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very　easily　be　prevented　from　disturbing　the　tranquillity　of

anybody　but　themselves。

　　　　　That　it　was　the　spirit　of　monopoly　which　originally　both

invented　and　propagated　this　doctrine　cannot　be　doubted；　and　they

who　first　taught　it　were　by　no　means　such　fools　as　they　who

believed　it。　In　every　country　it　always　is　and　must　be　the

interest　of　the　great　body　of　the　people　to　buy　whatever　they

want　of　those　who　sell　it　cheapest。　The　proposition　is　so　very

manifest　that　it　seems　ridiculous　to　take　any　pains　to　prove　it；

nor　could　it　ever　have　been　called　in　question　had　not　the

interested　sophistry　of　merchants　and　manufacturers　confounded

the　common　sense　of　mankind。　Their　interest　is；　in　this　respect；

directly　opposite　to　that　of　the　great　body　of　the　people。　As　it

is　the　interest　of　the　freemen　of　a　corporation　to　hinder　the

rest　of　the　inhabitants　from　employing　any　workmen　but

themselves；　so　it　is　the　interest　of　the　merchants　and

manufacturers　of　every　country　to　secure　to　themselves　the

monopoly　of　the　home　market。　Hence　in　Great　Britain；　and　in　most

other　European　countries；　the　extraordinary　duties　upon　almost

all　goods　imported　by　alien　merchants。　Hence　the　high　duties　and

prohibitions　upon　all　those　foreign　manufactures　which　can　come

into　competition　with　our　own。　Hence；　too；　the　extraordinary

restraints　upon　the　importation　of　almost　all　sorts　of　goods　from

those　countries　with　which　the　balance　of　trade　is　supposed　to　be

disadvantageous；　that　is；　from　those　against　whom　national

animosity　happens　to　be　most　violently　inflamed。

　　　　　The　wealth　of　a　neighbouring　nation；　however；　though

dangerous　in　war　and　politics；　is　certainly　advantageous　in

trade。　In　a　state　of　hostility　it　may　enable　our　enemies　to

maintain　fleets　and　armies　superior　to　our　own；　but　in　a　state　of

peace　and　commerce　it　must　likewise　enable　them　to　exchange　with

us　to　a　greater　value；　and　to　afford　a　better　market；　either　for

the　immediate　produce　of　our　own　industry；　or　for　whatever　is

purchased　with　that　produce。　As　a　rich　man　is　likely　to　be　a

better　customer　to　the　industrious　people　in　his　neighbourhood

than　a　poor；　so　is　likewise　a　rich　nation。　A　rich　man；　indeed；

who　is　himself　a　manufacturer；　is　a　very　dangerous　neighbour　to

all　those　who　deal　in　the　same　way。　All　the　rest　of　the

neighbourhood；　however；　by　far　the　greatest　number；　profit　by　the

good　market　which　his　expense　affords　them。　They　even　profit　by

his　underselling　the　poorer　workmen　who　deal　in　the　same　way　with

him。　The　manufacturers　of　a　rich　nation；　in　the　same　manner；　may

no　doubt　be　very　dangerous　rivals　to　those　of　their　neighbours。

This　very　competition；　however；　is　advantageous　to　the　great　body

of　the　people；　who　profit　greatly　besides　by　the　good　market

which　the　great　expense　of　such　a　nation　affords　them　in　every

other　way。　Private　people　who　want　to　make　a　fortune　never　think

of　retiring　to　the　remote　and　poor　provinces　of　the　country；　but

resort　either　to　the　capital；　or　to　some　of　the　great　commercial

towns。　They　know　that　where　little　wealth　circulates　there　is

little　to　be　got；　but　that　where　a　great　deal　is　in　motion；　some

share　of　it　may　fall　to　them。　The　same　maxims　which　would　in　this

manner　direct　the　common　sense　of　one；　or　ten；　or　twenty

individuals；　should　regulate　the　judgment　of　one；　or　ten；　or

twenty　millions；　and　should　make　a　whole　nation　regard　the　riches

of　its　neighbours　as　a　probable　cause　and　occasion　for　itself　to

acquire　riches。　A　nation　that　would　enrich　itself　by　foreign

trade　is　certainly　most　likely　to　do　so　when　its　neighbours　are

all　rich；　industrious；　and　commercial　nations。　A　great　nation

surrounded　on　all　sides　by　wandering　savages　and　poor　barbarians

might；　no　doubt；　acquire　riches　by　the　cultivation　of　its　own

lands；　and　by　its　own　interior　commerce；　but　not　by　foreign

trade。　It　seems　to　have　been　in　this　manner　that　the　ancient

Egyptians　and　the　modern　Chinese　acquired　their　great　wealth。　The

ancient　Egyptians；　it　is　said；　neglected　foreign　commerce；　and

the　modern　Chinese；　it　is　known；　bold　it　in　the　utmost　contempt；

and　scarce　deign　to　afford　it　the　decent　protection　of　the　laws。

The　modern　maxims　of　foreign　commerce；　by　aiming　at　the

impoverishment　of　all　our　neighbours；　so　far　as　they　are　capable

of　producing　their　intended　effect；　tend　to　render　that　very

commerce　insignificant　and　contemptible。

　　　　　It　is　in　consequence　of　these　maxims　that　the　commerce

between　France　and　England　has　in　both　countries　been　subjected

to　so　many　discouragements　and　restraints。　If　those　two

countries；　however；　were　to　consider　their　real　interest；　without

either　mercantile　jealousy　or　national　animosity；　the　commerce　of

France　might　be　more　advantageous　to　Great　Britain　than　that　of

any　other　country；　and　for　the　same　reason　that　of　Great　Britain

to　France。　France　is　the　nearest　neighbour　to　Great　Britain。　In

the　trade　between　the　southern　coast　of　England　and　the　northern

and　north…western　coasts　of　France；　the　returns　might　be

expected；　in　the　same　manner　as　in　the　inland　trade；　four；　five；

or　six　times　in　the　year。　The　capital；　therefore；　employed　in

this　trade　could　in　each　of　the　two　countries　keep　in　motion

four；　five；　or　six　times　the　quantity　of　industry；　and　afford

employment　and　subsistence　to　four；　five；　or　six　times　the　number

of　people；　which　an　equal　capital　could　do　in　the　greater　part　of

the　other　branches　of　foreign　trade。　Between　the　parts　of　France

and　Great　Britain　most　remote　from　one　another；　the　returns　might

be　expected；　at　least；　once　in　the　year；　and　even　this　trade

would　so　far　be　at　least　equally　advantageous　as　the　greater　part

of　the　other　branches　of　our　foreign　European　trade。　It　would　be；

at　least；　three　times　more　advantageous　than　the　boasted　trade

with　our　North　American　colonies；　in　which　the　returns　were

seldom　made　in　less　than　three　years；　frequently　not　in　less　than

four　or　five　years。　France；　besides；　is　supposed　to　contain

twenty…four　millions　of　inhabitants。　Our　North　American　colonies

were　never　supposed　to　contain　more　than　three　millions；　and

France　is　a　much　richer　country　than　North　America；　though；　on

account　of　the　more　unequal　distribution　of　riches；　there　is　much

more　poverty　and　beggary　in　the　one　country　than　in　the　other。

France；　therefore；　could　afford　a　market　at　least　eight　times

more　extensive；　and；　on　account　of　the　superior　frequency　of　the

returns；　four…and…twenty　times　more　advantageous　than　that　which

our　North　American　colonies　ever　afforded。　The　trade　of　Great

Britain　would　be　just　as　advantageous　to　France；　and；　in

proportion　to　the　wealth；　population；　and　proximity　of　the

respective　countries；　would　have　the　same　superiority　over　that

which　France　carries　on　with　her　own　colonies。　Such　is　the　very

great　difference　between　that　trade；　which　the　wisdom　of　both

nations　has　thought　proper　to　discourage；　and　that　which　it　has

favoured　the　most。

　　　　　But　the　very　same　circumstances　which　would　have　rendered　an

open　and　free　commerce　between　the　two　countries　so　advantageous

to　both；　have　occasioned　the　principal　obstructions　to　that

commerce。　Being　neighbours；　they　are　necessarily　enemies；　and　the

wealth　and　power　of　each　becomes；　upon　that　account；　more

formidable　to　the　other；　and　what　would　increase　the　advantage　of

national　friendship　serves　only　to　inflame　the　violence　of

national　animosity。　They　are　both　rich　and　industrious　nations；

and　the　merchants　and　manufacturers　of　each　dread　the　competition

of　the　skill　and　activity　of　those　of　the　other。　Mercantile

jealousy　is　excited；　and　both　inflames；　and　is　itself　inflamed；

by　the　violence　of　national　animosity；　and　the　traders　of　both

countries　have　announced；　with　all　the　passionate　confidence　of

interested　falsehood；　the　certain　ruin　of　each；　in　consequence　of

that　unfavourable　balance　of　trade；　which；　they　pretend；　would　be

the　infallible　effect　of　an　unrestrained　commerce　with　the　other。

　　　　　There　is　no　commercial　country　in　Europe　of　which　the

approaching　ruin　has　not　frequently　been　foretold　by　the

pretended　doctors　of　this　system　from　an　unfavourable　balance　of

trade。　After　all　the　anxiety；　however；　which　they　have　excited

about　this；　after　all　the　vain　attempts　of　almost　all　trading

nations　to　turn　that　balance　in　their　own　favour　and　against

their　neighbours；　it　does　not　appear　that　any　one　nation　in

Europe　has　been　in　any　respect　impoverished　by　this　cause。　Every

town　and　country；　on　the　contrary；　in　proportion　as　they　have

opened　their　ports　to　all　nations；　instead　of　being　ruined　by

this　free　trade；　as　the　principles　of　the　commercial　system　would

lead　us　to　expect；　have　been　enriched　by　it。　Though　there　are　in

Europe；　indeed；　a　few　towns　which　in　some　respects　deserve　the

name　of　free　ports；　there　is　no　country　which　does　so。　Holland；

perhaps；　approaches　the　nearest　to　this　character　of　any　though

still　very　remote　from　it；　and　Holland；　it　is　acknowledged；　not

only　derives　its　whole　wealth；　but　a　great　part　of　its　necessary

subsistence；　from　foreign　trade。

　　　　　There　is　another　balance；　indeed；　which　has　already　been

explained；　very　different　from　the　balance　of　trade；　and　which；

according　as　it　happens　to　be　either　favourable　or　unfavourable；

necessarily　occasions　the　prosperity　or　decay　of　every　nation。

This　is　the　balance　of　the　annual　produce　and　consumption。　If　the

exchangeable　value　of　the　annual　produce；　it　has　already　been

observed；　exceeds　that　of　the　annual　consumption；　the　capital　of

the　society　must　annually　increase　in　proportion　to　this　excess。

The　society　in　this　case　lives　within　its　revenue；　and　what　is

annually　saved　out　of　its　revenue　is　naturally　added　to　its

capital；　and　employed　so　as　to　increase　still　further　the　annual

produce。　If　the　exchangeable　value　of　the　annual　produce；　on　the

contrary；　fail　short　of　the　annual　consumption；　the　capital　of

the　society　must　annually　decay　in　proportion　to　this　deficiency。

The　expense　of　the　society　in　this　case　exceeds　its　revenue；　and

necessarily　encroaches