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diminish as much as possible the importation of foreign goods for
home consumption； and to increase as much as possible the
exportation of the produce of domestic industry。 Its two great
engines for enriching the country； therefore； were restraints
upon importation； and encouragements to exportation。
The restraints upon importation were of two kinds。
First； restraints upon the importation of such foreign goods
for home consumption as could be produced at home； from whatever
country they were imported。
Secondly； restraints upon the importation of goods of almost
all kinds from those particular countries with which the balance
of trade was supposed to be disadvantageous。
Those different restraints consisted sometimes in high
duties； and sometimes in absolute prohibitions。
Exportation was encouraged sometimes by drawbacks； sometimes
by bounties； sometimes by advantageous treaties of commerce with
foreign states； and sometimes by the establishment of colonies in
distant countries。
Drawbacks were given upon two different occasions。 When the
home manufactures were subject to any duty or excise； either the
whole or a part of it was frequently drawn back upon their
exportation； and when foreign goods liable to a duty were
imported in order to be exported again； either the whole or a
part of this duty was sometimes given back upon such exportation。
Bounties were given for the encouragement either of some
beginning manufactures； or of such sorts of industry of other
kinds as supposed to deserve particular favour。
By advantageous treaties of commerce； particular privileges
were procured in some foreign state for the goods and merchants
of the country； beyond what were granted to those other
countries。
By established establishment of colonies in distant
countries； not only particular privileges； but a monopoly was
frequently procured for the goods and merchants of the country
which established them。
The two sorts of restraints upon importation
above…mentioned； together with these four encouragements to
exportation； constitute the six principal means by which the
commercial system proposes to increase the quantity of gold and
silver in any country by turning the balance of trade in its
favour。 I shall consider each of them in a particular chapter；
and without taking much further notice of their supposed tendency
to bring money into the country； I shall examine chiefly what are
likely to be the effects of each of them upon the annual produce
of its industry。 According as they tend either to increase or
diminish the value of this annual produce； they must evidently
tend either to increase or diminish the real wealth and revenue
of the country。
CHAPTER II
Of Restraints upon the Importation from Foreign Countries of such
Goods as can be produced at Home
BY restraining； either by high duties or by absolute
prohibitions； the importation of such goods from foreign
countries as can be produced at home； the monopoly of the home
market is more or less secured to the domestic industry employed
in producing them。 Thus the prohibition of importing either live
cattle or salt provisions from foreign countries secures to the
graziers of Great Britain the monopoly of the home market for
butcher's meat。 The high duties upon the importation of corn；
which in times of moderate plenty amount to a prohibition； give a
like advantage to the growers of that commodity。 The prohibition
of the importation of foreign woollens is equally favourable to
the woollen manufacturers。 The silk manufacture； though
altogether employed upon foreign materials； has lately obtained
the same advantage。 The linen manufacture has not yet obtained
it； but is making great strides towards it。 Many other sorts of
manufacturers have； in the same manner； obtained in Great
Britain； either altogether or very nearly； a monopoly against
their countrymen。 The variety of goods of which the importation
into Great Britain is prohibited； either absolutely； or under
certain circumstances； greatly exceeds what can easily be
suspected by those who are not well acquainted with the laws of
the customs。
That this monopoly of the home market frequently gives great
encouragement to that particular species of industry which enjoys
it； and frequently turns towards that employment a greater share
of both the labour and stock of the society than would otherwise
have gone to it； cannot be doubted。 But whether it tends either
to increase the general industry of the society； or to give it
the most advantageous direction； is not； perhaps； altogether so
evident。
The general industry of the society never can exceed what
the capital of the society can employ。 As the number of workmen
that can be kept in employment by any particular person must bear
a certain proportion to his capital； so the number of those that
can be continually employed by all the members of a great society
must bear a certain proportion to the whole capital of that
society； and never can exceed that proportion。 No regulation of
commerce can increase the quantity of industry in any society
beyond what its capital can maintain。 It can only divert a part
of it into a direction into which it might not otherwise have
gone； and it is by no means certain that this artificial
direction is likely to be more advantageous to the society than
that into which it would have gone of its own accord。
Every individual is continually exerting himself to find out
the most advantageous employment for whatever capital he can
command。 It is his own advantage； indeed； and not that of the
society； which he has in view。 But the study of his own advantage
naturally； or rather necessarily； leads him to prefer that
employment which is most advantageous to the society。
First； every individual endeavours to employ his capital as
near home as he can； and consequently as much as he can in the
support of domestic industry； provided always that he can thereby
obtain the ordinary； or not a great deal less than the ordinary
profits of stock。
Thus； upon equal or nearly equal profits； every wholesale
merchant naturally prefers the home trade to the foreign trade of
consumption； and the foreign trade of consumption to the carrying
trade。 In the home trade his capital is never so long out of his
sight as it frequently is in the foreign trade of consumption。 He
can know better the character and situation of the persons 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 two foreign countries； and no part of it is
ever necessarily brought home； or placed under his own immediate
view and command。 The capital which an Amsterdam merchant employs
in carrying corn from Konigsberg to Lisbon； and fruit and wine
from Lisbon to Konigsberg； must generally be the one half of it
at Konigsberg and the other half at Lisbon。 No part of it need
ever come to Amsterdam。 The natural residence of such a merchant
should either be at Konigsberg or Lisbon； and it can only be some
very particular circumstances which can make him prefer the
residence of Amsterdam。 The uneasiness； however； which he feels
at being separated so far from his capital generally determines
him to bring part both of the Konigsberg goods which he destines
for the market of Lisbon； and of the Lisbon goods which he
destines for that of Konigsberg； to Amsterdam： and though this
necessarily subjects him to a double charge of loading and
unloading； as well as to the payment of some duties and customs；
yet for the sake of having some part of his capital always under
his own view and command； he willingly submits to this
extraordinary charge； and it is in this manner that every country
which has any considerable share of the carrying trade becomes
always the emporium； or general market； for the goods of all the
different countries whose trade it carries on。 The merchant； in
order to save a second loading and unloading； endeavours always
to sell in the home market as much of the goods of all those
different countries as he can； and thus； so far as he can； to
convert his carrying trade into a foreign trade of consumption。 A
merchant； in the same manner； who is engaged in the foreign trade
of consumption； when he collects goods for foreign markets； will
always be glad； upon equal or nearly equal profits； to sell as
great a part of them at home as he can。 He saves himself the risk
and trouble of exportation； when； so far as he can； he thus
converts his foreign trade of consumption into a home trade。 Home
is in this manner the centre； if I may say so； round which the
capitals of the inhabitants of every country are continually
circulating； and towards which they are always tending； though by
particular causes they may sometimes be driven off and repelled
from it towards more distant employments。