Cyclopædia of Political Science, Political Economy, and the Political History of the United States
By John J. Lalor
NEITHER American nor English literature has hitherto possessed a Cyclopædia of Political Science and Political Economy. The want of a work of reference on these important branches of knowledge has long been felt, especially by lawyers, journalists, members of our state and national legislatures, and the large and intelligent class of capitalists and business men who give serious thought to the political and social questions of the day. The present work, which will be completed in three volumes, is the first to supply that want. It is also the first Political History of the United States in encyclopædic form—the first to which the reader can refer for an account of the important events or facts in our political history, as he would to a dictionary for the precise meaning of a word. The French, the Germans and even the Italians are richer in works of reference on political science and political economy than the Americans or the English. The Germans have Rotteck and Welcker’s
Staatslexikon, and Bluntschli and Brater’s
Staatswörterbuch; the French, Block’s
Dictionnaire Général de la Politique, and the celebrated
Dictionnaire de l’Economie Politique, edited by Guillaumin and Coquelin.The “Cyclopædia of Political Science, Political Economy, and of the Political History of the United States” is intended to be to the American and English reader what the above-named works are to French and German students of political science and political economy. The articles by foreigners in our work are largely translations from the
Dictionnaire de l’Economie Politique, the
Dictionnaire Général de la Politique, the
Staatswörterbuch, and original articles by Mr. T. E. Cliffe Leslie, the eminent English economist; while the American articles are by the best American and Canadian writers on political economy and political science. The task of writing the articles on the political history of the United States was confided to one person, Mr. Alexander Johnston, of Norwalk, Connecticut, thoroughness, conciseness and the absence of repetition and of redundancy being thus secured…. [From the Preface]
First Pub. Date
New York: Maynard, Merrill, and Co.
Originally printed in 3 volumes. Includes articles by Frédéric Bastiat, Gustave de Molinari, Henry George, J. B. Say, Francis A. Walker, and more.
The text of this edition is in the public domain.
- V.1, Entry 1, ABDICATION
- V.1, Entry 2, ABOLITION AND ABOLITIONISTS
- V.1, Entry 3, ABSENTEEISM
- V.1, Entry 4, ABSOLUTE POWER
- V.1, Entry 5, ABSOLUTISM
- V.1, Entry 6, ABSTENTION
- V.1, Entry 7, ABUSES IN POLITICS
- V.1, Entry 8, ABYSSINIA
- V.1, Entry 9, ACADEMIES
- V.1, Entry 10, ACADEMIES
- V.1, Entry 11, ACCLAMATION
- V.1, Entry 12, ACCUMULATION OF WEALTH
- V.1, Entry 13, ACT
- V.1, Entry 14, ADAMS
- V.1, Entry 15, ADAMS
- V.1, Entry 16, ADAMS
- V.1, Entry 17, ADAMS
- V.1, Entry 18, ADJOURNMENT
- V.1, Entry 19, ADMINISTRATION
- V.1, Entry 20, ADMINISTRATIONS
- V.1, Entry 21, AFRICA
- V.1, Entry 22, AGE
- V.1, Entry 23, AGENT
- V.1, Entry 24, AGENTS
- V.1, Entry 25, AGIO
- V.1, Entry 26, AGIOTAGE
- V.1, Entry 27, AGRICULTURE
- V.1, Entry 28, ALABAMA
- V.1, Entry 29, ALABAMA CLAIMS
- V.1, Entry 30, ALASKA
- V.1, Entry 31, ALBANY PLAN OF UNION
- V.1, Entry 32, ALBANY REGENCY
- V.1, Entry 33, ALCALDE
- V.1, Entry 34, ALCOHOL
- V.1, Entry 35, ALGERIA
- V.1, Entry 36, ALGERINE WAR
- V.1, Entry 37, ALIEN AND SEDITION LAWS
- V.1, Entry 38, ALIENS
- V.1, Entry 39, ALLEGIANCE
- V.1, Entry 40, ALLEGIANCE
- V.1, Entry 41, ALLIANCE
- V.1, Entry 42, ALLIANCE
- V.1, Entry 43, ALLOYAGE
- V.1, Entry 44, ALMANACH DE GOTHA
- V.1, Entry 45, ALSACE-LORRAINE
- V.1, Entry 46, AMBASSADOR
- V.1, Entry 47, AMBITION
- V.1, Entry 48, AMENDMENTS TO THE CONSTITUTION
- V.1, Entry 49, AMERICA
- V.1, Entry 50, AMERICAN MERCHANT MARINE
- V.1, Entry 51, AMERICAN PARTY
- V.1, Entry 52, AMERICAN WHIGS
- V.1, Entry 53, AMES
- V.1, Entry 54, AMISTAD CASE
- V.1, Entry 55, AMNESTY
- V.1, Entry 56, AMNESTY
- V.1, Entry 57, ANAM
- V.1, Entry 58, ANARCHY
- V.1, Entry 59, ANCIEN RÉGIME
- V.1, Entry 60, ANDORRA
- V.1, Entry 61, ANHALT
- V.1, Entry 62, ANNEXATION
- V.1, Entry 63, ANNEXATIONS
- V.1, Entry 64, ANTI-FEDERAL PARTY
- V.1, Entry 65, ANTI-MASONRY
- V.1, Entry 66, ANTI-NEBRASKA MEN
- V.1, Entry 67, ANTI-RENTERS
- V.1, Entry 68, ANTI-SLAVERY.
- V.1, Entry 69, APPORTIONMENT
- V.1, Entry 70, APPROPRIATION.
- V.1, Entry 71, APPROPRIATIONS
- V.1, Entry 72, ARBITRAGE
- V.1, Entry 73, ARBITRARY ARRESTS
- V.1, Entry 74, ARBITRARY POWER
- V.1, Entry 75, ARBITRATION
- V.1, Entry 76, ARCHONS
- V.1, Entry 77, AREOPAGUS.
- V.1, Entry 78, ARGENTINE CONFEDERATION
- V.1, Entry 79, ARISTOCRACY.
- V.1, Entry 80, ARISTOCRATIC AND DEMOCRATIC IDEAS.
- V.1, Entry 81, ARITHMETIC
- V.1, Entry 82, ARIZONA
- V.1, Entry 83, ARKANSAS
- V.1, Entry 84, ARMISTICE
- V.1, Entry 85, ARMIES
- V.1, Entry 86, ARMY
- V.1, Entry 87, ARTHUR
- V.1, Entry 88, ARTISANS
- V.1, Entry 89, ARYAN RACES.
- V.1, Entry 90, ASIA
- V.1, Entry 91, ASSEMBLY (IN U. S. HISTORY)
- V.1, Entry 92, ASSESSMENTS
- V.1, Entry 93, ASSIGNATS
- V.1, Entry 94, ASSOCIATION AND ASSOCIATIONS
- V.1, Entry 95, ASYLUM
- V.1, Entry 96, ATELIERS NATIONAUX
- V.1, Entry 97, ATTAINDER
- V.1, Entry 98, ATTORNEYS GENERAL
- V.1, Entry 99, AUSTRALIA
- V.1, Entry 100, AUSTRIA-HUNGARY
- V.1, Entry 101, AUTHORITY
- V.1, Entry 102, AUTHORS
- V.1, Entry 103, AUTOCRAT
- V.1, Entry 104, AUTONOMY.
- V.1, Entry 105, AYES AND NOES
- V.1, Entry 106, BADEN
- V.1, Entry 107, BALANCE OF POWER
- V.1, Entry 108, BALANCE OF TRADE
- V.1, Entry 109, BALLOT
- V.1, Entry 110, BANK CONTROVERSIES
- V.1, Entry 111, BANKING
- V.1, Entry 112, BANK NOTES.
- V.1, Entry 113, BANKRUPTCY.
- V.1, Entry 114, BANKRUPTCY, National.
- V.1, Entry 115, BANKS.
- V.1, Entry 116, BANKS, Functions of.
- V.1, Entry 117, BANKS OF ISSUE
- V.1, Entry 118, BANKS, Advantages of Savings.
- V.1, Entry 119, BANKS, History and Management of Savings,
- V.1, Entry 120, BAR
- V.1, Entry 121, BARNBURNERS
- V.1, Entry 122, BARRICADE
- V.1, Entry 123, BARTER.
- V.1, Entry 124, BASTILLE
- V.1, Entry 125, BAVARIA
- V.1, Entry 126, BELGIUM
- V.1, Entry 127, BELL
- V.1, Entry 128, BELLIGERENTS
- V.1, Entry 129, BENTON
- V.1, Entry 130, BERLIN DECREE
- V.1, Entry 131, BILL
- V.1, Entry 132, BILL OF EXCHANGE
- V.1, Entry 133, BILL OF RIGHTS
- V.1, Entry 134, BILLION
- V.1, Entry 135, BILLS
- V.1, Entry 136, BI-METALLISM.
- V.1, Entry 137, BIRNEY
- V.1, Entry 138, BLACK COCKADE
- V.1, Entry 139, BLACK CODE.
- V.1, Entry 140, BLACK REPUBLICAN.
- V.1, Entry 141, BLAINE
- V.1, Entry 142, BLAIR
- V.1, Entry 143, BLOCKADE
- V.1, Entry 144, BLOODY BILL
- V.1, Entry 145, BLUE LAWS
- V.1, Entry 146, BLUE LIGHT
- V.1, Entry 147, BOARD OF TRADE.
- V.1, Entry 148, BOLIVIA
- V.1, Entry 149, BOOTY
- V.1, Entry 150, BORDER RUFFIANS
- V.1, Entry 151, BORDER STATES
- V.1, Entry 152, BOURGEOISIE
- V.1, Entry 153, BOUTWELL
- V.1, Entry 154, BRAHMANISM.
- V.1, Entry 155, BRAZIL
- V.1, Entry 156, BRECKENRIDGE
- V.1, Entry 157, BROAD SEAL WAR
- V.1, Entry 158, BROKERS
- V.1, Entry 159, BROOKS
- V.1, Entry 160, BROWN
- V.1, Entry 161, BUCHANAN
- V.1, Entry 162, BUCKSHOT WAR
- V.1, Entry 163, BUCKTAILS
- V.1, Entry 164, BUDDHISM
- V.1, Entry 165, BUDGET
- V.1, Entry 166, BULL
- V.1, Entry 167, BUNDESRATH
- V.1, Entry 168, BUREAUCRACY
- V.1, Entry 169, BURGESSES
- V.1, Entry 170, BURLINGAME
- V.1, Entry 171, BURR
- V.1, Entry 172, BUTLER, Benj. F.
- V.1, Entry 173, BUTLER, William Orlando
- V.1, Entry 174, CACHET
- V.1, Entry 175, CÆSARISM
- V.1, Entry 176, CALENDAR
- V.1, Entry 177, CALHOUN
- V.1, Entry 178, CALIFORNIA
- V.1, Entry 179, CANADA
- V.1, Entry 180, CANALS
- V.1, Entry 181, CANON LAW
- V.1, Entry 182, CAPITAL
- V.1, Entry 183, CAPITAL
- V.1, Entry 184, CAPITULATION
- V.1, Entry 185, CARICATURE
- V.1, Entry 186, CARPET BAGGERS
- V.1, Entry 187, CARTEL
- V.1, Entry 188, CASS
- V.1, Entry 189, CASUS BELLI
- V.1, Entry 190, CAUCUS
- V.1, Entry 191, CAUCUS SYSTEM
- V.1, Entry 192, CAUSE AND EFFECT IN POLITICS.
- V.1, Entry 193, CELIBACY, Clerical
- V.1, Entry 194, CELIBACY, Political Aspects of.
- V.1, Entry 195, CELTS.
- V.1, Entry 196, CENSURE.
- V.1, Entry 197, CENSURE OF MORALS.
- V.1, Entry 198, CENSURES
- V.1, Entry 199, CENSUS.
- V.1, Entry 200, CENTRALIZATION and DECENTRALIZATION.
- V.1, Entry 201, CEREMONIAL
- V.1, Entry 202, CHAMBER OF COMMERCE.
- V.1, Entry 203, CHARGÉ D'AFFAIRES.
- V.1, Entry 204, CHARITY, Private.
- V.1, Entry 205, CHARITY, Public.
- V.1, Entry 206, CHARITY, State.
- V.1, Entry 207, CHASE
- V.1, Entry 208, CHECKS AND BALANCES.
- V.1, Entry 209, CHEROKEE CASE
- V.1, Entry 210, CHESAPEAKE CASE.
- V.1, Entry 211, CHILI.
- V.1, Entry 212, CHINA
- V.1, Entry 213, CHINESE IMMIGRATION.
- V.1, Entry 214, CHIVALRY.
- V.1, Entry 215, CHRISTIANITY.
- V.1, Entry 216, CHURCH AND STATE
- V.1, Entry 217, CHURCH
- V.1, Entry 218, CHURCH
- V.1, Entry 219, CHURCH
- V.1, Entry 220, CHURCHES AND RELIGIONS
- V.1, Entry 221, CHURCHES
- V.1, Entry 222, CINCINNATI
- V.1, Entry 223, CIPHER DISPATCHES AND DECIPHERMENT
- V.1, Entry 224, CIRCULATION OF WEALTH.
- V.1, Entry 225, CITIES
- V.1, Entry 226, CITIES AND TOWNS.
- V.1, Entry 227, CIVIL ADMINISTRATION
- V.1, Entry 228, CIVIL LIST.
- V.1, Entry 229, CIVIL RIGHTS BILL
- V.1, Entry 230, CIVIL SERVICE REFORM
- V.1, Entry 231, CIVILIZATION
- V.1, Entry 232, CLAY
- V.1, Entry 233, CLEARING, AND CLEARING HOUSES
- V.1, Entry 234, CLERICALISM
- V.1, Entry 235, CLIENTÈLE AND CUSTOM
- V.1, Entry 236, CLIMATE
- V.1, Entry 237, CLIMATE
- V.1, Entry 238, CLINTON
- V.1, Entry 239, CLINTON, George
- V.1, Entry 240, CL�TURE
- V.1, Entry 241, COASTING TRADE
- V.1, Entry 242, COCHIN CHINA
- V.1, Entry 243, COINAGE
- V.1, Entry 244, COLFAX
- V.1, Entry 245, COLONIZATION SOCIETY
- V.1, Entry 246, COLORADO
- V.1, Entry 247, COLOMBIA
- V.1, Entry 248, COMMERCE.
- V.1, Entry 249, COMMERCIAL CRISES
- V.1, Entry 250, COMMISSION
- V.1, Entry 251, COMMITTEES
- V.1, Entry 252, COMMON LAW
- V.1, Entry 253, COMMONS
- V.1, Entry 254, COMMUNE
- V.1, Entry 255, COMMUNISM
- V.1, Entry 256, COMPETITION.
- V.1, Entry 257, COMPROMISES
- V.1, Entry 258, COMPULSORY CIRCULATION
- V.1, Entry 259, COMPULSORY EDUCATION
- V.1, Entry 260, CONCESSION
- V.1, Entry 261, CONCLAVE.
- V.1, Entry 262, CONCLUSUM
- V.1, Entry 284, CONSTITUTION OF THE UNITED STATES
- V.1, Entry 301, CONVENTION
- V.1, Entry 375, DISTILLED SPIRITS
- V.1, Entry 384, DOMINION OF CANADA
- V.2, Entry 7, EDUCATION
- V.2, Entry 18, EMBARGO
- V.2, Entry 33, EXCHANGE
- V.2, Entry 35, EXCHANGE OF PRISONERS
- V.2, Entry 37, EXCHANGE OF WEALTH
- V.2, Entry 121, GREAT BRITAIN
- V.2, Entry 130, HABEAS CORPUS
- V.2, Entry 180, INDUSTRIAL ARBITRATION AND CONCILIATION
- V.2, Entry 225, JUSTICE, Department of
- V.2, Entry 246, LAW
- V.2, Entry 364, NEW GRANADA
- V.2, Entry 379, NULLIFICATION
- V.3, Entry 4, OCEANICA
- V.3, Entry 29, PARIS MONETARY CONFERENCE
- V.3, Entry 32, PARLIAMENTARY LAW.
- V.3, Entry 116, RACES OF MANKIND
- V.3, Entry 137, REPUBLICAN PARTY
- V.3, Entry 155, ROMAN CATHOLIC CHURCH.
- V.3, Entry 195, SLAVERY
- V.3, Entry 278, UNITED STATES OF AMERICA
- V. 2, List of Writers
- V. 3, List of Writers
- V. 3, List of American Writers
AGIOTAGE. Commercial speculation is useful to society. Agiotage (stock-jobbing) is harmful to it. Besides, it is always contrary to good morals. Speculation takes its natural course and develops in free and peaceful countries; stock-jobbing is never so active as in times of calamity and national trouble. Speculation is a regular operation; stock-jobbing is a game in which the players cherish the purpose of cheating, if need be. Speculation is an investment of capital intelligently made by the purchase of commodities, etc., at a low price, with the intention of selling them afterward when the price rises; the difference in the prices covers the expense of keeping the goods, the interest on the capital employed, and the profit of the speculator. By the first operation speculation prevents the fall of prices to a degree which would be fatal to producers; by the second it stops an excessive rise which would be disadvantageous to consumers. In stock-jobbing, on the contrary, the purchase is made with the intent of selling as soon as possible. Most frequently a bargain is made on time in order not to-employ capital. There is not the least intention of receiving the thing bought. Again, a sale is made with a promise to deliver a thing not possessed and which the seller has no idea of acquiring. It is calculated in the interval to effect payment by a contrary operation at prices whose difference would be a profit. Fortuitous circumstances are depended on to bring about this result; also the chances of the harvest, the effect of good or bad news which is invented and spread abroad as needed. The stock-jobber, in a word, bases his profit only on a loss which he causes others. When his operation is over, no service is rendered, no value produced. What is produced is a simple transfer of wealth, while a heavy blow is struck at public morality.
—As the passion for play is one of the infirmities natural to man, stock-jobbing does not fail to increase whenever circumstances produce great or rapid changes in the prices of things. Men do not fail at such times to gamble in bonds, stocks and merchandise. According to the times, stock-jobbing has been directed to the shares of the India company, Mississippi lands, the assignats, French national property, building lots in cities, shares in industrial enterprises of every kind, the working of mines, the draining of swamps, canal or railroad enterprises, Marseilles soap, oil, coffee, sugar, bread, etc.
—If it were desired to write the history of stock-jobbing, the year 1719 would occupy a large place in it. Law’s
system reached its highest point of development at that time; intoxication was at its height; everyone thought to make a fortune by what was called in France
dealing in paper (le commerce des papiers.) For those who were skillful enough and realized on the paper in time, it became positive wealth; but disenchantment
and ruin overtook all others; and in the month of December, of the same year, a rapid fall of values set in.
—In view of the deficit and financial embarrassments of every kind left by Louis XIV., the regent, after having had recourse to the ordinary expedients of loans, the selling of favors and adulterating money, listened to the suggestions of Law. Educated, skillful, enthusiastic, Law, who had not been able to succeed in Scotland, his native country, was none the less convinced himself of the soundness and practicability of all his financial views. According to him, wealth is greater in proportion as the chief instrument of exchange becomes more abundant, and the banknote above all is useful, in this, that it lends itself to as rapid an increase as possible of the
representative sign. But as the sovereign power of the state alone gives value to money, the bank note, in order to keep its value, should rest on the state. To gain this support, a bank should accept the obligations of the state, as capable of forming an important part of its capital. On the other hand, it was necessary that the bank should be a joint stock institution, and in order to attract shareholders, it was necessary to offer them the bait of commercial profits, by obtaining the concession of certain great privileges. The
system had thus as its essential elements bank notes and shares of stock.
—Law obtained, May 2, 1716, the privilege of founding a private bank, for which the capital might be subscribed, three-fourths payable in
state paper. The following year he obtained a decision that the notes issued by the bank should be received as cash by the State. Nevertheless the success of the scheme was far from remarkable; the shares were below par, and it became necessary to lend them some new attraction. Commerce with distant countries was carried on in those days by privileged companies, and there was in a monopoly of this kind to be found all the chances fitted to awaken hope in the minds of men. Law was permitted to succeed Crozat in the right of developing the commerce of Louisiana and the beaver trade of Canada. Consequently his bank founded the
Occidental Company. When we to-day see the degree of wealth of the vast country drained by the Mississippi, and the present splendor of New Orleans, we can easily understand what were the illusions of the people who were promised that the development of this part of the globe would be carried on for their benefit.
—The director of these enterprises governed at the same time the finances of the state. The general bank soon became a royal bank. To the monopoly of the commerce of the west was added the monopoly of the commerce of China and the Indies. The
Occidental Company, which besides had acquired the lease of the
fermes générales, and also the monopoly of commerce with Senegal, finally assumed the title of the
India Company. Every transformation was followed by the issue of new stock. The wish to use the state notes, which were depreciated, attracted shareholders at first, then the habit of trading in stock commenced to take root. Stock-jobbing did the rest. Law excited it by every means in his power, and at the beginning of 1719 he inaugurated the
margin market, by buying at par 200 shares of the
Occidental Company, paying 40,000 livres on account of 100,000 livres which represented their value, and consenting to lose the earnest money thus given, should he not fulfill his engagement within a fixed time.
—The centre of operations was in Rue Quincampoix, occupied then by bankers and money changers. The report of sudden fortunes made in this place attracted the crowd to it. Operations soon reached dimensions which would appear fabulous even to-day. The gutter of this street was called the Mississippi, and anecdotes abound concerning the strange incidents which happened in those places. It is related that a hunchback made a fortune by letting out his hump to serve as a desk on which to sign contracts.
—The first shares had for a long time failed to reach par, 500 livres. The new ones, with the same nominal value, were issued at 5,000 livres. At the end of November, 1719, they were sold at forty times their nominal value. During this time, paper money was increased imprudently, and the moment of the crash drew near. The most adroit stock-jobbers commenced to retire first. They kept up prices as long as they could, in order to have time to change the fictitious values which they held for real values; but the bulk of the public, composed of simple people and bungling speculators, supported the whole weight of the bankruptcy.
—Since that time stock-jobbing has not again appeared with that ensemble of characteristics which lent it, for a time, an effect truly dramatic. Operations have been more varied; stock gambling has become in some degree regulated, by division and by spending itself on objects of different kinds. State paper has furnished it its most constant and most regular food. Representative governments have been obliged to keep their accounts in public and to give up the precarious resource, left to absolute monarchies, of adulterating money. It was easy to make it a principle that the national honor is bound to the punctual payment of debts contracted in the name of the country. In this way, public credit has been developed; but, with this system, expenses have increased in gigantic proportions, loan has succeeded loan, and the public debt of every state has saddled the future with a heavy burden of interest.
—In order to facilitate the circulation of loans, they established the non-distinction of origin of debts in entering them in the state ledger. State bonds were exempt from seizure by attachment against the owner. Markets were opened at which daily sales were made at auction and for cash; but, above all, the passion for gambling was excited by special privileges reserved to the brokers. Real operations served as a cloak to a much greater number of fictitious ones, and the confusion of transactions of different kinds was so great, that in sales on time, some of which, no doubt, were
very legitimate, it was difficult to discover which were the mere result of stock-jobbing. The number and nature of transactions were therefore multiplied.
—At different times, especially in 1827 and 1828, there was veritable stock-jobbing in building lots in Paris. Peace, and commercial prosperity which resulted from it, increased the population With greater prosperity every one sought to obtain better lodgings, cleaner, better situated, better ventilated: whence the necessity of new buildings. Speculation sought the best investments, and when a happy choice had been made, the sale was attended by a large profit. Hence large pieces of land were sought for, in spaces where new wards could be opened, or new streets laid out. So far the transaction was quite legitimate. It was not always so, however, with the means employed to obtain purchasers for the land and raise the price of the lots. For this the ordinary tricks of jobbing were put in play. One of the means employed, with disastrous consequences to many people, was to build houses in many parts of the new ward without spending a cent. For this purpose the speculator, who had bought all the land, selected a lot desirably situated for a residence for himself. He had plans made by an architect. Then he called in contractors of masonry and carpentry, blacksmiths, joiners, roofers, glaziers and painters. He asked each contractor to undertake his part of the building in consideration of pay in land in the same ward, worth more than the work to be done, and at prices which stock-jobbing had raised greatly. Many sub-contractors allowed themselves to be taken by the bait, proud of thus becoming land owners. They commenced to build houses on their own lots, giving their own services for the lots. One returned in carpentry the value which he received in masonry, another in roofing what he received in lock-smithing, and so on to the end of the chapter. But the speculation did not always succeed. The ground was sold at too high a price; the apartments were rarely rented, and the houses still more rarely sold. All this work was accomplished only by delivery of materials by dealers in timber, iron, plaster, stone, paints, materials of every kind. These dealers prosecuted the sub-contractors, and the latter demanded the sale of the houses constructed by them. A settlement was generally effected at a low price. The original speculator became the purchaser, and thus found himself possessor of lots covered with houses, without other expense to himself than the original payment for the bare ground on which he had conceived the ingenious idea of laying out streets. Let this suffice as an example.
—The chances of gambling will, doubtless, have at all times a great attraction for many people; and it will be difficult to abolish stock-jobbing altogether; but it is beyond doubt that the principal remedy for the evil is found, in this as in many other things, in complete liberty. What is needed after this is a repressive law, clearly defining all kinds of fraud, and competent to reach them. There is still another remedy of real efficacy, but which, it appears, our modern legislators will not give us so soon. It is necessary to stop the enormous public expenses, annual deficits, loans which alienate the future, and consume the savings of the present. Then there would be no further need of the aid of those who subscribe to, and negotiate public loans, and there would no longer be any interest in protecting stock-jobbery. (See
Cours complet, 2
e ed., t. II., ch. 16,
de l’agiotage. (
Collect, des princip. Econom.)