Political Economy. 141 
the identical property shipped. V essels, generally, bring back 
a return cargo promptly, and to the country it is immaterial, whe- 
ther this be the actual proceeds of the outward cargo, ora proper- 
ty shipped in advance of the expected proceeds, or the results of 
some previous adventure. A regular intercourse once establish- 
ed, the returns depend no longer on sales, and mostly vessels bring 
back a value, equal, or superior, to that taken out. Consequently, 
in a national point of view, the capital employed in a foreign adven- 
ture, may be considered as replaced with a profit, as soon as the 
voyage is terminated. Were it otherwise, if the trade continue 
notwithstanding, it would only prove that the country has capital to 
spare, which it cannot employ, to equal advantage, in any different 
manner. 
Further — if the position were strictly true, still the inference 
would not stand. 
The question is not, whether the more profitable home trade, 
is to be abandoned for the less profitable foreign trade. There 
can be no such question, unless there were a deficiency of capitah 
If this deficiency existed, the capital would, of its own accord, 
seek, and find, the employment most profitable. But it is not like- 
ly to exist in a country like ours, that has commodities to exchange, 
and circulate by means of paper ; because in such a country credit 
is capital, and cr edit keeps pace with the amount of exchangeable 
property. 
The true question is this— if the home trade puts in motion in- 
dustry, to the extent, for instance, of one million of dollars, and 
an additional foreign trade might put in motion industi’y, to the a- 
mount of half a million more— whether the nation is to forego this 
advantage, merely because the trade would be foreign, — and I be- 
lieve you will agree that the strictest logic, even from your admit- 
ted positions, would hardly warrant such a conclusion.* 
* I never drew any such conclusion. An opinion has long prevailed, that 
foreign commerce is the great source of national wealth : ihe English writers 
until about five or six years ago, were almost unanimously of that opinion. The 
British ministry, have for more than sixty years past even to the present day, 
held up in theory, and have practically pursued the same opinion. The modern 
politicians of this country, particularly those who are somewhat biassed in 
favour of British practices and theories, strongly support the same opinion. 
M. Say, M. Ganilh, Dr. Bollman, are decided advocates in its favour. I have 
done nothing but attempted to shew that this opinion is not well founded.. 
That foreign commerce, is insignificant in point of amount to the produce of 
capital and industry employed at home. That it is a productive cause of 
modern v/ar. That it induces national expences for its protection^ far beyond 
