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Show 508 ON THE ll\Il\lEDIATE CAUSES [ CH. Vll. \Vith regard to the second n1ain cause of an increase in the exchangeable value of the whole produce- nanlcly, the extension of don1estic and foreign trade, it is \vel I kno\vn that we can by no n1eans command either of these at pleasure, but \Ve may do n1uch to in1pede both. We cannot indeed reasonably attribute any sudden deficiency of trade to causes which have been of long duration; yet there can be little doubt that our con1n1erce has been n1uch itnpaircd by unnecessary restrain;s, and tbat tnuch benefit might be derived fron1 the ren1oval of then1. While it is necessary to raise a large sun1 by taxation for the expenses of the government and . the payment of the interest of the national debt, it \Vould by no n1eans be advisable to neglect so ~air and fruitful a resource as the custon1s. In regulating these taxes, it is also natural that those foreign comn1odities should be taxed the highest,. which are either of the san1e kind as the native conJmodities which have been taxed, or such as, for special reasons of health, happiness, or safety, it is desirable to gro\v largely at home. But there seen1s to be no rea..~on for the absolute prohibition of any comnlodities whatever; and there is little doubt that, 11pon this principle, a much greater frcedo1n might be given to foreign con1n1erce, at the same tin1e that a greater revenue n1ight be derived frotn the customs. I have already stated, in n1ore places than one, why, under all the circumstances of the case, I think it desirable that vve should pern1anently grow nearly our own consun1pt1·o n of corn. ·n ut I see no suilicient cause why \v·e should pennanent1y SEC. X· ] OF THE PUOGRESS OF 'VEA L'fii. 509 prefer the \Vines of Portugal and the silks of London to the wines and silks of France. For the san1c reason that n1ore British capital and labour is even novv employed in purchasing claret than would be ernployed in attempting to 1nake it at hotne, we mio·ht fairly expect that, in the case of an extendecl trade 'vith France, more British capital would be en1ployed in purchasing the wines and silks of France, than is novv employed in purchasino- the wines of Portugal and making the silks of b Spitalfields and Derby. .Lt\t the same time it should be rcn1arked that, in lookino' for\vard to changes of this kind, it is always i~cumbent upon us, particularly in the ~ctual situation of our people, to attend to the WISe caution ·suo·o'ested by Adam Sn1ith. _Fully con-vinced of thbeh benefits of unrestrai. ned .trao...] e, 11 e o b - serves that "The case in vvhich it n1ay sometimes be a ~1atter of deliberation how far, and jn what manner, it is proper to restore the fi·ee i1nporta~ion of foreign goods, after it has been for son1e t1111e interrupted, is, ,vhen particular ~l~n.ufactures, by means of hio·h duties and prohibitions upon all b .. foreio·n O'Oods vvhich can co1ne into cotnpetltion b b 1 with them, have been so far extended as to e~11p o?' a great tnultitude of hands. Hurnanity may In thts case require that ·the freedotn of trade ~hould be restored only by slo\v gradations, and With a good deal of reserve and circutnspection. Were these high duties and prohibitions taken a\v.ay al~ at once; cheaper foreign goods of the san1e k1nd mtght be poured so fast into the hon1e market as to de- |
