A Letter to the Right Hon. Robert Peel, M.P. for the University of Oxford on the Pernicious Effects of a Variable Standard of Value; Especially as I (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1819 edition. Excerpt: ... really but not apparently connected with it. Thus in all improved machinery, the operation would be retarded if the workmen were continually reflecting on the several principles of its construction, and the connection they have with the ultimate effects produced. There is in fact no motive for such mental exertion, and the end being not only as well but even more expeditiously attained without it, it soon is not only disregarded as useless, but despised as pedantic. Hence it is that practical men are of all others least qualified to judge of new and unforeseen cases. Habit has already with them superseded reflection: they come to the consideration with minds preoccupied: and if besides this their interests are involved, as they always are to a certain degree, in the question, there is hardly any hope of a fair and impartial judgment: for even the propositions of Euclid, says a philosophical writer, would become subjects of controversy, if the passions and interests of mankind were affected by the result. Notwithstanding, however, this prejudice in favour of practical opinions as opposed to theory, I will venture to premise a few of the established positions, however trite, on which the subsequent reasoning is founded. The great importance of a permanent standard, as the instrument of commerce, as a common measure, by which the value of all commodities may bo. expressed, no one denies. Certain pro perties in what we call the precious metals seem to have determined all mankind, from the earliest ages, to adopt them in preference to other things fpr this purpose. Besides their intrinsic value as articles of luxury, they unite the requisites of being portable, divisible, imperishable, distinguishable, in a higher degree than any other...