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, 1827London school of economics and political science, 1828 - 96 pages |
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Common terms and phrases
66 important absurdity Adam Smith admit advantages amount argument ascer balance balance of trade Bank Bank of England banker benefit best promoted capital and industry classes of producers commercial restrictions Corn Laws coun Daines Barrington dependence diminish domestic duction dustry Edward IV effect enabled England English commodity English manufacturers equal evil exclude existing exportation extent favour five millions force foreign commerce foreign commodities foreign competition free trade Germany gold and silver Huskisson immediate improved increase independent of foreign individual injury labour Lectures loss MAGDALEN COLLEGE medium of exchange ment mercantile sys mercantile system mercantile theory merely METALS FROM COUNTRY millions sterling monopoly neighbours obtained occa occasion paper currency payment Petitioners portion possessed precious metals principles protecting duty purchase restrictive system revenue ribands and velvets sacrifice selling sion small notes sovereigns substitute suffer supply supposed tained THEORY OF WEALTH tion transmission whole community
Popular passages
Page 77 - That the maxim of buying in the cheapest market, and selling in the dearest, which regulates every merchant in his individual dealings, is strictly applicable as the best rule for the trade of the whole nation.
Page 1 - What is prudence in the conduct of every private family, can scarcely be folly in that of a great kingdom.
Page 84 - ... 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 77 - That a policy founded on these principles would render the commerce of the world an interchange of mutual advantages, and diffuse an increase of wealth and enjoyments among the inhabitants of each State.
Page 21 - The gold and silver money which circulates in any country may very properly be compared to a highway, which, while it circulates and carries to market all the grass and corn of the country, produces itself not a single pile of either.
Page 76 - That foreign commerce is eminently conducive to the wealth and prosperity of a country, by enabling it to import the commodities, for the production of which the soil, climate, capital, and industry of other countries are best calculated, and to export in payment those articles for which its own situation is better adapted.
Page 79 - 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 81 - ... 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.
Page 82 - ... the removal of particular prohibitions or high " duties, as depending upon corresponding " concessions by other states in our favour, it " does not follow that we should maintain our " restrictions in cases where the desired con" cessions on their part cannot be obtained. "Our restrictions would not be less prejudicial " to our own capital and industry because " other governments persisted in preserving