d excellent work[30] by M. Coquelin, who quotes
largely from that of Mr. Carey, declaring that our countryman has, "in
the investigation of causes and effects, succeeded better than the
English inquirers," and had, as early as 1838, "clearly shown the
primary causes of the perturbations recurring almost periodically in
commerce and currency."[31]

Since these paragraphs were written, Mr. Carey has commenced the
publication of a series of Letters to Mr. Walker, the late Secretary of
the Treasury, in which he promises more largely and satisfactorily than
heretofore to indicate and vindicate his opinions upon the subject of
Trade. They are likely to have a powerful influence upon affairs, being
of that class of compositions which the mind receives with astonishment
that it had not anticipated their truth.

FOOTNOTES:

[22] Thus we see by a correspondence published in the London papers that
Mr. Horace Mayhew, author of the metropolitan "Labor and the Poor"
articles, has ceased to write for the London _Morning Chronicle_, the
conductors of that journal wishing him to _suppress_, in his reports on
the condition of the working classes, _facts opposed to free trade_.

[23] See Carey's Past, Present and Future, p. 128.

[24] The Past, the Present and the Future, pp. 70, 71.

[25] Mr. Mill, quoted by Mr. Carey.

[26] Mr. Senior, quoted by Mr. Carey.

[27] By the following passages, which we take from M. Bastiat's new
work, _Harmonies Economiques_, it will be seen that he adopts these
views as the basis of his political economy: "_A mesure que les capitaux
s'accroissent, la part_ absolue _des capitalistes dans les produits
totaux augmente et leur part_ relative _diminue. Au contraire, les
travailleurs voient augmenter leur part dans les deux sens._ (p.
280).... Ainsi le partage se fera de la maniere suivante.

Produit total. Part du capital. Part du travail. Premiere periode, 1000
500 500 Deuxieme periode, 2000 800 1200 Troisieme periode, 3000 1050
1950 Quatrieme periode, 4000 1200 2800

"Telle est la grande, admirable, consolante, necessaire, et _inflexible_
loi du capital."--(p. 281.)

"Ainsi la grande loi du capital et du travail, en ce qui concerne le
partage du produit de la collaboration, est determinee. Chacun d'eux a
une part _absolue_ de plus en plus grand, mais la part _proportionnelle_
du capital diminue sans cesse comparativement a celle du travail."--(p.
284.)

_Cause of value in Land._--"Cette vale