general soundness and consistency of his text, although, it is true, they are blemishes that disfigure it. But these are of rare occurrence, and the false conclusions involved in them may be easily detected and refuted, by recurrence to the leading fundamental principles of the work, with which they are manifestly at variance and contradict. The foundation of the science of Political Economy had been laid, and the only successful method of prosecuting our researches in it, pointed out and exemplified, by the illustrious author of the Wealth of Nations; and many of its theoretical doctrines had been developed and explained by various other eminent writers on the same subject, who both preceded and followed him. But, neither the scientific genius and penetrating sagacity of the former, nor the brilliant talents and persevering industry of many of the latter, were sufficient to effect an entire and perfect solution of the most difficult and abstruse problems which form the basis of this important study. Aided, however, by their valuable labours, and the materials they had collected and arranged, and proceeding in the same path, M. Say, with a closeness and minuteness of attention due to its importance, has succeeded in examining, under all their aspects, the particular phenomena which the ground-work of this science presents, and by rejecting and excluding all accidental circumstances has traced up their ultimate laws or principles. Accordingly, the author of this treatise, by pursuing the inductive method of investigation has, in the most strict and philosophical manner, demonstrated the true nature of Value, deduced its origin, and presented a clear and accurate explanation of its theory. His definition of Wealth is, therefore, more precise. and correct than that of any of his predecessors in this inquiry. The operation of human industry, which Dr. Adam Smith, not with the strictest propriety, denominates labour, the important agency of natural powers, the functions of capital, and the relative services of these three instruments, as well as the |