David RICARDO (1772–1823). Letter from the author, London, A - Lot 89

David RICARDO (1772–1823). Letter from the author, London, April 27, 1819, to Thomas Smith (of Easton Grey), in Paris; 3½ pages, in-4 format, addressed (small tear where the seal broke); in English. A long and interesting letter on the political situation in England and on economists. He received his letter from Rome and hopes he arrived in Genoa in good health. He must now be in Paris, “enjoying the gaities of that capital.” Upon his return to England, Smith will find the country’s politicians in a very bad mood. Trade is sluggish, merchants and manufacturers are going bankrupt, prices for cotton and other goods are at an all-time low, poverty is on the rise, and there are no jobs for workers. To top it all off, the government is in trouble. The Whigs claim that the country is in a most alarming state, and that only a miracle could save it from ruin, while the Tories offer little more comfort. He finds comfort in revisiting the observations of Adam Smith, who laments that this situation has always been common in this country, even when it was growing in wealth and population. People never speak of their happiness, but they proclaim their misery at the top of their lungs. A nation seems to be regressing if it advances more slowly than before. But Ricardo believes this is merely a passing cloud, and he confidently anticipates that the nation will regain its former energy and vigor. [“You will find the politicians of this country in a very gloomy mood. Trade is languishing—merchants and manufacturers are failing—overtrading has become widespread, and all our markets are saturated with goods. Cotton and many other commodities are cheaper here than the cost of producing them in the countries where they are grown. Poverty is on the rise, and the industrious cannot find work. To top it all off, we are struggling with great financial difficulties, as our revenue is insufficient to cover our expenditures. You will hear from the Whigs that the country is in a most alarming state and that nothing but a miracle can save it from ruin, and you will not receive much more comfort from the Tories. For my part, I take comfort in recalling Adam Smith’s observation that complaints of the kind described above have always been common in this country; and yet, precisely at the times when they were most prevalent, we were growing in wealth and population. People do not speak much of their happiness, but they proclaim their misery in a loud voice. A nation will often appear to be in decline and in great distress if it is advancing only more slowly than before. A cloud is certainly passing over us, but I cannot help but confidently anticipate that we shall speedily resume our customary energy and vigor.”] Parliament still holds as much appeal for him; he listened with pleasure to James Mackintosh’s speech on the “Marriage Act”: should a scoundrel lie about his age, his marriage would be annulled and his children considered bastards; this was passed by a large majority. He met with Whishaw on several occasions and dined with George Philips. Malthus stayed with him for a few days and met [John Cam] Hobhouse; the conversation revolved around political economy. There were several political economists present, and, truth be told, they are too absorbed in their subject: “the conversation incessantly turned to the subject of political economy. There were several political economists present, and to tell the truth, they are too fond of their own subject; I am constantly sinning myself, resolving to reform and then err again, which is followed by renewed repentance and further good resolutions.” Hobhouse is recovering from his contested election; Ricardo would like to see him in Parliament. Sismondi came to England to marry Lady Mackintosh’s sister. He finally gives news of his family—his wife, his growing daughters, and his son Osman, who is coming to London to sell a horse; the boys are on vacation and are going to the exhibitions, the Panorama, and the theater… Another autograph letter is enclosed with this one, Galcomb, August 29, 1821 (2 pp., in-8); the letter should reach him upon his arrival at Easton Grey; he asks Smith to come on September 4 and stay for at least two nights. Sydney Smith and his family “will meet you as they come on Tuesday for two nights on their way from Taunton to York”…