Part 6 (1/2)

Is it not an incontestable maxim in political econoreater then our coreater the portion which will be reimbursed to us, of taxes incorporated in the produce, which ill have sold to foreign consumers; whilst we, on our part, will have made to the to our hypothesis) their produce is less taxed than ours

Again, finally, has it ever occurred to you to ask yourself, whether these heavy taxes which you adduce as a reason for keeping up the prohibitive system, may not be the result of this very syste armies, and our powerful navies, if commerce were free?

VI

BALANCE OF TRADE

Our adversaries have adopted a system of tactics, which embarrasses us not a little Do we prove our doctrine? They admit the truth of it in the most respectful manner Do we attack their principles? They abandon therace They only ask that our doctrine, which they acknowledge to be true, should be confined to books; and that their principles, which they allow to be false, should be established in practice If ill give up to theulation of our tariffs, they will leave us triumphant in the domain of theory

”assuredly,” said Mr Gauthier de Roumilly, lately, ”assuredly no one wishes to call up froraves the defunct theories of the balance of trade” And yet Mr Gauthier, after giving this passing blow to error, goes on immediately afterwards, and for two hours consecutively, to reason as though this error were a truth

Give ical arguer! There is nothing in his conclusions which cannot be found in his pre in practice which he does not justify in theory His principles may perchance be false, and this is the point in question But he has a principle He believes, he proclaiives ten to receive fifteen, she loses five; and surely, with such a belief, nothing is more natural than that he should make laws consistent with it

He says: ”What it is important to re that of exportation Every year France buys n produce, and sells less of its own produce This can be proved by figures In 1842, we see the importation exceed the exportation by two hundred millions This appears to me to prove, in the clearest manner, that national labor _is not sufficiently protected_, that we are provided by foreign labor, and that the competition of our rivals _oppresses_ our industry The law in question, appears to me to be a consecration of the fact, that our political econo, that in proportion to produce bought, there is always a corresponding quantity sold It is evident that purchases may be made, not with the habitual productions of a country, not with its revenue, not with the results of actual labor, but with its capital, with the accus which should serve for reproduction A country s, may impoverish itself, and by the consuradually to its ruin _This is precisely e are doing We give, every year, two hundred n nations_”

Well! here, at least, is a uage The balance of trade is here clearly maintained and defended France imports two hundred millions more than she exports Then France loses two hundred millions yearly And the remedy? It is to check importation The conclusion is perfectly consistent

It is, then, with Mr Lestiboudois that ill argue, for how is it possible to do so with Mr Gauthier? If you say to the latter, the balance of trade is a mistake, he will answer, So I have declared it in my exordium If you exclaim, But it is a truth, he will say, Thus I have classed it in my conclusions

Political econo with Mr Lestiboudois To combat the balance of trade, is, they say, neither ainst a winduard The balance of trade is neither so old, nor so sick, nor so dead, as Mr Gauthier is pleased to iislature, Mr Gauthier himself included, are associated by their votes with the theory of Mr Lestiboudois

However, not to fatigue the reader, I will not seek to investigate too closely this theory, but will contentit to the experience of facts

It is constantly alleged in opposition to our principles, that they are good only in theory But, gentleood in practice? It does appear towhich can have a practical authority, when the object is to prove profit and loss, that this must be commercial accounts We cannot suppose that all the merchants of the world, for centuries back, should have so little understood their own affairs, as to have kept their books in such a ains

Truly it would be easier to believe that Mr Lestiboudois is a bad political econo had two business transactions, with very different results, I have been curious to compare on this subject the accounts of the counter with those of the custom-house, interpreted by Mr Lestiboudois with the sanction of our six hundred legislators

Mr T despatched frohted, for the United States, with French merchandise, principally Parisian articles, valued at 200,000 francs Such was the ao, on its arrival at New Orleans, had paid ten per cent expenses, and was liable to thirty per cent duties; which raised its value to 280,000 francs It was sold at twenty per cent profit on its original value, which being 40,000 francs, the price of sale was 320,000 francs, which the assignee converted into cotton This cotton, again, had to pay for expenses of transportation, insurance, coo arrived at Havre, its value had risen to 352,000 francs, and it was thus entered at the custoain on this return cargo twenty per cent

profits; a to 70,400 francs The cotton thus sold for the sum of 422,400 francs

If Mr Lestiboudois requires it, I will send him an extract from the books of Mr T He will there see, _credited_ to the account of _profit and loss_, that is to say, set down as gained, two sums; the one of 40,000, the other of 70,000 francs, and Mr Tfeels perfectly certain that as regards these, there is no mistake in his accounts

Nohat conclusion does Mr Lestiboudois draw from the sums entered into the custom-house, in this operation? He thence learns that France has exported 200,000 francs, and imported 352,000; from whence the honorable deputy concludes ”_that she has spent, dissipated the profits of her previous savings; that she is i to her ruin; and that she has squandered on a foreign nation_ 152,000 _francs of her capital_”

Some time after this transaction, Mr T despatched another vessel, again freighted with domestic produce, to the amount of 200,000 francs

But the vessel foundered after leaving the port, and Mr Thad only farther to inscribe on his books two little items, thus worded:

”_Sundries due to X_, 200,000 francs, for purchase of divers articles despatched by vessel N

”_Profit and loss due to sundries, 200,000 francs, for final and total loss of cargo_”