Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1851-01-11
THE BALANCE or TRAUE.

polI1 III WHICH NiT' SOrWln compares
the exports of the country with its
imports, and expresses his alarm at
finding that we have brought more
wealth into the country than we have
sent out of it, an accidental mispla-
cling of part of two sentences, made
the argument used uninteligible. AS
the matters of great importance, we
here reproduce the entire passage,
corrected.
MIR. Corwin has made another dis
covery, which alarms him very much.
We have sent abroad, in the past
year, merchandise and specie, TO the
value of about one hundred and ffty-
two millions of dollars. AT this dis
covery, Mr.. Corwin's S hair rises on
end. Here, he exclaims, is an ex-
travagant and unsafe importation,
here is vast debt due to foreigners.
Boys, when they take their first
lessons in political economy, are of
ten beset by similar fears. When
they learn, however, that the goods
which we send out are greatly in
creased III value on arriving at a for
eign market, that, in. the ordinary
course of commerce, they are sold
there for prices which cover all the
expenses of their transportation. and
yield a profit besides to all who are
concerned in forwarding and dispo-
sing of them, their alarm abates.
'They then begin to see that, to
pursue healthy and successful trade,
our imports must exceed our exports
In value; we must bring back more
than we send away Mr.. Corwin
says there is a balance of twenty-six
millions against us, He should have
said, there is a balance of twenty-six
millions in our favor. We are TWEEN
ty-six millions the richer ON account
of our foreign trade. We bring back
III the proceeds ofour goods, so much
more than we exported
We have before us Bastiat's' Soph
isnls OF the protective Policy an ex-
ceedipglY clever book, translated by
NIFs. HiUG0rd, OF south Carolina,
which we would recommend to the
perusal of Mr.. Corwin, before he
makes another annual report to Con-
gress. If he were to learn nothing
else from 1t, he might, at least, be in
structed that there are some absur-
dities SO completely exploded, that ii ii
is well to avoid them in such state
paper as theannual Treasury Report,
if only for the sale of escaping the
imputation ofignorance in regard to
the commonest matters. With re-
spect to this fancy of Mr.. Corwin,
about the balance of trade, it appears
from Bastiat's streatise, that the shrew
der part of the French protectionists
give it up, as too preposterous to be
insisted upon. Mr.. Gauthier de Ro-
f;:lly :llSs ss.sf VS.: "A AtssiiftdlIy e aae wish
este call up from their graves the de
funct theories of the balance oftrade.
Others, however, like Mr.. Corwin,
cling to it with certain stolid tenac-
ity, and among these is one Mr.. Les
tibudois, who states his position thus:
The amount ofimportation is aug
menting and surpassing that ofex-
portation. Every year France buys
more foreign prodnce, and sells less
native produce. IH 1910, we see
the importation exceed the exporta-
tion by two hundred millions. This
appears To- me toprove inthe cIearest
manner, that native labor is not sufli-
cienily protected, that we are provi.
ded by foreign labor, and that the
competition ofrivals oppresses our
industry. A country may spend, dis.
sipate It's previous Savings, may Inn
poverish itself, ard by the consump-
ton of It's national capital 20 gradual
ly,to ruin. This is precisely what
we are doing. We give every wear
two hundred millions to foreign ma
ti0ns.
The position here iakenis precisely
that Of Mr. Corwin The French
Iprotectionist finds chat France in1-
pcEts more than she exports, TO the
amount Of two hundred millions of
francs yearly. Tho American finan-
cier oEsesvel,that the United States
import yearly twenfyysix millions of
doiiaFs more than tliey exnort, AMI
concluding that We eilher lose t.tat
amount, or are runhlng MP a debt 10
foreigners. The French economist
advises protective duties as the rem.
edy; 81 does the American Seereta.
Try.
The fallacy ofboih the Frsuchn1an
and American, IS 50 neatly ard unan.
stverably refuted BY Bastiat, that we
copy the passage here, and inasniIeh
as nv Corwin does not, we believe,