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All under 16 are accounted children, and all above, men and women. other particulars which the government desires information of, are occasionally marked on the same boards. Thus the officers appointed to collect the accounts in each district, have only to pass before the doors, and enter into their book what they find marked on the board, without giving the least trouble to the family. There is a penalty on marking falsely, and as neighbors must know nearly the truth of each other's account, they dare not expose themselves by a false one, to each other's accusation. Perhaps such a regulation is scarcely practicable with us.'

NOTE RESPECTING TRADE AND MANUFACTURES.

Suppose a country, X, with three manufactures, as cloth, silk, iron, supplying three other countries, A, B, C, but is desirous of increasing the vent, and raising the price of cloth in favor of her own clothiers.

In order to this, she forbids the importation of foreign cloth from A.
A, in return, forbids silks from X.

Then the silk-workers complain of a decay of trade.

And X, to content them, forbids silks from B.

B, in return, forbids iron-ware from X.

Then the iron-workers complain of decay.

And X forbids the importation of iron from C.

C, in return, forbids cloth from X.

What is got by all these prohibitions?

Answer. All four find their common stock of the enjoyments and conveniencies of life diminished.

London, July 7, 1767.

B. F.

NOTIONS CONCERNING TRADE AND MERCHANTS.

1. Were it possible for men, remote from each other, to know easily one another's wants and abundances, and practicable for them on all occasions conveniently to meet and make fair exchanges of their respective commodities,

The above passage is taken from Dr. Percival's Essays, Vol. III. p. 25, being an extract from a letter written to him by Dr. Franklin, on the subject of his observations on the state of population in Manchester and other adjacent places. B. V.

there would then be no use of the middle man or merchant; such a profession would not exist.

2. But since that is not possible, were all governments to appoint a number of public officers, whose duty and business it should be to inform themselves thoroughly of those wants and abundances, and to procure, by proper management, all the exchanges that would tend to increase the general happiness, such officers, if they could well discharge their trust, would deserve honors and salaries equivalent to their industry and fidelity.

3. But, as in large communities, and for the more general occasions of mankind, such officers have never been appointed, perhaps from a conviction that it would be impracticable for such an appointment effectually to answer its purpose, it seems necessary to permit men, who, for the possible profits in prospect, will undertake it, to fetch and carry, at all distances, the produce of other men's industry, and thereby assist those useful exchanges.

4. As the persons primarily interested in these exchanges cannot conveniently meet to make known their wants and abundances, and to bargain for exchanges, those who transport the goods should be interested to study the probability of these wants, and where to find the means of supplying them; and, since there exist no salaries or public rewards for them in proportion to their skill, industry, and utility to the people in general, nor to make them any compensation for their losses arising from inexpertness or from accident, it seems reasonable that for their encouragement to follow the business, they should be left to make such profits by it as they can, which, where it is open to all, will probably seldom be extravagant. And perhaps by this means the business will be better done for the general advantage, and those who do it more properly rewarded according to their merits, than would be the case were special officers to be appointed for that service.

[The Essay that follows was originally published in 1774, and is the joint work of George Whately and Dr. Franklin. The original work was indeed written by the former, and communicated to the latter, who rarely ever perused a literary production without correcting, improving, or augmenting its force and value, from his own sources. The corrections and additions which were made by Dr. Franklin, produced an amicable controversy between them, who had the best claim to call himself the author of it, which was closed by a determination to publish it, without any name, but under this designation" By a well-wisher to the king and country." Dr. Franklin, who was never so solicitous about the reputation as about the practical utility of his writings, continued to consider his friend, Mr. Whately, as the author, and persisted even to the last in

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that sentiment; for in a letter of the 21st of August, 1784, from Paris, addressed to him in the words, "My dear old Friend," he requests a copy of his excellent little work-" The Principles of Trade." The whole work is given here, because with whatever success the separation might be accomplished, of what belongs to the one or the other, the separate parts would be each incomplete, and the whole is particularly worthy of preservation.]

PRINCIPLES OF TRADE.

Freedom and Protection are its best support; Industry the only means to render Manufactures cheap.

Of Coins, Exchange, and Bounties, particularly the Bounty on Corn.

Commerce is generally understood to be the basis on which the power of this country hath been raised, and on which it must ever stand.

Tous les sujets doivent leurs soins, et leurs lumieres, à l'etat.

DEDICATION.

To all those who have the welfare and prosperity of these kingdoms at heart, the following Essay, containing, we hope, useful and incontrovertible principles on the subjects treated of, is very heartily and affectionately inscribed, March, 1774.

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It is a vain imagination that we exist only for ourselves, or our particular country. The all-wise Creator has ordained that a mutual dependence shall

VOL. III.

See Private Correspondence, Part I.

T

run through all his works; and though our limited capacities will not admit us fully to comprehend the nature and end of this connected chain of things, yet we may, and indeed ought, to inquire into and consider every thing which relates to our mutual dependence upon one another, and the springs and principles of our actions.

By this investigation we shall find that our wants, whether real or ideal, our passions, and our habits, are the springs of all our actions, and indeed the movers of the general intercourse and commerce between one man and another, one country and another.

Most writers upon trade have made it their business to support and explain some particular branches of traffic, or some favorite hypothesis. We shall, in the ensuing essay, use our best endeavors to remove from the friends of trade, and mankind in general, some prevailing prejudices, and to treat in a concise manner, upon a few self-evident principles and general maxims, under a persuasion, that if such maxims and principles are just, all deductions and discussions whatever may be tried by their standard.

Some very respectable friends have indulged us with their ideas and opinions. It is with the greatest pleasure we, in this second edition, most gratefully ac knowledge the favor; and must add, that should the public hold this performance in any estimation, no small share belongs to those friends,

§ 1. Trade or commerce is the intercourse, as well between nation and nation, as between one man and another; by which we acquire whatsoever may be thought, or understood to be, of use or delight, whether real or ideal.

2. The spring or movement of such intercourse is, and ever must be, gain, or the hopes of gain; as neither the public, nor the individual, would intentionally pursue any unprofitable intercourse or commerce,

3. Gain being the principle of trade, the whole mystery of trade must therefore consist in prosecuting methods whereby gain or advantage may be obtained.

In transactions of trade, it is not to be supposed that, like gaming, what one party gains the other must necessarily lose. The gain to each may be equal. If A has more corn than he can consume, but wants cattle, and B has more cattle, but wants corn, an exchange is gain to each: hereby the common stock of comforts in life is increased.

4. Freedom and protection are most indisputable principles whereon the

success of trade must depend, as clearly as an open good road tends towards a safe and speedy intercourse; nor is there a greater enemy to trade than con straint.

5. Governments which have adopted those plain simple principles have been greatly benefited.

6. Were princes, in general, to abolish all sorts of prohibitory laws, trade in general would florish most in those countries where the happy situation, the mildness of the climate, the activity and industry of the inhabitants, would furnish means for a speedy and useful intercourse, reciprocally to supply any

real or ideal want.

When princes make war by prohibiting commerce, each may hurt himself as much as his enemy. Traders, who by their business are promoting the common good of mankind, as well as farmers and fishermen, who labor for the subsistence of all, should never be interrupted or molested in their business, but enjoy the protection of all in the time of war as well as in time of peace.

This policy, those we are pleased to call barbarians, have, in a great measure, adopted; for the trading subjects of any power, with whom the emperor of Morocco may be at war, are not liable to capture, when within sight of his land, going or coming, and have otherwise free liberty to trade and reside in his dominions.

As a maritime power, we presume it is not thought right that Great Britain should grant such freedom, except partially; as in the case of war with France, when tobacco is allowed to be sent thither under the sanction of passports.

7. We are no more to expect this, than that the whole world should be governed by the same laws. In our opinion, however, no laws which the art of man can devise, will or can hinder, or entirely stop the current of, a profitable trade; any more than the severest laws could prevent the satisfying of hunger, when any chance or opportunity offered to gratify it.

8. Nevertheless, so far as it is possible, according to the different modes and constitutions of each state, freedom and protection should be ever had in view by its respective government.

9. For whatever law is enacted, abridging a freedom or liberty, which the true interest of the state demands, or which does not grant protection where it may be wanted, must clearly be detrimental.

10. We are well aware, that in many cases, individuals may endeavor at an intercourse or trade, whereby the public, in one particular point, may seem

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