Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-05-25

4 return cargo were found to. be worth much more
than the outward caigo, while the merchant,
having paid for the goods exported, and all the
expenses of the voyage, finds a handsome sum
yet in his hands, which he calls profits. the b.
lance Of trade is still against him, and whatever
he may think of it, iic is in a very bad way.
aithough one individual, or all individuals gain.
the nation loses; while all its citizens grow rich
me country grows poor. This is the doctrine
OF the balance oftratfe. Allow me, Sir, to rive
an instance lending TO shew how unaccounta-
Oily individuals deceived themselves, and ina
gihe themselves to be somewhat rapidly mcndinp
their condition, while they ought TO be persuad.
ed that, by that infallible STANDARD, the baia,,ce
g osidc, they are on the high road to ruin.
some years ago, In better times than the pre
sent, ship left one of the towns of New Enr-
land with 10000 specie dollars. She proceed
ed TO Mocha, on the Red Sea, and there laid
OUT .hese IN coffee, drugs, spices, sc. With
tnis new cargo she proceeded to Europe; two
thirds OF it were sold in Holland for Si3O 900.
which the ship brought back, and placed in the
same Bank, fromthe vaults of which she had
taken her original outfit. The other third was
sent to the ports of the Mediterranean, and pro-
duced return of ga, 900 dollars in specie. and
1 i5,ooo dollars in Italian merchandise. These
sums togetiiermakc 10000 dollars imported,
Winch Is ioD, oOO dollars moro than was exported
and IS therefore proof Of an nnfayorable ialnncc
i > 4.
should ind no great difficulty, Sir, in paying OF
our balances If this were th; nature of them ,Ii
The truth, Is Mr.. Chairman, that all these
obsolete and exploded notions had their o,;o;on
1 IN very mistaken IDEAS ofthc true nature of com
mercc. Commerce is not gambling anonr
nations Tor stake, to be won by some and LOST
by others. 1t has not the Tendency necessarlv
TO impoverlsh one of the parties to it, while 1t
! eni1ces the other all parties gain; all nartios
make profits, all parties grow rich, by the oper-
! at,ons OF Just and liberal commerce. If the
world had but one cline, and but one soil: IL
all men had the same wants aud the same
means, on the spot of their existence, to CRAFTY
those wants; then, indeed what one obtained
from the other By exchange, would injure one
party IN the same degree that it benefited the
other; then, indeed, there woulI be some foun
dation for the balance Of trade. But Providence
has disposed our lot much more kindly. We
have reciprocal wants, and reciprocal means for
| gratifying one another's wants. This is the
true origin of commerce., which is nothing more
than an exchange Of equivalents, and from the
rude barter oflts primitive state, to the refined
and complex STATEN which We sec it, its prin-
ciple Is uniformly the same; its only object be-
ing, IN every stage, to produce that exchange
Iof commodities between nations, which shall
! conduce to the advantage and TO the happiness
| OF both. Commerce between nations has the
same essential character, as commerce be-
tween individuals make an Interchange of COM
| modities which shall prove beneficial to both,
orin which the balance Of trade shall be in ia
| yor of botho Ifnot, the tailor and the shoe
maker, the farmer and the smith, have hitherto
very much misunderstood their own interest
And with regard to the internal trade of coun-
| try, in which the same rule would apply as be-
/ tween nations, do we ever speak of such an in
tercourse being prcJudCal TO one side because
1t is useful to the other? Do we ever hear
that because the intercourse between New York
and Albany Is advantageous TO one of those pla-
ces, IT must therefore be ruinous to the other7
Way be allowed, Sir, to read passage on
| this subject from the observations of a gentle
man, IN my opinion one of the most clear and
Esensible writers and speakers of the age upon
subjects of this sort?* ssThere is no political
/. "qucstion on which the prevalence of false
principles is so general, as in what relates to
:" the nature OF commerce and to the pretended
g balance trade; and there are few which have
/ 6 led to greater number of practical mistakes,
/ |" attended With consequences extensively pre-
ssJudicial to the happiness of mankind In this
"country, our parliamentary proceedings. our
/ ''public documents, and the works of several
$ able and popular writers, have combined to
propagate the impression that we arc indebted
| . ior much OF Our riches TO what is called The
| &C balance Of tratte.n ssOur true policy would
surely be to profess, as the object and guide of
& our commercial system, that which every man
g who has studied the subject, must know to be
1 /" the true principle of commerce. The inter-
g change Of reciprocal q - equivalent benefit.
may rest assured that it is not II, the nature
"of commerce to enrich one party at the ex-
spcnse oftie other. This is apurposc at which,
III 1t were practicable, we ought not to aim
rs and which, If we aimed at, we could not ac-
i s. cornplisli.p These remarks believe, sir.
| we're written some ten or twelve years AFRO.
they are IN perfect accordance with the opin-
ions advanced in more elaborate treatises, and
now that the world has returned to state oil
| peace, and commerce has resumed its natural
channels, and different nations are ENJOYING. or
seeking to enjoy, their respective portions of it,
all see the business of these ideas all see, that
IN this day of knowledge and OF peace there
can be no commerce between nations but that
which shall benefit all who are parties to it.
If it were necessary, Mr.. Chairman, might
| ask the attention Of the committee to recur to
a document before us, on this subject, of the
balance Of t,'ade. 1t will be seen by efercnce
to the accounts, that, in the course of the last
year, our total export to Holland exceeded two
millions and half; our total import from the
same country was but 100000 dollars. Now
| can any man be wild enough to make any infer
ence from this Of the gain or loss of our trade
with Holland for that year? Our trade with
| Russia for the same year, produced balance
the other way; our import being two millions,
and our export but half million. But this has
no more tendency to show the Russian trade a
losing trade, than the other statement has to
show that the Dutch trade has been gainful
one. Neither Of them, by ITSELF proves any
| thing.
| Springing out Of this notion Of a bnlrncc o(
! trade, there has been another idea which has
! been much dwelt upon in the course of this de-
bate; that is, that we ought not to buy Of ma