he word is, the nation, so far from being the poorer,
has grown richer; because the capital consumed has reappeared, or, as
Adam Smith says, _has been replaced_ by the new product, and, in the
usual course, with an increase in the form of profit.

It is plain, then, according to this reasoning, that for every portion
of capital consumed in production, a new capital re-appears. If two
capitals are consumed in production, two new capitals reappear in their
place: if three are consumed, three reappear; and so on. Let us now go
back to Adam Smith's words quoted above: "The capital which sends
British goods to Portugal, and brings back Portuguese goods to Great
Britain, replaces, by every such operation, only one British capital.
The other is a Portuguese one. Though the returns, therefore, of the
foreign trade of consumption should be as quick as those of the home
trade, the capital employed in it will give but _one half_ of the
encouragement to the industry or productive labour of the country."
Applying this principle to the subject in hand, we find that Absenteeism
inflicts an injury upon Ireland, in addition to, and quite distinct from
the one, which results from the _nature_ of the commodities sent by
Ireland to England. An Irish absentee in London buys British commodities
with Irish commodities. In doing so, _he replaces_ two capitals, one
British and one Irish; but if he resides in Ireland, and buys Irish
commodities with Irish commodities, _he replaces two Irish capitals_
instead of one, as happens, when he resides in England; and thus gives
double the encouragement to Irish industry which he would give to it if
he resided in England.

"The entire price or gross value of every _home-made_ article
constitutes net revenue, net income to British subjects. Not a portion
of the value, but the _whole value_, is resolvable into net income and
revenue maintaining British families, and creating and sustaining
British markets. Purchase British articles with British articles, and
you create _two_ such aggregate values, and two such markets for British
industry. Whereas, on the contrary, the entire value of every foreign
article imported is net income to the foreigner and sustains foreign
markets. Purchase foreign articles with British articles, and you only
create _one_ value for your own benefit instead of creating _two_, and
only _one_ market for British industry instead of _two_. You lose the
acquisition of the entire value