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another of fifteen pounds upon the ton of French vinegar。 French

goods have never been omitted in any of those general subsidies;

or duties of five per cent; which have been imposed upon all; or

the greater part of the goods enumerated in the book of rates。 If

we count the one…third and two…third subsidies as making a

complete subsidy between them; there have been five of these

general subsidies; so that before the commencement of the present

war seventy…five per cent may be considered as the lowest duty to

which the greater part of the goods of the growth; produce; or

manufacture of France were liable。 But upon the greater part of

goods; those duties are equivalent to a prohibition。 The French

in their turn have; I believe; treated our goods and manufactures

just as hardly; though I am not so well acquainted with the

particular hardships which they have imposed upon them。 Those

mutual restraints have put an end to almost all fair commerce

between the two nations; and smugglers are now the principal

importers; either of British goods into France; or of French

goods into Great Britain。 The principles which I have been

examining in the foregoing chapter took their origin from private

interest and the spirit of monopoly; those which I am going to

examine in this; from national prejudice and animosity。 They are;

accordingly; as might well be expected; still more unreasonable。

They are so; even upon the principles of the commercial system。

     First; though it were certain that in the case of a free

trade between France and England; for example; the balance would

be in favour of France; it would by no means follow that such a

trade would be disadvantageous to England; or that the general

balance of its whole trade would thereby be turned more against

it。 If the wines of France are better and cheaper than those of

Portugal; or its linens than those of Germany; it would be more

advantageous for Great Britain to purchase both the wine and the

foreign linen which it had occasion for of France than of

Portugal and Germany。 Though the value of the annual importations

from France would thereby be greatly augmented; the value of the

whole annual importations would be diminished; in proportion as

the French goods of the same quality were cheaper than those of

the other two countries。 This would be the case; even upon the

supposition that the whole French goods imported were to be

consumed in Great Britain。

     But; secondly; a great part of them might be re…exported to

other countries; where; being sold with profit; they might bring

back a return equal in value; perhaps; to the prime cost of the

whole French goods imported。 What has frequently been said of the

East India trade might possibly be true of the French; that

though the greater part of East India goods were bought with gold

and silver; the re…exportation of a part of them to other

countries brought back more gold and silver to that which carried

on the trade than the prime cost of the whole amounted to。 One of

the most important branches of the Dutch trade; at present;

consists in the carriage of French goods to other European

countries。 Some part even of the French wine drank in Great

Britain is clandestinely imported from Holland and Zeeland。 If

there was either a free trade between France and England; or if

French goods could be imported upon paying only the same duties

as those of other European nations; to be drawn back upon

exportation; England might have some share of a trade which is

found so advantageous to Holland。

     Thirdly; and lastly; there is no certain criterion by which

we can determine on which side what is called the balance between

any two countries lies; or which of them exports to the greatest

value。 National prejudice and animosity; prompted always by the

private interest of particular traders; are the principles which

generally direct our judgment upon all questions concerning it。

There are two criterions; however; which have frequently been

appealed to upon such occasions; the customhouse books and the

course of exchange。 The custom…house books; I think; it is now

generally acknowledged; are a very uncertain criterion; on

account of the inaccuracy of the valuation at which the greater

part of goods are rated in them。 The course of exchange is;

perhaps; almost equally so。

     When the exchange between two places; such as London and

Paris; is at par; it is said to be a sign that the debts due from

London to Paris are compensated by those due from Paris to

London。 On the contrary; when a premium is paid at London for a

bill upon Paris; it is said to be a sign that the debts due from

London to Paris are not compensated by those due from Paris to

London; but that a balance in money must be sent out from the

latter place; for the risk; trouble; and expense of exporting

which; the premium is both demanded and given。 But the ordinary

state of debt and credit between those two cities must

necessarily be regulated; it is said; by the ordinary course of

their dealings with one another。 When neither of them imports

from the other to a greater amount than it exports to that other;

the debts and credits of each may compensate one another。 But

when one of them imports from the other to a greater value than

it exports to that other; the former necessarily becomes indebted

to the latter in a greater sum than the latter becomes indebted

to it; the debts and credits of each do not compensate one

another; and money must be sent out from that place of which the

debts overbalance the credits。 The ordinary course of exchange;

therefore; being an indication of the ordinary state of debt and

credit between two places; must likewise be an indication of the

ordinary course of their exports and imports; as these

necessarily regulate that state。

     But though the ordinary course of exchange should be allowed

to be a sufficient indication of the ordinary state of debt and

credit between any two places; it would not from thence follow

that the balance of trade was in favour of that place which had

the ordinary state of debt and credit in its favour。 The ordinary

state of debt and credit between any two places is not always

entirely regulated by the ordinary course of their dealings with

one another; but is often influenced by that of the dealings of

either with many other places。 If it is usual; for example; for

the merchants of England to pay for the goods which they buy of

Hamburg; Danzig; Riga; etc。; by bills upon Holland; the ordinary

state of debt and credit between England and Holland will not be

regulated entirely by the ordinary course of the dealings of

those two countries with one another; but will be influenced by

that of the dealings of England with those other places。 England

may be obliged to send out every year money to Holland; though

its annual exports to that country may exceed very much the

annual value of its imports from thence; and though what is

called the balance of trade may be very much in favour of

England。

     In the way; besides; in which the par of exchange has

hitherto been computed; the ordinary course of exchange can

afford no sufficient indication that the ordinary state of debt

and credit is in favour of that country which seems to have; or

which is supposed to have; the ordinary course of exchange in its

favour: or; in other words; the real exchange may be; and; in

fact; often is so very different from the computed one; that from

the course of the latter no certain conclusion can; upon many

occasions; be drawn concerning that of the former。

     When for a sum of money paid in England; containing;

according to the standard of the English mint; a certain number

of ounces of pure silver; you receive a bill for a sum of money

to be paid in France; containing; according to the standard of

the French mint; an equal number of ounces of pure silver;

exchange is said to be at par between England and France。 When

you pay more; you are supposed to give a premium; and exchange is

said to be against England and in favour of France。 When you pay

less; you are supposed to get a premium; and exchange is said to

be against France and in favour of England。

     But; first; we cannot always judge of the value of the

current money of different countries by the standard of their

respective mints。 In some it is more; in others it is less worn;

clipt; and otherwise degenerated from that standard。 But the

value of the current coin of every country; compared with that of

any other country; is in proportion not to the quantity of pure

silver which it ought to contain; but to that which it actually

does contain。 Before the reformation of the silver coin in King

William's time; exchange between England and Holland; computed in

the usual manner according to the standard of their respective

mints; was five…and…twenty per cent against England。 But the

value of the current coin of England; as we learn from Mr。

Lowndes; was at that time rather more than five…and…twenty per

cent below its standard val

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