*****
On the second question, "raising the value of money," Locke's views are much clearer and more consistent than on the first. It would be impossible to state more explicitly than he has done the sound economical dictum that gold and silver are simply commodities, not differing essentially from other commodities, and that the government stamp upon them, whereby they become coin, cannotmaterially raise their value. As most of my readers are aware, it has been a favourite device, time out of mind, of unprincipled and impecunious governments to raise the denomination of the coin, or to put a smaller quantity of the precious metals in coins retaining the old denomination, with the view of recruiting an impoverished exchequer. There have, doubtless, been financiers unintelligent enough to suppose that this expedient might enrich the government, while it did no harm to the people. But it requires only a slight amount of reflection to see that all creditors are defrauded exactly in the same proportion as that in which the coin is debased. One lucid passage from Locke's answer to Lowndes may suffice to show the forcible manner in which he presents this truth:
"Raising of coin is but a specious word to deceive the unwary. It only gives the usual denomination of a greater quantity of silver to a less (v. g., calling four grains of silver a penny to-day, when five grains of silver made a penny yesterday), but adds no worth or real value to the silver coin, to make amends for its want of silver. That is impossible to be done. For it is only the quantity of silver in it that is, and eternally will be, the measure of its value. One may as rationally hope to lengthen a foot, by dividing it into fifteen parts instead of twelve and calling them inches, as to increase the value of silver that is in a shilling, by dividing it into fifteen parts instead of twelve and calling them pence. This is all that is done when a shilling is raised from twelve to fifteen pence."
"Raising of coin is but a specious word to deceive the unwary. It only gives the usual denomination of a greater quantity of silver to a less (v. g., calling four grains of silver a penny to-day, when five grains of silver made a penny yesterday), but adds no worth or real value to the silver coin, to make amends for its want of silver. That is impossible to be done. For it is only the quantity of silver in it that is, and eternally will be, the measure of its value. One may as rationally hope to lengthen a foot, by dividing it into fifteen parts instead of twelve and calling them inches, as to increase the value of silver that is in a shilling, by dividing it into fifteen parts instead of twelve and calling them pence. This is all that is done when a shilling is raised from twelve to fifteen pence."
Lowndes had maintained that "raising the coin," in addition to making up the loss caused by calling in the clipped money, and other advantages, would increase the circulating medium of the country, and so put a stop to the multiplication of hazardous paper-credit and the inconveniences of bartering. Nothing could be better than Locke's reply:
"Just as the boy cut his leather into five quarters (as he called them) to cover his ball, when cut into four quarters it fell short, but, after all his pains, as much of his ball lay bare as before; if the quantity of coined silver employed in England fall short, the arbitrary denomination of a greater number of pence given to it, or, which is all one, to the several coined pieces of it, will not make it commensurate to the size of our trade or the greatness of our occasions. This is as certain as that, if the quantity of a board which is to stop a leak of a ship fifteen inches square, be but twelve inches square, it will not be made to do it by being measured by a foot that is divided into fifteen inches, instead of twelve, and so having a larger tale or number of inches in denomination given to it."
"Just as the boy cut his leather into five quarters (as he called them) to cover his ball, when cut into four quarters it fell short, but, after all his pains, as much of his ball lay bare as before; if the quantity of coined silver employed in England fall short, the arbitrary denomination of a greater number of pence given to it, or, which is all one, to the several coined pieces of it, will not make it commensurate to the size of our trade or the greatness of our occasions. This is as certain as that, if the quantity of a board which is to stop a leak of a ship fifteen inches square, be but twelve inches square, it will not be made to do it by being measured by a foot that is divided into fifteen inches, instead of twelve, and so having a larger tale or number of inches in denomination given to it."
The general principle that to depreciate the coinage is to rob the creditor, and that, though you may change the name, you cannot change the thing, was quite as emphatically stated by Petty and North as by Locke. But the value of Locke's tracts consisted in their amplitude of argument and illustration, which left to the unprejudiced reader no alternative but to accept their conclusion. As he himself said in a letter to Molyneux, "Lay by the arbitrary names of pence and shillings, and consider and speak of it as grains and ounces of silver, and 'tis as easy as telling of twenty."
*****
Locke had the penetration to see that the laws existing in his time against the exportation of gold and silver coin must necessarily be futile, and, while it was permitted to export bullion, could answer no conceivable purpose. These laws, which date from the time of Edward the Third, were, curiously enough, not repealed till the year 1819, though as early as the time of the Restoration they had been pronounced by so competent a judge as Sir William Petty to be "nugatory" and "impracticable." Nothing, as Locke says towards the conclusion of his answerto Lowndes, could prevent the exportation of silver and gold in payment of debts contracted beyond the seas, and it could "be no odds to England whether it was carried out in specie or when melted down into bullion." But the principle on which the prohibition of exporting gold and silver coin ultimately rested seems to have been accepted by him as unhesitatingly as it was by almost all the other economists of the time. That principle was that the wealth of a nation is to be measured by the amount of gold and silver in its possession, this amount depending on the ratio of the value of the exports to that of the imports. When the value of the exports exceeded that of the imports, the Balance of Trade, as it was called, was said to be in favour of a country; when, on the other hand, the value of the imports exceeded that of the exports, the Balance of Trade was said to be against it. A favourable balance, it was assumed, must necessarily increase the amount of gold and silver in the country, while an unfavourable balance must necessarily diminish it. And, lastly, the amount of gold and silver in its possession was the measure of a nation's wealth. These views form part of what political economists call the Mercantile Theory, which it was the peculiar glory of Adam Smith to demolish.
It is somewhat humiliating to the biographer of Locke to be obliged to confess that, in this respect, his theories on trade lag considerably behind those of an almost contemporary writer, Sir Dudley North, whose work has already been mentioned. Some of North's maxims are worthy of Adam Smith, and one wonders that, when once enunciated, they found so little currency, and were so completely ignored in both the literature and the legislation of the time. Here are a few, but the whole tractmay be read in less than an hour: "The whole world, as to trade, is but as one nation or people, and therein nations are as persons." "The loss of a trade with one nation is not that only, separately considered, but so much of the trade of the world rescinded and lost, for all is combined together." "No laws can set prices in trade, the rates of which must and will make themselves; but, when such laws do happen to lay any hold, it is so much impediment to trade, and therefore prejudicial." "No man is richer for having his estate all in money, plate, &c., lying by him, but, on the contrary, he is for that reason the poorer. That man is richest whose estate is in a growing condition, either in land at farm, money at interest, or goods in trade." "Money exported in trade is an increase to the wealth of the nation; but spent in war and payments abroad, is so much impoverishment." "We may labour to hedge in the Cuckoo, but in vain; for no people ever yet grew rich by policies, but it is peace, industry, and freedom that brings trade and wealth, and nothing else."
Some of Locke's opinions on trade and finance were undoubtedly erroneous, and it must be confessed that the little tract of Sir Dudley North supplies a better summary of sound economical doctrine than any which we can find in his writings; but then this brochure is merely a summary, with little of argument or elucidation, and perhaps it would be difficult to point to any previous or contemporary writer whose works are, on the whole, more important in the history of economical science than those of Locke.
To trace Locke's influence on subsequent speculation would be to write the History of Philosophy from his time to our own. In England, France, and Germany there have been few writers on strictly philosophical questions in this century or the last who have not either quoted Locke'sEssaywith approbation, or at least paid him the homage of stating their grounds for dissenting from it. In the last century, his other works, especially those on Government and Toleration, may be said to have almost formed the recognized code of liberal opinion in this country, besides exercising a considerable influence on the rapidly developing speculations which, in the middle of the century, were preparing an intellectual no less than a social revolution in France. I can here only speak of the nature of Locke's influence, and of the directions it took, in the very broadest outline, and it is the less necessary that I should enter into detail, as I have frequently adverted to it in the preceding chapters.
In England, theEssay, though from the first it had its ardent admirers, seemed, for some years after its appearance, to have produced its effect on English philosophical literature mainly by antagonism. Many were the critics who attacked the "new way of ideas," and attempted toshow the evil consequences to morals, religion, and exact thought which must follow from the acceptance of Locke's speculations. Here and there he was defended, but the attack certainly largely outnumbered the defence. Of these controversies I have already given some account in the chapters on Locke's Life, and need not, therefore, now recur to them. The first English writer on philosophy of the highest rank who succeeded Locke was Berkeley, and on him the influence of his predecessor is so distinctly apparent, that it may well be questioned whether Berkeley would ever have written thePrinciplesand theDialogues, if Locke had not written theEssay. Locke had regarded not "things" but "ideas" as the immediate objects of the mind in thinking, though he had supposed these ideas to be representative of things; but why, argued Berkeley, suppose "things" to exist, if "ideas" are the only objects which we perceive? Again, Locke had analyzed the idea of Matter conceived as "Substance" into "we know not what" support of known qualities. How, then, said Berkeley, do we know that it exists? The idealist philosophy of Berkeley may thus be viewed as a development, on one side, of the philosophy of Locke. But Hume, by carrying Berkeley's scepticism further than he had done himself, and by questioning the reality of Substance, as applied either to matter or mind, may be said to have developed Locke's principles in a direction which was practically the very reverse of that taken by Berkeley. For the result of Berkeley's denial of "matter" was to enhance the importance of "mind," and to re-assure men as to the existence of one all-embracing mind in the person of the Deity. But the result of the questions which Hume raised as to the substantial existence of either Matter or Mind was to leave men in a state of pure scepticism, or, as we shouldnow perhaps call it, Agnosticism. On the other applications of Hume's method, I need not detain the reader. To the ordinary common-sense Englishman, who approached philosophical questions with interest but without any special metaphysical aptitude, the systems both of Hume and Berkeley appeared to be open to the fatal objection of paradox, and hence, throughout the eighteenth century, Locke continued, in ordinary estimation, to hold the supreme place among English philosophers. Horace Walpole (writing in 1789) probably expresses the average opinion of the English reading public of his time, when he says that Locke (with whom he couples Bacon) was almost the first philosopher who introduced common-sense into his writings. Nor was it only that he was supreme in popular estimation. His influence is apparent in almost every philosophical and quasi-philosophical work of the period. It may specially be mentioned that the doctrine of Innate Ideas went out of fashion, both word and thing, and, when a similar doctrine came into vogue at the end of the century, under the authority of Reid and Stewart, it was in a modified form and under a new appellation, that of primary or fundamental beliefs. These authors always spoke with the greatest respect of Locke, and Stewart especially was always anxious to establish, when possible, an identity of opinion between himself and his illustrious predecessor. And even in recent times, when the topics and conditions of philosophical speculation have undergone so much change, there are few philosophical authors of eminence who do not make frequent reference to Locke'sEssay. It is now perhaps seldom read through except by professed students of philosophy, but it is still probably oftener "dipped into" than any other philosophical treatise in the language.
In France, theEssayat first made little way. It took more than twenty years to sell off the first edition of the French translation, but from 1723 to 1758 editions followed one another in rapid succession at intervals of about six years. Voltaire says that no man had been less read or more abused in France than Locke. The points in his philosophy which seem to have been specially selected for attack were the statements that God might, if he pleased, annex thought to matter, and that the natural reason could not alone assure us of the immortality of the soul. The qualifications, as the custom is, were dropped out of these statements, and it was roundly asserted that Locke maintained the soul to be material and mortal. Voltaire does not fail to point out the hastiness and injustice of these conclusions, and is himself unbounded in his admiration for the English philosopher. Malebranche, he says, is read on account of the agreeableness of his style, Descartes on account of the hardihood of his speculations; Locke is not read, because he is merely wise. There never was a thinker more wise, more methodical, more logical than Locke. Other reasoners had written a romance of the soul; Locke came and modestly wrote its history, developing the ideas of the human understanding as an accomplished anatomist explains the forces of the human body. Voltaire lived to see the philosophy of Locke, or rather an extreme phase of it, become almost the established creed of those who cared at all for speculative questions in France. Condillac in his early work, theEssai sur l'Origine des Connoissances Humaines(first published in 1746), simply adopts Locke's account of the origin of knowledge, finding it in the two sources of Sensation and Reflection. But in his later work, theTraité des Sensations, which appeared in 1754, he has gone far beyond hismaster, and not only finds the origin of all knowledge in sensation alone, but of all our faculties as well. It is in this work that the metaphor of the gradually animated statue occurs. Condillac's system soon became the fashionable philosophy of his countrymen, and both friends and foes credited Locke with its parentage. With Joseph de Maistre, who may be regarded as the bitterest exponent of French Ultramontanism, Locke is the immediate link through whom Helvétius, Cabanis, and the other enemies of the human race in France had derived from Bacon the principles which had been so destructive to their country and mankind. But it was not the followers of Condillac only who professed to base their systems on the principles of Locke. Degerando, writing in 1813, says, "All the French philosophers of this age glory in ranging themselves among the disciples of Locke, and admitting his principles." The great names of Turgot, Diderot, D'Alembert, Condorcet, and Destutt de Tracy alike appear in the roll of his professed disciples. And even when the reaction against the authority of Locke began in France, his influence might still be traced in authors like Maine de Biran, Royer Collard, Cousin, and Jouffroy, however emphatically they might repudiate his system as a whole. Lastly, Auguste Comte may be connected with Locke through Hume.
Except by way of reaction and opposition, Locke's influence has been felt much less in Germany than in either England or France. The earliest opponent of his philosophy, who himself held any high rank as a philosopher, was Leibnitz, who, in hisNouveaux Essais(written in 1704, but not published till 1765), attacked not only Locke's specific conclusions, but his method of commencing the study of philosophy with an examination of thehuman mind. Yet he recognizes theEssayas "one of the most beautiful and most esteemed works of this time." It may be remarked as curious that he is disposed to rate theThoughts on Educationeven still higher than theEssay. But, when we think of Locke's relation to German philosophy, it is mainly in connexion with the antagonism of Kant. For, though Kant states that he was "awoke from his dogmatic slumber" by reading Hume, it is plain, throughout theKritik, that he has in his mind the system of Locke at least as much as that of his sceptical successor. And yet these two great philosophers, the reformer of English and the reformer of German philosophy, have much in common, specially their mode of approaching the problems of ontology and theology, which have vexed so many generations of thinkers, by first inquiring into the limits, capacities, and procedure of the human mind.
Of the specific influence of Locke's treatises on Government, Religion, Toleration, Education, and Finance I have already said something in previous chapters. In each one of these subjects the publication of his views forms a point of departure, and no writer on the history of any one of them could dispense with a lengthened notice of his theories.
But far more important than their specific influence on other writers, or even on the development of the subjects with which they deal, has been the effect of Locke's writings on the history of progress and civilization. In an age of excitement and prejudice, he set men the example of thinking calmly and clearly. When philosophy was almost synonymous with the arid discussion of scholastic subtleties, he wrote so as to interest statesmen and men of the world. At a time when the chains of dogma were far tighter, and the penalties of attempting to loosenthem far more stringent, than it is now easy to conceive, he raised questions which stirred the very depths of human thought. And all this he did in a spirit so candid, so tolerant, so liberal, and so unselfish, that he seemed to be writing not for his own party or his own times, but for the future of knowledge and of mankind. To sound every question to the bottom, never to allow our convictions to outstrip our evidence, to throw aside all prejudices and all interests in the pursuit of truth, but to hold the truth, when found, in all charity and with all consideration towards those who have been less fortunate than we—these are the lessons which, faithfully transmitted through two centuries by those who had eyes to see and ears to hear, he has bequeathed to us and our posterity.
THE END.
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Transcriber's NotePunctuation, hyphenation, and spelling were made consistent when a predominant preference was found in this book; otherwise they were not changed.Simple typographical errors were corrected; occasional unpaired quotation marks were retained.Ambiguous hyphens at the ends of lines were retained.Greek words are shown in Greek and then in English transliterations that are indicated by [Greek: ] and were added by the Transcribers.Page 24: "Any way" was printed as "Anyway" but changed here for consistency with how it was printed the other 8 times.Page 117: Added missing closing quotation mark after 'in the world,'.
Punctuation, hyphenation, and spelling were made consistent when a predominant preference was found in this book; otherwise they were not changed.
Simple typographical errors were corrected; occasional unpaired quotation marks were retained.
Ambiguous hyphens at the ends of lines were retained.
Greek words are shown in Greek and then in English transliterations that are indicated by [Greek: ] and were added by the Transcribers.
Page 24: "Any way" was printed as "Anyway" but changed here for consistency with how it was printed the other 8 times.
Page 117: Added missing closing quotation mark after 'in the world,'.