Which? Protection, Free Trade, Or Revenue Reform: A Collection of the Best Articles on Both Sides of this Great National Issue, from the Most Eminent Political Economists and Statesman ...H. W. Furber |
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Page 15
... tion that there is a better and surer way of reaching that result . Where no interference or obstruction is allowed , there comes a spontaneous development which is safe and constant , because it is in accordance with nature's law ...
... tion that there is a better and surer way of reaching that result . Where no interference or obstruction is allowed , there comes a spontaneous development which is safe and constant , because it is in accordance with nature's law ...
Page 17
... tion are imported , they are to be paid for by the products of home - labor , and capital ; and the question of economy is Which is the cheapest ? Which will bring the largest returns for a certain amount of labor , to make these ...
... tion are imported , they are to be paid for by the products of home - labor , and capital ; and the question of economy is Which is the cheapest ? Which will bring the largest returns for a certain amount of labor , to make these ...
Page 27
... tion of the person whom he trusts , and if he should happen to be deceived , he knows better the laws of the country from which he must seek redress . In the carrying trade , the capital of the merchant is , as it were , divided between ...
... tion of the person whom he trusts , and if he should happen to be deceived , he knows better the laws of the country from which he must seek redress . In the carrying trade , the capital of the merchant is , as it were , divided between ...
Page 38
... tion , but of some other class . The case in which it may sometimes be a matter of delib- eration , how far , or in what manner it is proper to restore the free importation of foreign goods , after it has been for some time interrupted ...
... tion , but of some other class . The case in which it may sometimes be a matter of delib- eration , how far , or in what manner it is proper to restore the free importation of foreign goods , after it has been for some time interrupted ...
Page 40
... tion , so far as I have been able to learn , except in that of seamen in the merchant - service . But if we compare together the habits of a soldier and of any sort of manufacturer , we shall find that those of the latter do not tend so ...
... tion , so far as I have been able to learn , except in that of seamen in the merchant - service . But if we compare together the habits of a soldier and of any sort of manufacturer , we shall find that those of the latter do not tend so ...
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Common terms and phrases
abroad Adam Smith advantage agricultural American amount argument average balance of trade benefit Britain bushels census cent cheap cheaper cloth Cobden Club commerce commodities compete competition Congress consumers consumption corn corn law cost cotton demand dollars domestic effect employed employment England English equal Europe exchange exports fact factures farm farmers favor free trade free-trade give greater higher home market imported imposed increased interests Ireland iron labor power land laws legislation less manu manufac manufactures means ment millions mills monopoly nation natural necessary never obtain paid Political Economy present principles profits prosperity protectionists protective duty protective policy protective system protective tariff purchase question raised raw material reason reduced result revenue sell Senator ships supply suppose surplus tariff of 1816 taxation theory things tion United wages wealth wheat whole wool woolen workmen yard
Popular passages
Page 27 - By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention, v Nor is it always the worse for the society that it was no part of it.
Page 171 - The statesman, who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself...
Page 26 - As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value ; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it.
Page 284 - The only case in which, on mere principles of political economy, protecting duties can be defensible, is when they are imposed temporarily (especially in a young and rising nation) in hopes of naturalizing a foreign industry, in itself perfectly suitable to the circumstances of the country. The superiority of one country over another in a branch of production, often arises only from having begun it sooner.
Page 171 - It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy.
Page 27 - By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.
Page 28 - ... senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.
Page 530 - ... present tariff is necessary in order that higher wages may be paid to our workingmen employed in manufactories than are paid for what is called the pauper labor of Europe. All will acknowledge the force of an argument which involves the welfare and liberal compensation of our laboring people. Our labor is honorable in the eyes of every American citizen ; and, as it lies at the foundation of our development and progress, it is entitled, without affectation or hypocrisy, to the utmost regard. The...
Page 29 - ... part of the produce of our own industry, employed in a way in which we have some advantage. The general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished, no more than that of the above-mentioned artificers; but only left to find out the way in which it can be employed with the greatest advantage.
Page 33 - There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry. The first is, when some particular sort of industry is necessary for the defence of the country.