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another of fifteen pounds upon the ton of French vinegar。 French
goods have never been omitted in any of those general subsidies；
or duties of five per cent； which have been imposed upon all； or
the greater part of the goods enumerated in the book of rates。 If
we count the one…third and two…third subsidies as making a
complete subsidy between them； there have been five of these
general subsidies； so that before the commencement of the present
war seventy…five per cent may be considered as the lowest duty to
which the greater part of the goods of the growth； produce； or
manufacture of France were liable。 But upon the greater part of
goods； those duties are equivalent to a prohibition。 The French
in their turn have； I believe； treated our goods and manufactures
just as hardly； though I am not so well acquainted with the
particular hardships which they have imposed upon them。 Those
mutual restraints have put an end to almost all fair commerce
between the two nations； and smugglers are now the principal
importers； either of British goods into France； or of French
goods into Great Britain。 The principles which I have been
examining in the foregoing chapter took their origin from private
interest and the spirit of monopoly； those which I am going to
examine in this； from national prejudice and animosity。 They are；
accordingly； as might well be expected； still more unreasonable。
They are so； even upon the principles of the commercial system。
First； though it were certain that in the case of a free
trade between France and England； for example； the balance would
be in favour of France； it would by no means follow that such a
trade would be disadvantageous to England； or that the general
balance of its whole trade would thereby be turned more against
it。 If the wines of France are better and cheaper than those of
Portugal； or its linens than those of Germany； it would be more
advantageous for Great Britain to purchase both the wine and the
foreign linen which it had occasion for of France than of
Portugal and Germany。 Though the value of the annual importations
from France would thereby be greatly augmented； the value of the
whole annual importations would be diminished； in proportion as
the French goods of the same quality were cheaper than those of
the other two countries。 This would be the case； even upon the
supposition that the whole French goods imported were to be
consumed in Great Britain。
But； secondly； a great part of them might be re…exported to
other countries； where； being sold with profit； they might bring
back a return equal in value； perhaps； to the prime cost of the
whole French goods imported。 What has frequently been said of the
East India trade might possibly be true of the French； that
though the greater part of East India goods were bought with gold
and silver； the re…exportation of a part of them to other
countries brought back more gold and silver to that which carried
on the trade than the prime cost of the whole amounted to。 One of
the most important branches of the Dutch trade； at present；
consists in the carriage of French goods to other European
countries。 Some part even of the French wine drank in Great
Britain is clandestinely imported from Holland and Zeeland。 If
there was either a free trade between France and England； or if
French goods could be imported upon paying only the same duties
as those of other European nations； to be drawn back upon
exportation； England might have some share of a trade which is
found so advantageous to Holland。
Thirdly； and lastly； there is no certain criterion by which
we can determine on which side what is called the balance between
any two countries lies； or which of them exports to the greatest
value。 National prejudice and animosity； prompted always by the
private interest of particular traders； are the principles which
generally direct our judgment upon all questions concerning it。
There are two criterions； however； which have frequently been
appealed to upon such occasions； the customhouse books and the
course of exchange。 The custom…house books； I think； it is now
generally acknowledged； are a very uncertain criterion； on
account of the inaccuracy of the valuation at which the greater
part of goods are rated in them。 The course of exchange is；
perhaps； almost equally so。
When the exchange between two places； such as London and
Paris； is at par； it is said to be a sign that the debts due from
London to Paris are compensated by those due from Paris to
London。 On the contrary； when a premium is paid at London for a
bill upon Paris； it is said to be a sign that the debts due from
London to Paris are not compensated by those due from Paris to
London； but that a balance in money must be sent out from the
latter place； for the risk； trouble； and expense of exporting
which； the premium is both demanded and given。 But the ordinary
state of debt and credit between those two cities must
necessarily be regulated； it is said； by the ordinary course of
their dealings with one another。 When neither of them imports
from the other to a greater amount than it exports to that other；
the debts and credits of each may compensate one another。 But
when one of them imports from the other to a greater value than
it exports to that other； the former necessarily becomes indebted
to the latter in a greater sum than the latter becomes indebted
to it； the debts and credits of each do not compensate one
another； and money must be sent out from that place of which the
debts overbalance the credits。 The ordinary course of exchange；
therefore； being an indication of the ordinary state of debt and
credit between two places； must likewise be an indication of the
ordinary course of their exports and imports； as these
necessarily regulate that state。
But though the ordinary course of exchange should be allowed
to be a sufficient indication of the ordinary state of debt and
credit between any two places； it would not from thence follow
that the balance of trade was in favour of that place which had
the ordinary state of debt and credit in its favour。 The ordinary
state of debt and credit between any two places is not always
entirely regulated by the ordinary course of their dealings with
one another； but is often influenced by that of the dealings of
either with many other places。 If it is usual； for example； for
the merchants of England to pay for the goods which they buy of
Hamburg； Danzig； Riga； etc。； by bills upon Holland； the ordinary
state of debt and credit between England and Holland will not be
regulated entirely by the ordinary course of the dealings of
those two countries with one another； but will be influenced by
that of the dealings of England with those other places。 England
may be obliged to send out every year money to Holland； though
its annual exports to that country may exceed very much the
annual value of its imports from thence； and though what is
called the balance of trade may be very much in favour of
England。
In the way； besides； in which the par of exchange has
hitherto been computed； the ordinary course of exchange can
afford no sufficient indication that the ordinary state of debt
and credit is in favour of that country which seems to have； or
which is supposed to have； the ordinary course of exchange in its
favour： or； in other words； the real exchange may be； and； in
fact； often is so very different from the computed one； that from
the course of the latter no certain conclusion can； upon many
occasions； be drawn concerning that of the former。
When for a sum of money paid in England； containing；
according to the standard of the English mint； a certain number
of ounces of pure silver； you receive a bill for a sum of money
to be paid in France； containing； according to the standard of
the French mint； an equal number of ounces of pure silver；
exchange is said to be at par between England and France。 When
you pay more； you are supposed to give a premium； and exchange is
said to be against England and in favour of France。 When you pay
less； you are supposed to get a premium； and exchange is said to
be against France and in favour of England。
But； first； we cannot always judge of the value of the
current money of different countries by the standard of their
respective mints。 In some it is more； in others it is less worn；
clipt； and otherwise degenerated from that standard。 But the
value of the current coin of every country； compared with that of
any other country； is in proportion not to the quantity of pure
silver which it ought to contain； but to that which it actually
does contain。 Before the reformation of the silver coin in King
William's time； exchange between England and Holland； computed in
the usual manner according to the standard of their respective
mints； was five…and…twenty per cent against England。 But the
value of the current coin of England； as we learn from Mr。
Lowndes； was at that time rather more than five…and…twenty per
cent below its standard val