What Is Free Trade?

eir 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 principl

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 b

It was sold at twenty per cent. profit on its original value, which equalled $40,000, and the price of sale was $320,000, which the consignee converted into merchandise, principally Parisian goods. These goods, again, had to pay for transportation to the sea-board, insurance, commissions, &

ted to the account of profit and loss, that is to say, set down as gained, two sums; the one of $40,000, the o

States have exported $200,000, and imported $352,000; from whence they conclude "that she has spent, dissipated, the profits of her previous s

national produce, to the amount of $200,000. But the vessel foundered in leaving the p

, for purchase of divers art

undries, $200,000, for fin

of course be nothing to balance this entry on the list of importations, it hence follows that our en

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

uch absurdities. Nevertheless, I answer, you do utter them, and what is more, you give them life, yo

al transactions, embracing most of the classes usually effected by importing and exporting houses, all of which may result in undoubted profits to the parties engaged in them, and to the country at large, and yet which,

en millions of dollars, gold, in bond. After being sold in London, the proceeds (eleven millions) were invested in British goods, worth eleven millions in London, but worth twelve millions in bond in New York, and plus the cost of transportation, &c. After having these goods sold in New York, a net profit of two millions was the result of the

ware, worth a million in France, but worth $1,100,000 in Philadelphia, ex duty and plus transportation, &c. These sold, B netted an undoubted profit of $100,000, besides getting rid of his mine; but,

hem, sold them there in bond and plus exportation, for $1,100,000, which he at once invested in machinery, labor, &c., destined for Nevada. So far, C made a profit of $100,000, and had $2,100,000 invested in an Ame

on in Rio, but $1,100,000 in Natick, ex duty and plus transportation. Upon selling them D was clearly worth $1,100,000; yet, according to the Commerce and Navigation Repor

re he realized on it, investing the proceeds this time in South American products worth in Spain $1,464,100. He sold these products in Spain, bought olive oil with the proceeds, shipped the same to Australia, where it was worth, ex duty and plus charges, $1,610,510, which sum he realized in gold, which he carried to New York in 1853. On the latter transaction he makes no profit, but barely clears his charges. Yet on the whole he has made a net gain of $610,510; but, according to the Commerce and Navigation Reports, the

cash. With this sum he went to Geneva, where he invested it in Swiss watches worth $200,000 in Geneva, but $210,000 in New Orleans, ex duty and plus transportation. To New Orleans he accordingly shipped the watches, and they were sold. By these transactions he not only got rid

Custom House, and it therefore did not appear in the exports. This lard was carried to England, where it found no sale, and was reshipped to New York. G only escaped being charged duty on it when it arrived, by swear

officials, (what rascals these foreign custom-house officials are, to be sure!) actually succeeded in doing so, and thus realized the very handsome profit of $150,000 in gold. The entire proceeds he invested in Mexican indigo and cochineal, worth in Mexico $250,000, and in Boston $275,000, in bond, plus charges. Of course, no export entry was furnished to the customs collector at Brownsville; but Mr. G

n merchantmen rose very high-so high that I and his friends were reluctantly compelled to sell their vessels in Great Britain and elsewhere, and convert them into cash. They brought $40,000,000, and this sum was invested in merchandise, which netted a profit of ten per cent. to I and his friends. They thus gained $4,000,000 by these transactions. The entire proceeds, $44,000,000

ncluding insurance, &c., made them net him but 72, but at this price he gained a profit of $40,000. With his capital now augmented to $1,440,000 he bought rags in Italy, which he sold in New York for $1,584,000, ex duty and plus transportation, a cle

ut ninety per cent. of their face value. By the end of last year he had invested $200,000 in these notes brought here by travellers. He then inclosed them in letters, and sent them to their proper destinations to be redeemed. Redeemed they were in due time, and the proceeds remi

s, quarters, dimes, half-dimes, and three-cent pieces. These amounted to $25,000,000, which the skedaddlers, the colored folks, and the travellers, as with returning peace they slowly straggled back into the country, invested in Canadian knick-knacks, which they disposed of in

ent the bonds to Germany, where they were sold, and the proceeds invested in English railroad iron, worth $1,000,000 in Glasgow, but $1,100,000 in Chicago, ex duty, and plus transportation. By this transaction M, besides effecting t

eir bonds for a loan of money to the extent of $1,000,000. Finding no purchaser for these bonds in the United States, they remitted them to Europe, and there sold them at par. With the proceeds they purchased army blankets for the Boston market, on which they realized ten per cent. net

pockets, and their axes on their shoulders, ready for a conquest over forest and prairie. The agents of the Illinois Central Railroad (see report of the Company), who have sold 1,664,422 acres, say at an average of ten dollars per acre, invested the proceeds, $16,644,220, in iron rails for the road, worth that sum in England, but ten per cent. more

an three per cent., the average rate in England, invest $10,000,000 of capital in American enterprises. This capital is sent hither in the form of merchan

rs, gold, per ton, and earn a net profit per annum of ten per cent. on their cost. Although in this kind of carrying trade we are wofully behind other nations, yet it yields, in twelve years (the average age of the vessels engaged in it), the neat little profit of $48,000,000, which is invested by Q i

on of New Haven Railroad bonds). These funds were recovered and converted into gold, which was shipped to the United States.

ent., or $307,960 net profit each year. Five years' profits, consisting of whale oil, bone, etc., which, after an active and profitable trade at the Sandwich Islands, they returned with this year, were valued at $1,655,659, and w

entire avails in United States bonds, as a last and striking evidence of his faith in our institutions, and departed to his native country, there to rest his bones. This man clearly prospered, and so did the

iving $200,000 of the proceeds of the sale of her cargo as salvage for his skill and intrepidity. From Mr. Greeley's point of view U is a traitor to

prove American breeds. The horses arrive in good order, and on being sold, yield V a net profit of $30,000, besides enriching our native bre

ar Ex

hese Transactions as

tion Reports.-Sums

po

e in

ed S

po

re

lu

pr

t

ivi

edi

tion

ry's

rodu

al

0,00

,00

000

000

,00

00 1,

00 100,00

0 1,100,00

1,610,510 61

00 50,0

00,

0 175,00

00 4,000,0

00 184,00

22 22,2

0,000 2

00 100,00

00 100,00

0 1,664,422

0,000 1

0 52,800,00

0 500,00

9 1,655,65

0 1,000,00

0 200,00

0 30,000

,622,611 $66,391

parties to them and the countries in which they live make money, but which, regarded from

alth not only this sum, but $58,344,220 over, viz: $124,736,033; while, according to the Balance of Trade chimera, which simply weighs the custom-house reports of the value of the expo

ry when confront

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 furthest extreme; imagine