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again　went　over　to　England　as　a　colony？



　　　　In　general　it　appears　to　us　that　the　defenders　of　free　trade



would　argue　more　consistently　in　regard　to　money　crises　and　the



balance　of　trade；　as　well　as　to　manufacturing　industry；　if　they



openly　advised　all　nations　to　prefer　to　subject　themselves　to　the



English　as　dependencies　of　England；　and　to　demand　in　exchange　the



benefits　of　becoming　English　colonies；　which　condition　of



dependence　would　be；　in　economical　respects；　clearly　more



favourable　to　them　than　the　condition　of　half　independence　in　which



those　nations　live　who；　without　maintaining　an　independent　system



of　industry；　commerce；　and　credit　of　their　own；　nevertheless　always



want　to　assume　towards　England　the　attitude　of　independence。　Do　not



we　see　what　Portugal　would　have　gained　if　she　had　been　governed



since　the　Methuen　Treaty　by　an　English　viceroy　　if　England　had



transplanted　her　laws　and　her　national　spirit　to　Portugal；　and



taken　that　country　（like　the　East　Indian　Empire）　altogether　under



her　wings？　Do　not　we　perceive　how　advantageous　such　a　condition



would　be　to　Germany　　to　the　whole　European　continent？



　　　　India；　it　is　true；　has　lost　her　manufacturing　power　to　England；



but　has　she　not　gained　considerably　in　her　internal　agricultural



production　and　in　the　exportation　of　her　agricultural　products？



Have　not　the　former　wars　under　her　Nabobs　ceased？　Are　not　the



native　Indian　princes　and　kings　extremely　well　off？　Have　they　not



preserved　their　large　private　revenues？　Do　not　they　find　themselves



thereby　completely　relieved　of　the　weighty　cares　of　government？



　　　　Moreover；　it　is　worthy　of　notice　（though　it　is　so　after　the



manner　of　those　who；　like　Adam　Smith；　make　their　strong　points　in



maintaining　paradoxical　opinions）　that　this　renowned　author；　in



spite　of　all　his　arguments　against　the　existence　of　a　balance　of



trade；　maintains；　nevertheless；　the　existence　of　a　thing　which　he



calls　the　balance　between　the　consumption　and　production　of　a



nation；　which；　however；　when　brought　to　light；　means　nothing　else



but　our　actual　balance　of　trade。　A　nation　whose　exports　and　imports



tolerably　well　balance　each　other；　may　rest　assured　that；　in



respect　of　its　national　interchange；　it　does　not　consume　much　more



in　value　than　it　produces；　while　a　nation　which　for　a　series　of



years　（as　the　United　States　of　America　have　done　in　recent　years）



imports　larger　quantities　in　value　of　foreign　manufactured　goods



than　it　exports　in　value　of　products　of　its　own；　may　rest　assured



that；　in　respect　to　international　interchange；　it　consumes



considerably　larger　quantities　in　value　of　foreign　goods　than　it



produces　at　home。　For　what　else　did　the　crises　of　France



（1786…1789）；　of　Russia　（1820…1821）；　and　of　the　United　States　since



1833；　prove？



　　　　In　concluding　this　chapter　we　must　be　permitted　to　put　a　few



questions　to　those　who　consider　the　whole　doctrine　of　the　balance



of　trade　as　a　mere　exploded　fallacy。



　　　　How　is　it　that　a　decidedly　and　continuously　disadvantageous



balance　of　trade　has　always　and　without　exception　been　accompanied



in　those　countries　to　whose　detriment　it　existed　（with　the



exception　of　colonies）　by　internal　commercial　crises；　revolutions



in　prices；　financial　difficulties；　and　general　bankruptcies；　both



in　the　public　institutions　of　credit；　and　among　the　individual



merchants；　manufacturers；　and　agriculturists？



　　　　How　is　it　that　in　those　nations　which　possessed　a　balance　of



trade　decidedly　in　their　favour；　the　opposite　appearances　have



always　been　observed；　and　that　commercial　crises　in　the　countries



with　which　such　nations　were　connected　commercially；　have　only



affected　such　nations　detrimentally　for　periods　which　passed　away



very　quickly？



　　　　How　is　it　that　since　Russia　has　produced　for　herself　the



greatest　part　of　the　manufactured　goods　which　she　requires；　the



balance　of　trade　has　been　decidedly　and　lastingly　in　her　favour；



that　since　that　time　nothing　has　been　heard　of　economical



convulsions　in　Russia；　and　that　since　that　time　the　internal



prosperity　of　that　empire　has　increased　year　by　year？



　　　　How　is　it　that　in　the　United　States　of　North　America　the　same



effects　have　always　resulted　from　similar　causes？　How　is　it　that　in



the　United　States　of　North　America；　under　the　large　importation　of



manufactured　goods　which　followed　the　'Compromise　bill；'　the



balance　of　trade　was　for　a　series　of　years　so　decidedly　adverse　to



them；　and　that　this　appearance　was　accompanied　by　such　great　and



continuous　convulsions　in　the　internal　economy　of　that　nation？



　　　　How　is　it　that　we；　at　the　present　moment；　see　the　United　States



so　glutted　with　primitive　products　of　all　kinds　（cotton；　tobacco；



cattle；　corn；　&c。）　that　the　prices　of　them　have　fallen　everywhere



one…half；　and　that　at　the　same　time　these　states　are　unable　to



balance　their　exports　with　their　imports；　to　satisfy　their　debt



contracted　with　England；　and　to　put　their　credit　again　on　sound



footing？



　　　　How　is　it；　if　no　balance　of　trade　exists；　or　if　it　does　not



signify　whether　it　is　in　our　favour　or　not；　if　it　is　a　matter　of



indifference　whether　much　or　little　of　the　precious　metals　flows　to



foreign　countries；　that　England　in　the　case　of　failures　of　harvests



（the　only　case　where　the　balance　is　adverse　to　her）　strives；　with



fear　and　trembling；　to　equalise　her　exports　with　her　imports；　that



she　then　carefully　estimates　every　ounce　of　gold　or　silver　which　is



imported　or　exported；　that　her　national　bank　endeavours　most



anxiously　to　stop　the　exportation　of　precious　metals　and　to　promote



their　importation　　how　is　it；　we　ask；　if　the　balance　of　trade　is



an　'exploded　fallacy；'　that　at　such　a　time　no　English　newspaper　can



be　read　wherein　this　'exploded　fallacy'　is　not　treated　as　a　matter



of　the　most　important　concern　to　the　nation？



　　　　How　is　it　that；　in　the　United　States　of　North　America；　the　same



people　who　before　the　Compromise　bill　spoke　of　the　balance　of　trade



as　an　exploded　fallacy；　since　the　Compromise　bill　cannot　cease



speaking　of　this　exploded　fallacy　as　a　matter　of　the　utmost



importance　to　their　country？



　　　　How　is　it；　if　the　nature　of　things　itself　always　suffices　to



provide　every　country　with　exactly　the　quantity　of　precious　metals



which　it　requires；　that　the　Bank　of　England　tries　to　turn　this



so…called　nature　of　things　in　her　own　favour　by　limiting　her



credits　and　increasing　her　rates　of　discount；　and　that　the　American



banks　are　obliged　from　time　to　time　to　suspend　their　cash　payments



till　the　imports　of　the　United　States　are　reduced　to　a　tolerably



even　balance　with　the　exports？







NOTES：







1。　Wealth　of　Nations；　book　IV。　chapter　iii。







Chapter　24







The　Manufacturing　Power　and　the　Principle　of　Stability　and



Continuity　of　Work







　　　　If　we　investigate　the　origin　and　progress　of　individual



branches　of　industry　we　shall　find　that　they　have　only　gradually



become　possessed　of　improved　methods　of　operation；　machinery



buildings；　advantages　in　production；　experiences；　and　skill；　and　of



all　those　knowledges　and　connections　which　insure　to　them　the



profitable　purchase　of　their　raw　materials　and　the　profitable　sale



of　their　products。　We　may　rest　assured　that　it　is　（as　a　rule）



incomparably　easier　to　perfect　and　extend　a　business　already



established　than　to　found　a　new　one。　We　see　everywhere　old　business



establishments　that　have　lasted　for　a　series　of　generations　worked



with　greater　profits　than　new　ones。　We　observe　that　it　is　the　more



difficult　to　set　a　new　business　going　in　proportion　as　fewer



branches　of　industry　of　a　similar　character　already　exist　in　a



nation；　because；　in　that　case；　masters；　foremen；　and　workmen　must



first　be　either　trained　up　at　home　or　procured　from　abroad；　and



because　the　profitableness　of　the　business　has　not　been



sufficiently　tested　to　give　capitalists　confidence　in　its　success。



If　we　compare　the　conditions　of　distinct　classes　of　industry　in　any



nation　at　various　periods；　we　everywhere　find；　that　when　special



causes　had　not　operated　to　injure　them；　they　have　made　remarkable



progress；　not　only　in　regard　to　cheapness　of　prices；　but　also　with



respect　to　quantity　and　quality；　from　generation　to　generation。　On



the　other　hand；　we　observe　that　in　consequence　of　external



injurious　causes；　such　as　wars　and　devastation　of　territory；　&c。；



or　oppressive　tyrannical　or　fanatical　measures　of　government　and



finance　（as　e。g。　the　revocation　of　the　Edict　o