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CHAP. III.

Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is fupposed to be disadvantageous.

PART 1.

Of the Unreasonableness of those Restraints, even upon the
Principles of the Commercial System.

To lay extraordinary reftraints upon the im- CHAP.

portation of goods of almost all kinds, from those particular countries with which the balance of trade is supposed to be disadvantageous, is the second expedient by which the commercial system proposes to increase the quantity of gold and filver. Thus in Great Britain, Silefia lawns may be imported for home confumption, upon paying certain duties. But French cambrics and lawns are prohibited to be imported, except into the port of London, there to be warehoused for exportation. Higher duties are imposed upon the wines of France than upon thofe of Portugal, or indeed of any other country. By what is called the impoft 1692, a duty of five and twenty per cent., of the rate or value, was laid upon all French goods; while the goods of other nations were, the greater part of them, subjected to much lighter duties, feldom exceeding

VOL. III.

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IV.

Booking five per cent. The wine, brandy, falt and vinegar of France were indeed excepted; these commodities being subjected to other heavy duties, either by other laws, or by particular clauses of the fame law. In 1696, a second duty of twenty-five per cent., the first not having been thought a fufficient discouragement, was impofed upon all French goods, except brandy; together with a new duty of five and twenty pounds upon the ton of French wine, and another of fifteen pounds upon the ton of French vinegar. French goods have never been omitted in any of those general fubfidies, or duties of five per cent., which have been imposed upon all, or the greater part of the goods enumerated in the book of rates. If we count the one third and two third fubfidies as making a complete fubfidy between them, there have been five of thefe general subsidies; so that before the commencement of the present war seventy-five per cent. may be confidered as the lowest duty, to which the greater part of the goods of the growth, produce, or manufacture of France were liable. But upon the greater part of goods, those duties are equivalent to a prohibition. The French in their turn have, I believe, treated our goods and manufactures just as hardly; though I am not fo well acquainted with the particular hardships which they have imposed upon them. Those mutual restraints have put an end to almost all fair commerce between the two nations, and smugglers are now the principal importers, either of British goods into France, or of French goods into Great Britain. The principles which I have CHAP. been examining in the foregoing chapter took their origin from private interest and the spirit of monopoly; those which I am going to examine in this, from national prejudice and animosity. They are, accordingly, as might well be expected, still more unreasonable. They are so, even upon the principles of the commercial system.

III.

First, though it were certain that in the cafe of a free trade between France and England, for example, the balance would be in favour of France, it would by no means follow that fuch a trade would be disadvantageous to England, or that the general balance of its whole trade would thereby be turned more against it. If the wines of France are better and cheaper than those of Portugal, or its linens than those of Germany, it would be more advantageous for Great Britain to purchase both the wine and the foreign linen which it had occafion for of France, than of Portugal and Germany. Though the value of the annual importations from France would thereby be greatly augmented, the value of the whole annual importations would be diminished, in proportion as the French goods of the same quality were cheaper than those of the other two countries. This would be the cafe, even upon the supposition that the whole French goods imported were to be consumed in Great Britain.

But, secondly, a great part of them might be re-exported to other countries, where, being fold with profit, they might bring back a return equal

IV.

BOOK in value, perhaps, to the prime cost of the whole French goods imported. What has frequently been faid of the East India trade might possibly be true of the French; that though the greater part of East India goods were bought with gold and filver, the re-exportation of a part of them to other countries, brought back more gold and filver to that which carried on the trade than the prime cost of the whole amounted to. One of the most important branches of the Dutch trade, at present, consists in the carriage of French goods to other European countries. Some part even of the French wine drank in Great Britain is clandeftinely imported from Holland and Zealand. If there was either a free trade between France and England, or if French goods could be imported upon paying only the fame duties as those of other European nations, to be drawn back upon exportation, England might have fome share of a trade which is found fo advantageous to Holland.

Thirdly, and lastly, there is no certain criterion by which we can determine on which fide what is called the balance between any two countries lies, or which of them exports to the greatest value. National prejudice and animofity, prompted always by the private interest of particular traders, are the principles which generally direct our judgment upon all questions concerning it. There are two criterions, however, which have frequently been appealed to upon fuch occafions, the custom-house books and the course of exchange. The custom-house books, I think,

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III.

I think, it is now generally acknowledged, are a CHAP. very uncertain criterion, on account of the inaccuracy of the valuation at which the greater part of goods are rated in them. The course of exchange is, perhaps, almost equally fo.

When the exchange between two places, such as London and Paris, is at par, it is faid to be a fign that the debts due from London to Paris are compenfated by those due from Paris to London. On the contrary, when a premium is paid at London for a bill upon Paris, it is faid to be a fign that the debts due from London to Paris are not compenfated by those due from Paris to London, but that a balance in money must be sent out from the latter place; for the risk, trouble, and expence of exporting which, the premium is both demanded and given. But the ordinary state of debt and credit between those two cities must neceffarily be regulated, it is said, by the ordinary course of their dealings with one another. When neither of them imports from the other to a greater amount than it exports to that other, the debts and credits of each may compenfate one another. But when one of them imports from the other to a greater value than it exports to that other, the former neceffarily becomes indebted to the latter in a greater fum than the latter becomes indebted to it: the debts and credits of each do not compenfate one another, and money must be fent out from that place of which the debts over-balance the credits. The ordinary course of exchange, therefore, being an indication of the ordinary state

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