But now let us turn to the teaching of the actual Political Economist, in his present fashionable shape. I will take a very favourable instance of him: he shall be represented by a gentleman of high character, whose religious views are sufficiently guaranteed to us by his being the special choice, in this department of science, of a University removed more than any other Protestant body of the day from sordid or unchristian principles on the subject of money-making. I say, if there be a place where Political Economy would be kept in order, and would not be suffered to leave the high road and ride across the pastures and the gardens dedicated to other studies, it is the University of Oxford. And if a man could anywhere be found who would have too much good taste to offend the religious feeling of the place, or to say any thing which he would himself allow to be inconsistent with Revelation, I conceive it is the person whose temperate and well-considered composition, as it would be generally accounted, I am going to offer to your notice. Nor did it occasion any excitement whatever on the part of the academical or the religious public, as did the instances which I have hitherto been adducing. I am representing then the science of Political Economy, in its independent or unbridled action, to great advantage, when I select, as its specimen, the Inaugural Lecture upon it, delivered in the University in question, by its first Professor. Yet with all these circumstances in its favour, you will soon see, Gentlemen, into what extravagance, for so I must call it, a grave lawyer is led in praise of his chosen science, merely from the circumstance that he has fixed his mind upon it, till he has forgotten there are subjects of thought higher and more heavenly than it. You will find beyond mistake, that it is his object to recommend the science of wealth, by claiming for it an _ethical_ quality, viz., by extolling it as the road to virtue and happiness, whatever Scripture and holy men may say to the contrary.
He begins by predicting of Political Economy, that in the course of a very few years, “it will rank in public estimation among the first of _moral_ sciences in interest and in utility.” Then he explains most lucidly its objects and duties, considered as “the science which teaches in what wealth consists, by what agents it is produced, and according to what laws it is distributed, and what are the institutions and customs by which production may be facilitated and distribution regulated, so as to give the largest possible amount of wealth to each individual.” And he dwells upon the interest which attaches to the inquiry, “whether England has run her full career of wealth and improvement, but stands safe where she is, or whether to remain stationary is impossible.” After this he notices a certain objection, which I shall set before you in his own words, as they will furnish me with the illustration I propose.