VI. BALANCE OF TRADE.

 Our adversaries¹ have adopted tactics which are rather embarrassing. Do we establish our doctrine²? They admit it with the greatest possible respect. Do we attack their principle? They abandon it with the best grace in the world. They demand only one thing—that our doctrine, which they hold to be true, should remain relegated³ in books, and that their principle, which they acknowledge to be vicious, should reign⁴ paramount⁵ in practical legislation. Resign to them the management of tariffs⁶, and they will give up all dispute with you in the domain⁷ of theory.

"Assuredly," said M. Gauthier de Rumilly, on a recent occasion, "no one wishes to resuscitate⁸ the antiquated⁹ theories of the balance of trade." Very right, Monsieur Gauthier, but please to remember that it is not enough to give a passing slap to error, and immediately afterwards, and for two hours together, reason as if that error were truth.

Let me speak of M. Lestiboudois. Here we have a consistent reasoner, a logical disputant. There is nothing in his conclusions which is not to be found in his premises¹⁰. He asks nothing in practice, but what he justifies¹¹ in theory. His principle may be false; that is open to question. But, at any rate, he has a principle. He believes, and he proclaims it aloud, that if France gives ten, in order to receive fifteen, she loses five; and it follows, of course, that he supports laws which are in keeping with this view of the subject "The important thing to attend to," he says, "is that the amount of our importations goes on augmenting¹², and exceeds the amount of our exportations—that is to say, France every year purchases more foreign products, and sells less of her own. Figures prove this. What do we see? In 1842, imports exceeded exports by 200 millions. These facts appear to prove in the clearest manner that national industry is not sufficiently¹³ protected, that we depend upon foreign labour for our supplies, that the competition of our rivals oppresses our industry. The present law appears to me to recognise the fact, which is not true according to the economists¹⁴, that when we purchase we necessarily sell a corresponding amount of commodities. It is evident that we can purchase, not with our usual products, not with our revenue, not with the results of permanent labour, but with our capital, with products which have been accumulated and stored up, those intended for reproduction—that is to say, that we may expend¹⁶, that we may dissipate, the proceeds of anterior¹⁷ economies, that we may impoverish¹⁸ ourselves, that we may proceed on the road to ruin, and consume entirely¹⁹ the national capital. This is exactly what we are doing. Every year we give away 200 millions of francs to the foreigner."

Well, here is a man with whom we can come to an understanding. There is no hypocrisy²⁰ in this language. The doctrine of the balance of trade is openly avowed²¹. France imports 200 millions more than she exports. Then we lose 200 millions a year. And what is the remedy? To place restrictions²² on importation. The conclusion is unexceptionable.

It is with M. Lestiboudois, then, that we must deal, for how can we argue with M. Gauthier? If you tell him that the balance of trade is an error, he replies that that was what he laid down at the beginning. If you say that the balance of trade is a truth, he will reply that that is what he proves in his conclusions.

The economist¹⁵ school will blame me, no doubt, for arguing with M. Lestiboudois. To attack the balance of trade, it will be said, is to fight with a windmill.

But take care. The doctrine of the balance of trade is neither so antiquated, nor so sick, nor so dead as M. Gauthier would represent it, for the entire Chamber²³—M. Gauthier himself included—has recognised by its votes the theory of M. Lestiboudois.

I shall not fatigue²⁴ the reader by proceeding²⁵ to probe that theory, but content myself with subjecting it to the test of facts.

We are constantly told that our principles do not hold good, except in theory. But tell me, gentlemen, if you regard the books of merchants as holding good in practice? It appears to me that if there is anything in the world which should have practical authority, when the question regards profit and loss, it is commercial accounts. Have all the merchants in the world come to an understanding for centuries to keep their books in such a way as to represent profits as losses, and losses as profits? It may be so, but I would much rather come to the conclusion that M. Lestiboudois is a bad economist.

Now, a merchant of my acquaintance having had two transactions, the results of which were very different, I felt curious to compare the books of the counting-house with the books of the Customhouse, as interpreted by M. Lestiboudois to the satisfaction of our six hundred legislators.

M. T. despatched a ship from Havre to the United States, with a cargo²⁶ of French goods, chiefly those known as articles de Paris, amounting to 200,000 francs. This was the figure declared at the Customhouse. When the cargo arrived at New Orleans it was charged with 10 per cent, freight and 30 per cent, duty, making a total of 280,000 francs. It was sold with 20 per cent, profit, or 40,000 francs, and produced a total of 320,000 francs, which the consignee²⁷ invested in cottons. These cottons had still for freight, insurance, commission, etc., to bear a cost of 10 per cent. so that when the new cargo arrived at Havre it had cost 352,000 francs, which was the figure entered in the Customhouse books. Finally M. T. realized upon this return cargo 20 per cent, profit, or 70,400 francs; in other words, the cottons were sold for 422,400 francs.

If M. Lestiboudois desires it, I shall send him an extract from the books of M. T. He will there see at the credit of the profit and loss account—that is to say, as profits—two entries, one of 40,000, another of 70,400 francs, and M. T. is very sure that his accounts are accurate.

And yet, what do the Customhouse books tell M. Lestiboudois regarding this transaction? They tell him simply that France exported 200,000 francs' worth, and imported to the extent of 352,000 francs; whence the honourable²⁸ deputy concludes "that she had expended²⁹, and dissipated the profits of her anterior economies, that she is impoverishing³⁰ herself that she is on the high road to ruin, and has given away to the foreigner 152,000 francs of her capital."

Some time afterwards, M. T. despatched another vessel³¹ with a cargo also of the value of 200,000 francs, composed of the products of our native industry. This unfortunate ship was lost in a gale³² of wind after leaving the harbour, and all M. T. had to do was to make two short entries in his books, to this effect:—

"Sundry³³ goods debtors³⁴ to X, 200,000 francs, for purchases of different commodities despatched by the ship N.

"Profit and loss debtors to sundry goods, 200,000 francs, in consequence of definitive³⁵ and total loss of the cargo."

At the same time, the Customhouse books bore an entry of 200.000 francs in the list of exportations; and as there was no corresponding entry to make in the list of importations, it follows that M. Lestiboudois and the Chamber will see in this shipwreck³⁶ a clear and net profit for France of 200,000 francs.

There is still another inference to be deduced from this, which is, that according to the theory of the balance of trade, France has a very simple means of doubling her capital at any moment. It is enough to pass them through the Customhouse, and then pitch them into the sea. In this case the exports will represent the amount of her capital, the imports will be nil³⁷, and even impossible, and we shall gain all that the sea swallows up.

This is a joke, the protectionists will say. It is impossible' we could give utterance³⁸ to such absurdities³⁹. You do give utterance to them, however, and, what is more, you act upon them, and impose them on your fellow-citizens to the utmost of your power.

The truth is, it would be necessary to take the balance of trade backwards⁴⁰ [au rebours], and calculate the national profits from foreign trade by the excess of imports over exports. This excess, after deducting⁴¹ costs, constitutes the real profit. But this theory, which is true, leads directly to free trade. I make you a present of it, gentlemen, as I do of all the theories in the preceding chapters. Exaggerate it as much as you please—it has nothing to fear from that test. Suppose, if that amuses you, that the foreigner inundates⁴² us with all sorts of useful commodities without asking anything in return, that our imports are infinite and exports nil, I defy you to prove to me that we should be poorer on that account.

1 adversaries   

n.对手，敌手( adversary的名词复数 )

参考例句：

• That would cause potential adversaries to recoil from a challenge. 这会迫使潜在的敌人在挑战面前退缩。 来自辞典例句
• Every adversaries are more comfortable with a predictable, coherent America. 就连敌人也会因有可以预料的，始终一致的美国而感到舒服得多。 来自辞典例句

2 doctrine   

n.教义；主义；学说

参考例句：

• He was impelled to proclaim his doctrine.他不得不宣扬他的教义。
• The council met to consider changes to doctrine.宗教议会开会考虑更改教义。

3 relegated   

v.使降级( relegate的过去式和过去分词 )；使降职；转移；把…归类

参考例句：

• She was then relegated to the role of assistant. 随后她被降级做助手了。
• I think that should be relegated to the garbage can of history. 我认为应该把它扔进历史的垃圾箱。 来自《现代汉英综合大词典》

4 reign   

n.统治时期，统治，支配，盛行；v.占优势

参考例句：

• The reign of Queen Elizabeth lapped over into the seventeenth century.伊丽莎白王朝延至17世纪。
• The reign of Zhu Yuanzhang lasted about 31 years.朱元璋统治了大约三十一年。

5 paramount   

a.最重要的，最高权力的

参考例句：

• My paramount object is to save the Union and destroy slavery.我的最高目标是拯救美国，摧毁奴隶制度。
• Nitrogen is of paramount importance to life on earth.氮对地球上的生命至关重要。

6 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。

7 domain   

n.(活动等)领域，范围；领地，势力范围

参考例句：

• This information should be in the public domain.这一消息应该为公众所知。
• This question comes into the domain of philosophy.这一问题属于哲学范畴。

8 resuscitate   

v.使复活，使苏醒

参考例句：

• A policeman and then a paramedic tried to resuscitate her.一名警察和一位护理人员先后试图救活她。
• As instructed by Rinpoche,we got the doctors to resuscitate him.遵照仁波切的指示，我们找来医生帮他进行急救。

9 antiquated   

adj.陈旧的，过时的

参考例句：

• Many factories are so antiquated they are not worth saving.很多工厂过于陈旧落后，已不值得挽救。
• A train of antiquated coaches was waiting for us at the siding.一列陈旧的火车在侧线上等着我们。

10 premises   

n.建筑物，房屋

参考例句：

• According to the rules,no alcohol can be consumed on the premises.按照规定，场内不准饮酒。
• All repairs are done on the premises and not put out.全部修缮都在家里进行，不用送到外面去做。

11 justifies   

证明…有理( justify的第三人称单数 )； 为…辩护； 对…作出解释； 为…辩解（或辩护）

参考例句：

• Their frequency of use both justifies and requires the memorization. 频繁的使用需要记忆，也促进了记忆。 来自About Face 3交互设计精髓
• In my judgement the present end justifies the means. 照我的意见，只要目的正当，手段是可以不计较的。

12 augmenting   

使扩张

参考例句：

• My business was now constantly augmenting, and my circumstances growing daily easier. 现在，我的业务不断扩大，我的境况日益安逸。
• I spent a penitential weekend augmenting the green acceptable. 我临时唯有利用周末在每顶绿帽子上加一点红色上去，以免男性来宾不肯戴上。

13 sufficiently   

adv.足够地，充分地

参考例句：

• It turned out he had not insured the house sufficiently.原来他没有给房屋投足保险。
• The new policy was sufficiently elastic to accommodate both views.新政策充分灵活地适用两种观点。

14 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

15 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

16 expend   

vt.花费，消费，消耗

参考例句：

• Don't expend all your time on such a useless job.不要把时间消耗在这种无用的工作上。
• They expend all their strength in trying to climb out.他们费尽全力想爬出来。

17 anterior   

adj.较早的；在前的

参考例句：

• We've already finished the work anterior to the schedule.我们已经提前完成了工作。
• The anterior part of a fish contains the head and gills.鱼的前部包括头和鳃。

18 impoverish   

vt.使穷困，使贫困

参考例句：

• We need to reduce the burden of taxes that impoverish the economy.我们需要减轻导致经济困顿的税收负荷。
• America still has enough credibility to a more profitable path that would impoverish its creditors slowly.美国尚有足够的信用来让其得以选择一条更加有利可图的路径使它的债权人们渐渐贫困枯竭。

19 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

20 hypocrisy   

n.伪善，虚伪

参考例句：

• He railed against hypocrisy and greed.他痛斥伪善和贪婪的行为。
• He accused newspapers of hypocrisy in their treatment of the story.他指责了报纸在报道该新闻时的虚伪。

21 avowed   

adj.公开声明的，承认的v.公开声明，承认( avow的过去式和过去分词)

参考例句：

• An aide avowed that the President had known nothing of the deals. 一位助理声明，总统对这些交易一无所知。
• The party's avowed aim was to struggle against capitalist exploitation. 该党公开宣称的宗旨是与资本主义剥削斗争。 来自《简明英汉词典》

22 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

23 chamber   

n.房间，寝室；会议厅；议院；会所

参考例句：

• For many,the dentist's surgery remains a torture chamber.对许多人来说，牙医的治疗室一直是间受刑室。
• The chamber was ablaze with light.会议厅里灯火辉煌。

24 fatigue   

n.疲劳，劳累

参考例句：

• The old lady can't bear the fatigue of a long journey.这位老妇人不能忍受长途旅行的疲劳。
• I have got over my weakness and fatigue.我已从虚弱和疲劳中恢复过来了。

25 proceeding   

n.行动，进行，(pl.)会议录，学报

参考例句：

• This train is now proceeding from Paris to London.这次列车从巴黎开往伦敦。
• The work is proceeding briskly.工作很有生气地进展着。

26 cargo   

n.(一只船或一架飞机运载的)货物

参考例句：

• The ship has a cargo of about 200 ton.这条船大约有200吨的货物。
• A lot of people discharged the cargo from a ship.许多人从船上卸下货物。

27 consignee   

n.受托者，收件人，代销人；承销人；收货人

参考例句：

• The consignee is decided according to the order of the shipper or the opening bank. 收货人是由托运人或开证行的指令决定。 来自辞典例句
• For Freight Collect shipments, the charge will be billed to the consignee. 若采取收件人付费方式，则费用由收件人支付。 来自互联网

28 honourable   

adj.可敬的；荣誉的，光荣的

参考例句：

• I don't think I am worthy of such an honourable title.这样的光荣称号，我可担当不起。
• I hope to find an honourable way of settling difficulties.我希望设法找到一个体面的办法以摆脱困境。

29 expended   

v.花费( expend的过去式和过去分词 )；使用（钱等）做某事；用光；耗尽

参考例句：

• She expended all her efforts on the care of home and children. 她把所有精力都花在料理家务和照顾孩子上。
• The enemy had expended all their ammunition. 敌人已耗尽所有的弹药。 来自《简明英汉词典》

30 impoverishing   

v.使（某人）贫穷( impoverish的现在分词 )；使（某物）贫瘠或恶化

参考例句：

• Slowly the wasters and despoilers are impoverishing our land. 浪费者和掠夺者们在慢慢地糟蹋着我们的土地。 来自辞典例句
• It enriches those who receive, without impoverishing those who give. 它使获得者蒙益，施予者也无损失。 来自互联网

31 vessel   

n.船舶；容器，器皿；管，导管，血管

参考例句：

• The vessel is fully loaded with cargo for Shanghai.这艘船满载货物驶往上海。
• You should put the water into a vessel.你应该把水装入容器中。

32 gale   

n.大风，强风，一阵闹声（尤指笑声等）

参考例句：

• We got our roof blown off in the gale last night.昨夜的大风把我们的房顶给掀掉了。
• According to the weather forecast,there will be a gale tomorrow.据气象台预报，明天有大风。

33 sundry   

adj.各式各样的，种种的

参考例句：

• This cream can be used to treat sundry minor injuries.这种药膏可用来治各种轻伤。
• We can see the rich man on sundry occasions.我们能在各种场合见到那个富豪。

34 debtors   

n.债务人，借方( debtor的名词复数 )

参考例句：

• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》
• Never in a debtors' prison? 从没有因债务坐过牢么？ 来自英汉文学 - 双城记

35 definitive   

adj.确切的，权威性的；最后的，决定性的

参考例句：

• This book is the definitive guide to world cuisine.这本书是世界美食的权威指南。
• No one has come up with a definitive answer as to why this should be so.至于为什么该这样，还没有人给出明确的答复。

36 shipwreck   

n.船舶失事，海难

参考例句：

• He walked away from the shipwreck.他船难中平安地脱险了。
• The shipwreck was a harrowing experience.那次船难是一个惨痛的经历。

37 nil   

n.无，全无，零

参考例句：

• My knowledge of the subject is practically nil.我在这方面的知识几乎等于零。
• Their legal rights are virtually nil.他们实际上毫无法律权利。

38 utterance   

n.用言语表达，话语，言语

参考例句：

• This utterance of his was greeted with bursts of uproarious laughter.他的讲话引起阵阵哄然大笑。
• My voice cleaves to my throat,and sob chokes my utterance.我的噪子哽咽，泣不成声。

39 absurdities   

n.极端无理性( absurdity的名词复数 )；荒谬；谬论；荒谬的行为

参考例句：

• She has a sharp eye for social absurdities, and compassion for the victims of social change. 她独具慧眼，能够看到社会上荒唐的事情，对于社会变革的受害者寄以同情。 来自辞典例句
• The absurdities he uttered at the dinner party landed his wife in an awkward situation. 他在宴会上讲的荒唐话使他太太陷入窘境。 来自辞典例句

40 backwards   

adv.往回地，向原处，倒，相反，前后倒置地

参考例句：

• He turned on the light and began to pace backwards and forwards.他打开电灯并开始走来走去。
• All the girls fell over backwards to get the party ready.姑娘们迫不及待地为聚会做准备。

41 deducting   

v.扣除，减去( deduct的现在分词 )

参考例句：

• Deducting drop size and velocity from circular blood stains. 如何从循环的血液中降低血滴的大小和速度。 来自电影对白
• Ordinary shareholders receive dividend from profit after deducting the preference shares dividend. 普通股股东可获派剩馀的盈利为股息。 来自互联网

42 inundates   

v.淹没( inundate的第三人称单数 )；（洪水般地）涌来；充满；给予或交予（太多事物）使难以应付

参考例句：

• The river inundates the valley each spring. 那一条河流每年春天使山谷泛滥。 来自辞典例句
• A flood occurs when overflows or inundates land that's normally dry. 当水流过量或者淹没正常的土地时，洪水发生。 来自互联网