WEALTH OF NATIONS. 169 



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 con- 

 ceiving 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 1815; and in 1830 all bounties whatever were repealed, 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 manu- 

 facturers 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 ort British woollens, though receiving them on 

 the same terms as those of Holland and France, is an 

 unfair and improvident bargain, even upon the principles 

 of the mercantile system, of which this treaty is vaunted 



