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89 - David RICARDO (1772–1823). Letter from the author, London, 2…
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Estimate €1,500 - €2,000
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Description
David RICARDO (1772–1823). Letter from the author, London, 27 April 1819, to Thomas Smith (of Easton Grey), in Paris; 3½ pages, quarto size, addressed (small tear caused by a broken seal); in English. A long and interesting letter on the political situation in England and on economists. He has 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’. On 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 is no work for labourers. To make matters worse, the government is in trouble. The Whigs say that the country is in a most alarming state, and that only a miracle could save it from ruin, whilst the Tories offer little more comfort. He finds solace himself 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 voices. A nation appears to be regressing if it advances less quickly than before. But Ricardo believes this is merely a passing cloud, and he confidently anticipates that the nation will regain its former energy and vigour. [‘You will find the politicians of this country in a very gloomy mood. Trade is languishing – merchants and manufacturers are failing – over-trading has become widespread and all our markets are flooded with goods. Cotton and many other goods are cheaper here than the cost of growing them in the countries where they are produced. Poverty is on the rise, and the industrious cannot find work. To top it all, we are struggling with severe financial difficulties, our revenue being insufficient to cover our expenditure. 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 receive little more comfort from the Tories. For my part, I take comfort in recalling Adam Smith’s observation that complaints of the sort described above have always been common in this country; and yet, at the very 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 merely progressing at a slower pace than before. A cloud is certainly passing over us, but I cannot help but look forward with confidence to our swiftly regaining our customary energy and vigour.’] 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 regarded as bastards; this was passed by a large majority. He met Whishaw on several occasions and dined with George Philips. Malthus stayed with him for a few days and met [John Cam] Hobhouse; the conversation centred on political economy. There were several political economists present and, in truth, they are too absorbed in their subject: ‘the conversation incessantly inclined 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 has come to England to marry Lady Mackintosh’s sister. He finally gives news of his family: his wife, his growing daughters, his son Osman who is due to come to London to sell a horse; the boys are on holiday and are going to exhibitions, the Panorama and the theatre… Another L.A.S. is enclosed with this letter, dated Galcomb, 29 August 1821 (2 pp., in-8); the letter should reach him upon his arrival at Easton Grey; he asks Smith to come on 4 September 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”…
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About the sale Letters and Autograph Manuscripts – Part I
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Auction time 10/13/2026 at 2:00 PM
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