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

l :
the exports of the country with lis
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-
eng OF part of two sentences, made
the argument used uninielligibIe. AS
the matteris of great Importance, we
here reproduce the entire passage,
corrected.
Mr.. 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 fifty-
two millions of dollars. AT this dis
covery, MIR. Corwm's hair rises on
end. Here, he exclaims, is an ex-
travagant and unsafe importation,
here is a 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 in value on arriving at 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 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 a healthy and successful trade,
our imports must exceed our exports
IN value; we must bring back more
than we send away. MIR. Corwin
says there is balance of twentv-six
millions against us, He should have
said, there Isl balance of twenty-six
millions in our favor We are tWen-
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
lsms of the protective Policy an ex-
ceedingly clever book, translated bv
Mrs. McCord, of South Carolina.
which we would recommend to the
perusal of Mr.. Corwin, before he
makes another annualreport to Con
gress lfhe were to learn nothing
else from it, he might, at least, be IN
stfucted that there are some absur-
ditles so completely exploded, that il
is well to avoid them in such a state
paper as the annual Treasury Report,
if only for the safe of escaping the
imputation ofignorance in regard to
the commonest matters. With re-
spect TO tins fancy OF mir. Gurwiill,
about the balance of trade, il appears
from Bastiat'streatise, that the shrew
der part of the French protectionists
give 1t up, as too preposterous to be
insisted upon. Mr.. Gauthier de Ro-
milly says: 'Assuredly no one wish
esto call up from their graves the de
funct theories of the balance oftrade.
Others, however. like MIR Corwin.
cling TO it with certain stolid tenac-
ity, and among these is one Mr.. Les
tIbudois, who states his position thus:
The amount ofimportationi is aun-
menting and surprising that ofex-
portation. Every year France buys
more foreign prodnce, and sells less
native produce. In 1912, we see
the i.4aa,seenrtation exceed the exporta-
lion by two hundred millions. This
appearst 10 me TO prove nthe clearest
nlanner,that native labor is not suffi-
ciently protected, that we are proyi-
ded by foreign labor, and that the
.ompeiiiion ofrivals oppresses our
industry. A country may spend, dis.
sipate its previous savings, may Inn
poverish itself, and by the consump-
tion of itsnationai capital 90 gradual
iy toSrliin. This is precisely what
we are doing. We give every wear
Two hundred millions to foreign ma
tions.
The position here taken IS precisely
that of Mr. Corwin. lI'he French
!orotectionist finds that France mn
ports more than she exports, 10 the
amount Of two hundred millions of
francs yearly. The American finan-
cief observes that the United States
import yearly twenty-six millions Of
dollars more than they export, and
concluding that we either lose that
asslount, or are running np DEBT 20
Foreigners. The French eg<;1onoist
ADVISES pfoteotive duties az he REM
edy; 60 does The American Secreta-
lys
The Eallacy ofboth the Frenchman
and American, is SO neatly ans unan.
swefably sefated BY Basliat, that we
copy The passage here, and jnasmuch
as Mr.. Corwin does not, we believe,
see tbs EsgeninR Post. and we are