list2-第49章

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of　money　crises）；　but；　nevertheless；　with　immense　advantage　to　the



maintenance　of　the　economical　conditions　of　that　nation　which　is



rich　in　manufacturing　industry。



　　　　However　much　the　doctrine　of　the　balance　of　trade　may　have　been



scorned　by　the　popular　school；　observations　like　those　above



described　encourage　us　nevertheless　to　express　the　opinion　that



between　large　and　independent　nations　something　of　the　nature　of　a



balance　of　trade　must　exist；　that　it　is　dangerous　for　great　nations



to　remain　for　a　long　period　at　very　considerable　disadvantage　in



respect　of　this　balance；　and　that　a　considerable　and　lasting　efflux



of　the　precious　metals　must　always　be　followed　as　a　consequence　by



important　revolutions　in　the　system　of　credit　and　in　the　condition



of　prices　in　the　interior　of　the　nation。　We　are　far　from　wishing　in



these　remarks　to　revive　the　doctrine　of　the　balance　of　trade　as　it



existed　under　the　so…called　'mercantile　system；'　and　to　maintain



that　the　nation　ought　to　impose　obstacles　in　the　way　of　the



exportation　of　precious　metals；　or　that　we　must　keep　a　specially



exact　account　with　each　individual　nation；　or　that　in　the　commerce



between　great　nations　a　few　millions　difference　between　the　imports



and　exports　is　of　great　moment。　What　we　deny　is　merely　this：　that



a　great　and　independent　nation；　as　Adam　Smith　maintains　at　the



conclusion　of　his　chapter　devoted　to　this　subject；（1*）　'may



continually　import　every　year　considerably　larger　values　in



products　and　fabrics　than　it　exports；　that　the　quantities　of



precious　metals　existing　in　such　a　nation　may　decrease　considerably



from　year　to　year　and　be　replaced　by　paper　circulation　in　the



interior；　moreover；　that　such　a　nation　may　allow　its　indebtedness



towards　another　nation　continually　to　increase　and　expand；　and　at



the　same　time　nevertheless　make　progress　from　year　to　year　in



prosperity。



　　　　This　opinion；　expressed　by　Adam　Smith　and　maintained　since　that



time　by　his　school；　is　alone　that　which　we　here　characterise　as　one



that　has　been　contradicted　a　hundred　times　by　experience；　as　one



that　is　contrary　in　the　very　nature　of　things　to　common　sense；　in



one　word　（to　retort　upon　Adam　Smith　his　own　energetic　expression）



as　'an　absurdity。'



　　　　It　must　be　well　understood　that　we　are　not　speaking　here　of



countries　which　carry　on　the　production　of　the　precious　metals



themselves　at　a　profit；　from　which　therefore　the　export　of　these



articles　has　quite　the　character　of　an　export　of　manufactured



goods。　We　are　also　not　speaking　of　that　difference　in　the　balance



of　trade　which　must　necessarily　arise　if　the　nation　rates　its



exports　and　imports　at　those　prices　which　they　have　in　their　own



seaport　towns。　That　in　such　a　case　the　amount　of　imports　of　every



nation　must　exceed　its　exports　by　the　total　amount　of　the　nation's



own　commercial　profits　（a　circumstance　which　speaks　to　its



advantage　rather　than　to　its　disadvantage）；　is　clear　and



indisputable。　Still　less　do　we　mean　to　deny　the　extraordinary　cases



where　the　greater　exportation　rather　denotes　loss　of　value　than



gain；　as　e。g。　if　property　is　lost　by　shipwreck。　The　popular　school



has　made　clever　use　of　all　those　delusions　arising　from　a



shopkeeper…like　calculation　and　comparison　of　the　value　of　the



exchanges　arising　from　the　exports　and　imports；　in　order　to　make　us



disbelieve　in　the　disadvantages　which　result　from　a　real　and



enormous　disproportion　between　the　exports　and　imports　of　any　great



and　independent　nation；　even　though　such　disproportion　be　not



permanent；　which　shows　itself　in　such　immense　sums　as　for　instance



in　the　case　of　France　in　1786　and　1789；　in　that　of　Russia　in　1820



and　1821；　and　in　that　of　the　United　States　of　North　America　after



the　'Compromise　Bill。'



　　　　Finally；　we　desire　to　speak　（and　this　must　be　specially　noted）



not　of　colonies；　not　of　dependent　countries；　not　of　small　states　or



of　single　independent　towns；　but　of　entire；　great；　independent



nations；　which　possess　a　commercial　system　of　their　own；　a　national



system　of　agriculture　and　industry；　a　national　system　of　money　and



credit。



　　　　It　evidently　consists　with　the　character　of　colonies　that　their



exports　can　surpass　their　imports　considerably　and　continuously；



without　thereby　involving　any　conclusion　as　to　the　decrease　or



increase　of　their　prosperity。　The　colony　always　prospers　in　the



proportion　in　which　the　total　amount　of　its　exports　and　imports



increases　year　by　year。　If　its　export　of　colonial　produce　exceeds



its　imports　of　manufactured　goods　considerably　and　lastingly　the



main　cause　of　this　may　be　that　the　landed　proprietors　of　the　colony



live　in　the　mother　country；　and　that　they　receive　their　income　in



the　shape　of　colonial　goods；　in　produce；　or　in　the　money　which　has



been　obtained　for　them。　If；　however；　the　exports　of　fabrics　to　the



colony　exceed　the　imports　of　colonial　goods　considerably；　this　may



be　chiefly　due　to　the　fact　that　by　emigrations　or　loans　from　year



to　year　large　masses　of　capital　go　to　the　colony。　This　latter



circumstance　is；　of　course；　of　the　utmost　advantage　to　the



prosperity　of　the　colony。　It　can　continue　for　centuries　and　yet



commercial　crises　under　such　circumstances　may　be　infrequent　or



impossible；　because　the　colony　is　endangered　neither　by　wars　nor　by



hostile　commercial　measures；　nor　by　operations　of　the　national　bank



of　the　mother　country；　because　it　possesses　no　independent　system



of　commerce；　credit；　and　industry　peculiar　to　itself；　but　is；　on



the　contrary；　supported　and　constantly　upheld　by　the　institutions



of　credit　and　political　measures　of　the　mother　country。



　　　　Such　a　condition　existed　for　more　than　a　century　with　advantage



between　North　America　and　England；　exists　still　between　England　and



Canada；　and　will　probably　exist　for　centuries　between　England　and



Australia。



　　　　This　condition　becomes　fundamentally　changed；　however；　from　the



moment　in　which　the　colony　appears　as　an　independent　nation　with



every　claim　to　the　attributes　of　a　great　and　independent



nationality　　in　order　that　it　may　develop　a　power　and　policy　of



its　own　and　its　own　special　system　of　commerce　and　credit。　The



former　colony　then　enacts　laws　for　the　special　benefit　of　its　own



navigation　and　naval　power　　it　establishes　in　favour　of　its　own



internal　industry　a　customs　tariff　of　its　own；　it　establishes　a



national　bank　of　its　own；　&c。；　provided　namely　that　the　new　nation



thus　passing　from　the　position　of　a　colony　to　independence　feels



itself　capable；　by　reason　of　the　mental；　physical；　and　economical



endowments　which　it　possesses；　of　becoming　an　industrial　and



commercial　nation。　The　mother　country；　in　consequence；　places



restrictions；　on　its　side；　on　the　navigation；　commerce；　and



agricultural　production　of　the　former　colony；　and　acts；　by　its



institutions　of　credit；　exclusively　for　the　maintenance　of　its　own



national　economical　conditions。



　　　　But　it　is　precisely　the　instance　of　the　North　American　colonies



as　they　existed　before　the　American　War　of　Independence　by　which



Adam　Smith　seeks　to　prove　the　above…mentioned　highly　paradoxical



opinion：　that　a　country　can　continually　increase　its　exportation　of



gold　and　silver；　decrease　its　circulation　of　the　precious　metals；



extend　its　paper　circulation；　and　increase　its　debts　contracted



with　other　nations　while　enjoying　simultaneously　steadily



increasing　prosperity。　Adam　Smith　has　been　very　careful　not　to　cite



the　example　of　two　nations　which　have　been　independent　of　one



another　for　some　time；　and　whose　interests　of　navigat