Full text: Banking standards under the federal reserve system

14 
POLITICAL ECONOMY 
however, the masters of the new-born science 
were in some measure responsible—political 
and social sentiments were contaminated ; 
and the country was condemned to pass 
through one of the greatest crises in its 
history, that occasioned by mechanical 
invention and the introduction of steam- 
power, without benefit of much mutual help 
fulness and sympathy. Said the Duke in 
Coningsby, “ Supposing a case of outdoor 
relief “ I could not suppose anything 
so absurd,” replied his son-in-law, who was 
chairman of one of the newly-constituted 
Boards of Guardians. Nobody can feel quite 
confident in passing sweeping judgments on 
bygone events ; and it may have been that 
grave errors in resisting progress were avoided 
in consequence of the austere teaching of the 
dominant political economy, and that men 
were made hard enough and pushing enough 
to win their way through when, in accordance 
with its maxims, they were left to depend on 
themselves alone— 
“Stem, rugged nurse, thy rigid lore 
With patience many a year they bore ! ** 
But that much of the reason for which 
laisser faire was recommended and prac 
tised originated in mental confusion must
	        
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