VI. BALANCE OF TRADE.

 Our adversaries¹ have adopted a system of tactics, which embarrasses us not a little. Do we prove our doctrine²? They admit the truth of it in the most respectful manner. Do we attack their principles? They abandon them with the best possible grace. They only ask that our doctrine, which they acknowledge to be true, should be confined to books; and that their principles, which they allow to be false, should be established in practice. If we will give up to them the regulation of our tariffs³, they will leave us triumphant⁴ in the domain⁵ of theory.

 

"Assuredly," said Mr. Gauthier de Roumilly, lately, "assuredly no one wishes to call up from their graves the defunct⁶ theories of the balance of trade." And yet Mr. Gauthier, after giving this passing blow to error, goes on immediately afterwards, and for two hours consecutively⁷, to reason as though this error were a truth.

 

Give me Mr. Lestiboudois. Here we have a consistent reasoner! a logical arguer! There is nothing in his conclusions which cannot be found in his premises⁸. He asks nothing in practice which he does not justify⁹ in theory. His principles may perchance be false, and this is the point in question. But he has a principle. He believes, he proclaims aloud, that if France gives ten to receive fifteen, she loses five; and surely, with such a belief, nothing is more natural than that he should make laws consistent with it.

 

He says: "What it is important to remark, is, that constantly the amount of importation is augmenting¹⁰, and surpassing that of exportation. Every year France buys more foreign produce, and sells less of its own produce. This can be proved by figures. In 1842, we see the importation exceed the exportation by two hundred millions. This appears to me to prove, in the clearest manner, that national labor¹¹ is not sufficiently¹² protected, that we are provided by foreign labor, and that the competition of our rivals oppresses our industry. The law in question, appears to me to be a consecration¹³ of the fact, that our political economists¹⁵ have assumed a false position in declaring, that in proportion to produce bought, there is always a corresponding quantity sold. It is evident that purchases may be made, not with the habitual¹⁶ productions of a country, not with its revenue, not with the results of actual labor, but with its capital, with the accumulated savings¹⁷ which should serve for reproduction. A country may spend, dissipate its profits and savings, may impoverish¹⁸ itself, and by the consumption of its national capital, progress gradually to its ruin. This is precisely¹⁹ what we are doing. We give, every year, two hundred millions to foreign nations."

 

Well! here, at least, is a man whom we can understand. There is no hypocrisy²⁰ in this language. The balance of trade is here clearly maintained and defended. France imports two hundred millions more than she exports. Then France loses two hundred millions yearly. And the remedy? It is to check importation. The conclusion is perfectly²¹ consistent.

 

It is, then, with Mr. Lestiboudois that we will argue, for how is it possible to do so with Mr. Gauthier? If you say to the latter, the balance of trade is a mistake, he will answer, So I have declared it in my exordium. If you exclaim, But it is a truth, he will say, Thus I have classed it in my conclusions.

 

Political economists may blame me for arguing with Mr. Lestiboudois. To combat the balance of trade, is, they say, neither more nor less than to fight against a windmill.

 

But let us be on our guard. The balance of trade is neither so old, nor so sick, nor so dead, as Mr. Gauthier is pleased to imagine; for all the legislature, Mr. Gauthier himself included, are associated by their votes with the theory of Mr. Lestiboudois.

 

However, not to fatigue²² the reader, I will not seek to investigate too closely this theory, but will content myself with subjecting it to the experience of facts.

 

It is constantly alleged²³ in opposition²⁴ to our principles, that they are good only in theory. But, gentlemen, do you believe that merchants' books are good in practice? It does appear to me that if there is any thing which can have a practical authority, when the object is to prove profit and loss, that this must be commercial accounts. We cannot suppose that all the merchants of the world, for centuries back, should have so little understood their own affairs, as to have kept their books in such a manner as to represent gains as losses, and losses as gains. Truly it would be easier to believe that Mr. Lestiboudois is a bad political economist¹⁴.

 

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 vessel²⁵, 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 cargo²⁶, 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 cotton. This cotton, again, had to pay for expenses of transportation, insurance, commissions, etc., 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 cotton 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 impoverishing²⁷ herself and progressing to her ruin; and that she has squandered²⁸ on a foreign nation 152,000 francs of her capital."

 

Some time after this transaction, Mr. T ... despatched another vessel, again freighted with domestic produce, to the amount of 200,000 francs. But the vessel foundered²⁹ after leaving the port, and Mr. T ... had only farther to inscribe³⁰ on his books two little items, thus worded:

 

"Sundries due to X, 200,000 francs, for purchase of divers³¹ 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 inscribed³² 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 Chamber³³ must see in this wreck³⁴ 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 custom-house 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 absurdities³⁵. 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 accruing³⁶ to the nation from any foreign commerce should be calculated by the overplus of the importation above the exportation. This overplus, after the deduction³⁷ 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 inundate³⁸ 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.

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 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。

4 triumphant   

adj.胜利的，成功的；狂欢的，喜悦的

参考例句：

• The army made a triumphant entry into the enemy's capital.部队胜利地进入了敌方首都。
• There was a positively triumphant note in her voice.她的声音里带有一种极为得意的语气。

5 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。

6 defunct   

adj.死亡的；已倒闭的

参考例句：

• The scheme for building an airport seems to be completely defunct now.建造新机场的计划看来整个完蛋了。
• This schema object is defunct.No modifications are allowed until it is made active again.此架构对象不起作用。在重新激活之前，不能进行任何改动。

7 consecutively   

adv.连续地

参考例句：

• He was actually too depleted to think consecutively about anything. 他已经打不起一点精神，根本谈不上好好思考一下。 来自辞典例句
• In any game, the right to serve shall pass consecutively. 在一局中，不错的发球挨次应该是。 来自互联网

8 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。

9 justify   

vt.证明…正当(或有理)，为…辩护

参考例句：

• He tried to justify his absence with lame excuses.他想用站不住脚的借口为自己的缺席辩解。
• Can you justify your rude behavior to me?你能向我证明你的粗野行为是有道理的吗？

10 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。

11 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

12 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。

13 consecration   

n.供献，奉献，献祭仪式

参考例句：

• "What we did had a consecration of its own. “我们的所作所为其本身是一种神圣的贡献。 来自英汉文学 - 红字
• If you do add Consecration or healing, your mana drop down lower. 如果你用了奉献或者治疗，你的蓝将会慢慢下降。 来自互联网

14 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。

15 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》

16 habitual   

adj.习惯性的；通常的，惯常的

参考例句：

• He is a habitual criminal.他是一个惯犯。
• They are habitual visitors to our house.他们是我家的常客。

17 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

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 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

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 perfectly   

adv.完美地，无可非议地，彻底地

参考例句：

• The witnesses were each perfectly certain of what they said.证人们个个对自己所说的话十分肯定。
• Everything that we're doing is all perfectly above board.我们做的每件事情都是光明正大的。

22 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。

23 alleged   

a.被指控的，嫌疑的

参考例句：

• It was alleged that he had taken bribes while in office. 他被指称在任时收受贿赂。
• alleged irregularities in the election campaign 被指称竞选运动中的不正当行为

24 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

25 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。

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 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

28 squandered   

v.（指钱，财产等）浪费，乱花( squander的过去式和过去分词 )

参考例句：

• He squandered all his money on gambling. 他把自己所有的钱都糟蹋在赌博上了。
• She felt as indignant as if her own money had been squandered. 她心里十分生气，好像是她自己的钱给浪费掉了似的。 来自飘（部分）

29 foundered   

v.创始人( founder的过去式和过去分词 )

参考例句：

• Three ships foundered in heavy seas. 三艘船在波涛汹涌的海面上沉没了。 来自辞典例句
• The project foundered as a result of lack of finance. 该项目因缺乏资金而告吹。 来自辞典例句

30 inscribe   

v.刻；雕；题写；牢记

参考例句：

• Will you inscribe your name in the book?能否请你在这本书上签名？
• I told the jeweler to inscribe the ring with my name.我叫珠宝商把我的名字刻在那只戒指上。

31 divers   

adj.不同的；种种的

参考例句：

• He chose divers of them,who were asked to accompany him.他选择他们当中的几个人，要他们和他作伴。
• Two divers work together while a standby diver remains on the surface.两名潜水员协同工作，同时有一名候补潜水员留在水面上。

32 inscribed   

v.写，刻( inscribe的过去式和过去分词 )；内接

参考例句：

• His name was inscribed on the trophy. 他的名字刻在奖杯上。
• The names of the dead were inscribed on the wall. 死者的名字被刻在墙上。 来自《简明英汉词典》

33 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。

34 wreck   

n.失事，遇难；沉船；vt.(船等)失事，遇难

参考例句：

• Weather may have been a factor in the wreck.天气可能是造成这次失事的原因之一。
• No one can wreck the friendship between us.没有人能够破坏我们之间的友谊。

35 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

36 accruing   

v.增加( accrue的现在分词 )；（通过自然增长）产生；获得；（使钱款、债务）积累

参考例句：

• economic benefits accruing to the country from tourism 旅游业为该国带来的经济效益
• The accruing on a security since the previous coupon date. 指证券自上次付息日以来所累积的利息。 来自互联网

37 deduction   

n.减除，扣除，减除额；推论，推理，演绎

参考例句：

• No deduction in pay is made for absence due to illness.因病请假不扣工资。
• His deduction led him to the correct conclusion.他的推断使他得出正确的结论。

38 inundate   

vt.淹没，泛滥，压倒

参考例句：

• If the dam breaks,it will inundate large parts of the town.如果水坝坍塌，该城的大部分将被淹没。
• The course changes frequently,and the area is so flat that a small change in the level of the river may inundate a considerable area.河道变化多端，下游地区却很平坦，水位少许上涨河流就会淹没一大片土地。