- friend Don John, and it was determined that they should both set out for Toledo in search of the lost treasure. He had just concluded his story, when a noise was heard in the street, and a voice exclaimed "Tell Thomas Pedro, the hostler, that his friend the Asturian is a prisoner, and they are conveying him to gaol." On hearing the words "prisoner" and "gaol," the corregidor sent to desire the alguazil would bring the offender before him. The Asturian made his appearance, with the blood flowing from his mouth, and sadly bruised: on entering, he recognized at once his father and Don Diego, and concealed his face with his handker chief, under pretence of staunching the blood. The alguazil, on being asked by the corregidor what offence the prisoner had committed, and how he came in so woful a plight, replied:," Please your worship, this lad is a water-carrier, whom the boys run after, and cry: Asturian, give up the tail; give up the tail, Asturian;" and then he told the story of the ass's tail, which made the whole company not a little merry. He further stated, that as the watercarrier was crossing the bridge of Alcantara, the boys followed after, and called to him, as usual, to give up the tail; when, alighting from his ass and pursuing his tormentors, he at length caught one of them, whom he so belaboured that he left the boy almost lifeless; and the police coming up to take him into custody, he made a stout resistance, which was the reason why he had been used so roughly. The corregidor ordered him to shew his face, on which the alguazil removing the handkerchief, a full discovery ensued. Carriazo threw himself on his knees before his father, who embraced him with tears in his eyes; and when the agitation of the moment had subsided, Don Diego enquired of the truant what had become of his companion, Thomas Avendano, and learning that he and Thomas the hostler were the same person, sent the host to look for him, who soon dragged him from his hiding-place, and brought him into his father's presence. After the young men had made a full confession, and received their pardon, Constantia was introduced to Don Diego, and, being informed that he was her father, threw herself at his feet, and, seizing both his hands, kissed them and bathed them with tears. We will not attempt to describe the scene which followed: in conclusion, however, the corregidor insisted upon taking the whole party home with him. Avendano took an early opportunity of communicating to his father his love for Constantia, declaring that he would gladly have made her his wife, even in her humble situation at the inn. His father approved of his choice, and obtained the consent of Don Diego to their nuptials. Don Diego de Carriazo, the water-carrier, also solicited the hand of the corregidor's daughter; and the corregidor's son, finding that Constantia was disposed of, begged to be admitted to pay his addresses to the daughter of Don Juan de Avendano.

"Thus all parties remained contented. The news of the several espousals, and of the good fortune, that had befallen the illustrious scullion, soon made a noise in the city: multitudes assembled to behold Constantia in her new attire, in which she shewed herself a perfect lady. They likewise saw the hostler, Thomas Pedro, metamorphosed into Don Thomas de Avendano, and dressed like a gentleman; they remarked that Lope, the Asturian, was a very genteel young man, now that he had cast off his old suit of clothes, abandoned his ass, and laid down his water-carrier's yokes. Nevertheless, there were not wanting some, who, as he passed through the streets, in the midst of all his splendour, called after him for the tail. They all remained a month at Toledo, at the expiration of which period, Don Diego de Carriazo, with his wife and her father, repaired to Burgos, accompanied by Constantia and her husband: the corregidor's son also went to be introduced to his relation and affianced bride. The Sevilian was enriched with 1000 crowns, and with many valuable jewels, which Constantia gave her mistress, for so she always called the hostess, who had brought her up. The story of the illustrious scullion gave occasion to the poets of the golden Tagus to exercise their pens, ine celebrating and extolling the matchless beauty of Constantia, who, as well as her husband, the worthy hostler, is still living. Carriazo, too, is in being, and has three sons, who neither following their father's example, nor dreaming that there are places like the tunny-fishery of Zahara in the world, are all students at Salamanca: he himself never beholds a water-carrier's ass, without thinking of the occurences at Toledo, and dreading lest, when he is least aware of it, a satire should make its appearance with the words: "Give up the tail, Asturian; Asturian, give up the tail."

T

THIS science was little attended to until comparatively a late date; it was indeed so wholly neglected, as not to have been formed into any thing deserving the name of a system, until Dr. Adam Smith produced his immortal work. This was followed by several others, both in this country and in France; but its progress was exceedingly slow. The truth of the principles, contained in Dr. Smith's work, was indeed contested by few; but several writers here, and in France a whole sect, many of whom were very learned and enlightened men, employed themselves in shewing that some of its principles were paramount in the consideration they claimed, on account of their importance; and long disputes were entered' into, for the purpose of proving that the land paid all or none of the taxes. Others, again, were occupied with the question of sup ply and demand, all of them drawing inferences more or less erroneous; and these erroneous conclusions were almost every where,

and by every body, admitted as facts, until they were corrected by Mr. Ricardo, in 1817.*

Several distinguished writers had, however, taken up the subject; and observation and experience, since the time of Dr. Smith, had enabled them to correct some of the errors, which might naturally be expected would be found in so large a work, embracing the whole of a subject so very extensive, and in many parts altogether new.

Considerable light was thrown upon the subject, and the attention of many thinking men was drawn to this very important science, by the "Traité d'Economie"† of Mons. Say. He was the first person in France, who brought this, as it had hitherto been called, abstruse science before his countrymen as a whole; and if we may be allowed to judge from the rapid sale of his second and third editions, we may, perhaps, be warranted in concluding, that at length it has become tolerably familiar to the more enlightened portion of Frenchmen. In Germany, and in Italy, its progress has kept pace with France; while, in this country, Mr. Ricardo has drawn the attention of a very large number of his countrymen to a serious consideration of its principles.

This too-long-neglected science has now many able expounders, who are all, as they ought to be, well attended to; and it may not be unreasonable to expect, that the time is at no great distance, when not to be familiar with its principles will be considered disgraceful in a public man.

"The produce of the earth," says Mr. Ricardo, "all that is derived from its surface, by the united application of labour, machinery, and capital, is divided among three classes of the community; namely, the proprietor of the land, the owner of the stock or capital necessary for its cultivation, and the labourers by whose industry it is cultivated.

"To determine the laws, which regulate this distribution, is the principal problem in political economy; much as the science has been improved by the writings of Burgot, Stuart, Smith, Say, Sismondi, and others.

It will be seen, from this clear and precise statement, that it embraces a vast field, and includes all the operations of the society and of the government, in producing and distributing every thing that is produced and distributed.

Undoubtedly, the first point to be ascertained, is the operation of those laws which govern production, and of which it may be asserted, that they cannot be controlled without injury to the community, and are, therefore, properly called "principles."

* Sec "Principles of Political Economy and Taxation," the chapter, "On the Influence of Detnand and Supply on Prices."

In 2 vols. octavo.

The next point of importance, in this enquiry, is the result of the attempts made to controul these laws, and make them bend to the purposes of government, or to those of particular classes of men, who think they have a permanent interest in the arrangement they from time to time suggest, or cause to be made.

The third and last point is that of distribution; this, on the face of it, will not seem of less importance than either of the other two, nor is it; but it must be by a due understanding of the whole, and by proper attention being paid to them, that nations can be made happy, and when made so, kept so.

Of the importance of the science of political economy, as it is here explained, no man will doubt. It may safely be asserted, that it is by far the most important of all the sciences, if not indeed of more real importance to the well-being of mankind, than all other sciences in the aggregate. It is the true and only sure foundation for all wise and just legislation. He who does not understand its principles, (including the principle of population) is but ill qualified for the office of a legislator.

He may be learned in the law of the land, and in the law of nations; he may be active, diligent, and humane; eagerly desirous to promote the well-being of his fellow-citizens, and of all mankind; still if he do not understand the principles of Political Economy, he will want the most important of all things necessary to a profound legislator; and he will be unable to do more than has hitherto been done, legislate on expedients, instead of principles. He will often find an accumulation of evil, when he least expects it, and he will be utterly unable to discover the true causes: he will neither find them in the "perversity of human nature," nor in the "dislike which men have to submit to controul;" and he will least of all be willing to ascribe them to his own laws. Being unable to account for the causes of the evils, he is compelled to witness, and to acknowledge, he will be equally at a loss for a remedy. He may make new laws to punish the crimes, which his old laws have been unable to suppress, or have produced, but he will never accomplish his purpose, and never be satisfied with the results he has assisted to produce. The greater part of his civil legislation will inevitably be injurious to the community; while his criminal jurisprudence will be employed, not to correct, as in a truly wise system it ought to do, but to punish aggressors. This has but too generally been the course pursued in most nations; and this will continue to be the course pursued, until the PRINCIPLES OF POLITICAL ECONOMY are generally understood.

The attention of the reader is, on the present occasion, more particularly desired to so much of the subject as relates to the Corn Laws, to Rent, Profit, and Wages.

It is not intended, in the following essay, to attempt to shew every minute ramification of the principles treated of. But it is intended,

and it is hoped, too, that the intention has been accomplished, to treat of those principles in a logical and argumentative manner, which may clearly explain them to the mind of an attentive reader.

To the passage before quoted from the work of Mr. Ricardo, that gentleman adds, that the writings of the eminent men, he has named, "afford very little satisfactory information, respecting the nature of RENT, PROFIT, and WAGES."

Mr. Ricardo then very candidly states, that "in 1815 Mr. Malthus, in his Enquiry into the Nature and Progress of Rent,' and a Fellow of University College, Cambridge, in his Essay on the Application of Capital to Land,' presented to the world, nearly at the same moment, the true doctrine of Rent; without a knowledge of which it is impossible to understand the effects of the progress of wealth on profit and wages, or to trace, satisfactorily, the influence of taxation on different classes of the community, particularly when the commodities taxed are the productions immediately derived from the surface of the earth. Adam Smith, and other able writers, to whom I have alluded, not having viewed correctly the principle of rent, have, it appears to me, overlooked many important truths, which can only be discovered, after the subject of rent is thoroughly understood."

These observations are of great importance, are clearly and correctly stated, and deserve to be borne in mind throughout the enquiry.

Mr. Ricardo, with the modesty, which belongs to his character, "trusts it will not be deemed presumptuous in him to state his opinions, after the valuable experience, which a few late years, abounding in facts, have yielded." Nobody, it may be presumed, will condemn any ardent enquirer after truth, who pursues his enquiry unostentatiously, and evidently with a view to promote the well-being of others.

In this enquiry, much room yet remains for elucidation; and more familiar modes of explanation, than those which have yet appeared, seem necessary. This has been here attempted; the attempt is made, too, at a time when the serious attention of every man in the community is likely to be forcibly drawn to a consideration of the subject. At such a time, if at any time, the writer may hope for an increase of readers, and may expect increased desire on the part of those readers to make themselves sufficiently acquainted with a subject, which comes home to the pocket of every one of them this, then, appears to be the time when the following exposition may reasonably be expected to produce the greatest effect; and these are the reasons why it is, just now, laid before the public.

:

CORN LAWS.

"Restrictions on exportations," says the able writer in the Sup plement to the "Encyclopædia Britannica," article "Corn Laws