Adam Smith Quotes
Good roads, canals, and navigable rivers, by diminishing the expense of carriage, put the remote parts of the country more nearly upon a level with those of the neighborhood of the town. They are upon that the greatest of all improvements.
Adam Smith, 1723-1790, Scottish Political Economist, The Wealth of Nations, 1776
Sourced by: Eigen's Political and Historical Quotations
Although Madison vetoed the Federal bill to improve the national infrastructure, he was very much for the improvements and he said so in this veto message. He, however, did not see the Constitutional authority for the Federal government to appropriate moneys to be spent in the States for infrastructure improvement. He was for a Constitutional Amendment to do so or to make the improvements using State money as New York did building the Erie Canal. Alexander Hamilton, and many of the Congressmen who voted for the bill disagreed (many of whom were also in the Constitutional Convention) and did not see the Constitutional limitation that Madison did. See Hamilton’s Quote 644278. He was particularly concerned that small and less affluent states could not possibly have the skill to design these or the finances to build them. Later President’s and Congresses sided with Hamilton. It would be hard to envision America today of Madison’s view had prevailed.
At the time, roads were built by the states. This was one of the first instances urging that the Federal Government take some responsibility for roads. This would culminate when President Eisenhower proposed and created the National Highway System and as Madison predicted, it would have a massive economic benefit for the nation.
Arguing that Slavery inhibited a society from development ...
This was one of the early suggestions for providing jobs for the unemployed to work at developing the national infrastructure. In this case if highways and the river could be improved, transportation would allow goods to be reach more of the country cheaper. The CCC and the Job Corps of America would use a similar reasoning for public employment.
Building of roads and highways was not then an accepted national priority.
It was on time and on budget. It is hard to imagine that we could complete a project this large today. It would take more than 8 years to do the studies and get the permits and fight off the lawsuits. However, the engineering feat for the up and coming young country was as Clinton said, “unparalleled in the experience of mankind.” America had already exceeded the Ancient Egyptians, the Europeans, the Chinese. The economic development for the young nation was enormous—as big as the digital revolution almost two centuries later.
This section of the message was all about the Erie Canal that was under construction. Note that unlike today, where interest in public works and development is so localized, Clinton was extolling the virtue of developing the economy of the region and the nation. The money was all New York State money. The Federal Government would not fund the Erie Canal as they did not believe it was technically feasible to construct. See {624484} . Patriotism had a different meaning then.
Marie Joseph Paul Yves Roch Gilbert du Motier
Adam Smith FRSA was a Scottish economist, philosopher as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as ''The Father of Economics'' or ''The Father of Capitalism''. Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. In his work, Adam Smith introduced his theory of absolute advantage.
