foreign labor, and that the
competition of our rivals _oppresses_ our industry. The law in question,
appears to me to be a consecration of the fact, that our political
economists have assumed a false position in declaring, that in
proportion to produce bought, there is always a corresponding quantity
sold. It is evident that purchases may be made, not with the habitual
productions of a country, not with its revenue, not with the results of
actual labor, but with its capital, with the accumulated savings which
should serve for reproduction. A country may spend, dissipate its
profits and savings, may impoverish itself, and by the consumption of
its national capital, progress gradually to its ruin. _This is
precisely what we are doing. We give, every year, two hundred millions
to foreign nations_."

Well! here, at least, is a man whom we can understand. There is no
hypocrisy in this language. The balance of trade is here clearly
maintained and defended. France imports two hundred millions more than
she exports. Then France loses two hundred millions yearly. And the
remedy? It is to check importation. The conclusion is perfectly
consistent.

It is, then, with Mr. Lestiboudois that we will argue, for how is it
possible to do so with Mr. Gauthier? If you say to the latter, the
balance of trade is a mistake, he will answer, So I have declared it in
my exordium. If you exclaim, But it is a truth, he will say, Thus I have
classed it in my conclusions.

Political economists may blame me for arguing with Mr. Lestiboudois. To
combat the balance of trade, is, they say, neither more nor less than to
fight against a windmill.

But let us be on our guard. The balance of trade is neither so old, nor
so sick, nor so dead, as Mr. Gauthier is pleased to imagine; for all the
legislature, Mr. Gauthier himself included, are associated by their
votes with the theory of Mr. Lestiboudois.

However, not to fatigue the reader, I will not seek to investigate too
closely this theory, but will content myself with subjecting it to the
experience of facts.

It is constantly alleged in opposition to our principles, that they are
good only in theory. But, gentlemen, do you believe that merchants'
books are good in practice? It does appear to me that if there is any
thing which can have a practical authority, when the object is to prove
profit and loss, that this must be commercial accounts. We cannot
suppose that all the merchants of the world,