for centuries back, should
have so little understood their own affairs, as to have kept their books
in such a manner as to represent gains as losses, and losses as gains.
Truly it would be easier to believe that Mr. Lestiboudois is a bad
political economist.

A merchant, one of my friends, having had two business transactions,
with very different results, I have been curious to compare on this
subject the accounts of the counter with those of the custom-house,
interpreted by Mr. Lestiboudois with the sanction of our six hundred
legislators.

Mr. T... despatched from Havre a vessel, freighted, for the United
States, with French merchandise, principally Parisian articles, valued
at 200,000 francs. Such was the amount entered at the custom-house. The
cargo, on its arrival at New Orleans, had paid ten per cent. expenses,
and was liable to thirty per cent. duties; which raised its value to
280,000 francs. It was sold at twenty per cent. profit on its original
value, which being 40,000 francs, the price of sale was 320,000 francs,
which the assignee converted into cotton. This cotton, again, had to
pay for expenses of transportation, insurance, commissions, etc., ten
per cent.: so that when the return cargo arrived at Havre, its value had
risen to 352,000 francs, and it was thus entered at the custom-house.
Finally, Mr. T... realized again on this return cargo twenty per cent.
profits; amounting to 70,400 francs. The cotton thus sold for the sum of
422,400 francs.

If Mr. Lestiboudois requires it, I will send him an extract from the
books of Mr. T... He will there see, _credited_ to the account of
_profit and loss_, that is to say, set down as gained, two sums; the one
of 40,000, the other of 70,000 francs, and Mr. T ... feels perfectly
certain that as regards these, there is no mistake in his accounts.

Now what conclusion does Mr. Lestiboudois draw from the sums entered
into the custom-house, in this operation? He thence learns that France
has exported 200,000 francs, and imported 352,000; from whence the
honorable deputy concludes "_that she has spent, dissipated the profits
of her previous savings; that she is impoverishing herself and
progressing to her ruin; and that she has squandered on a foreign
nation_ 152,000 _francs of her capital_."

Some time after this transaction, Mr. T... despatched another vessel,
again freighted with domestic produce, to the amount of 200,000 francs.
But the vessel foundered after lea