...not as an economist, eulogises these Acts in the concise remark : " Aa defence is much more important than opulence, the Act of Navigation is perhaps the...wisest of all the commercial regulations of England." This dictum of so great an economist is worthy of the utmost consideration, for it shows us that there...

...become great.* The policy of stimulating shipping, so highly extolled by Smith, who says : "As defense is of much more importance than opulence, the act...wisest of all the commercial regulations of England, "f was borrowed from the Dutch during the sitting of the Long Parliament, but it is doubtful whether...

...of foreign countries,"f is quoted to support this view, and an additional saying, "as defense is of more importance than opulence the act of navigation is, perhaps, the wisest of all commercial regulations of England," is relied upon to clinch it. But there are too many other admissions...

...are as wise, however, as if they had all been dictated by the most deliberate wisdom. ... As defence is of much more importance than opulence, the Act...wisest of all the commercial regulations of England." Yet despite the approval of the prophet of commercial freedom, despite the fact that since the end...

...not favourable to foreign commerce, or to the growth of that opulence which can arise from it. ... As defence, however, is of much more importance than...wisest of all the commercial regulations of England." How completely the Navigation Act failed as a commercial measure appears from a number of passages...

...currency and banking, simple cases are so easily found as is here implied. 2 And so Adam Smith says, " As defence, however, is of much more importance than...wisest of all the commercial regulations of England." " Wealth of Nations," Bk. IV., ch. ii. liever in the single gold standard advocating, in the present...

...opulence which can arise from it," adds that, "as defence is of much more importance than opulence, IMS. the act of navigation is, perhaps, the wisest of all the commercial regulations of England." i The praise was faint, but such as it was it was undeserved. The great defensive force of the British...

...dearer, but to sell our own cheaper, than if there was a more perfect freedom of trade. As defense, however, is of much more importance than opulence,...the Act of Navigation is, perhaps, the wisest of all commercial regulations of England. The second case, in which it will generally be advantageous to lay...

...to the growth of that opulence which can arise from it. ... By diminishing the number of sellers ... we necessarily diminish that of buyers, and are thus...more importance than opulence, the Act of Navigation ia perhaps the wisest of all the commercial regulations of England.2 Smith usually qualifies his rasher...

...be paid upon all goods exported as well as imported, has by several subsequent acts been taken off the greater part of the articles of exportation. But...wisest of all the commercial regulations of England." Attempts have often been made in the interests of popular ideas of unrestricted free trade to take...