Mr. Roper on the Commercial System of Great Britain. 217 



1824.] 



thougb marking with suflicicnt accuracy 

 its increase or diminution ; and, depend- 

 ing upon the powerful operation of self- 

 interest, which leads every man to seek 

 the most profitable employment for his 

 capital, have not hesitated to maintain 

 that such a conclusion is wholly unte- 

 nable and fallacious, derived from insuf- 

 ficient data, and completely at variance 

 with the ordinary modes of conduct 

 among mankind. 



In elucidating tiiese positions, I can- 

 not but remark with satisfaction, in the 

 first place, how rapidly correct opinions 

 upon this important subject have been 

 disseminated within the last (ew years. 

 Not long ago, the very statements to 

 which your correspondent now appeals, 

 in proof of his assertion as to the 

 declining, not to say ruinous, condition 

 of our commerce, would have been held 

 up as decisively showing the valuable 

 nature of tlie trade we were carrying on. 

 Instead of concluding with him, (hat a 

 large excess of exports over imports 

 betokened a losing commerce, the dis- 

 ciples of a system which formerly pre- 

 vailed very generally among the mercan- 

 tile part of the community would have 

 felicitated the country upon having what 

 they termed so large a balance of trade 

 in its favour. They would have inferred, 

 that such an excess of exports, so far 

 from being an absolute loss to the nation, 

 Mas paid for directly in bullion ; and, 

 regarding that commodity as more de- 

 sirable than any other, would have 

 thought such a state of trade was of all 

 others the most beneficial. So lately, 

 indeed, as 1813, the French Minister of 

 the Interior, after stating that the 

 exports of the nation during the year 

 amounted to 853 millions of francs, and 

 the imports to 830 millions, did not 

 hesitate to cougratulatc his countrymen 

 upon the statement, as the most favour- 

 able that had ever been presented. So 

 slow is the progress of truth, and so 

 difficult is it to eradicate erroneous opi- 

 nions which have once been regarded as 

 established principles. Adam Smith 

 had demonstrated the gross fallacy of 

 this system fifty years ago ; but it is only 

 in our times that his admirable writings, 

 and those of many able successors, who 

 have devoted their talents to the same 

 subject, have produced their full eftect 

 in enlightening the public mind, and 

 disseminating correct |)riiiciplcs of po- 

 litical economy. Had the author of the 

 lixposition perused the works ju.st 

 noticed with the attention they deserve, 



he would have found that thcdocuments 

 ho depends on for his conclusio;is, were 

 long since perceived to bo wholly insuf- 

 ficient to justify any such inferences as 

 he deduces from them, because of the 

 inaccuracy of the valuation !it«hic!ithe 

 greater part of the goods were rated.* 

 He attempts to throw me upon a formi- 

 dable dilemma by stating, " either you 

 must allow the correctness of my con- 

 clusions, because they arc foumlod njion 

 official documents, or else admit that 

 the government of this country is de- 

 luding the pc()i)le with a series of worth- 

 less accounls. got n|) with an imposing 

 air of aulliority, and frequently appealed 

 to in Parliament as denoting the value 

 of our commerce." I trust I sliall 

 easily be able to prove, that there is 

 more show than substance in this logical 

 figure, and that it may be grappled with 

 without much danger to the assailant. 



The official vahiation of goods is a 

 computation of their value, not with 

 reference to the current prices of the 

 year, but to a standard originally esta- 

 blished in 1G96, when the ofTu-e of in- 

 spector-general of imjjorts and exports 

 was first instituted. One unvarying 

 rule is constantly acted upon; sorac 

 articles being estimated by their weight, 

 and others by their dimensions, hut 

 wholly without reference to the market- 

 price. In addition, however, to this 

 oflicial value of the goods, these docu- 

 ments exhibit in another column the 

 value of that porticiu of the export which 

 consists of British produce, as declared 

 by the merchants who export them. 

 Upon this declared value a duty of two 

 per cent, is levied; and, as it is not 

 probaljle that the owner v^ould. volun- 

 tarily 



• Vide Wealth of Nations, book 4. 

 chap. 3 ; and Himie's Essay on llic Balance 

 of Trade: the following reiiiarks of tills 

 anther are too a|)|>ropriate to be ouiitted. 

 " It is easy to observe, that all calcula- 

 tions concerning the bahnive uf trade are 

 founded on very uncertain facts and siip- 

 jiositjons. Tiie Custom House Ixioks are 

 allowed to he an insntlicicnt ground of 

 reasoning ; nor is the rale of excliange 

 niticli hotter, unliss we coosidor it vviih 

 all nations, and know also the proportions 

 of the several sums remitted ; which one 

 may safely pronounce inipossihic. Every 

 man, who has ever reasonciJ on this sub- 

 ject, has always proved his theory, what- 

 ever it was, by facts and calculations, anil 

 hy an ennnirration of all the cotnniodities 

 sent to all foreign kingdoms." 



