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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