receives, and neither has the
advantage upon the other. The original value of the two articles in
their proper countries was but two shillings; but by changing their
places, they acquire a new idea of value, equal to double what they had
first, and that increased value is equally divided.

There is no otherwise a balance on foreign than on domestic commerce.
The merchants of London and Newcastle trade on the same principles, as
if they resided in different nations, and make their balances in the
same manner: yet London does not get rich out of Newcastle, any more
than Newcastle out of London: but coals, the merchandize of Newcastle,
have an additional value at London, and London merchandize has the same
at Newcastle.

Though the principle of all commerce is the same, the domestic, in a
national view, is the part the most beneficial; because the whole of the
advantages, an both sides, rests within the nation; whereas, in foreign
commerce, it is only a participation of one-half.

The most unprofitable of all commerce is that connected with foreign
dominion. To a few individuals it may be beneficial, merely because it
is commerce; but to the nation it is a loss. The expense of maintaining
dominion more than absorbs the profits of any trade. It does not
increase the general quantity in the world, but operates to lessen it;
and as a greater mass would be afloat by relinquishing dominion, the
participation without the expense would be more valuable than a greater
quantity with it.

But it is impossible to engross commerce by dominion; and therefore
it is still more fallacious. It cannot exist in confined channels, and
necessarily breaks out by regular or irregular means, that defeat
the attempt: and to succeed would be still worse. France, since the
Revolution, has been more indifferent as to foreign possessions, and
other nations will become the same when they investigate the subject
with respect to commerce.

To the expense of dominion is to be added that of navies, and when the
amounts of the two are subtracted from the profits of commerce, it will
appear, that what is called the balance of trade, even admitting it to
exist, is not enjoyed by the nation, but absorbed by the Government.

The idea of having navies for the protection of commerce is delusive.
It is putting means of destruction for the means of protection. Commerce
needs no other protection than the reciprocal interest which every
nation feels in support