Three Lectures on the Transmission of the Precious Metals from Country to Country and the Mercantile Theory of Wealth: Delivered Before the University of Oxford, in June, 1827J. Murray, 1828 - 96 pages |
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Common terms and phrases
absurdity Adam Smith advantages amount argument bably balance balance of trade Bank of England banker benefit buying classes of producers commercial restrictions consider Corn Laws coun Daines Daines Barrington dependence diminish duction effect enabled England English commodity English manufacturers equal evil exclude existing exportation extent five millions force foreign commerce foreign commodities foreign competition France free trade Germany gold and silver happily immediate importation improved increase independent individual influx injury intervention of money labour Lectures loss MAGDALEN COLLEGE medium of exchange ment mercantile sys mercantile system mercantile theory merely metallic currency millions sterling mining countries monopoly obtained occa occasion paper currency partial payment permanently favourable Petitioners portion possessed precious metals principles prosperity protecting purchase restrictive system retain revenue ribands and velvets sacrifice shillings sion small notes South America sovereigns substitute suffer supply supposed tained TEMPLE BAR THEORY OF WEALTH tion whole community
Popular passages
Page 3 - What is prudence in the conduct of every private family, can scarcely be folly in that of a great kingdom.
Page 74 - ... objectionable be suggested ; but it is against every restrictive regulation of trade not essential to the revenue, against all duties merely protective from foreign competition, and against the excess of such duties as are partly for the purpose of revenue, and partly for that of protection, that the prayer of the present petition is respectfully submitted to the wisdom of Parliament...
Page 2 - It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy.
Page 73 - ... petitioners cannot expect so important a branch of it as the customs to be given up, nor to be materially diminished, unless some substitute less objectionable be suggested, but it...
Page 70 - And the same train of argument, which, with corresponding prohibitions and protective duties, should exclude us from foreign trade, might be brought forward to justify the re-enactment of restrictions upon the interchange of productions (unconnected with public revenue) among the kingdoms composing the union, or among the counties of the same kingdom. " That an investigation of the effects of the restrictive system...
Page 38 - Acroceraunia? nequiquam deus abscidit prudens Oceano dissociabili terras, si tamen impiae non tangenda rates transiliunt vada.
Page 69 - That of the numerous protective and prohibitory duties of our commercial code, it may be proved that, while all operate as a very heavy tax on the community at large, very few are of any ultimate benefit to the classes in whose favour they were originally instituted, and none to the extent of the loss occasioned by them to other classes. That among the other evils of the restrictive or protective system, not the least is, that the artificial protection of one branch of industry, or source of production...
Page 68 - ... of production which could not stand against unrestrained foreign competition would be discouraged, yet as no importation could be continued for any length of time, without a corresponding exportation, direct or indirect, there would be an encouragement, for the purpose of that exportation, of some other production to which our situation might be better suited ; thus affording at least an equal, and probably a greater, and certainly a more beneficial employment to our own capital and labour.
Page 73 - ... derived by this country on every occasion of such concession or relaxation, a great incidental object would be gained, by the recognition of a sound principle or standard, to which all subsequent arrangements might be referred ; and by the salutary influence which a promulgation of such just views by the Legislature, and by the Nation at large, could not fail to have on the policy of other States.
Page 71 - ... have assailed their respective governments with applications for further protective or prohibitory duties and regulations, urging the example and authority of this country, against which they are almost exclusively directed, as a sanction for the policy of such measures. And certainly if the reasoning upon which our restrictions have been defended is worth anything, it will apply in behalf of the regulations of foreign states against us.