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　　　　A　nation　obtains　the　power　of　disposition　of　the　amount　of



ready　money　which　is　always　required　for　its　internal　trade；　mainly



through　the　possession　or　the　production　of　those　goods　and　values



whose　facility　of　exchange　approaches　most　nearly　to　that　of　the



precious　metals。



　　　　The　diversity　of　this　property　of　the　facility　of　exchange　in



respect　to　the　various　articles　of　commerce　and　of　property；　has



been　as　little　taken　into　consideration　by　the　popular　school　of



economists　in　judging　of　international　commerce；　as　the　power　of



disposition　of　the　precious　metals。　If　we　consider　in　this　respect



the　various　articles　of　value　existing　in　private　interchange；　we



perceive　that　many　of　them　are　fixed　in　such　a　way　that　their　value



is　exchangeable　only　on　the　spot　where　they　are；　and　that　even



there　their　exchange　is　attended　with　great　costs　and　difficulties。



To　that　class　belong　more　than　three…fourths　of　all　national



property…namely；　immovable　properties　and　fixed　plant　and



instruments。　However　large　the　landed　property　of　an　individual　may



be；　he　cannot　send　his　fields　and　meadows　to　town　in　order　to



obtain　money　or　goods　for　them。　He　can；　indeed；　raise　mortgages　on



such　property；　but　he　must　first　find　a　lender　on　them；　and　the



further　from　his　estate　that　such　an　individual　resides；　the



smaller　will　be　the　probability　of　the　borrower's　requirements



being　satisfied。



　　　　Next　after　property　thus　fixed　to　the　locality；　the　greatest



part　of　agricultural　products　（excepting　colonial　produce　and　a　few



less　valuable　articles）　have　in　regard　to　international　intercourse



the　least　facility　for　exchange。　The　greatest　part　of　these　values；



as　e。g。　building　materials　and　wood　for　fuel；　bread　stuffs；　&c。；



fruit；　and　cattle；　can　only　be　sold　within　a　reasonable　distance　of



the　place　where　they　are　produced；　and　if　a　great　surplus　of　them



exists　they　have　to　be　warehoused　in　order　to　become　realisable。　So



far　as　such　products　can　be　exported　to　foreign　countries　their



sale　again　is　limited　to　certain　manufacturing　and　commercial



nations；　and　in　these　also　their　sale　is　generally　limited　by



duties　on　importation　and　is　affected　by　the　larger　or　smaller



produce　of　the　purchasing　nation's　own　harvests。　The　inland



territories　of　North　America　might　be　completely　overstocked　with



cattle　and　products；　but　it　would　not　be　possible　for　them　to



procure　through　exportation　of　this　excess　considerable　amounts　of



the　precious　metals　from　South　America；　from　England；　or　from　the



European　continent。　The　valuable　manufactured　goods　of　common　use；



on　the　other　hand；　possess　incomparably　greater　facilities　for



exchange。　They　find　at　ordinary　times　a　sale　in　all　open　markets　of



the　world；　and　at　extraordinary　crises　they　also　find　a　sale　（at



lower　prices）　in　those　markets　whose　protective　tariffs　are



calculated　to　operate　adversely　merely　in　ordinary　times。　The　power



of　exchange　of　these　articles　clearly　approaches　most　nearly　to



that　of　the　precious　metals；　and　the　experience　of　England　shows



that　if　in　consequence　of　deficient　harvests　money　crises　occur；



the　increased　exportation　of　fabrics；　and　of　foreign　stocks　and



State　paper；　quickly　rectifies　the　balance。　The　latter；　the　foreign



stocks　and　State　paper；　which　are　evidently　the　results　of　former



favourable　balances　of　exchange　caused　by　exportations　of　fabrics；



constitute　in　the　hands　of　the　nation　which　is　rich　in



manufacturing　industry　so　many　bills　which　can　be　drawn　on　the



agricultural　nation；　which　at　the　time　of　an　extraordinary　demand



for　the　precious　metals　are　indeed　drawn　with　loss　to　the



individual　owner　of　them　（like　the　manufactured　goods　at　the　time



of　money　crises）；　but；　nevertheless；　with　immense　advantage　to　the



maintenance　of　the　economical　conditions　of　that　nation　which　is



rich　in　manufacturing　industry。



　　　　However　much　the　doctrine　of　the　balance　of　trade　may　have　been



scorned　by　the　popular　school；　observations　like　those　above



described　encourage　us　nevertheless　to　express　the　opinion　that



between　large　and　independent　nations　something　of　the　nature　of　a



balance　of　trade　must　exist；　that　it　is　dangerous　for　great　nations



to　remain　for　a　long　period　at　very　considerable　disadvantage　in



respect　of　this　balance；　and　that　a　considerable　and　lasting　efflux



of　the　precious　metals　must　always　be　followed　as　a　consequence　by



important　revolutions　in　the　system　of　credit　and　in　the　condition



of　prices　in　the　interior　of　the　nation。　We　are　far　from　wishing　in



these　remarks　to　revive　the　doctrine　of　the　balance　of　trade　as　it



existed　under　the　so…called　'mercantile　system；'　and　to　maintain



that　the　nation　ought　to　impose　obstacles　in　the　way　of　the



exportation　of　precious　metals；　or　that　we　must　keep　a　specially



exact　account　with　each　individual　nation；　or　that　in　the　commerce



between　great　nations　a　few　millions　difference　between　the　imports



and　exports　is　of　great　moment。　What　we　deny　is　merely　this：　that



a　great　and　independent　nation；　as　Adam　Smith　maintains　at　the



conclusion　of　his　chapter　devoted　to　this　subject；（1*）　'may



continually　import　every　year　considerably　larger　values　in



products　and　fabrics　than　it　exports；　that　the　quantities　of



precious　metals　existing　in　such　a　nation　may　decrease　considerably



from　year　to　year　and　be　replaced　by　paper　circulation　in　the



interior；　moreover；　that　such　a　nation　may　allow　its　indebtedness



towards　another　nation　continually　to　increase　and　expand；　and　at



the　same　time　nevertheless　make　progress　from　year　to　year　in



prosperity。



　　　　This　opinion；　expressed　by　Adam　Smith　and　maintained　since　that



time　by　his　school；　is　alone　that　which　we　here　characterise　as　one



that　has　been　contradicted　a　hundred　times　by　experience；　as　one



that　is　contrary　in　the　very　nature　of　things　to　common　sense；　in



one　word　（to　retort　upon　Adam　Smith　his　own　energetic　expression）



as　'an　absurdity。'



　　　　It　must　be　well　understood　that　we　are　not　speaking　here　of



countries　which　carry　on　the　production　of　the　precious　metals



themselves　at　a　profit；　from　which　therefore　the　export　of　these



articles　has　quite　the　character　of　an　export　of　manufactured



goods。　We　are　also　not　speaking　of　that　difference　in　the　balance



of　trade　which　must　necessarily　arise　if　the　nation　rates　its



exports　and　imports　at　those　prices　which　they　have　in　their　own



seaport　towns。　That　in　such　a　case　the　amount　of　imports　of　every



nation　must　exceed　its　exports　by　the　total　amount　of　the　nation's



own　commercial　profits　（a　circumstance　which　speaks　to　its



advantage　rather　than　to　its　disadvantage）；　is　clear　and



indisputable。　Still　less　do　we　mean　to　deny　the　extraordinary　cases



where　the　greater　exportation　rather　denotes　loss　of　value　than



gain；　as　e。g。　if　property　is　lost　by　shipwreck。　The　popular　school



has　made　clever　use　of　all　those　delusions　arising　from　a



shopkeeper…like　calculation　and　comparison　of　the　value　of　the



exchanges　arising　from　the　exports　and　imports；　in　order　to　make　us



disbelieve　in　the　disadvantages　which　result　from　a　real　and



enormous　disproportion　between　the　exports　and　imports　of　any　great



and　independent　nation；　even　though　such　disproportion　be　not



permanent；　which　shows　itself　in　such　immense　sums　as　for　instance



in　the　case　of　France　in　1786　and　1789；　in　that　of　Russia　in　1820



and　1821；　and　in　that　of　the　United　States　of　North　America　after



the　'Compromise　Bill。'



　　　　Finally；　we　desire　to　speak　（and　this　must　be　specially　noted）



not　of　colonies；　not　of　dependent　countries；　not　of　small　states　or



of　single　independent　towns；　but　of　entire；　great；　independent



nations；　which　possess　a　commercial　system　of　their　own；　a　national



system　of　agriculture　and　industry；　a　national　system　of　money　and



credit。



　　　　It　evidently　consists　with　the　character　of　colonies　that　their



exports　can　surpass　their　imports　considerably　and　continuously；



without　thereby　involving　any　conclusion　as　to　the　decrease　or



increase　of　their　prosperity。　The　colony　always　prospers　in　the



proportion　in　which　the　total　amount　of　its　exports　and　imports



increases　year　by　year。　If　its　export　of　colonial　produce　exceeds



its　imports　of　manufactured　goods　considerably　and　lastingly　the



main　cause　of　this　may　be　that　the　landed　proprietors　of　the　colony



live　in　the　mother　country；　and　that　they　receive　their　income　in



the　shape　of　colonial　goods；　in　produce；　or　in　the　money　which　has



been　obtained　for　them。　If；　however；　the　exports　of　fabrics　to　the



colony　exceed　the　imports　of　colonial　goods　considerably；　this　may



be　chiefly　due　to　the　fact　that　by　emigrations　or　loans　from　year



to　year　large　masses　of　capital　go　to　the　colony。　This　latter



circumstance　is；　of　course；　of　the　utmost　advantage　to　the



prosperity　of　the　colony。　It　can　continue　for　centuries　and　yet



commercial　crises　under　such　circumstances　may　be　infrequent　or



impossible；　because　the　colony　is　endangered　neither　by　wars　nor　by



hostile　commercial　measures；　nor　by　operations　of　the　national　bank



of　the　mother　country；　because　it　possesses　no　independent　system



of　commerce；　credit；　and　industry　peculiar　to　itself；　but　is；　on



the　contrary；　supported　and　constantly　upheld　by　the　institutions



of　credit　and　political　measures　of　the　mother　country。



　　　　Such　a　condition　existed　for　more　than　a　century　with　advantage



between　North　America