New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-07-24
countrymen. In short consider the Free Trade
Uremse falaciOus, pestilent, and utterly mistaken

nountrymen In short, / consider the Free Trade
Oremse fallacOus pestilent, and utterly mistaken.
A later and more skillful presentment of the Free
Trade theory is contained in the celebrated Petition
70 Parliament of the Merchants and Traders of the
City of London, which Mr. Huskisson deemed so
conclusive 1 will here quote its more essential
propositions
"That foreign commerce is eminently conducive
TO the wealth and prosperity of the country, by en-
aiding it to import the commodities LOT IIe pI9uuC-
Guction Of which the soil. climate caPllaI, anu i
dustry of other countries are best calculated, ana
10 export in payment those articles Tor when us O"
situation is better adapted
That freedom from restraint is calculated TO give
The utmost extension to foreign trade and the best
direction TO the capital and industry of the country
That the prevailing preludices IN iaVOf OF Iue
Protective or restrictive system may be traced TO
the erroneous suppOsitiOn that every importation
of foreign commodities occasions dimlnuuon or
discouragement of our own productions 10 tre same
extent; whereas it may be clearly SHOWN that al
though the particular description OF prOducIOh Inst
could not stand against the unrestralned foreign
competition would be discouraged, yet as no import
alton could be continued for any length OF time
without corresponding eXpOrtation direct OF IN
direct, there would be an encouragement LOT the
purpose of that expectation, of some other produc
ton, to which situation might be better snltedi
thus Attending at least an equal, and probably
greater and certainly a more beneficial employment
to our own capital and labor
! have quoted this Petition as the clearest
tersest farest most forcibe, exposition of the Free
Trade doctrine within my knowledge If there is a
better more cOgent, will thank any Free Trader
except its author TO point it out to me- ask for this
the consideration TO which its ability fankness and
camness clearly entitle it, Let the reader ponder
along with it these brief comments
l. It's fundamental assumption clearly involves the
dictum Of Adam Smith above quoted, that erGy man.
lef do iCbat he deems most advantageous TO himself
,riH DO Wbdt is best for the community Unhappily
oh AS ltcp 9Th
proofs that this cannot be relied Nor would the
Erie Canal have been seasonably constructed, if
ever had every been left at liberty to contribute
OK not as he deemed most conducive to his personal
interest and to sell the right of carrying it across
his land at such price he should fit to demand
IL It's further assumed that if there be restrc
ton on trade, we shall import only those commodi-
ties winch the soil climate &c. of other nations
enable them to produce more adyantageousy than
wc can. Abundant experience has demonstrated
that we do and will extensively import many
commodities for the production of which no
other country has greater natural advantages
than our own We have repeatedly imported
a large share of Our Breadstuffs we habitu-
ally import largely of the Fabrics in which we are
clothed as well as Wool Iron, Wines, &c, &c, for
the production of which we are as favorably stu
ated as any people on earth. That we ought to inn
port a certain article is proved by the fact
that we do import ii than the rghtfulness of many
other practices is proved by addiction to them.
Ill While it is very true that those from whom
we buy abroad expect equivalent for their wares
and generally obtain it, it by no means follows that
we thence secure "ati least an equal, probably a
greater, and certainly more beneficial employment
to our own capital and labor Throughout the
last five or six years, we have been buying very
largely of European Metals Wares and Fabrics pay
;,C poco ord
&c. so far as these would 60. and eking out heavy
deficiency by sending over ream after ream of the
bonds of our Government to cOmble the
deficit These bonds, having fifteen or
twenty years to run, drawing six per cent. in
tereSt. and payable in coin, we have sold
al fifteen to fifty per cent discount from their face,
and thereby squared our accounts from time to time
until il is now understood that Europe holds them
TO the extent Of at least Nine Hundred Millions of Dol
lars not to speak OF our State bonds Railroad bonds
&c, &c, to the amount, probably, of Five Humid
rcd Millions more. The individuals who RENTED
these bonds. or exchange drawn by bankers against
them. in payment for the goods we have eaten,
drank, or worn out, may have made profit on each
transaction-may very probably have grown rich
by these dealings; but cannot doubt that our
country has been impoverished by them-has en-
loved present luxury and at the cost of future
hardship and embarrassment-has played the part Of
prodiga to that OF Insurer enacted by Europe-and Is
bound TO sweat and toll through many future years
to retrieve the fortunes shattered by this brief sea
son of reckless shortsighted prodIgality. hold il
proved by this ready example that a nation which
increases lavshly her imports does not las the Lon
don Petition asserts) secure thereby "a more bene-
fetal employment for her own capital and labor"
but on the contrary, may thereby doom herself to
cycle of depression, calamity and unayailing sor-
row.