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trade　of　insurance；　therefore；　may　be　carried　on　successfully　by

a　joint　stock　company　without　any　exclusive　privilege。　Neither

the　London　Assurance　nor　the　Royal　Exchange　Assurance　companies

have　any　such　privilege。

　　　　　When　a　navigable　cut　or　canal　has　been　once　made；　the

management　of　it　becomes　quite　simple　and　easy；　and　it　is

reducible　to　strict　rule　and　method。　Even　the　making　of　it　is　so

as　it　may　be　contracted　for　with　undertakers　at　so　much　a　mile；

and　so　much　a　lock。　The　same　thing　may　be　said　of　a　canal；　an

aqueduct；　or　a　great　pipe　for　bringing　water　to　supply　a　great

city。　Such　undertakings；　therefore；　may　be；　and　accordingly

frequently　are；　very　successfully　managed　by　joint　stock

companies　without　any　exclusive　privilege。

　　　　　To　establish　a　joint　stock　company；　however；　for　any

undertaking；　merely　because　such　a　company　might　be　capable　of

managing　it　successfully；　or　to　exempt　a　particular　set　of

dealers　from　some　of　the　general　laws　which　take　place　with

regard　to　all　their　neighbours；　merely　because　they　might　be

capable　of　thriving　if　they　had　such　an　exemption；　would

certainly　not　be　reasonable。　To　render　such　an　establishment

perfectly　reasonable；　with　the　circumstance　of　being　reducible　to

strict　rule　and　method；　two　other　circumstances　ought　to　concur。

First；　it　ought　to　appear　with　the　clearest　evidence　that　the

undertaking　is　of　greater　and　more　general　utility　than　the

greater　part　of　common　trades；　and　secondly；　that　it　requires　a

greater　capital　than　can　easily　be　collected　into　a　private

copartnery。　If　a　moderate　capital　were　sufficient；　the　great

utility　of　the　undertaking　would　not　be　a　sufficient　reason　for

establishing　a　joint　stock　company；　because；　in　this　case；　the

demand　for　what　it　was　to　produce　would　readily　and　easily　be

supplied　by　private　adventures。　In　the　four　trades　above

mentioned；　both　those　circumstances　concur。

　　　　　The　great　and　general　utility　of　the　banking　trade　when

prudently　managed　has　been　fully　explained　in　the　second；　book　of

this　Inquiry。　But　a　public　bank　which　is　to　support　public

credit；　and　upon　particular　emergencies　to　advance　to　government

the　whole　produce　of　a　tax；　to　the　amount；　perhaps；　of　several

millions；　a　year　or　two　before　it　comes　in；　requires　a　greater

capital　than　can　easily　be　collected　into　any　private　copartnery。

　　　　　The　trade　of　insurance　gives　great　security　to　the　fortunes

of　private　people；　and　by　dividing　among　a　great　many　that　loss

which　would　ruin　an　individual；　makes　it　fall　light　and　easy　upon

the　whole　society。　In　order　to　give　this　security；　however；　it　is

necessary　that　the　insurers　should　have　a　very　large　capital。

Before　the　establishment　of　the　two　joint　stock　companies　for

insurance　in　London；　a　list；　it　is　said；　was　laid　before　the

attorney…general　of　one　hundred　and　fifty　private　insurers　who

had　failed　in　the　course　of　a　few　years。

　　　　　That　navigable　cuts　and　canals；　and　the　works　which　are

sometimes　necessary　for　supplying　a　great　city　with　water；　are　of

great　and　general　utility；　while　at　the　same　time　they　frequently

require　a　greater　expense　than　suits　the　fortunes　of　private

people；　is　sufficiently　obvious。

　　　　　Except　the　four　trades　above　mentioned；　I　have　not　been　able

to　recollect　any　other　in　which　all　the　three　circumstances

requisite　for　rendering　reasonable　the　establishment　of　a　joint

stock　company　concur。　The　English　copper　company　of　London；　the

lead　smelting　company；　the　glass　grinding　company；　have　not　even

the　pretext　of　any　great　or　singular　utility　in　the　object　which

they　pursue；　nor　does　the　pursuit　of　that　object　seem　to　require

any　expense　unsuitable　to　the　fortunes　of　many　private　men。

Whether　the　trade　which　those　companies　carry　on　is　reducible　to

such　strict　rule　and　method　as　to　render　it　fit　for　the

management　of　a　joint　stock　company；　or　whether　they　have　any

reason　to　boast　of　their　extraordinary　profits；　I　do　not　pretend

to　know。　The　mine…adventurers'　company　has　been　long　ago

bankrupt。　A　share　in　the　stock　of　the　British　Linen　Company　of

Edinburgh　sells；　at　present；　very　much　below　par；　though　less　so

that　it　did　some　years　ago。　The　joint　stock　companies　which　are

established　for　the　public…spirited　purpose　of　promoting　some

particular　manufacture；　over　and　above　managing　their　own　affairs

ill；　to　the　dimunition　of　the　general　stock　of　the　society；　can

in　other　respects　scarce　ever　fail　to　do　more　harm　than　good。

Notwithstanding　the　most　upright　intentions；　the　unavoidable

partiality　of　their　directors　to　particular　branches　of　the

manufacture　of　which　the　undertakers　mislead　and　impose　upon　them

is　a　real　discouragement　to　the　rest；　and　necessarily　breaks；

more　or　less；　that　natural　proportion　which　would　otherwise

establish　itself　between　judicious　industry　and　profit；　and

which；　to　the　general　industry　of　the　country；　is　of　all

encouragements　the　greatest　and　the　most　effectual。　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　ARTICLE　II

　　　　　　Of　the　Expense　of　the　Institutions　for　the　Education　of

Youth　

　　　　　The　institutions　for　the　education　of　the　youth　may；　in　the

same　manner；　furnish　a　revenue　sufficient　for　defraying　their　own

expense。　The　fee　or　honorary　which　the　scholar　pays　to　the　master

naturally　constitutes　a　revenue　of　this　kind。

　　　　　Even　where　the　reward　of　the　master　does　not　arise

altogether　from　this　natural　revenue；　it　still　is　not　necessary

that　it　should　be　derived　from　that　general　revenue　of　the

society；　of　which　the　collection　and　application　is；　in　most

countries；　assigned　to　the　executive　power。　Through　the　greater

part　of　Europe；　accordingly；　the　endowment　of　schools　and

colleges　makes　either　no　charge　upon　that　general　revenue；　or　but

a　very　small　one。　It　everywhere　arises　chiefly　from　some　local　or

provincial　revenue；　from　the　rent　of　some　landed　estate；　or　from

the　interest　of　some　sum　of　money　allotted　and　put　under　the

management　of　trustees　for　this　particular　purpose；　sometimes　by

the　sovereign　himself；　and　sometimes　by　some　private　donor。

　　　　　Have　those　public　endowments　contributed　in　general　to

promote　the　end　of　their　institution？　Have　they　contributed　to

encourage　the　diligence　and　to　improve　the　abilities　of　the

teachers？　Have　they　directed　the　course　of　education　towards

objects　more　useful；　both　to　the　individual　and　to　the　public；

than　those　to　which　it　would　naturally　have　gone　of　its　own

accord？　It　should　not　seem　very　difficult　to　give　at　least　a

probable　answer　to　each　of　those　questions。

　　　　　In　every　profession；　the　exertion　of　the　greater　part　of

those　who　exercise　it　is　always　in　proportion　to　the　necessity

they　are　under　of　making　that　exertion。　This　necessity　is

greatest　with　those　to　whom　the　emoluments　of　their　profession

are　the　only　source　from　which　they　expect　their　fortune；　or　even

their　ordinary　revenue　and　subsistence。　In　order　to　acquire　this

fortune；　or　even　to　get　this　subsistence；　they　must；　in　the

course　of　a　year；　execute　a　certain　quantity　of　work　of　a　known

value；　and；　where　the　competition　is　free；　the　rivalship　of

competitors；　who　are　all　endeavouring　to　justle　one　another　out

of　employment；　obliges　every　man　to　endeavour　to　execute　his　work

with　a　certain　degree　of　exactness。　The　greatness　of　the　objects

which　are　to　be　acquired　by　success　in　some　particular

professions　may；　no　doubt；　sometimes　animate　the　exertion　of　a

few　men　of　extraordinary　spirit　and　ambition。　Great　objects；

however；　are　evidently　not　necessary　in　order　to　occasion　the

greatest　exertions。　Rivalship　and　emulation　render　excellency；

even　in　mean　professions；　an　object　of　ambition；　and　frequently

occasion　the　very　greatest　exertions。　Great　objects；　on　the

contrary；　alone　and　unsupported　by　the　necessity　of　application；

have　seldom　been　sufficient　to　occasion　any　considerable

exertion。　In　England；　success　in　the　profession　of　the　law　leads

to　some　very　great　objects　of　ambition；　and　yet　how　few　men；　born

to　easy　fortunes；　have　ever　in　this　country　been　eminent　in　that

profession！

　　　　　The　endowments　of　schools　and　colleges　have　necessarily

diminished　more　or　less　the　necessity　of　application　in　the

teachers。　Their　subsistence；　so　far　as　it　arises　from　their

salaries；　is　evidently　derived　from　a　fund　altogether　independent

of　their　success　and　reputation　in　their　particular　professions。

　　　　　In　some　universities　the　salary　makes　but　a　part；　and

frequently　but　a　small　part；　of　the　emoluments　of　the　teacher；　of

which　the　greater　part　arises　from　the　honoraries　or　fees　of　his

pupils。　The　necessity　of　application；　though　always　more　or　less

diminished；　is　not　in　this　case　entirely　taken　away。　Reputation

in　his　profession　is　still　of　some　importance　to　him；　and　he

still　has　some　dependency　upon　the　affection；　gratitude；　and

favourable　report　of　those　who　have　attended　upon　his

instructions；　and　these　favourable　sentiments　he　is　likely　to

gain　i