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There is no commercial country in Europe of which the
approaching ruin has not frequently been foretold by the
pretended doctors of this system from an unfavourable balance of
trade。 After all the anxiety； however； which they have excited
about this； after all the vain attempts of almost all trading
nations to turn that balance in their own favour and against
their neighbours； it does not appear that any one nation in
Europe has been in any respect impoverished by this cause。 Every
town and country； on the contrary； in proportion as they have
opened their ports to all nations； instead of being ruined by
this free trade； as the principles of the commercial system would
lead us to expect； have been enriched by it。 Though there are in
Europe； indeed； a few towns which in some respects deserve the
name of free ports； there is no country which does so。 Holland；
perhaps； approaches the nearest to this character of any though
still very remote from it； and Holland； it is acknowledged； not
only derives its whole wealth； but a great part of its necessary
subsistence； from foreign trade。
There is another balance； indeed； which has already been
explained； very different from the balance of trade； and which；
according as it happens to be either favourable or unfavourable；
necessarily occasions the prosperity or decay of every nation。
This is the balance of the annual produce and consumption。 If the
exchangeable value of the annual produce； it has already been
observed； exceeds that of the annual consumption； the capital of
the society must annually increase in proportion to this excess。
The society in this case lives within its revenue； and what is
annually saved out of its revenue is naturally added to its
capital； and employed so as to increase still further the annual
produce。 If the exchangeable value of the annual produce； on the
contrary； fail short of the annual consumption； the capital of
the society must annually decay in proportion to this deficiency。
The expense of the society in this case exceeds its revenue； and
necessarily encroaches upon its capital。 Its capital； therefore；
must necessarily decay； and together with it the exchangeable
value of the annual produce of its industry。
This balance of produce and consumption is entirely
different from what is called the balance of trade。 It might take
place in a nation which had no foreign trade； but which was
entirely separated from all the world。 It may take place in the
whole globe of the earth； of which the wealth； population； and
improvement may be either gradually increasing or gradually
decaying。
The balance of produce and consumption may be constantly in
favour of a nation； though what is called the balance of trade be
generally against it。 A nation may import to a greater value than
it exports for half a century； perhaps； together； the gold and
silver which comes into it during an this time may be all
immediately sent out of it； its circulating coin may gradually
decay； different sorts of paper money being substituted in its
place； and even the debts； too； which it contracts in the
principal nations with whom it deals； may be gradually
increasing； and yet its real wealth； the exchangeable value of
the annual produce of its lands and labour； may； during the same
period； have been increasing in a much greater proportion。 The
state of our North American colonies； and of the trade which they
carried on with Great Britain； before the commencement of the
present disturbances； may serve as a proof that this is by no
means an impossible supposition。
CHAPTER IV
Of Drawbacks
MERCHANTS and manufacturers are not contented with the
monopoly of the home market； but desire likewise the most
extensive foreign sale for their goods。 Their country has no
jurisdiction in foreign nations； and therefore can seldom procure
them any monopoly there。 They are generally obliged； therefore；
to content themselves with petitioning for certain encouragements
to exportation。
Of these encouragements what are called Drawbacks seem to be
the most reasonable。 To allow the merchant to draw back upon
exportation； either the whole or a part of whatever excise or
inland duty is imposed upon domestic industry； can never occasion
the exportation of a greater quantity of goods than what would
have been exported had no duty been imposed。 Such encouragements
do not tend to turn towards any particular employment a greater
share of the capital of the country than what would go to that
employment of its own accord； but only to hinder the duty from
driving away any part of that share to other employments。 They
tend not to overturn that balance which naturally establishes
itself among all the various employments of the society； but to
hinder it from being overturned by the duty。 They tend not to
destroy； but to preserve what it is in most cases advantageous to
preserve； the natural division and distribution of labour in the
society。
The same thing may be said of the drawbacks upon the
re…exportation of foreign goods imported； which in Great Britain
generally amount to by much the largest part of the duty upon
importation。 By the second of the rules annexed to the Act of
Parliament which imposed what is now called the Old Subsidy；
every merchant； whether English or alien； was allowed to draw
back half that duty upon exportation； the English merchant；
provided the exportation took place within twelve months； the
alien； provided it took place within nine months。 Wines；
currants； and wrought silks were the only goods which did not
fall within this rule； having other and more advantageous
allowances。 The duties imposed by this Act of Parliament were at
that time the only duties upon the importation of foreign goods。
The term within which this and all other drawbacks could be
claimed was afterwards （by the 7th George I； c。 21； sect。 10）
extended to three years。
The duties which have been imposed since the Old Subsidy
are； the greater part of them； wholly drawn back upon
exportation。 This general rule； however； is liable to a great
number of exceptions； and the doctrine of drawbacks has become a
much less simple matter than it was at their first institution。
Upon the exportation of some foreign goods； of which it was
expected that the importation would greatly exceed what was
necessary for the home consumption； the whole duties are drawn
back； without retaining even half the Old Subsidy。 Before the
revolt of our North American colonies； we had the monopoly of the
tobacco of Maryland and Virginia。 We imported about ninety…six
thousand hogsheads； and the home consumption was not supposed to
exceed fourteen thousand。 To facilitate the great exportation
which was necessary； in order to rid us of the rest； the whole
duties were drawn back； provided the exportation took place
within three years。
We still have； though not altogether； yet very nearly； the
monopoly of the sugars of our West Indian Isla