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the　sake　of　making　a　profit　of　his　distress。　　　　　Whatever　may；　by　accident；　be　the　disadvantage　resulting　to　A　or　B　in　this　way　from　a　recall　of　a　foreign　capital；　a　capital　thus　imported　will；　so　long　as　it　continues　unrecalled；　be　productive　to　the　nation　that　has　imported　it；　of　a　clear　revenue　to　the　amount　just　stated。　If　the　use　of　a　million　for　ten　years　would　have　been　worth　*600；000；　the　use　of　the　same　million　for　one　year　will　have　been　*60；000。　Recall　it　when　you　will；　it　will　have　had　its　value　from　the　time　of　its　importation　to　the　time　of　its　recall。　To　furnish　an　argument　against　the　import；　the　inconvenience　likely　to　result　from　the　recall　must　be　not　only　very　considerable；　but　superior　to　the　whole　amount　of　the　benefit　reaped　previously　to　the　recall。

　DEVELOPMENT　OF　THE　PRINCIPLE　〃NO　MORE　TRADE　THAN　CAPITAL〃；　OR　〃CAPITAL　LIMITS　TRADE〃。

　　　　1。　No　branch　of　productive　industry　can　be　carried　on　without　the　help　of　a　certain　quantity　of　capital　previously　accumulated。　　　　　2。　The　whole　quantity　of　productive　industry　each　individual　can　carry　on；　is　limited　by　the　quantity　he　has　of　his　own；　or　is　able　to　borrow　of　other　individuals。　The　whole　quantity　of　productive　industry　a　nation　can　carry　on；　is　limited　by　the　quantity　of　capital　it　has　of　its　own；　or　can　borrow　from　other　nations。　The　whole　quantity　of　productive　industry　the　world　can　carry　on；　is　limited　by　the　capital　it　has　of　its　own；　till　it　can　find　another　world　to　borrow　of。　　　　　3。　Credit　need　not　be　taken　separately　into　the　account：　since　credit　is　but　capital　borrowed；　and　the　quantity　that　can　be　borrowed　is　limited　by　the　quantity　possessed。　　　　　4。　The　quantity　of　capital　limiting　the　quantity　of　productive　industry；　limits　in　the　same　proportion　the　possible　quantity；　and　amount　in　value；　of　the　produce　of　that　industry；　and　thence　of　whatever　part　of　it　is　capable　of　becoming　the　subject　of　trade。　The　quantity　of　capital　sets　the　limit　to　the　quantity　of　wealth：　it　likewise　sets　the　limit　to　the　quantity　of　trade。　　　　　5。　Therefore　no　regulations　nor　any　efforts　whatsoever；　either　on　the　part　of　subjects　or　governors；　can　raise　the　quantity　of　wealth　produced　during　a　given　period　to　an　amount　beyond　what　the　productive　powers　of　the　quantity　of　capital　in　hand　at　the　commencement　of　that　period　are　capable　of　producing。　　　　　6。　A　given　quantity　of　capital　may　enable　the　employer　to　produce　a　greater　quantity　of　wealth　when　employed　in　one　way　than　when　employed　in　another。　Let　the　number　of　possible　ways　of　employing　capital　be　any　number　whatever；　suppose　a　thousand：　if　a　minister　could　make　out　that　one　certain　mode　would　be　more　productive　than　any　one　of　the　remaining　999；　he　would　have　reason　for　wishing　that　a　certain　portion　of　the　national　capital　should　be　applied　to　that　branch；　in　preference　to　all　others。（36*）　But　he　would　have　no　sufficient　reason　for　so　much　as　wishing　it；　till　he　had　made　out　that　superiority　with　respect　to　all　the　999。（37*）　And　though　he　had　made　it　out　ever　so　clear；　he　could　have　no　warrantable　ground　for　employing　coercive　measures　to　induce　any　one　to　engage　in　this　most　advantageous　of　all　branches。　For　the　more　evident　its　superiority；　the　more　certain　it　is　that；　as　soon　as　that　superiority　was　made　evident　to　them；　men　would　betake　themselves　to　that　superior　branch　of　their　own　accord；　without　being　either　hired　or　forced　to　do　so。　　　　　7。　Vanity　and　weakness　can　alone　give　him　a　plea　which　would　be　sufficient　to　his　own　conscience；　to　warrant　his　employing　force（38*）　to　such　a　purpose。　And　whichever　plea　such　a　persuasion　might　afford　to　his　own　conscience；　it　is　a　plea　that　could　never　be　valid　in　the　eyes　of　any　other　men。　To　every　bystander　the　refusal　of　the　persons　concerned　to　engage　in　the　business　without　being　thus　compelled　or　hired；　would　be　a　stronger　reason　for　looking　upon　it　as　not　being　an　advantageous　one；　than　any　it　could　ever　be　possible　for　him　to　give　on　the　other　side。

　PRACTICAL　CONSEQUENCES　OF　THE　PRINCIPLE　〃NO　MORE　TRADE　THAN　CAPITAL〃　WITH　RESPECT　TO　COLONIAL　GOVERNMENT；　ECONOMY　AND　PEACE

　　　　What　is　it　that　would　be　the　loss；　suppose　it　to　amount　to　any　thing；　that　a　nation　would　sustain　by　the　giving　up　of　any　colony？　The　difference　between　the　profit　to　be　made　by　the　employing　in　that　trade　so　much　capital　as　would　be　employed　in　it　were　the　colony　kept；　and　the　profit　that　would　be　made　by　the　employment　of　the　same　capital　in　any　other　way；　suppose　in　the　improvement　of　land。　The　loss　is　nothing；　if　the　same　capital　employed　in　the　improvement　of　land　would　be　more　productive：　and　it　would　be　more　productive　by　the　amount　of　so　much　as　would　go　to　form　the　annual　rent：　for　deducting　that　rent；　capital　employed　in　the　improvement　of　land　produces　as　much　as　if　employed　in　any　other　way。　If　the　loss　were　any　thing；　would　it　then　amount　to　the　whole　difference　between　the　profit　upon　that　trade；　and　the　profit　upon　the　next　most　profitable　one？　no：　but　only　to　the　difference　between　so　much　of　that　difference　as　would　be　produced　if　the　colony　were　retained　in　subjection；　and　so　much　as　would　be　produced　if　the　colony　were　declared　free。　　　　　The　value　of　a　colony　to　the　mother　country；　according　to　the　common　mode　of　computation；　is　equal　to　the　sum　total　of　imports　from　that　colony　and　exports　to　it　put　together。　　　　　From　this　statement；　if　the　foregoing　observation　be　just；　the　following　deductions　will　come　to　be　made。　　　　　1。　The　whole　value　of　the　exports　to　the　colony。　　　　　2。　So　much　of　the　imports　as　is　balanced　by　the　exports。　　　　　3。　Such　a　portion　of　the　above　remainder　as　answers　to　so　much　of　the　trade　as　would　be　equally　carried　on；　were　the　colony　independent。　　　　　4。　So　much　of　that　reduced　profit　as　would　be　made；　were　the　same　capital　employed　in　any　other　trade　or　branch　of　industry　lost　by　the　independence　of　the　colony。　　　　　5。　But　the　same　capital；　if　employed　in　agriculture。　would　have　produced　a　rent　over　and　above　the　ordinary　profits　of　capital：　which　rent；　according　to　a　general　and　undisputed　computation；　may　be　stated　at　a　sum　equal　to　the　amount　of　those　profits。　Thence　arises　a　further　deduction；　viz。　the　loss　to　the　nation　caused　by　employing　the　capital　in　the　trade　to　the　colony；　in　preference　to　the　improvement　of　land；　and　thence　upon　the　supposition　that　the　continuance　of　the　trade　depended　upon　the　keeping　the　colony　in　subjection。　　　　　The　other　mischiefs　resulting　from　the　keeping　of　a　colony　in　subjection；　are：　　　　　1。　The　expence　of　its　establishment；　civil　and　military。　　　　　2。　The　contingent　expence　of　wars　and　other　coercive　measures　for　keeping　it　in　subjection。　　　　　3。　The　contingent　expence　of　wars　for　the　defence　of　it　against　foreign　powers。　　　　　4。　The　force；　military　and　naval；　constantly　kept　on　foot　under　the　apprehension　of　such　wars。　　　　　5。　The　occasional　danger　to　political　liberty　from　the　force　thus　kept　up。　　　　　6。　The　contingent　expence　of　wars　produced　by　alliances　contracted　for　the　purpose　of　supporting　wars　that　may　be　brought　on　by　the　defence　of　it。　　　　　7。　The　corruptive　effects　of　the　influence　resulting　from　the　patronage　of　the　establishment；　civil　and　military。　　　　　8。　The　damage　that　must　be　done　to　the　national　stock　of　intelligence　by　the　false　views　of　the　national　interest；　which　must　be　kept　up　in　order　to　prevent　the　nation　from　opening　their　eyes　and　insisting　upon　the　enfranchisement　of　the　colony。　　　　　9。　The　sacrifice　that　must　be　made　of　the　real　interest　of　the　colony　to　this　imaginary　interest　of　the　mother…country。　It　is　for　the　purpose　of　governing　it　badly；　and　for　no　other；　that　you　wish　to　get　or　keep　a　colony。　Govern　it　well；　it　is　of　no　use　to　you。　　　　　To　govern　its　inhabitants　as　well　as　they　would　govern　themselves；　you　must　choose　to　govern　them　those　only　whom　they　would　themselves　choose；　you　must　sacrifice　none　of　their　interests　to　your　own；　you　must　bestow　as　much　time　and　attention　to　their　interests　as　they　would　themselves；　in　a　word；　you　must　take　those　very　measures　and　no　others；　which　they　themselves　would　take。　But　would　this　be　governing？　And　what　would　it　be　worth　to　you；　if　it　were？　　　　　After　all；　it　would　be　impossible　for　you　to　govern　them　so　well　as　they　would　themselves；　on　account　of　the　distance。　　　　　10。　The　bad　government　resulting　to　the　mother…country　from　the　complication；　the　indistinct　views　of　things；　and　the　consumption　of　time　occasioned　by　this　load　of　distant　dependencies。

AGRICULTURE　NOT　DEPENDENT　ON　MANUFACTURES

　　　　The　most　advantageous　employment　for　the　community　that　can　be　made　of　capital　is　agriculture；　because　there　the　idle　landlord　shares　in　equal　proportion　with　the　labouring　farmer。　　　　　This　can　not　be　extended　ad　infinitum；　to　the　exclusion　of　other　employments　of　capital。　It　can　be　extended　no　farther　than　so　far　as　the　farmer　finds　his　profit　equal　to　the　profit　of　stock　in　other　employments　of　capital；　which　he　would　cease　to　do　if　this　business　were　to　be　overstocked。　　　　　What　follows？　　that　as　soon　as　this　branch　of　business　became　so　far　stocked　as　to　be　less　productive　than　others；　capital　would　cease　to　be　applied　to　it；　capital；　instead　of　being　applied　to　this　business；　would　be　applied　to　some　other；　i。e。　manufactures。　　　　　There　would　therefore　be　no　occasion　for　employing　artificial　means　to　draw　it　to　manufactures：　it　would　go　there　of　its　own　accord。　　　　　It　is　therefore　not　true　to　say　that　manufactures　are　necessary　to　agriculture；　and　that　manufactures　must　first　be　encreased　before　agriculture　can　be　encreased。　　　　　On　the　contrary；　it　is　true　to　say　that　agriculture　is　necessary　to　manufactures；　and　that　agriculture　must　first　be　encreased　before　manufactures　can　be　encreased。　　　　　Men　must　exist；　before　they　can　begin　to　work：　raw　materials　of　manufacture　must　exist　before　they　can　be　worked。　　　　　What　makes　the　mistake　is　this。　It　is　true　that；　when　manufactures　have　encreased　within　the　reach　of　an　intercourse　with　cultivators；　agriculture　can　be　carried　on　in　various　respects　to　more　advantage。　　　　　Manufactures　as　well　as　agriculture　afford　by　parsimony　and　storing　a　capital：　and　when　a　capital　is　laid　up　from　manufactures；　any　part　of　it　may　as　well　be　applied　to　agriculture　as　to　any　thing　else。　When　applied　to　agri