The following pages are, in substance, a compendium of the lectures on Political Economy delivered by the author in the University of Virginia, with such alterations and additions as his further experience and reflection have suggested.

They are now offered to the public under the belief that the subject is one of peculiar importance to a free people, whose will often directs and controls the policy of the State; and who, when they do not exert that influence, ought to know how far the sentiments of the candidates for their favor are in accordance with the true principles of national prosperity.

He has long been of opinion that there was no principle of moment in this science on which men would not, in time, be entirely agreed. Even now there are a hundred uncontroverted propositions for one which is the subject of dispute.

In his notice of those few, he has, in general, contented himself with presenting his own views, without fully stating those from which he had ventured to differ; and in subjects of no practical importance, he has not adverted to them at all. He was led to this course partly for the sake of brevity, and partly because he wished this work to have as little of a controversial character as possible.

By thus omitting the arguments which have been urged on contested questions, as well as all historical details, he flatters himself that he has set forth all the principles that are important to the national welfare.

His first object has been to state what he believed to be sound theory; and the next, to make it clear, concise, and of easy application to the affairs of social life. He dare not presume that, with all his solicitude for truth, he has always escaped error; but whenever it shall be detected, by himself or others, he will not be slow to make the correction.

Philadelphia, Oct. 15, 1859.