Political Economy for the People (Notable American Authors)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1860 Excerpt: ...the exports. But such is not the fact; and the excess of imports may indicate not the profits to the importer, but the amount of debt contracted by him. In a series of years, indeed, the whole amount of imports and of exports are of equal value, with the exception of a small excess in the value of imports; inasmuch as nations, like individuals, in their exchanges, commonly receive more value than they part with. But occasionally there is a great difference of value between the two. Now, the exports of a country may commonly be regarded as so much sold to foreign nations, and the imports as so much bought from them. But, if a country buys more than it sells, this is prima facie evidence that it is living too fast. It so far lessens the national wealth, and contracts a debt which it may not be able to discharge without inconvenience, and even embarrassment. Such is often the condition of the United States in its commerce with Great Britain, which constitutes three-fourths of their trade with the world. In every flush of prosperity they increase their imports of foreign merchandise, and are but too apt to continue their extra consumption when their extra means have ceased. The abundant capital of Great Britain enables our merchants to obtain credit whenever they ask it, and the debt thus contracted lays the foundation for future embarrassment. These facts seem to present a yet stronger ground for a tolerably high impost than does the encouragement of domestic industry, as it would tend to check unwarranted expense of living; and so far as it failed in introducing frugality, it would draw from the improvident class some compensation to the public, and strengthen the nation in its ability to encounter the difficulties of debt. There are many fabrics extensively ...