98 NOTES ON ECONOMICAL SCIENCE. 



whether at home or abroad. If it could be conceived that a whole 

 people unitedly purchased supplies for its wants abroad by means of 

 wealth previously acquired without any care about production, that 

 nation would rapidly exhaust any imaginable accumulation of wealth 

 and be reduced to abject poverty. But the thing is not to be con- 

 ceived. The wealth of a nation is that of the individuals composing 

 it. The trade of a nation is that separately carried on by all its 

 citizens, and cannot be considered as one thing. There may be too 

 many instances of rogues and dupes, but the rule is nevertheless 

 plain enough that those cannot supply their wants who cannot give 

 an equivalent which can only arise from present industry or from the 

 accumulations of that which is past. Now he who labours has an 

 indefeasible right to employ the produce of hisjndnstry as he pleases, 

 provided he does not injure others, and it is a fair presumption that 

 he will supply his wants wherever he can supply them best and 

 cheapest, whether within certain geographical bounds or not, or in 

 what manner or form, bullion or otherwise, what he has acquired by 

 his industry goes to pay for what he desires, are matters falling 

 within the control of no free or just government, and the attempt to 

 control which cannot possibly produce good, though it may often 

 produce great evil. 



All things imported are so because being desired, they may be had 

 cheaper or better from abroad than they could at home, supposing 

 they could be had there at all, and what is thus saved by a cheap 

 supply of wants is spent in other employments of industry', being a 

 clear profit to the country. 



As to a favourable balance of trade enriching a country, some 

 nations as England for a long period had always a favourable balance, 

 and that to a great amount, yet this caused no extraordinary accumu- 

 lation of the precious metals in that country. Other nations have 

 had a long continuance of what are called unfavourable balances, yet 

 have been all the time advancing in civilization and material wealth, 

 so that no judgment can be formed respecting the real condition of 

 nations from the comparison of their imports and exports. It is 

 quite conceivable that a small island might be occupied by a commu- 

 nity of merchants and traders, whose industry was almost entirely 

 expended in fetching and carrying for other nations ; importing all 

 that they wanted themselves, exporting next to nothing of their own 

 producing. Yet that community might flourish and grow rich. 



