The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1849-12-04 00:00:00

—ln 1785

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BOOK-MAKIN

Histor

Lddock tells us that, on one occa-

k on his "Natural

them to finish s

k which lay upon his
nd for which the press was urgent, he being de-
tained by other engagements at Windsor. They met by
appointment at his chambers in the Temple. where they
found every thing in disorder, and costly books lying
scattered about on the tables and on the floor ; many of
the books on Natural History which he had recently con-
.
rected proof sheets. The
ich he had suddenly broken
you know any thing about
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om a swan ; V however, let us try what we can
set to work and completed their friendly

SOPHISMS OF FREE TRADE*,

CHEAPNESS

For the benefit of the masses it is not enough to snake
things cheap, even in the best sense of the word. What
is wanted is, to make them accessible, attainable by the
multitude. By making things cheap, you do not neces-
sarily make them accessible. Nay, there are some modes
of making things cheap which will make them less acces-
sible to the multitude than they were before.

What the masses want, is, the means of purchase. If
the means of purchase be wholly absent, it is.a matter of
supreme indifference to them whether things be dear or
cheap. The only means of purchase which they possess
are the wages of their labour. In a word, employment is
their means of purchase.

You may have cheapness without full and various em-
ployment for the masses. That is cheapness, but without
plenty. You may have f.'ll employment for the masses
without cheapness ; that may be competency or even
plenty without cheapness. The aim of all good legislation
should be to unite the two blessings, cheapness and
plenty. But if, as often happens, in the imperfection of
human affairs, you have to choosvot only between two
evils, but sometimes also between two good things, which

are inconsistent with each other,—which of the two is to
be chosen—cheapness for the benefit of a few, or plenty
for the benefit of ALL ?

Undoubtediy, plenty. Then the study of every govern-
ment, in order to produce plenty, permanent plenty,
plenty widely diffused and extending to the masses,
should be, the full. and various employment of the people.
The test of every measure ought to be, and used to be
this,—Will it promote the employment of the people ?

Adam Smith has shewn that the production of articles
at home which can be made or grown somewhat cheaper
abroad, though it should not produce cheapness, does
promote the employment of the people, does give them
the means of purchase, does produce plenty—permanent
plenty—plenty widely diffuses'.
—plenty extending every
where to the masses of the population ; and that the oppo-
site policy, even under the most favourable circumstances,
though it should and will create cheapness. will destroy
the means of purchase, and introduce a real and spread-
ing want.

Adam Smith himself declares and proves that foreign
production, compared with domestic production, gives
BUT ONE-HALF THE ENCOURAGEMENT TO THE NATIVE
INDUSTRY OF THE COUNTRY''.
. And this under favourable circumstances, and with per-

fect recip,

THE PUECH

E OF FOREIGN COMMODITIES ENCOURAGES

Take any article you please , patiently analyse the ulti-
mate distribution of its price, and you will find that the
whole value is the creation of so much wealth in the na-
tion in which it is entirely produced, enabling that nation
to spend and enjoy an equivalent to that whole value with-
out being the poorer for the consumption, and conferring
on that nation the further advantage of a home market,

as enter

'e and permanent as ti

-reduction itself

,uppose it nation which had produced both the

exchangedvalues at home, or, to use Adam Smith's ex-
pression, had replaced two domestic capitals, should alter
its policy, and should thenceforth import one of those va-
lues from abroad, giving for it the other value as before,
(which we will suppose the foreign nation ready to take)
that alteration of policy would entail on the country
adopting it, a loss of the entire value of the commodity
formerly produced at home, and now produced abroad.
Let us illustrate this by an example.
Suppose stockings to the value of £500,000 a-year are
made in Leicester, and exchanged annually for gloves to
the amount of £500,000 a - - made in Dover. The

landlords and tradesmen, and workmen of Leicester and
Dover enjoy together an annual net income of a million.

Suppose, now.—that for some reaj or supposed advantage
in price or quality, the Leicester people, instead of ex-
changing their stockings for gloves from Dover, exchange
them for gloves from the other side of the straits, say

from Cal
England loses
the change

what is the conseq

half a million a year by

Englishmen have half a million a-year

this, that

' Frenchmen have half a million a-yea
spend. English markets fall off to the e‘'

and wor

more to
3f half a

-ar ; French markets are augmented by half a

Suppose the Dover tradesmen

along with their manu-
England would lose half

facture to Calais, still
a million a-year, and
Indeed this latter sup

ance gain it

in the clear

, though setting the loss
d cases,

it light, would, of .t 1

probably be the most advan
the trade migrated without t
would be left behind.

is to Englan(

ev could turn th
Alas ! this is or

)eople, a nest of pauF

hands to some new em-
of the things easier said

nent.l

To find er
which is s

the very thing

e is Just
cisuPremely difficult as to be of-
ten
pronounced impossible. It is the problem remaining
for the true political economist to resolve. Its solution
will be an event not less brilliant, and far more important
to mankind, than the discovery of the solar system.
Nor does the mischief end here. On the Dover glove-
makers were dependent bakers, millers, grocers, butchers,
tailors, shoemakers, with their servants and families. The
altered policy is a blight withering the industry of all.
Now under a system of perfectly free trade, if the Lei-
cester people can buy their gloves 1 per cent, or a minute
fraction per cent cheaper from abroad, they will do so.
By so doing the individuals may gain £lO,OOO a-year, but
the nation at large will lose half a million a-year minus
ten thousand pounds, that is, £490,000 a-year. All this
may happen even under a system of perfect reciprocity of
free exchange on both sides, without any disturbance of

. What therefore we set out with venturing to submit,
seems to be correct, viz., that if the premises contained in
the axiom at the head of these observations be true, the
consequence does not follow.

The truth is this. The gross value of every product of
industry is national net income.

When one product is exchanged for another, if you
have produced at both ends of the exchange you have
created two national net incomes. If you now change
your policy, and produce at one end only, you create but
one national net income, and sacrifice the other.
But if these things are done in the green tree, what
shall be done in the dry ? If such may be the conse-
quences when there is reciprocity, what will be the conse-
quences of one-sided free trade; of exportation of the
precious metals to pay balances§ ; of the consequent ap-
preciation of the currency, augmentation of the pressure
of taxation, and the diminution of industry ? The public
at present entertaln very inadequate conceptions of the
devastating consequences.