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c。　15；　sect。　12）；　all　the　duties；　except　L3　10s。；　were　allowed　to

be　drawn　back　upon　the　exportation　to　the　colonies　of　all　wines；

except　French　wines；　to　the　commerce　and　consumption　of　which

national　prejudice　would　allow　no　sort　of　encouragement。　The

period　between　the　granting　of　this　indulgence　and　the　revolt　of

our　North　American　colonies　was　probably　too　short　to　admit　of

any　considerable　change　in　the　customs　of　those　countries。

　　　　　The　same　act；　which；　in　the　drawback　upon　all　wines；　except

French　wines；　thus　favoured　the　colonies　so　much　more　than　other

countries；　in　those　upon　the　greater　part　of　other　commodities

favoured　them　much　less。　Upon　the　exportation　of　the　greater　part

of　commodities　to　other　countries；　half　the　old　subsidy　was　drawn

back。　But　this　law　enacted　that　no　part　of　that　duty　should　be

drawn　back　upon　the　exportation　to　the　colonies　of　any

commodities；　of　the　growth　or　manufacture　either　of　Europe　or　the

East　Indies；　except　wines；　white　calicoes；　and　muslins。

　　　　　Drawbacks　were；　perhaps；　originally　granted　for　the

encouragement　of　the　carrying　trade；　which；　as　the　freight　of　the

ships　is　frequently　paid　by　foreigners　in　money；　was　supposed　to

be　peculiarly　fitted　for　bringing　gold　and　silver　into　the

country。　But　though　the　carrying　trade　certainly　deserves　no

peculiar　encouragement；　though　the　motive　of　the　institution　was

perhaps　abundantly　foolish；　the　institution　itself　seems

reasonable　enough。　Such　drawbacks　cannot　force　into　this　trade　a

greater　share　of　the　capital　of　the　country　than　what　would　have

gone　to　it　of　its　own　accord　had　there　been　no　duties　upon

importation。　They　only　prevent　its　being　excluded　altogether　by

those　duties。　The　carrying　trade；　though　it　deserves　no

preference；　ought　not　to　be　precluded；　but　to　be　left　free　like

all　other　trades。　It　is　a　necessary　resource　for　those　capitals

which　cannot　find　employment　either　in　the　agriculture　or　in　the

manufactures　of　the　country；　either　in　its　home　trade　or　in　its

foreign　trade　of　consumption。

　　　　　The　revenue　of　the　customs；　instead　of　suffering；　profits

from　such　drawbacks　by　that　part　of　the　duty　which　is　retained。

If　the　whole　duties　had　been　retained；　the　foreign　goods　upon

which　they　are　paid　could　seldom　have　been　exported；　nor

consequently　imported；　for　want　of　a　market。　The　duties；

therefore；　of　which　a　part　is　retained　would　never　have　been

paid。

　　　　　These　reasons　seem　sufficiently　to　justify　drawbacks；　and

would　justify　them；　though　the　whole　duties；　whether　upon　the

produce　of　domestic　industry；　or　upon　foreign　goods；　were　always

drawn　back　upon　exportation。　The　revenue　of　excise　would　in　this

case；　indeed；　suffer　a　little；　and　that　of　the　customs　a　good

deal　more；　but　the　natural　balance　of　industry；　the　natural

division　and　distribution　of　labour；　which　is　always　more　or　less

disturbed　by　such　duties；　would　be　more　nearly　re…established　by

such　a　regulation。

　　　　　These　reasons；　however；　will　justify　drawbacks　only　upon

exporting　goods　to　those　countries　which　are　altogether　foreign

and　independent；　not　to　those　in　which　our　merchants　and

manufacturers　enjoy　a　monopoly。　A　drawback；　for　example；　upon　the

exportation　of　European　goods　to　our　American　colonies　will　not

always　occasion　a　greater　exportation　than　what　would　have　taken

place　without　it。　By　means　of　the　monopoly　which　our　merchants

and　manufacturers　enjoy　there；　the　same　quantity　might

frequently；　perhaps；　be　sent　thither；　though　the　whole　duties

were　retained。　The　drawback；　therefore；　may　frequently　be　pure

loss　to　the　revenue　of　excise　and　customs；　without　altering　the

state　of　the　trade；　or　rendering　it　in　any　respect　more

extensive。　How　far　such　drawbacks　can　be　justified；　as　a　proper

encouragement　to　the　industry　of　our　colonies；　or　how　far　it　is

advantageous　to　the　mother　country；　that　they　should　be　exempted

from　taxes　which　are　paid　by　all　the　rest　of　their　fellow

subjects；　will　appear　hereafter　when　I　come　to　treat　the

colonies。

　　　　　Drawbacks；　however；　it　must　always　be　understood；　are　useful

only　in　those　cases　in　which　the　goods　for　the　exportation　of

which　they　are　given　are　really　exported　to　some　foreign　country；

and　not　clandestinely　re…imported　into　our　own。　That　some

drawbacks；　particularly　those　upon　tobacco；　have　frequently　been

abused　in　this　manner；　and　have　given　occasion　to　many　frauds

equally　hurtful　both　to　the　revenue　and　to　the　fair　trader；　is

well　known。



　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　V



　　　　　　　　　　　　　　　　　　　　　　　　　Of　Bounties　



　　　　　BOUNTIES　upon　exportation　are；　in　Great　Britain；　frequently

petitioned　for；　and　sometimes　granted　to　the　produce　of

particular　branches　of　domestic　industry。　By　means　of　them　our

merchants　and　manufacturers；　it　is　pretended；　will　be　enabled　to

sell　their　goods　as　cheap；　or　cheaper　than　their　rivals　in　the

foreign　market。　A　greater　quantity；　it　is　said；　will　thus　be

exported；　and　the　balance　of　trade　consequently　turned　more　in

favour　of　our　own　country。　We　cannot　give　our　workmen　a　monopoly

in　the　foreign　as　we　have　done　in　the　home　market。　We　cannot

force　foreigners　to　buy　their　goods　as　we　have　done　our　own

countrymen。　The　next　best　expedient；　it　has　been　thought；

therefore；　is　to　pay　them　for　buying。　It　is　in　this　manner　that

the　mercantile　system　proposes　to　enrich　the　whole　country；　and

to　put　money　into　all　our　pockets　by　means　of　the　balance　of

trade。

　　　　　Bounties；　it　is　allowed；　ought　to　be　given　to　those　branches

of　trade　only　which　cannot　be　carried　on　without　them。　But　every

branch　of　trade　in　which　the　merchant　can　sell　his　goods　for　a

price　which　replaces　to　him；　with　the　ordinary　profits　of　stock；

the　whole　capital　employed　in　preparing　and　sending　them　to

market；　can　be　carried　on　without　a　bounty。　Every　such　branch　is

evidently　upon　a　level　with　all　the　other　branches　of　trade　which

are　carried　on　without　bounties；　and　cannot　therefore　require　one

more　than　they。　Those　trades　only　require　bounties　in　which　the

merchant　is　obliged　to　sell　his　goods　for　a　price　which　does　not

replace　to　him　his　capital；　together　with　the　ordinary　profit；　or

in　which　he　is　obliged　to　sell　them　for　less　than　it　really　costs

him　to　send　them　to　market。　The　bounty　is　given　in　order　to　make

up　this　loss；　and　to　encourage　him　to　continue；　or　perhaps　to

begin；　a　trade　of　which　the　expense　is　supposed　to　be　greater

than　the　returns；　of　which　every　operation　eats　up　a　part　of　the

capital　employed　in　it；　and　which　is　of　such　a　nature　that；　if

all　other　trades　resembled　it；　there　would　soon　be　no　capital

left　in　the　country。

　　　　　The　trades；　it　is　to　be　observed；　which　are　carried　on　by

means　of　bounties；　are　the　only　ones　which　can　be　carried　on

between　two　nations　for　any　considerable　time　together；　in　such　a

manner　as　that　one　of　them　shall　always　and　regularly　lose；　or

sell　its　goods　for　less　than　it　really　costs　to　send　them　to

market。　But　if　the　bounty　did　not　repay　to　the　merchant　what　he

would　otherwise　lose　upon　the　price　of　his　goods；　his　own

interest　would　soon　oblige　him　to　employ　his　stock　in　another

way；　or　to　find　out　a　trade　in　which　the　price　of　the　goods　would

replace　to　him；　with　the　ordinary　profit；　the　capital　employment

in　sending　them　to　market。　The　effect　of　bounties；　like　that　of

all　the　other　expedients　of　the　mercantile　system；　can　only　be　to

force　the　trade　of　a　country　into　a　channel　much　less

advantageous　than　that　in　which　it　would　naturally　run　of　its　own

accord。

　　　　　The　ingenious　and　well…informed　author　of　the　tracts　upon

the　corn　trade　has　shown　very　clearly　that；　since　the　bounty　upon

the　exportation　of　corn　was　first　established；　the　price　of　the

corn　exported；　valued　moderately　enough；　has　exceeded　that　of　the

corn　imported；　valued　very　high；　by　a　much　greater　sum　than　the

amount　of　the　whole　bounties　which　have　been　paid　during　that

period。　This；　he　imagines；　upon　the　true　principles　of　the

mercantile　system；　is　a　clear　proof　that　this　forced　corn　trade

is　beneficial　to　the　nation；　the　value　of　the　exportation

exceeding　that　of　the　importation　by　a　much　greater　sum　than　the

whole　extraordinary　expense　which　the　public　has　been　at　in　order

to　get　it　exported。　He　does　not　consider　that　this　extraordinary

expense；　or　the　bounty；　is　the　smallest　part　of　the　expense　which

the　exportation　of　corn　really　costs　the　society。　The　capital

which　the　farmer　employed　in　raising　it　must　likewise　be　taken

into　the　account。　Unless　the　price　of　the　corn　when　sold　in　the

foreign　markets　replaces；　not　only　the　bounty；　but　this　capital；

together　with　the　ordinary　profits　of　stock；　the　society　is　a

loser　by　the　difference；　or　the　national　stock　is　so　much

diminished。　But　the　very　reason　for　which　it　has　been　thought

necessary　to　grant　a　bounty　is　the　supposed　insufficiency　of　the

price　to　do　this。

　　　　　The　average　price　of　corn；　it　has　been　said；　has　fallen

considerably　since　the　establishment　of　the　bounty。　That　the

average　price　of　corn　began　to　fall　somewhat　towards　the　end　of

the　last　century