O | | 16,644,220| 1,664,422 | 18,308,642 | P | | 10,000,000| | 10,000,000 | Q | | 48,000,000| 52,800,000 | 52,800,000 | R | | 500,000| 500,000 | 500,000 | S | | 1,655,659| 1,655,659 | 1,655,659 | T | | 1,000,000| 1,000,000 | 2,000,000 | U | | 200,000| 200,000 | 200,000 | V | | 300,000| 30,000 | 330,000 | W | | | | | X | | | | | Y | | | | | Z | | | | | --+------------+------------+------------+----------------| $11,000,000|$163,622,611|$66,391,813 |$124,736,033 | -----------------------------------------------------------<
/pre>

W, X, Y, Z, represent 43,628,427,835,109 other commercial transactions, in all of which the parties to them and the countries in which they live make money, but which, regarded from Mr. Greeley’s solitary point of view, should be stopped at once by appropriate legislation.

These various transactions, it will be perceived, have netted to the individuals engaged in them a clear profit of $66,391,813, while the country has added to its immediate stock of wealth 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 exports with that of the imports (and their values in their respective countries of production, too), this commerce has been a loss to the country of $163,622,611—­$11,000,000:  $152,622,611.

So much for theory when confronted with practice.

The truth is, that the theory of the Balance of Trade should be precisely reversed.  The profits accruing to the nation from any foreign commerce should be calculated by the overplus of the importation above the exportation.  This overplus, after the deduction 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 furthest extreme; imagine, if it so please you, that foreign nations should inundate 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.

CHAPTER VII.

A PETITION.

Petition from the Manufacturers of Candles, Wax-Lights, Lamps, Chandeliers, Reflectors, Snuffers, Extinguishers; and from the Producers of Tallow, Oil, Resin, Petroleum, Kerosene, Alcohol, and generally of every thing used for lights.