79 



founded on experience, is, that he never knew agricul- 

 tural distress which was not followed by manufacturing 

 and commercial embarrassment. 



As Dr. Chalmers says, in his work on political 

 economy, te the terminus ad quern of foreign trade is 

 consumption at home. The maintenance of all those 

 engaged in it the wages of the labourers the profits 

 of the capitalist the tax laid on foreign articles 

 these emanate not from trade, but from the antece- 

 dent ability of consumers, who may be regarded as the 

 real fountain-heads of all trade. It should be accre- 

 dited with no more than with the commodities which 

 it brings to the door of our inland purchasers. This 

 it does, but it does no more than this." " To what- 

 ever extent a foreign trade is superinduced, to thatextent 

 the home trade will be diminished. And, in like 

 manner, when a new market is opened up, the imagi- 

 nation is, that all the business created by it is a clear 

 accession to the country. And hence the gratulations 

 that we hear, both in and out of Parliament, when 

 the market of South America, or the free market of 

 the East Indies, or any other ample or accessible field, 

 is presented to us for the egress of British commodi- 

 ties. But the truth is, that an egress can only be 

 supported by means of an ingress ; nor will exports 

 continue to be carried out with advantage any longer 

 than the imports which come back in return for them 

 can be purchased at home. The only advantage of 

 a new market is, that the wares which it offers may 

 chance to be more agreeable to the taste and the 

 fancy of certain of our inland consumers, than those 



