238 ADAM SMITH. 



demand in the two first editions of the 'Wealth of 

 Nations.' It may be further mentioned that, some 

 time before the 'Wealth of Nations' was published, an 

 act had passed materially relaxing the bounty law of 

 King William. Of this alteration Dr. Smith remarks, 

 that like the laws of Solon, if not the best it was as 

 good as the temper of the times would admit ; and it 

 is well known that Mr. Burke, its author, told him, 

 when objecting to it, that although philosophers had 

 the privilege of conceiving their diagrams in geometric 

 accuracy, the engineer must often impair the symmetry 

 as well as simplicity of his machine, to overcome the 

 irregularities of friction and resistance. The corn 

 bounty was entirely abrogated in 1815 ; and in 1830 

 all bounties whatever were repealed. 



v. The subject of commercial treaties is next to be 

 considered. They are liable and always to this objec- 

 tion, that as they grant advantages to the growers or 

 manufacturers of one nation over the growers and 

 manufacturers of all others, so those advantages are at 

 the expense of the people living under the Government 

 which has granted them. They buy dearer and sell 

 cheaper than they would do if their trade was left free 

 with all nations. No loss will be incurred either by 

 the nation or by individuals as in the case of bounties, 

 but a smaller gain will be made than might otherwise 

 have been made. Unless some gain were made, the 

 monopoly given to the foreigner would extinguish the 

 home trade. But some commercial treaties have been 

 made, with the view of turning the balance in one 

 country's favour with the other country to which it 

 gave a monopoly of its markets. An instance of this is 

 given in the Methuen Treaty, in 1703, with Portugal, 

 examined in detail by Dr. Smith ; who shows that the 

 obligation incurred by Great Britain to admit Portugal 

 wines at a third part less duty than French, in return 

 for Portugal only agreeing not to raise the duties on 

 British woollens, though receiving them on the same 



