Note 363 — Chapter IV

In 1797, Pulteney, in one of his financial speeches, appealed to ‘the authority of Dr. Smith, who, it was well said, would persuade the present generation and govern the next.’ Parl. Hist. vol. xxxiii. p. 778. In 1813, Dugald Stewart (Philosophy of the Human Mind, vol. ii. p. 472) announced that the doctrine of free trade ‘has now, I believe, become the prevailing creed of thinking men all over Europe.’ And in 1816, Ricardo said, ‘The reasoning by which the liberty of trade is supported is so powerful, that it is daily obtaining converts. It is with pleasure that I see the progress which this great principle is making amongst those whom we should have expected to cling the longest to old prejudices.’ Proposals for an Economical Currency, in Ricardo's Works, p. 407.