Chap. V.: Commerce.

By commerce, in the language of Mr, Spence's pamphlet, is meant trade with foreign nations; and we have no objection, on the present occasion at least, to follow his example. Mr. Spence begins his investigation of this subject with the following paragraph:

‘As all commerce naturally divides itself into commerce of import and export, I shall in the first place, endeavour to prove, that no riches, no increase of national wealth, can in any case be derived from commerce of import; and, in the next place, that, although national wealth may, in some cases, be derived from commerce of export, yet, that Britain in consequence of particular circumstances, has not derived, nor does derive, from this branch of commerce, any portion of her national wealth; and, consequently, that her riches, her prosperity, and her power are intrinsic, derived from her own resources, independent of commerce, and might and will exist, even though her trade should be annihilated. These positions, untenable as at first glance they may seem, I do not fear being able to establish to the satisfaction of those, who will dismiss from their mind the deep rooted prejudices, with which, on this subject, they are warped; and who, no longer contented with examining the mere surface of things, shall determine to penetrate through every stratum of the mine which conceals the grand truths of political economy.’

Let us begin then with the most earnest endeavour, according to the recommendation of Mr. Spence, to purge our minds from ‘prejudices,’ attending solely to the reasons in favor of those positions, ‘which seem untenable at first glance.’ Let us summon up courage to follow his deep and adventurous example, and not contented with remaining ingloriously ‘at the surface,’ let us clap on the miner's jacket and trowsers, and descend in the bucket with Mr. Spence; that, as truth, according to the ancient philosopher, lay at the bottom of a well, we may find ‘the grand truths of political economy,’ at the bottom of a coal pit.

As trade with foreign nations consists of two distinct branches, commerce of import, and commerce of export, it will be convenient for us to consider each of these divisions separately. This circumstance will divide the present chapter into two articles.