assailants of Mr. M'Culloch,
whether political economists or not, have not, we believe, hitherto
thought of producing against him.

11. If the question be now asked, which of the countries of the world
gains most by foreign commerce, the following will be the answer.

If by gain be meant advantage, in the most enlarged sense, that country
will generally gain the most, which stands most in need of foreign
commodities.

But if by gain be meant saving of labour and capital in obtaining the
commodities which the country desires to have, whatever they may be; the
country will gain, not in proportion to its own need of foreign
articles, but to the need which foreigners have of the articles which
itself produces.

Let us take, as an illustration of our meaning, the case of France and
England. Those two nations, in consequence of the restrictions with
which they have loaded their commercial intercourse, carry on so little
trade with each other, as may almost, regard being had to the wealth and
population of the two countries, be called none at all. If these fetters
were at once taken off, which of the two countries would be the greatest
gainer? England without doubt. There would instantly arise in France an
immense demand for the cottons, woollens, and iron of England; while
wines, brandies, and silks, the staple articles of France, are less
likely to come into general demand here, nor would the consumption of
such productions, it is probable, be so rapidly increased by the fall of
price. The fall would probably be very great before France could obtain
a vent in England for so much of her exports as would suffice to pay for
the probable amount of her imports. There would be a considerable flow
of the precious metals out of France into England. The English consumer
of French wine would not merely save the amount of the duty which that
wine now pays, but would find the wine itself falling-in prime cost,
while his means of purchasing it would be increased by the augmentation
of his own money income. The French consumer of English cottons, on the
contrary, would not long continue to be able to purchase them at the
price they now sell for in England. He would gain less, as the English
would gain more, than might appear from a mere comparison between the
present prices of commodities in the two countries.

Various consequences would flow from opening the trade between France
and England, which are not expected, either by the fr