140 Political Economy. 
By these considerations, in combination with those detailed in 
the preceding pages, the truth of the fiosUion is materially weak- 
ened, if not entirely overthrown. But, were it unquestionably true, 
still the inference could not be admitted, without great limitation. 
If foreign trade is less beneficial than thehomfe trade, cz?zrf they 
were ofiposed to each other^ then, surely, the former ought to be 
relinquished. But, it so happens, that both are most vigorous, 
when pursued at the same time, and the deplorable history of the 
day proves but too well, that, Avith us in particular, the destruction 
of the one, is nearly tantamount to the destruction of the other.* 
The same observation applies with regard to the carrying trade. 
The prosecution of one description of business does not necessari- 
ly presume another to be neglected. The natural limits of the ac* 
tivity of a merchant are his gains. You can confine him in no 
other without prejudice to the country. 
— — The cafiital^ you continue, employed in the home trade^ 
^^firculates twice j or thrice.^ while a capital^ employed in the foreign 
trade^ circulates but onced ^ — 
Inference — therefore the foreign trade, less profitable, is to be 
abandoned. 
The position, again, is not generally true. — A capital betAveen 
New Orleans and the Havanna, between New Orleans and Vera 
Cruz, may be turned twice, andoftener, before it can once be turn- 
ed between New Orleans, and Pittsburg, or Lexington. The 
voyages from London to the ports of the German Ocean, are not 
longer than those from London to Liverpool, or the north of 
Scotland. Exchanges of property between Ostendandthe British 
ports opposite, will be much more rapid than those between Os- 
tend, and the French ports in the Mediterranean. A A^oyagefrom 
Archangel in Russia, to Odessa in Russia, would encompass the 
European continent — yet this would be home trade !f 
Nor does the returns of the capital sent abroad — -as the reader 
would be led to belie\"e from your enumeration of the many hands 
through which it has to pass— -depend on the realized proceeds of 
* I am not aware that this position admits of satisfactory proof. T. C. 
■f These are merely local exceptions to a general proposition, the truth of 
which cannot be denied. But the point is, that home trade requires no na- 
tional expence to protect it — induces no national risk — produces none but 
home feelings, home interests, home predilections. These characters do not 
belong to foreign trade. These are circumstances that operate universally, 
Avhether the trade be from Archangel to Odessa, from Boston to New-Orleans,, 
from Dover to Calais, from Gibraltar to Ceuta. T. G. 
