ving the port, and Mr. T ... had only
farther to inscribe on his books two little items, thus worded:

"_Sundries due to X_, 200,000 francs, for purchase of divers articles
despatched by vessel N.

"_Profit and loss due to sundries, 200,000 francs, for final and total
loss of cargo._"

In the meantime the custom-house inscribed 200,000 francs upon its list
of _exportations_, and as there can of course be nothing to balance this
entry on the list of _importations_, it hence follows that Mr.
Lestiboudois and the Chamber must see in this wreck _a clear profit_ to
France of 200,000 francs.

We may draw hence yet another conclusion, viz.: that according to the
Balance of Trade theory, France has an exceedingly simple manner of
constantly doubling her capital. It is only necessary, to accomplish
this, that she should, after entering into the custom-house her articles
for exportation, cause them to be thrown into the sea. By this course,
her exportations can speedily be made to equal her capital; importations
will be nothing, and our gain will be, all which the ocean will have
swallowed up.

You are joking, the protectionists will reply. You know that it is
impossible that we should utter such absurdities. Nevertheless, I
answer, you do utter them, and what is more, you give them life, you
exercise them practically upon your fellow citizens, as much, at least,
as is in your power to do.

The truth is, that the theory of the Balance of Trade should be
precisely _reversed_. The profits accruing to the nation from any
foreign commerce should be calculated by the overplus of the
importation above the exportation. This overplus, after the deduction of
expenses, is the real gain. Here we have the true theory, and it is one
which leads directly to freedom in trade. I now, gentlemen, abandon you
this theory, as I have done all those of the preceding chapters. Do with
it as you please, exaggerate it as you will; it has nothing to fear.
Push it to the farthest extreme; imagine, if it so please you, that
foreign nations should inundate us with useful produce of every
description, and ask nothing in return; that our importations should be
_infinite_, and our exportations _nothing_. Imagine all this, and still
I defy you to prove that we will be the poorer in consequence.

VII.

PETITION FROM THE MANUFACTURERS OF CANDLES, WAX-LIGHTS, LAMPS,
CHANDELIERS, REFLECTORS, SNUFFERS, EXTINGUISHERS; AND FROM THE PRODUCERS
OF TALLOW,