Miscellany: Notes On Political Economy: Right Of Property

We have seen tliat the división of property lays at the foundation of all accumulatinn of wealth, and indeed, of all progress in civilization. But the división of property would be of no avnil unless the right of property were er.jorced. No one will labor unless he can be prolecteá in the undisturbed possession of what he hasacquired. The right of property may be violated by individuáis, or by society. Individunis moy viólate it by cheating, stealing, robbery, and violalion of contracts. Just in proportion as these crimes prevail, production longuishes, and the richestsoil will scarccly support a few impoverished inhabitants. It is important, then, that individual vio!ationofthe risrht of property shuuld bc preven'.od. The means of prevent ing1 it aretwo: the inculcation of moral and religious principies, and the strict execution of Jaws. Moral restraints are the most efFectual, inasmuch as thny tend to eradicate those disDositions of mind from which all violation proceeds. Phey are also cheaper, inasmnch as they aim t prevention.whichis always more economical 'han cure. Moral restraints are alsory, niasmuch as good laws will never be enacted, or, if enacted, wili not be obeyed, only so far as the moral sentiment of the community sustains them. The feeüng of -perfect tranquility and securüy, which a high social moraüty diffuses through o community, is one of the strongest sUmulants of industry. But as all men are not influenced by mora' and reügious principie, it is necessary that aggressions upon the right of property should be preventcd or redressed by a et riet executiop of wholesome and equitable laws. "jThe interest of man require that law should be inviriably executed, and tssupremacy inviolably maintaincd. If we compare those countries where mor al restraints upon violation of property ore most powerfully incnlcated, and where uniform and equitable laws are mosl rigorously executed, with those wiere no moral principie exists; and where the laws are neithei uriform nor strictly executed, we shall perceive thegreat importance of these restraints. Compare the wealth, enterprise, and civilization of England. aml of Protestant Europe, witli the poverty, ipnorance, and sluggishness that prevail throughout the Mahometan world. This imiuense diiference is attributable chiefly to g-ootl laws, and the benign influence of the moral precepts of Christianity. But the right of property may also be violated by society. It sometimes happens that jovernment, which is the agent of society, becomes a plnnderer of the property of individuáis. This is done where the government ;eizes on the property of individuáis byarbiirary act, as was formerly done by all the Tovernments of Europe. It is also done by mju5t legislation;that is.tlie when property of l part or of the whole of the people is subjectd to oppressive taxation. This is by far the nost fatal ageney that can be brought to hearuguiuaiiuc i-iiuuucimujess oí a peopje. When the government, which was instituted for their security, becomes their robber and oppresor, to wliom can they look for protection? Public injustice is always the precursor of private violence. Where public oppression continúes for a ons time, the people sink into despondence and innctivity, or else they rush into the horrors of revolntion and civil war. Henee weseethe importance of a constitution Which puarantees to the individua) immunity from public as well as private violence. Whenever ,his immunity s wanting-, the progress of a nation in wealth will br slow. But it is obvious tliat a free constmition is nf no va!ue,unlessthe moral and intellectual character of a people be sufficiently elevated lo avail itself of the advantages it offers. It is merdy an instrument of good, which will nccomplish nothing, unless there exist a moral dispoïition to use it aright. But in order that productiveness may be ftimulated to the greatest degree, it is nccessary thit every man be permitted to do what he will with his capital or industry, so long as he does not injure others. By allowmg every man to employ himself os hepleae?, hewill wrok more willingly, and in general will choose thatrmployment for which he is best adopted. Every man is more interested in his own success that other persons can be, and will, therefore, invest his capital and indtistry more judiciously than olhers wonld do for hiiñ. Thus the wliole capital and industty of a country will be the most profitably invested, by leavingeach individual to make his own arrangemenls. It may be said, however, that men; if left to themselvcs: will be liable to invest capital unwisely. Granied. AJan is liable to error. - Will he who reaps the benefit of euccess, and 6iiffers the evils ot failure, be less likely to judge correclly, than he who has no suchtereFt? Legislatore, wlio generally assum thelabor ofdirectinghow men shall emploj Uieir capital and ndusiry, are not only uo better qualified, than the operators themseiveb; but in many respects they are less competent to judge nghlly. They are often mislead by party zeal, by politie 1 intrigue, and by sectional prejudices. Addtothis that they are offen exceedingly ignorant, unprincipled and careless. It may safely be assumed, thnt legislatore, in their altempts to direct the manner in which laboror cupitul ehould be employed,injure more than they benefit. MONOPOLIES. If these principies be correct, we see the 'mpolicy of monopolies. Jl monopoly is an exclusive right granted to a man, or to a com" oany of men, to employ their labor or capital 'n some particular manner. Such was the exclusive right granted to the East India cornlany to import into Great Britian, the productions of all countries east of the cape of Good Hope. This exclusión prevented all other persons from investing their capital in his manner; thus diminishing the means of the consumer, and enhancing the price lie must pay for East India producís at the mere will of he importers. In many countries of Europe, artisans were ormerly prohibited t!:e exercise of more than ne trade: nor could they work at that unirás hey had served a previous apprenticeship; nor nless theyjoined a particular trade society, nd bound themselves to comply with certain estricrions; as for instance, to sél} at particlar prices, or pay so much wages. The retilt of this is most disastrous By these meansa largo amonnt of avoilnble industry is kept out of employmenf, and production is diminished. The tyramiy of Trades Unions, though emanating from the people instead of the ov ernment, produces the same eSècts. Production is also discouraged by any legislation which obliges people to change theír employments. Thus heavy taxation of agriculture diminishes its profítF, and drives men into commerce and manufactures; nnd the reverse of this is equally true. All such legisInlion ís injurious. Henee sumpluary lawF, or those which limit expense n dress or equipage, are injurious. These were formerly comraon in Europe, and in Rome. Men work for the pleasure tht expect to have in spending their money; and while they do it without injury to others, society has no right to interfere; nor can they do it, without taking away oDe of the strongost incitements to indtistry.