price of corn, and the distressed state of agriculture, are owing to our producing too much corn at home.

Mrs B. I have no doubt but that is one of the causes, but it is connected with many others, which render the question so complicated and intricate that we must leave it to wiser heads than our own to unravel it.

The system of growing a home supply of corn, in countries where great capital affords the means of maintaining a very large population, is attended not only with the disadvantage of keeping the price of corn high, in average seasons, but likewise occasions greater fluctuations of price, in times of dearth or abundance, than if ; those casualties were diminished by a free corn trade with other countries. It would perhaps be difficult to say whether we have suffered most from a high or a low price of corn, within these last twenty years; but we have acquired sufficient experience of the evils arising from both these extremes to think, that the wisest measures we could pursue, would be to adopt such as would prevent great fluctuations of price.

Nothing is more injurious to the interests of the laboring classes, than great and sudden fluctuations in the price of bread; they are either distressed by unexpected poverty, or intoxicated by sudden prosperity; but if that prosperity is the effect but of one fruitful season, it gives rise to expenses they are unable to maintain. It is but a gleam of sunshine on a wintry day, and the buds it untimely developes are nipped by the succeeding frost.

Caroline. Well, Mrs B., I see that you will not allow of any exception in favor of the corn trade, and that I must consent to admit of the propriety of leaving all trade whatever perfectly free and open.

1129. Is the low price of corn in England and depressed condition of agriculture there owing to the great quantity raised?--1130. How might the great fluctuations in the price of corn there be prevented?- -1131. What does Mrs B. say it would be difficult to decide? -1132. How are laborers affected by great and sudden fluctuations in the price of bread?

Mrs B. That is certainly the wisest way. Instead of struggling against the dictates of reason and nature, and madly attempting to produce everything at home, countries should study to direct their labors to those departments of industry for which their situation and circumstances are best adapted.

Caroline. Yet you must allow me to observe, that there are numerous instances of our having established flourishing manufactures of goods which we formerly procured entirely from foreign commerce; such, for instance, as china-ware, muslins, damask linen, and a variety of others. Now, does not this imply that we may sometimes direct our labor to a new branch of industry, with greater advantage than by importing the goods from foreign countries?

Mrs B. It certainly does; and it shows also, that as soon as we are able to cultivate or fabricate the commodities we have been accustomed to procure from foreign parts as cheap as we can import them, we never fail to do so. But the period for the introduction of any new branch of industry should be left to the experience and discretion of the individuals concerned in it, and not attempted to be regulated or enforced by government. James I. attempted to compel his subjects to dye their woollen cloths in this country, instead of sending them to the Netherlands, as had been the usual practice; but the English dyed woollen cloths proved both of worse quality, and dearer than those of the Netherlands, and James was obliged to abandon his plan. Had the sovereign not interfered, dyers would have es

1133. What does Mrs B. say nations should study to do?1134. What articles does Caroline mention, now manufactured by the British, which were formerly procured from other countries? -1135. What question does she then ask?-1136. What does Mrs B. say that this shows?--1137. By what should it be determined when any new branch of industry should be introduced into a country?--1138. What fact is mentioned of James I. to show the folly of compulsory measures in relation to this subject?

tablished themselves in this country as soon as the people had acquired sufficient skill to undertake the business; but the discouragement produced by an unsuccessful. attempt probably retarded the natural period of adopting it.

If it were possible for a country both to cultivate and manufacture all kinds of produce with as little labor as it costs to purchase them from other countries, there would be no occasion for foreign commerce; but the remarkable manner in which Providence has varied the productions of nature in different climates, appears to indicate a design to promote an intercourse between nations, even to the most distant regions of the earth; an intercourse which would ever prove a source of reciprocal benefit and happiness, were it not often perverted by the bad passions and blind policy of man.

Caroline. And independently of the diversity of soils, climates, and natural productions, I do not suppose that it would be possible for any single country to succeed in all branches of industry, any more than for a single individual to acquire any considerable skill in a great variety of pursuits?

Mrs B. Certainly not. The same kind of division of labor which exists among the individuals of a community, is also in some degree observable among different countries; and when particular branches of industry are not formed by local circumstances, it will generally be found the best policy to endeavor to excel a neighboring nation in those manufactures in which we are nearly on a par, rather than to attempt competition in those in which by long habit and skill they have acquired a decided superiority. Thus will the common stock of pro

1139. When does Mrs B. say there would be no occasion for foreign commerce ?--1140. What inference does she draw from Providence upon the subject?- -1141. What comparison is made as to division of labor among nations ?--1142. What does Mrs B. say will generally be found best as to this division of labor?

ductions be most improved, and all countries most benefited. Nothing can be more illiberal and short-sighted than a jealousy of the progress of neighboring countries, either in agriculture or manufactures. Their demand for our commodities, so far from diminishing, will always be found to increase with the means of purchasing them. It is the idleness and poverty, not the wealth and industry of neighboring nations, that should excite alarm.

Caroline. A tradesman would consider it more to his interest to set up his shop in the neighborhood of opulent customers than of poor people who could not afford to purchase his goods; and why should not countries consider trade in the same point of view?

Mrs B. Mirabeau, in his "Monarchie Prussienne,' has carried this principle so far, that it has made him doubt whether the trade of France was injured by the revocation of the edict of Nantz, which drove so many skilful manufacturers and artificers out of the country.

66

"Il est en general un principe sur en commerce; plus vos acheteurs seront riches, plus vous leur vendrez; ainsi les causes qui enrichissent un peuple augmente toujours l'industrie de ceux qui ont des affaires a negocier avec lui. Sans doute c'est un demence frenetique de chasser 200,000 individus de son pays pour enricher celui des autres; mais la nature qui veut conserver son ouvrage ne cesse de reparer par des compensations insensibles, les erreurs des hommes, et les fautes les plus desastreuses ne sont pas sans remedes. La grande verite que nous offre cet example memorable, c'est qu'il est insense de detruire l'industrie et le commerce de ses voisins, puisqu'on aneantit en meme tems chez soi meme ces tresors. Si de tels efforts pouvoient jamais produire leur effet, ils depeupleroient le monde, et rendroient tres infortunee la nation qui auroit eu le malheur d'engloutir toute l'indus

1143. What does she say would be most illiberal?--1144. What should most excite alarm ?--1145. What French writer is quoted?-1146. What sentiment has he expressed?

trie, tout le commerce du globe, et de vendre toujours sans jamais acheter. Heureusement la Providence a tellement dispose les chose que les delires des souverains ne sauroient arreter entierement ses vues de bonheur pour notre espece."

Caroline. The more I learn upon this subject, the more I feel convinced that the interests of nations, as well as those of individuals, so far from being opposed to each other, are in the most perfect unison.

Mrs B. Liberal and enlarged views will always lead to similar conclusions, and teach us to cherish sentiments of universal benevolence towards each other; hence the superiority of science over mere practical knowledge.

CONVERSATION XXI.

SUBJECT OF FOREIGN TRADE CONTINUED.

Of bills of exchange. Of the balance of trade.-Cause of the real variation of the exchange. -Disproportion of exports and imports.-Cause of the nominal variation of the exchange.-Depreciation of the value of the currency of the country.

MRS B.

I HOPE that you are now quite satisfied of the advantages which result from foreign commerce?

Caroline. Perfectly so; but there is one thing that perplexes me. In a general point of view I conceive that trade consists in an exchange of commodities; but I do not understand how this exchange takes place be

1147. Of what does Caroline feel convinced?--1148. What I will teach us to cherish sentiments of universal benevolence towards each other?-1149. With what is Caroline perplexed in regard to foreign commerce?