. The principles of political economy applied to the condition, the resources, and the institutions of the American people. nster farm system ..... The land produces less under this system . Beneficial effects of small properties. Results of the two systems taken side by side Large estates divert much land from production The Scotch Highlands converted into game preserves Or into sheep pastures Systematic depopulation of the country Absenteeism and middlemen in Ireland . Large estates make food dearer and wages lower Fearful proportion of laborers for hire in England . Results of the depopulat
. The principles of political economy applied to the condition, the resources, and the institutions of the American people. nster farm system ..... The land produces less under this system . Beneficial effects of small properties. Results of the two systems taken side by side Large estates divert much land from production The Scotch Highlands converted into game preserves Or into sheep pastures Systematic depopulation of the country Absenteeism and middlemen in Ireland . Large estates make food dearer and wages lower Fearful proportion of laborers for hire in England . Results of the depopulation of the rural districts . Benefits of the American law of inheritance . Wealth creates wealth, poverty generates poverty Natural limit to excessive accumulation . The English law chills exertion Preponderance of misery in Great Britain Apologies for primogeniture . Great estates deaden exertion everywhere Opposite effects of repubhcan principles Liberal use of wealth in the United States Page509510511512513514515516517518519520521522523524525626527529530531532533534535536537538539540541542543544545 ■» ^,».. PRINCIPLES OF POLITICAL ECONOMY. CHAPTER I. WEALTH AND ITS TRANSMUTATIONS. The most obvious, though certainly not the most impor-tant, difference between a civihzed community and a nation ofsavages consists in the vastly greater abundance, possessed bythe former, of all the means of comfort and enjoyment. Thesemeans, including the necessaries, conveniences, and luxuriesof life, are chiefly material objects, — such as manufacturedgoods, articles of food and clothing, ships and buildings, theuseful and the precious metals, tools and machines, and orna-ments, or things designed to gratify the taste and the , however, are immaterial, and yet are just as much ob-jects of desire, just as much objects of barter and sale, as clothand bread. The legal knowledge and acumen of a lawyer, forinstance, the vocal powers of a remarkable singer, the mimetictalent of an
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