Page:On the economy of machinery and manufactures - Babbage - 1846.djvu/190

156 weight to the information. Political economists have been reproached with too small a use of facts, and too large an employment of theory. If facts are wanting, let it be remembered that the closet-philosopher is unfortunately too little acquainted with the admirable arrangements of the factory; and that no class of persons can supply so readily, and with so little sacrifice of time, the data on which all the reasonings of political economists are founded, as the merchant and manufacturer; and, unquestionably, to no class are the deductions to which they give rise so important. Nor let it be feared that erroneous deductions may be made from such recorded facts: the errors which arise from the absence of facts are far more numerous and more durable than those which result from unsound reasoning respecting true data.

(204.) The great diminution in price of the articles here enumerated may have arisen from several causes: 1. The alteration in the value of the currency. 2. The increased value of gold in consequence of the increased demand for coin. The first of these causes may have had some influence; and the second may have had a very small effect upon the two first quotations of prices, but none at all upon the two latter ones. 3. The diminished rate of profit produced by capital however employed. This may be estimated by the average price of three per cents. at the periods stated. 4. The diminished price of the raw materials out of which these articles were manufactured. The raw material is principally brass and iron, and the reduction upon it may, in some measure, be estimated by the diminished price of iron and brass wire, in the cost of which articles, the labour bears a less