139 
Political Economy. 
'in. motion at both ends of the voyage ; and, if the profits, made by 
the Philadelphia merchant alone in the former, Vv^ere equal to the 
joint profits of the Philadelphia and Charleston merchant in 
the latter — the position vttould nol be true.-^K superiority of 
profit or of industry put in motion, would even establish for the 
foreign voyage a decided claim to superior national utility.* The 
correctness of this observation is so obvious that it needs no proof. 
Now it is well known, that the ndustry, put in motion by a 
voyage, other circumstances being equal, is nearly in proportion to 
the distance of the voyage.f— Our inland trade is carried on in 
boats, and waggons ; our coasting trade, in small craft ; the fo-^ 
reign trade, in vessels of a superior order, the building of one of 
which costs as much— -that is, puts as much industry in motion, as 
perhaps the building of twelve, or fifteen, of the former. — -But, 
not only the vessels are more expensive, their equipments also are 
more costly. Freights and insurance, consequently, amount to 
much heavier sums, and even the small charges will be much more 
numerous ; so that a foreign adventure, which terminates well, 
often brings back a capital the double, or triple of the original 
cost of the outward cargo, whilst the gain of the shipper does not 
exceed the ordinary rate of mercantile profits. — In this respect we 
may say, that a barrel of fiour, and every other commodity, firovi-> 
ded we trans/iort it ourselves, puts more industry in motion, in pro- 
portion as the market, we are able to find for it, is far removed. 
If the merchant’s gain is considerably greater at the same time, it 
follows that the country must benefit more by the foreign, than by 
the domestic expedition. 
^ That is cxteris paribus : all other circumstance being equal ; as, that th@ 
trade to Lisbon requires no more expence of national protection, and puts, in 
jeopardy the national tranquillity no more than the trade of Charlestown. T. C, 
f I believe the direct contrary is the commonly-received, and well-founded 
opinion. The more distant the voyage, the less frequent the returns of capi- 
tal ; but the quantity of industry put in motion, does nqt depend upon the 
quantum of capital employed, but on the frequent return ofit. A capital of 
1000 dollars returned twice a year, puts in motion a quantity of industry equal 
to 2000 returned annually. T. C. 
it I greatly doubt whether any merchant would act on this principle, and 
prefer a trade because it was distant. Besides, the expences of the crew are 
laid out abroad in great measure ; and in fact it is universally true, that the 
more distant the voyage, the greater the risk, the less frequent the return of 
capital, the more is protection needed. It is also true, universally, that the 
industry put in motion by domestic trade is exclusively home industry ; by 
fSrigigoi trade, foreign as well as home industry, T; C, 
