consequence of this ambiguity is, that as soon as scarcity of money in the latter of these senses begins to be felt--as soon as there is difficulty of obtaining loans, and the rate of interest is high--it is concluded that this must arise from causes acting upon the quantity of money in the other and more popular sense; that the circulating medium must have diminished in quantity, or ought to be increased. I am aware that, independently of the double meaning of the term, there are in the facts themselves some peculiarities, giving an apparent support to this error; but the ambiguity of the language stands on the very threshold of the subject, and intercepts all attempts to throw light upon it.
Another ambiguous expression which continually meets us in the political controversies of the present time, especially in those which relate to organic changes, is the phrase "influence of property"--which is sometimes used for the influence of respect for superior intelligence or gratitude for the kind offices which persons of large property have it so much in their power to bestow; at other times for the influence of fear; fear of the worst sort of power, which large property also gives to its possessor, the power of doing mischief to dependents. To confound these two, is the standing fallacy of ambiguity brought against those who seek to purify the electoral system from corruption and intimidation. Persuasive influence, acting through the conscience of the voter, and carrying his heart and mind with it, is beneficial--therefore (it is pretended) coercive influence, which compels him to forget that he is a moral agent, or to act in opposition to his moral convictions, ought not to be placed under restraint.
Another word which is often turned into an instrument of the fallacy of ambiguity, is Theory. In its most proper acceptation, theory means the completed result of philosophical induction from experience. In that sense, there are erroneous as well as true theories, for induction may be incorrectly performed, but theory of some sort is the necessary result of knowing any thing of a subject, and having put one's knowledge into the form of general propositions for the guidance of practice. In this, the proper sense of the word, Theory is the explanation of practice. In another and a more vulgar sense, theory means any mere fiction of the imagination, endeavoring to conceive how a thing may possibly have been produced, instead of examining how it was produced. In this sense only are theory and theorists unsafe guides; but because of this, ridicule or discredit is attempted to be attached to theory in its proper sense, that is, to legitimate generalization, the end and aim of all philosophy; and a conclusion is represented as worthless, just because that has been done which, if done correctly, constitutes the highest worth that a principle for the guidance of practice can possess, namely, to comprehend in a few words the real law on which a phenomenon depends, or some property or relation which is universally true of it.
"The Church" is sometimes understood to mean the clergy alone, sometimes the whole body of believers, or at least of communicants. The declamations respecting the inviolability of church property are indebted for the greater part of their apparent force to this ambiguity. The clergy, being called the church, are supposed to be the real owners of what is called church property; whereas they are in truth only the managing members of a much larger body of proprietors, and enjoy on their own part a mere usufruct, not extending beyond a life interest.
The following is a Stoical argument taken from Cicero, De Finibus, book the third: "Quod est bonum, omne laudabile est. Quod autem
