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LETTER XXVII. - Vicesimus Knox, The Works of Vicesimus Knox, vol. 5 [1824]

Edition used:

The Works of Vicesimus Knox, D.D. with a Biographical Preface. In Seven Volumes (London: J. Mawman, 1824). Vol. 5.

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LETTER XXVII.

My Lord,

Though Economics are not usually taught in our modern schools, they are worthier of attention, than many things which occupy the time of the student, and inflate him with the self-conceit of profound erudition.

You must have observed how many, both noblemen and commoners, with ample inheritances, are reduced to a state of pecuniary distress. Much of it certainly arises from their profusion: but perhaps more from their neglect of economy. They are unwilling to inspect the state of their finances, from habitual indolence; and they are also too often unable to adjust their accounts, through ignorance of arithmetic. The more involved their accounts become, the more disagreeable, because the more laborious is the task of examining them. They at last give up the whole in despair, and suffer every thing relating to their finances to be conducted by persons who are indifferent to their employer's interest, and attentive solely to their own.

I recommend, indeed, a personal attention to your estate; but not a mean parsimony. I recommend it, that you may have it in your power to be both just and generous; to pay your debts with punctuality, and to give and spend liberally. Independence is one of the daughters of economy. Your frugality should be the fountain of your munificence. The reservoir, without this care, however large, will be often exhausted. But I must protest, with peculiar earnestness, against the character of a miserly nobleman. It should be considered as a contradiction in terms.

Economics were dignified by the ancients with the appellation of Practical Philosophy. Xenophon wrote one book upon them, and Aristotle two. But they dwell too much, as might be expected, on general theories; and cannot enter into such particulars as are really useful in the conduct of common life. I advise you, nevertheless, to read the work of Xenophon, as it is not long, and is capable of affording you amusement.

Cato, Varro, Columella, and other old authors, have written upon some branches of economics; chiefly the agricultural. As a man of general learning, some knowledge of them may become you; but to gain a skill in economics for real utility, I must refer you to experience, observation, common sense, and common life. I venture to say, that there are more useful ideas on the subject to be collected in the merchant's counting-house, the steward's office, and in the farm, than in all the books of all the philosophers.

But to enable you to make due use of the information you may obtain from any of these quarters, I must recommend it to you to acquire a competent skill in practical arithmetic, and in book-keeping. Despise not the humblest parts of knowledge which can contribute to your comfort and your independence.

Much of your independence, I have already hinted, will be secured by a due attention to your revenue. You will not be obliged to sell your vote and influence; nor to court a minister for a lucrative employment, so long as you preserve your own finances uninvolved.

Study economics, therefore, with at least as much attention as those sciences which terminate chiefly in speculation. But I must repeat the caution against excessive parsimony. The caution may not appear to be necessary to you at present; for you are conscious, and I am ready to allow, with pleasure, that you are as liberal as becomes your birth and property.

But avarice has ever been one of the strongest passions of human nature; and it increases perversely, when there is the least occasion for it, in age and in affluence.

I am, &c.