and losses as gains. Truly it would be easier to believe that Mr. Lestiboudois is a bad political economist.

A merchant, one of my friends, having had two business transactions, with very different results, I have been curious to compare on this subject the accounts of the counter with those of the custom-house, interpreted by Mr. Lestiboudois with the sanction of our six hundred legislators.

Mr. T... despatched from Havre a vessel, freighted, for the United States, with French merchandise, principally Parisian articles, valued at 200,000 francs. Such was the amount entered at the custom-house. The cargo, on its arrival at New Orleans, had paid ten per cent. expenses, and was liable to thirty per cent. duties; which raised its value to 280,000 francs. It was sold at twenty per cent. profit on its original value, which being 40,000 francs, the price of sale was 320,000 francs, which the assignee converted into cottons. These cottons, again, had to pay for expenses of transportation, insurance, commissions, &c., ten per cent.: so that when the return cargo arrived at Havre, its value had risen to 352,000 francs, and it was thus entered at the custom-house. Finally, Mr. T... realized again on this return cargo twenty per cent. profits; amounting to 70,400 francs. The cottons thus sold for the sum of 422,400 francs.

If Mr. Lestiboudois requires it, I will send him an

extract from the books of Mr. T .... He will there see, credited to the account of profit and loss, that is to say, set down as gained, two sums; the one of 40,000, the other of 70,000 francs, and Mr. T... feels perfectly certain that as regards these, there is no mistake in his accounts.

Now what conclusion does Mr. Lestiboudois draw from the sums entered into the custom-house, in this operation? He thence learns that France has exported 200,000 francs, and imported 352,000; from whence the honorable deputy concludes "that she has spent, dissipated the profits of her previous savings; that she is impoverishing herself and progressing to her ruin; and that she has squandered on a foreign nation 152,000 francs of her capital.”

Some time after this transaction, Mr. T... despatched another vessel, again freighted with national produce, to the amount of 200,000 francs. But the vessel foundered in leaving the port, and Mr. T... had only farther to inscribe upon his books two little items, thus worded:

"Sundries due to X, 200,000 francs, for purchase of divers articles despatched by vessel N.

Profit and loss due to sundries, 200,000 francs, for final and total loss of cargo."

In the meantime the custom-house inscribed 200,000 francs upon its list of exportations, and as there

can of course be nothing to balance this entry on the list of importations, it hence follows that Mr. Lestiboudois and the Chamber must see in this wreck a clear profit to France of 200,000 francs.

We may draw hence yet another conclusion, viz.: that according to the Balance of Trade theory, France has an exceedingly simple manner of constantly doubling her capital. It is only necessary, to accomplish this, that she should, after entering into the customhouse her articles for exportation, cause them to be thrown into the sea. By this course, her exportations can speedily be made to equal her capital; importations will be nothing, and our gain will be, all which the ocean will have swallowed up.

You are joking, the protectionists will reply. You know that it is impossible that we should utter such absurdities. Nevertheless, I answer, you do utter them, and what is more, you give them life, you exercise them practically upon your fellow citizens, as much at least, as is in your power to do.

The truth is that the theory of the Balance of Trade should be precisely reversed. The profits accruing to the nation from any foreign commerce should be calculated by the overplus of the importation above the exportation. This overplus, after the deduction of expenses, is the real gain. Here we have the true theory, and it is one which leads directly to freedom in trade

I now, gentlemen, abandon you this theory, as I have done all those of the preceding chapters. Do with it as you please, exaggerate it as you will; it has nothing to fear. Push it to the farthest extreme; imagine, if it so please you, that foreign nations should inundate us with useful produce of every description, and ask nothing in return; that our importations should be infinite, and our exportations nothing. Imagine all this, and still I defy you to prove that we will be the poorer in consequence.

VII.

PETITION FROM THE MANUFACTURERS OF CANDLES, WAX-LIGHTS, LAMPS, CHANDELIERS, REFLECTORS, SNUFFERS, EXTINGUISHERS; AND FROM THE PRODUCERS OF TALLOW, OIL, RESIN, ALCOHOL, AND GENERALLY OF EVERY THING USED FOR LIGHTS.

To the Honorable the Members of the Chamber of Deputies:

"GENTLEMEN,-You are in the right way you reject abstract theories; abundance, cheapness concerns you little. You are entirely occupied with the interest of the producer, whom you are anxious to free from foreign competition. In a word, you wish to secure the national market to national labor.

"We come now to offer you an admirable opportu

nity for the application of your

what shall we say?

your theory? no, nothing is more deceiving than theory; your doctrine? your system? your principle? But you do not like doctrines; you hold systems in horror; and, as for principles, you declare that there are no such things in political economy. We will say then, your practice; your practice without theory, and without principle.

"We are subjected to the intolerable competition of a foreign rival, who enjoys, it would seem, such superior facilities for the production of light, that he is enabled to inundate our national market at so exceedingly reduced a price, that, the moment he makes his appearance, he draws off all custom from us; and thus an important branch of French industry, with all its innumerable ramifications, is suddenly reduced to a state of complete stagnation. This rival, who is no other than the sun, carries on so bitter a war against us, that we have every reason to believe that he has been excited to this course by our perfidious neighbor England. (Good diplomacy this, for the present time!) In this belief we are confirmed by the fact that in all his transactions with this proud island, he is much more moderate and careful than with us.

"Our petition is, that it would please your honorable body to pass a law whereby shall be directed the shutting up of all windows, dormers, sky-lights, shut