An Outline of Political Economy: Designed for Seminaries, and Intended to Explain the Principles of This Important Science, by Familiar Examples, and to Exhibit More Particularly the Great Importance of Agriculture, Mining Industry, Manufactures, and Inte

Excerpt from An Outline of Political Economy: Designed for Seminaries, and Intended to Explain the Principles of This Important Science, by Familiar Examples, and to Exhibit More Particularly the Great Importance of Agriculture, Mining Industry, Manufactures, and Internal Improvements, to National We

In what were exhibited the important effects of skill and practical knowledge, as also the ruinous and impo litic consequences of ignorance and unskilful manage mentp - The Merino speculation, which prevailed to such an extent in the United States during 1813-14 clearly exhibits the importance of practical knowledge and skill in the management ofany business; and the impolitic and disastrous consequences of attempting a business, without skill and ability. The enterprise was attempted by individuals, who, with some exceptions, were entirely destitute of any information. And practical knowledge as to the nature of the pursuit to which their attention was given. Hence to very many of them, the Speculation was a ruinous one, and but few realized any profit from the attempt.

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