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or　oppressive　tyrannical　or　fanatical　measures　of　government　and



finance　（as　e。g。　the　revocation　of　the　Edict　of　Nantes）；　whole



nations　have　been　thrown　back　for　centuries；　either　in　their　entire



industry　or　in　certain　branches　of　it；　and　have　in　this　manner　been



far　outstripped　by　nations　in　comparison　with　which　they　had



previously　been　far　advanced。



　　　　One　can　see　at　a　glance　that；　as　in　all　human　institutions　so



also　in　industry；　a　law　of　nature　lies　at　the　root　of　important



achievements　which　has　much　in　common　with　the　natural　law　of　the



division　of　labour　and　of　the　confederation　of　the　productive



forces；　whose　principle；　namely；　consists　in　the　circumstance　that



several　generations　following　one　another　have　equally　united　their



forces　towards　the　attainment　of　one　and　the　same　object；　and　have



participated　in　like　manner　in　the　exertions　needed　to　attain　it。



　　　　It　is　the　same　principle　which　in　the　cases　of　hereditary



kingdoms　has　been　incomparably　more　favourable　to　the　maintenance



and　increase　of　the　power　of　the　nation　than　the　constant　changes



of　the　ruling　families　in　the　case　of　electoral　kingdoms。



　　　　It　is　partly　this　natural　law　which　secures　to　nations　who　have



lived　for　a　long　time　past　under　a　rightly　ordered　constitutional



form　of　government；　such　great　successes　in　industry；　commerce；　and



navigation。



　　　　Only　through　this　natural　law　can　the　effect　of　the　invention



of　printing　on　human　progress　be　partially　explained。　Printing



first　rendered　it　possible　to　hand　down　the　acquisitions　of　human



knowledge　and　experience　from　the　present　to　future　generations



more　perfectly　and　completely　than　could　be　done　by　oral　tradition。



　　　　To　the　recognition　of　this　natural　law　is　undoubtedly　partly



attributable　the　division　of　the　people　into　castes；　which　existed



among　the　nations　of　antiquity；　and　also　the　law　of　the　old



Egyptians　　that　the　son　must　continue　to　follow　the　trade　or



profession　of　his　father。　Before　the　invention　and　general



dissemination　of　printing　took　place；　these　regulations　may　have



appeared　to　be　indispensable　for　the　maintenance　and　for　the



development　of　arts　and　trades。



　　　　Guilds　and　trade　societies　also　have　partly　originated　from



this　consideration。　For　the　maintenance　and　bringing　to　perfection



of　the　arts　and　sciences；　and　their　transfer　from　one　generation　to



another；　we　are　in　great　measure　indebted　to　the　priestly　castes　of



ancient　nations；　to　the　monasteries　and　universities。



　　　　What　power　and　what　influence　have　the　orders　of　priesthood　and



orders　of　knights；　as　well　as　the　papal　chair；　attained　to；　by　the



fact　that　for　centuries　they　have　aspired　to　one　and　the　same　aim；



and　that　each　successive　generation　has　always　continued　to　work



where　the　other　had　left　off。



　　　　The　importance　of　this　principle　becomes　still　more　evident　in



respect　to　material　achievements。



　　　　Individual　cities；　monasteries；　and　corporations　have　erected



works　the　total　cost　of　which　perhaps　surpassed　the　value　of　their



whole　property　at　the　time。　They　could　only　obtain　the　means　for



this　by　successive　generations　devoting　their　savings　to　one　and



the　same　great　purpose。



　　　　Let　us　consider　the　canal　and　dyke　system　of　Holland；　it



comprises　the　labours　and　savings　of　many　generations。　Only　to　a



series　of　generations　is　it　possible　to　complete　systems　of



national　transport　or　a　complete　system　of　fortifications　and



defensive　works。



　　　　The　system　of　State　credit　is　one　of　the　finest　creations　of



more　recent　statesmanship；　and　a　blessing　for　nations；　inasmuch　as



it　serves　as　the　means　of　dividing　among　several　generations　the



costs　of　those　achievements　and　exertions　of　the　present　generation



which　are　calculated　to　benefit　the　nationality　for　all　future



times；　and　which　guarantee　to　it　continued　existence；　growth；



greatness；　power；　and　increase　of　the　powers　of　production；　it



becomes　a　curse　only　if　it　serves　for　useless　national　expenditure；



and　thus　not　merely　does　not　further　the　progress　of　future



generations；　but　deprives　them　beforehand　of　the　means　of



undertaking　great　national　works；　or　also　if　the　burden　of　the



payment　of　interest　of　the　national　debt　is　thrown　on　the



consumptions　of　the　working　classes　instead　of　on　capital。



　　　　State　debts　are　bills　which　the　present　generation　draws　on



future　ones。　This　can　take　place　either　to　the　special　advantage　of



the　present　generation　or　the　special　advantage　of　the　future　one；



or　to　the　common　advantage　of　both。　In　the　first　case　only　is　this



system　an　objectionable　one。　But　all　cases　in　which　the　object　in



view　is　the　maintenance　and　promotion　of　the　greatness　and　welfare



of　the　nationality；　so　far　as　the　means　required　for　the　purpose



surpass　the　powers　of　the　present　generation；　belong　to　the　last



category。



　　　　No　expenditure　of　the　present　generation　is　so　decidedly　and



specially　profitable　to　future　generations　as　that　for　the



improvement　of　the　means　of　transport；　especially　because　such



undertakings　as　a　rule；　besides　increasing　the　powers　of　production



of　future　generations；　do　also　in　a　constantly　increasing　ratio　not



merely　pay　interest　on　the　cost　in　the　course　of　time；　but　also



yield　dividends。　The　present　generation　is；　therefore；　not　merely



entitled　to　throw　on　to　future　generations　the　capital　outlay　of



these　works　and　fair　interest　on　it　（as　long　as　they　do　not　yield



sufficient　income）；　but　further　acts　unjustly　towards　itself　and　to



the　true　fundamental　principles　of　national　economy；　if　it　takes



the　burden　or　even　any　considerable　part　of　it　on　its　own



shoulders。



　　　　If　in　our　consideration　of　the　subject　of　the　continuity　of



national　industry　we　revert　to　the　main　branches　which　constitute



it；　we　may　perceive；　that　while　this　continuity　has　an　important



influence　on　agriculture；　yet　that　interruptions　to　it；　in　the　case



of　that　industry；　are　much　less　decided　and　much　less　injurious



when　they　occur；　also　that　their　evil　consequences　can　be　much　more



easily　and　quickly　made　good　than　in　the　case　of　manufactures。



　　　　However　great　may　be　any　damage　or　interruption　to　agriculture；



the　actual　personal　requirements　and　consumption　of　the



agriculturist；　the　general　diffusion　of　the　skill　and　knowledge



required　for　agriculture；　and　the　simplicity　of　its　operations　and



of　the　implements　which　it　requires；　suffice　to　prevent　it　from



coming　entirely　to　an　end。



　　　　Even　after　devastations　by　war　it　quickly　raises　itself　up



again。　Neither　the　enemy　nor　the　foreign　competitor　can　take　away



the　main　instrument　of　agriculture；　the　land；　and　it　needs　the



oppressions　of　a　series　of　generations　to　convert　arable　fields



into　uncultivated　waste；　or　to　deprive　the　inhabitants　of　a　country



of　the　capability　of　carrying　on　agriculture。



　　　　On　manufactures；　however；　the　least　and　briefest　interruption



has　a　crippling　effect；　a　longer　one　is　fatal。　The　more　art　and



talent　that　any　branch　of　manufacture　requires；　the　larger　the



amounts　of　capital　which　are　needful　to　carry　it　on；　the　more



completely　this　capital　is　sunk　in　the　special　branch　of　industry



in　which　it　has　been　invested；　so　much　the　more　detrimental　will　be



the　interruption。　By　it　machinery　and　tools　are　reduced　to　the



value　of　old　iron　and　fire…wood；　the　buildings　become　ruins；　the



workmen　and　skilled　artificers　emigrate　to　other　lands　or　seek



subsistence　in　agricultural　employment。　Thus　in　a　short　time　a



complex　combination　of　productive　powers　and　of　property　becomes



lost；　which　had　been　created　only　by　the　exertions　and　endeavours



of　several　generations。



　　　　Just　as　by　the　establishment　and　continuance　of　industry　one



branch　of　trade　originates；　draws　after　it；　supports　and　causes　to



flourish　many　others；　so　is　the　ruin　of　one　branch　of　industry



always　the　forerunner　of　the　ruin　of　several　others；　and　finally　of



the　chief　foundations　of　the　manufacturing　power　of　the　nation。



　　　　The　conviction　of　the　great　effects　produced　by　the　steady



continuation　of　industry　and　of　the　irretrievable　injuries　caused



by　its　interruption；　and　not　the　clamour　and　egotistical　demands　of



manufacturers　and　traders　for　special　privileges；　has　led　to　the



idea　of　protective　duties　for　native　industry。



　　　　In　cases　where　the　protective　duty　cannot　help；　where　the



manufactories；　for　instance；　suffer　from　want　of　export　trade；



where　the　Government　is　unable　to　provide　any　remedy　for　its