RICARDO, DAVID, a political economist and statesman, was b. in London on the 19th of April, 1772. He was of Jewish extraction; and his father, who was a respectable member of the stock exchange, brought him up to his own business. There was an alienation between them on account of the son marrying out of the Jewish persuasion, and conforming to Christianity. Young Ricardo practiced in the exchange until the year 1818, and whether from his own skill as a broker. or the favor extended At, him on account of the position in which he was placed by his conformity, he realized a large fortune, preserving throughout his career in business an honorable reputation. While thus practically occupied, he was ardently working his way back to the first principles of political economy, and especially the finance department of it. In 1810 Ire produced a notable sensation by his pamphlet entitled The High Price of Bullion a Pray' of the Depre ei,stion of Bank-notes. The title was a condensation of the principle worked out in the trea tise, which gave one of the earliest distinct announcements of the principle of a metallic basis. and the propensity that a paper currency always has to redundance, if it be not in some form or other restrained by the operation of such a basis.. This was followed by several pamphlets, each in its turn a success in securing fame and influence. In 1817 appeared his principal work On the Principles cf Political Economy and Taxation. He had previously in one of his pamphlets touched on the most important feature of Ibis work— the elucidation of the true theory of rent, as not being incidental and casual, like the prof its of stock, but a fund that must. under certain conditions of population. come into exist
ence• whoever may draw it (see RENT). Some critics of Ricardo found that the elements of the theory were given in The Bee by Dr. Anderson (see ANDERSON, JAMES). Ricardo. however, who probably had not read The Bee. reached his conclusions in a different and original form. and from his happy method of elucidation. at once secured a adhe sion to the soundness of the theory, which was strengthened by comparing it with Ander son's remarks. Iticzado's work is one of the clearest pal least tedious of all books ou political economy. Like almost. all works, however, written before free trade actually showed its power, it narrows the influence of the elements from which the riches of the world can be increased. Like Malthus, lie was unable to anticipate the effect or an industrious people having the whole world for their market, and spoke of population outrunning subsistence, and the wages of labor being measured by the price of commodi ties. In 1618 lie entered parliament., and kept his scat till his death. As he had a verb clear method of announcing a principle. and being known as a successful man of busi ness. his speeches had perhaps inure influence in all matters of trade and money than those of any oilier member in the present century. He was a zealous student of geol ogy, chemistry, and othersciences. He died Sept. 11, 1823. •