very¡¡easily¡¡be¡¡prevented¡¡from¡¡disturbing¡¡the¡¡tranquillity¡¡of
anybody¡¡but¡¡themselves¡£
¡¡¡¡¡¡¡¡¡¡That¡¡it¡¡was¡¡the¡¡spirit¡¡of¡¡monopoly¡¡which¡¡originally¡¡both
invented¡¡and¡¡propagated¡¡this¡¡doctrine¡¡cannot¡¡be¡¡doubted£»¡¡and¡¡they
who¡¡first¡¡taught¡¡it¡¡were¡¡by¡¡no¡¡means¡¡such¡¡fools¡¡as¡¡they¡¡who
believed¡¡it¡£¡¡In¡¡every¡¡country¡¡it¡¡always¡¡is¡¡and¡¡must¡¡be¡¡the
interest¡¡of¡¡the¡¡great¡¡body¡¡of¡¡the¡¡people¡¡to¡¡buy¡¡whatever¡¡they
want¡¡of¡¡those¡¡who¡¡sell¡¡it¡¡cheapest¡£¡¡The¡¡proposition¡¡is¡¡so¡¡very
manifest¡¡that¡¡it¡¡seems¡¡ridiculous¡¡to¡¡take¡¡any¡¡pains¡¡to¡¡prove¡¡it£»
nor¡¡could¡¡it¡¡ever¡¡have¡¡been¡¡called¡¡in¡¡question¡¡had¡¡not¡¡the
interested¡¡sophistry¡¡of¡¡merchants¡¡and¡¡manufacturers¡¡confounded
the¡¡common¡¡sense¡¡of¡¡mankind¡£¡¡Their¡¡interest¡¡is£»¡¡in¡¡this¡¡respect£»
directly¡¡opposite¡¡to¡¡that¡¡of¡¡the¡¡great¡¡body¡¡of¡¡the¡¡people¡£¡¡As¡¡it
is¡¡the¡¡interest¡¡of¡¡the¡¡freemen¡¡of¡¡a¡¡corporation¡¡to¡¡hinder¡¡the
rest¡¡of¡¡the¡¡inhabitants¡¡from¡¡employing¡¡any¡¡workmen¡¡but
themselves£»¡¡so¡¡it¡¡is¡¡the¡¡interest¡¡of¡¡the¡¡merchants¡¡and
manufacturers¡¡of¡¡every¡¡country¡¡to¡¡secure¡¡to¡¡themselves¡¡the
monopoly¡¡of¡¡the¡¡home¡¡market¡£¡¡Hence¡¡in¡¡Great¡¡Britain£»¡¡and¡¡in¡¡most
other¡¡European¡¡countries£»¡¡the¡¡extraordinary¡¡duties¡¡upon¡¡almost
all¡¡goods¡¡imported¡¡by¡¡alien¡¡merchants¡£¡¡Hence¡¡the¡¡high¡¡duties¡¡and
prohibitions¡¡upon¡¡all¡¡those¡¡foreign¡¡manufactures¡¡which¡¡can¡¡come
into¡¡competition¡¡with¡¡our¡¡own¡£¡¡Hence£»¡¡too£»¡¡the¡¡extraordinary
restraints¡¡upon¡¡the¡¡importation¡¡of¡¡almost¡¡all¡¡sorts¡¡of¡¡goods¡¡from
those¡¡countries¡¡with¡¡which¡¡the¡¡balance¡¡of¡¡trade¡¡is¡¡supposed¡¡to¡¡be
disadvantageous£»¡¡that¡¡is£»¡¡from¡¡those¡¡against¡¡whom¡¡national
animosity¡¡happens¡¡to¡¡be¡¡most¡¡violently¡¡inflamed¡£
¡¡¡¡¡¡¡¡¡¡The¡¡wealth¡¡of¡¡a¡¡neighbouring¡¡nation£»¡¡however£»¡¡though
dangerous¡¡in¡¡war¡¡and¡¡politics£»¡¡is¡¡certainly¡¡advantageous¡¡in
trade¡£¡¡In¡¡a¡¡state¡¡of¡¡hostility¡¡it¡¡may¡¡enable¡¡our¡¡enemies¡¡to
maintain¡¡fleets¡¡and¡¡armies¡¡superior¡¡to¡¡our¡¡own£»¡¡but¡¡in¡¡a¡¡state¡¡of
peace¡¡and¡¡commerce¡¡it¡¡must¡¡likewise¡¡enable¡¡them¡¡to¡¡exchange¡¡with
us¡¡to¡¡a¡¡greater¡¡value£»¡¡and¡¡to¡¡afford¡¡a¡¡better¡¡market£»¡¡either¡¡for
the¡¡immediate¡¡produce¡¡of¡¡our¡¡own¡¡industry£»¡¡or¡¡for¡¡whatever¡¡is
purchased¡¡with¡¡that¡¡produce¡£¡¡As¡¡a¡¡rich¡¡man¡¡is¡¡likely¡¡to¡¡be¡¡a
better¡¡customer¡¡to¡¡the¡¡industrious¡¡people¡¡in¡¡his¡¡neighbourhood
than¡¡a¡¡poor£»¡¡so¡¡is¡¡likewise¡¡a¡¡rich¡¡nation¡£¡¡A¡¡rich¡¡man£»¡¡indeed£»
who¡¡is¡¡himself¡¡a¡¡manufacturer£»¡¡is¡¡a¡¡very¡¡dangerous¡¡neighbour¡¡to
all¡¡those¡¡who¡¡deal¡¡in¡¡the¡¡same¡¡way¡£¡¡All¡¡the¡¡rest¡¡of¡¡the
neighbourhood£»¡¡however£»¡¡by¡¡far¡¡the¡¡greatest¡¡number£»¡¡profit¡¡by¡¡the
good¡¡market¡¡which¡¡his¡¡expense¡¡affords¡¡them¡£¡¡They¡¡even¡¡profit¡¡by
his¡¡underselling¡¡the¡¡poorer¡¡workmen¡¡who¡¡deal¡¡in¡¡the¡¡same¡¡way¡¡with
him¡£¡¡The¡¡manufacturers¡¡of¡¡a¡¡rich¡¡nation£»¡¡in¡¡the¡¡same¡¡manner£»¡¡may
no¡¡doubt¡¡be¡¡very¡¡dangerous¡¡rivals¡¡to¡¡those¡¡of¡¡their¡¡neighbours¡£
This¡¡very¡¡competition£»¡¡however£»¡¡is¡¡advantageous¡¡to¡¡the¡¡great¡¡body
of¡¡the¡¡people£»¡¡who¡¡profit¡¡greatly¡¡besides¡¡by¡¡the¡¡good¡¡market
which¡¡the¡¡great¡¡expense¡¡of¡¡such¡¡a¡¡nation¡¡affords¡¡them¡¡in¡¡every
other¡¡way¡£¡¡Private¡¡people¡¡who¡¡want¡¡to¡¡make¡¡a¡¡fortune¡¡never¡¡think
of¡¡retiring¡¡to¡¡the¡¡remote¡¡and¡¡poor¡¡provinces¡¡of¡¡the¡¡country£»¡¡but
resort¡¡either¡¡to¡¡the¡¡capital£»¡¡or¡¡to¡¡some¡¡of¡¡the¡¡great¡¡commercial
towns¡£¡¡They¡¡know¡¡that¡¡where¡¡little¡¡wealth¡¡circulates¡¡there¡¡is
little¡¡to¡¡be¡¡got£»¡¡but¡¡that¡¡where¡¡a¡¡great¡¡deal¡¡is¡¡in¡¡motion£»¡¡some
share¡¡of¡¡it¡¡may¡¡fall¡¡to¡¡them¡£¡¡The¡¡same¡¡maxims¡¡which¡¡would¡¡in¡¡this
manner¡¡direct¡¡the¡¡common¡¡sense¡¡of¡¡one£»¡¡or¡¡ten£»¡¡or¡¡twenty
individuals£»¡¡should¡¡regulate¡¡the¡¡judgment¡¡of¡¡one£»¡¡or¡¡ten£»¡¡or
twenty¡¡millions£»¡¡and¡¡should¡¡make¡¡a¡¡whole¡¡nation¡¡regard¡¡the¡¡riches
of¡¡its¡¡neighbours¡¡as¡¡a¡¡probable¡¡cause¡¡and¡¡occasion¡¡for¡¡itself¡¡to
acquire¡¡riches¡£¡¡A¡¡nation¡¡that¡¡would¡¡enrich¡¡itself¡¡by¡¡foreign
trade¡¡is¡¡certainly¡¡most¡¡likely¡¡to¡¡do¡¡so¡¡when¡¡its¡¡neighbours¡¡are
all¡¡rich£»¡¡industrious£»¡¡and¡¡commercial¡¡nations¡£¡¡A¡¡great¡¡nation
surrounded¡¡on¡¡all¡¡sides¡¡by¡¡wandering¡¡savages¡¡and¡¡poor¡¡barbarians
might£»¡¡no¡¡doubt£»¡¡acquire¡¡riches¡¡by¡¡the¡¡cultivation¡¡of¡¡its¡¡own
lands£»¡¡and¡¡by¡¡its¡¡own¡¡interior¡¡commerce£»¡¡but¡¡not¡¡by¡¡foreign
trade¡£¡¡It¡¡seems¡¡to¡¡have¡¡been¡¡in¡¡this¡¡manner¡¡that¡¡the¡¡ancient
Egyptians¡¡and¡¡the¡¡modern¡¡Chinese¡¡acquired¡¡their¡¡great¡¡wealth¡£¡¡The
ancient¡¡Egyptians£»¡¡it¡¡is¡¡said£»¡¡neglected¡¡foreign¡¡commerce£»¡¡and
the¡¡modern¡¡Chinese£»¡¡it¡¡is¡¡known£»¡¡bold¡¡it¡¡in¡¡the¡¡utmost¡¡contempt£»
and¡¡scarce¡¡deign¡¡to¡¡afford¡¡it¡¡the¡¡decent¡¡protection¡¡of¡¡the¡¡laws¡£
The¡¡modern¡¡maxims¡¡of¡¡foreign¡¡commerce£»¡¡by¡¡aiming¡¡at¡¡the
impoverishment¡¡of¡¡all¡¡our¡¡neighbours£»¡¡so¡¡far¡¡as¡¡they¡¡are¡¡capable
of¡¡producing¡¡their¡¡intended¡¡effect£»¡¡tend¡¡to¡¡render¡¡that¡¡very
commerce¡¡insignificant¡¡and¡¡contemptible¡£
¡¡¡¡¡¡¡¡¡¡It¡¡is¡¡in¡¡consequence¡¡of¡¡these¡¡maxims¡¡that¡¡the¡¡commerce
between¡¡France¡¡and¡¡England¡¡has¡¡in¡¡both¡¡countries¡¡been¡¡subjected
to¡¡so¡¡many¡¡discouragements¡¡and¡¡restraints¡£¡¡If¡¡those¡¡two
countries£»¡¡however£»¡¡were¡¡to¡¡consider¡¡their¡¡real¡¡interest£»¡¡without
either¡¡mercantile¡¡jealousy¡¡or¡¡national¡¡animosity£»¡¡the¡¡commerce¡¡of
France¡¡might¡¡be¡¡more¡¡advantageous¡¡to¡¡Great¡¡Britain¡¡than¡¡that¡¡of
any¡¡other¡¡country£»¡¡and¡¡for¡¡the¡¡same¡¡reason¡¡that¡¡of¡¡Great¡¡Britain
to¡¡France¡£¡¡France¡¡is¡¡the¡¡nearest¡¡neighbour¡¡to¡¡Great¡¡Britain¡£¡¡In
the¡¡trade¡¡between¡¡the¡¡southern¡¡coast¡¡of¡¡England¡¡and¡¡the¡¡northern
and¡¡north¡western¡¡coasts¡¡of¡¡France£»¡¡the¡¡returns¡¡might¡¡be
expected£»¡¡in¡¡the¡¡same¡¡manner¡¡as¡¡in¡¡the¡¡inland¡¡trade£»¡¡four£»¡¡five£»
or¡¡six¡¡times¡¡in¡¡the¡¡year¡£¡¡The¡¡capital£»¡¡therefore£»¡¡employed¡¡in
this¡¡trade¡¡could¡¡in¡¡each¡¡of¡¡the¡¡two¡¡countries¡¡keep¡¡in¡¡motion
four£»¡¡five£»¡¡or¡¡six¡¡times¡¡the¡¡quantity¡¡of¡¡industry£»¡¡and¡¡afford
employment¡¡and¡¡subsistence¡¡to¡¡four£»¡¡five£»¡¡or¡¡six¡¡times¡¡the¡¡number
of¡¡people£»¡¡which¡¡an¡¡equal¡¡capital¡¡could¡¡do¡¡in¡¡the¡¡greater¡¡part¡¡of
the¡¡other¡¡branches¡¡of¡¡foreign¡¡trade¡£¡¡Between¡¡the¡¡parts¡¡of¡¡France
and¡¡Great¡¡Britain¡¡most¡¡remote¡¡from¡¡one¡¡another£»¡¡the¡¡returns¡¡might
be¡¡expected£»¡¡at¡¡least£»¡¡once¡¡in¡¡the¡¡year£»¡¡and¡¡even¡¡this¡¡trade
would¡¡so¡¡far¡¡be¡¡at¡¡least¡¡equally¡¡advantageous¡¡as¡¡the¡¡greater¡¡part
of¡¡the¡¡other¡¡branches¡¡of¡¡our¡¡foreign¡¡European¡¡trade¡£¡¡It¡¡would¡¡be£»
at¡¡least£»¡¡three¡¡times¡¡more¡¡advantageous¡¡than¡¡the¡¡boasted¡¡trade
with¡¡our¡¡North¡¡American¡¡colonies£»¡¡in¡¡which¡¡the¡¡returns¡¡were
seldom¡¡made¡¡in¡¡less¡¡than¡¡three¡¡years£»¡¡frequently¡¡not¡¡in¡¡less¡¡than
four¡¡or¡¡five¡¡years¡£¡¡France£»¡¡besides£»¡¡is¡¡supposed¡¡to¡¡contain
twenty¡four¡¡millions¡¡of¡¡inhabitants¡£¡¡Our¡¡North¡¡American¡¡colonies
were¡¡never¡¡supposed¡¡to¡¡contain¡¡more¡¡than¡¡three¡¡millions£»¡¡and
France¡¡is¡¡a¡¡much¡¡richer¡¡country¡¡than¡¡North¡¡America£»¡¡though£»¡¡on
account¡¡of¡¡the¡¡more¡¡unequal¡¡distribution¡¡of¡¡riches£»¡¡there¡¡is¡¡much
more¡¡poverty¡¡and¡¡beggary¡¡in¡¡the¡¡one¡¡country¡¡than¡¡in¡¡the¡¡other¡£
France£»¡¡therefore£»¡¡could¡¡afford¡¡a¡¡market¡¡at¡¡least¡¡eight¡¡times
more¡¡extensive£»¡¡and£»¡¡on¡¡account¡¡of¡¡the¡¡superior¡¡frequency¡¡of¡¡the
returns£»¡¡four¡and¡twenty¡¡times¡¡more¡¡advantageous¡¡than¡¡that¡¡which
our¡¡North¡¡American¡¡colonies¡¡ever¡¡afforded¡£¡¡The¡¡trade¡¡of¡¡Great
Britain¡¡would¡¡be¡¡just¡¡as¡¡advantageous¡¡to¡¡France£»¡¡and£»¡¡in
proportion¡¡to¡¡the¡¡wealth£»¡¡population£»¡¡and¡¡proximity¡¡of¡¡the
respective¡¡countries£»¡¡would¡¡have¡¡the¡¡same¡¡superiority¡¡over¡¡that
which¡¡France¡¡carries¡¡on¡¡with¡¡her¡¡own¡¡colonies¡£¡¡Such¡¡is¡¡the¡¡very
great¡¡difference¡¡between¡¡that¡¡trade£»¡¡which¡¡the¡¡wisdom¡¡of¡¡both
nations¡¡has¡¡thought¡¡proper¡¡to¡¡discourage£»¡¡and¡¡that¡¡which¡¡it¡¡has
favoured¡¡the¡¡most¡£
¡¡¡¡¡¡¡¡¡¡But¡¡the¡¡very¡¡same¡¡circumstances¡¡which¡¡would¡¡have¡¡rendered¡¡an
open¡¡and¡¡free¡¡commerce¡¡between¡¡the¡¡two¡¡countries¡¡so¡¡advantageous
to¡¡both£»¡¡have¡¡occasioned¡¡the¡¡principal¡¡obstructions¡¡to¡¡that
commerce¡£¡¡Being¡¡neighbours£»¡¡they¡¡are¡¡necessarily¡¡enemies£»¡¡and¡¡the
wealth¡¡and¡¡power¡¡of¡¡each¡¡becomes£»¡¡upon¡¡that¡¡account£»¡¡more
formidable¡¡to¡¡the¡¡other£»¡¡and¡¡what¡¡would¡¡increase¡¡the¡¡advantage¡¡of
national¡¡friendship¡¡serves¡¡only¡¡to¡¡inflame¡¡the¡¡violence¡¡of
national¡¡animosity¡£¡¡They¡¡are¡¡both¡¡rich¡¡and¡¡industrious¡¡nations£»
and¡¡the¡¡merchants¡¡and¡¡manufacturers¡¡of¡¡each¡¡dread¡¡the¡¡competition
of¡¡the¡¡skill¡¡and¡¡activity¡¡of¡¡those¡¡of¡¡the¡¡other¡£¡¡Mercantile
jealousy¡¡is¡¡excited£»¡¡and¡¡both¡¡inflames£»¡¡and¡¡is¡¡itself¡¡inflamed£»
by¡¡the¡¡violence¡¡of¡¡national¡¡animosity£»¡¡and¡¡the¡¡traders¡¡of¡¡both
countries¡¡have¡¡announced£»¡¡with¡¡all¡¡the¡¡passionate¡¡confidence¡¡of
interested¡¡falsehood£»¡¡the¡¡certain¡¡ruin¡¡of¡¡each£»¡¡in¡¡consequence¡¡of
that¡¡unfavourable¡¡balance¡¡of¡¡trade£»¡¡which£»¡¡they¡¡pretend£»¡¡would¡¡be
the¡¡infallible¡¡effect¡¡of¡¡an¡¡unrestrained¡¡commerce¡¡with¡¡the¡¡other¡£
¡¡¡¡¡¡¡¡¡¡There¡¡is¡¡no¡¡commercial¡¡country¡¡in¡¡Europe¡¡of¡¡which¡¡the
approaching¡¡ruin¡¡has¡¡not¡¡frequently¡¡been¡¡foretold¡¡by¡¡the
pretended¡¡doctors¡¡of¡¡this¡¡system¡¡from¡¡an¡¡unfavourable¡¡balance¡¡of
trade¡£¡¡After¡¡all¡¡the¡¡anxiety£»¡¡however£»¡¡which¡¡they¡¡have¡¡excited
about¡¡this£»¡¡after¡¡all¡¡the¡¡vain¡¡attempts¡¡of¡¡almost¡¡all¡¡trading
nations¡¡to¡¡turn¡¡that¡¡balance¡¡in¡¡their¡¡own¡¡favour¡¡and¡¡against
their¡¡neighbours£»¡¡it¡¡does¡¡not¡¡appear¡¡that¡¡any¡¡one¡¡nation¡¡in
Europe¡¡has¡¡been¡¡in¡¡any¡¡respect¡¡impoverished¡¡by¡¡this¡¡cause¡£¡¡Every
town¡¡and¡¡country£»¡¡on¡¡the¡¡contrary£»¡¡in¡¡proportion¡¡as¡¡they¡¡have
opened¡¡their¡¡ports¡¡to¡¡all¡¡nations£»¡¡instead¡¡of¡¡being¡¡ruined¡¡by
this¡¡free¡¡trade£»¡¡as¡¡the¡¡principles¡¡of¡¡the¡¡commercial¡¡system¡¡would
lead¡¡us¡¡to¡¡expect£»¡¡have¡¡been¡¡enriched¡¡by¡¡it¡£¡¡Though¡¡there¡¡are¡¡in
Europe£»¡¡indeed£»¡¡a¡¡few¡¡towns¡¡which¡¡in¡¡some¡¡respects¡¡deserve¡¡the
name¡¡of¡¡free¡¡ports£»¡¡there¡¡is¡¡no¡¡country¡¡which¡¡does¡¡so¡£¡¡Holland£»
perhaps£»¡¡approaches¡¡the¡¡nearest¡¡to¡¡this¡¡character¡¡of¡¡any¡¡though
still¡¡very¡¡remote¡¡from¡¡it£»¡¡and¡¡Holland£»¡¡it¡¡is¡¡acknowledged£»¡¡not
only¡¡derives¡¡its¡¡whole¡¡wealth£»¡¡but¡¡a¡¡great¡¡part¡¡of¡¡its¡¡necessary
subsistence£»¡¡from¡¡foreign¡¡trade¡£
¡¡¡¡¡¡¡¡¡¡There¡¡is¡¡another¡¡balance£»¡¡indeed£»¡¡which¡¡has¡¡already¡¡been
explained£»¡¡very¡¡different¡¡from¡¡the¡¡balance¡¡of¡¡trade£»¡¡and¡¡which£»
according¡¡as¡¡it¡¡happens¡¡to¡¡be¡¡either¡¡favourable¡¡or¡¡unfavourable£»
necessarily¡¡occasions¡¡the¡¡prosperity¡¡or¡¡decay¡¡of¡¡every¡¡nation¡£
This¡¡is¡¡the¡¡balance¡¡of¡¡the¡¡annual¡¡produce¡¡and¡¡consumption¡£¡¡If¡¡the
exchangeable¡¡value¡¡of¡¡the¡¡annual¡¡produce£»¡¡it¡¡has¡¡already¡¡been
observed£»¡¡exceeds¡¡that¡¡of¡¡the¡¡annual¡¡consumption£»¡¡the¡¡capital¡¡of
the¡¡society¡¡must¡¡annually¡¡increase¡¡in¡¡proportion¡¡to¡¡this¡¡excess¡£
The¡¡society¡¡in¡¡this¡¡case¡¡lives¡¡within¡¡its¡¡revenue£»¡¡and¡¡what¡¡is
annually¡¡saved¡¡out¡¡of¡¡its¡¡revenue¡¡is¡¡naturally¡¡added¡¡to¡¡its
capital£»¡¡and¡¡employed¡¡so¡¡as¡¡to¡¡increase¡¡still¡¡further¡¡the¡¡annual
produce¡£¡¡If¡¡the¡¡exchangeable¡¡value¡¡of¡¡the¡¡annual¡¡produce£»¡¡on¡¡the
contrary£»¡¡fail¡¡short¡¡of¡¡the¡¡annual¡¡consumption£»¡¡the¡¡capital¡¡of
the¡¡society¡¡must¡¡annually¡¡decay¡¡in¡¡proportion¡¡to¡¡this¡¡deficiency¡£
The¡¡expense¡¡of¡¡the¡¡society¡¡in¡¡this¡¡case¡¡exceeds¡¡its¡¡revenue£»¡¡and
necessarily¡¡encroaches