§ 4.

Again, the injunctions of the moral law, as now interpreted, coincide with and anticipate those of political economy. Political economy teaches that restrictions upon commerce are detrimental: the moral law denounces them as wrong (Chap. XXIII.). Political economy tells us that loss is entailed by a forced trade with colonies: the moral law will not permit such a trade to be established (Chap. XXVII.). Political economy says it is good that speculators should be allowed to operate on the food-markets as they see well: the law of equal freedom (contrary to the current notion) holds them justified in doing this, and condemns all interference with them as inequitable. Penalties upon usury are proved by political economy to be injurious: by the law of equal freedom they are prohibited as involving an infringement of rights. According to political economy, machinery is beneficial to the people, rather than hurtful to them: in unison with this the law of equal freedom forbids all attempts to restrict its use. One of the settled conclusions of political economy is, that Edition: current; Page: [460] wages and prices cannot be artificially regulated: meanwhile it is an obvious inference from the law of equal freedom that no artificial regulation of them is morally permissible. We are taught by political economy that to be least injurious taxation must be direct: coincidently we find that direct taxation is the only kind of taxation against which the law of equal freedom does not unconditionally protest (p. 208). On sundry other questions, such as the hurtfulness of tamperings with currency, the futility of endeavours to permanently benefit one occupation at the expense of others, the impropriety of legislative interference with manufacturing processes, &c., the conclusions of political economy are similarly at one with the dictates of this law. And thus the laboured arguments of Adam Smith and his successors are forestalled, and for practical purposes made needless, by the simplest deductions of fundamental morality: a fact which, perhaps, will not be duly realized until it is seen that the inferences of political economy are true, only because they are discoveries by a roundabout process of what the moral law commands.