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Un des symboles suivants apparaitra sur la derniire image de cheque microfiche, selon le cas: le symbols -^ signifie "A SUIVRE", le symbole V signifie "FIN ". Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes, planches, tableaux, etc., peuvent dtre ffilmte 6 des taux de reduction diffdrents. Lorsque le document est trop grand pour dtre reproduit en un seul clich6, 11 est film6 6 partir de I'angle supArieur gauche, de gauche 6 droite, et de haut en bas, en prenant le nombre d'images nicessaire. Les diagrammes suivants illustrent la mithode. 1 2 3 1 2 3 4 5 6 THE POLICY OF FREE TliADI .J. \ A SKUIES 01' i.ETTEKS 4(>I.>Rlf»8J3l> l<> (HI-: liONOUABLK L. H. I.AFONT-MNK , AiTOKvr^ r(» vi.n \x\\<^» t'l n- voieiit pii iise o'«i'i: ( hoa n\ii o\»il faudrait r^tabllt." L E T T K R [ . V ..J MONTREAL : -()VKf>L .^ <.IB><.>N, PRINTERS, ST. NK'fli)i,A8 S'l'REI-.lT 1849. '■* Llq ( -'■ ^Ut't^'l I ii(l! \<a8 <\\ic '-'.at rliee i'u« ijaJI ('audriilt l'i;t«>ilir." Sill, It may (xirliaps appear piTHiimptnous lo it[H-n up anifw, thf^ oonsiilcrMtion of ii (pH.-lion nliitti has, itf law, Imm-m liis- cussed at cofisiE. ried ; and thouji^li wo havp dbserveJ tluit, hew and tlicre. much scrniing irn|Mtrtainu' !q»pt'}irs to bo .ittjulinl by that body, to the tt'nns, " Ituyiuf,' in the cbeipost, jiiid stdlinjr in the dearest inaiket''— " rroteetioii is robtjjng Peter to pay Paul,'" " Trade, like water, will find its own l(5vel," yet, as we do not lind that any attempt has been made, to unfold their meaning in ar^'ument, by the adapt. ition of the prin- ciples, whi them a eonsidera- tion wliieh, it mi|;ht be made to a])|tear, they were not interuU'd ti> possess. [( we conclude that it is in consequence of a belief in the general principles of Political ljC(momy--a science which is yet in its infancy, ami tlie terms of vvliieh are used by difTenMit eminent writers, to express diirerent meanin<,'8 — that the Gentlemen of the Free Trade Association have formed a preferable conclusion, in behalf of Free Trade, we migbt involuntarily fall into error, and after bavin/x spent some time in the re\ icw of those principles, we might be told that tbcy havf been considered, in relation to the pe- culiarities of our position, &c., or, in other words, in a modified sense. We shall, therefore, probably, preserve ourselves freest from mistake, by assuming that from the principles involv- ed in the terms to whieb we have referred, the Gentlemen of tbe Free Trade Association have drawn conclusions tavo- rable to the beneficent operation of Free Trade, and that the meaning which they attach to them coincides with that with which they have been joined by the Free Trade party, in the old country, where the question of Free Trade has been amply discussed, in f^onnection with arguments which have been well defined. In the maxim, which recommends " Buying in the cheap- est, and selling in the dearest market," will be found embo- died the greatest part, if not the whole, of the principle THE POLICY OF FREE TRADE. ol' Free Trudu ; we »bull therelurc conline ourselves tu ittt coiisi(i<>ratiiM). 01' all tlic iiuixiins of the Frco Trade Parly, the one which Heems, on account of itn plausibility, to have inflic- ted greatest injury uiini the cause of Protection, is that ol *' Buying in the cheapest, and selling in the dearest mar- ket," which, when considered in connection with the means to purchase with, and the possession of that which may h»' sold, appears so desirable, that we presume ther»' are none so situated who do not desire to act as the nuxini recommends. These, however, must be regarded as purely relative terms, which pre-snppose the existence of the means with which to purchase, as well as the wherewithal, to sell: — therefore as the few who are in est and selling in the dearest market," by means which cannot fail to ensure its destruction ; thereby entailing upon the community and the country, the loss of those benefits, which the employment of it is eminently calculated to confer. In illustration of the great importance and intrinsic value of the Home Trade, we beg leave to refer to the opinions of Adam Smith and J. B. Say, in relation to its comparative advantageousness as compared with Foreign, and at the same time to the objections of McCulloch and THE POLICY OF FREE TRADE, 11 Ricanlo, with reference to their view of tlie question ; and to tlie reply of Mr. Atkinson, to the objections of McCulioch and Uicanh). Adam Smith savs : •' The Capital which is employed in purchasing in one part of the coun- try, in order to soil in another, the produce of the industry of that country, generally roplaoes, by evrry such operation, two distinct capitals, that had both been employed iu the Agriculture or Manufactures of that country, and thereby enables theui to continue that employment — when it sends out from the residence of the Merchant a certain value of comnioditirs, it gene- rally brings back, in return, at least an equal quantity of other commoditieM. When both are the produce of domestic industry, it necessarily replaces, by every such operation, two distinct cupitals, which had both been employed in supporting productive labor. The capital which sends Scotch Manufac- tures to London, and brings back English Corn and Manufactures to Edin- burgh, necessarily replaces, by every such operation, two British capitals, which had both been employed in the Agriculture or Manufactures of Great Britain. " The Capital employed in punhasing Foreign goods for Home consump- tion, when this purchase is made with the produce of domestic industry, replaces too, by every such operation, two distinct capitals, but one of them only is employed in supporting domestic industry. '* The Capital which sends British goods to Portugal, and brings back Portuguese goods to Great Britain, replaces, by every such operation, only one British Capital; the other is a Portuguese one. Though the returns, therefore, of the Foreign trade of consumption, should be as qnick as those of the Home Trade, the capital employed in it will give but one half the employment to the industry or productive labour of the country," It will he seen from the above extract, that Adam Smith arrived at the conclusion, that Home Trade gives douhh the encouragement and support to domestic industry, as com- pared with Foreign. J. B. Say says, in relation to the same subject : " The British Government seems not to have perceived that the most pro Stable sales to a nation, are those made by one individual to another, within the nation; for these latter imply a national production of two values — the value sold, and that given in exchange." A conclusion which will be perceived to be identical with that of Adam Smith. 12 THE POLICY OF FIIEE TUADE. Now then let us sec what is (he iiutnre of the objec- tions taken by McCuiloch »n(l Ricardo, to what appears to be a plain, but lucid statement of fact. Mef ulloeh says, in one portion of his work, on Political Economy : — " I sLall not imitate tlie example uf most writers on comincrce, by enter- ing into a lengthened pxainination of tlio quostion, whether the Home or the Foreign Trade be most mlvantagcous, It is, indeed, quite obvious that it admits of no mitisfactory solution." rnable to grap[>le with the question, so as to overcome it, McCuiloch .says, that it admits of no mtis factory solution. In a work entitled " Commerce/' by McCuiloch, there occurs the following passage : " It is clear, therefore, that in estimating the comparative ad^antageous- ness of the Home and Foreign Trades, it will not do to look merely at the numbor of transactions in each. The real question is, which occasions the greatest sub-division of employnionts, and gives the most powerful spur to Industry? This, however, is a question that dots not perhaps, admit of any very satisjactort/ solution." Further on, in the same work, McCuiloch makes some additional remarks, in connection with the same subject, and concludes, by saying, that he refers, in support of his assertions, to Ricardo's Political Economy By a reference to Ricardo then, we find that he makes use of the following argument, to controvert the proposi- tion of Adam Smith, which, as we before remarked, is iden- tical with that of Say. Ricardo says : " This argument appears to me to be fallacious, for though two capitals, one Portuguese and one EngUsh, be employed, as Dr. Smith supposes, still a capital will hv employed in the Foreign trade, double of what would be employed in the Home trade. Suppose that Scotland employs a capital of £1000, in making linen, which linen she exchanges fjr the prodfioe of a jimilar capita!, employed in making silks in England, two thousand pounds and a piopurtional quantity of labor, vviii be employed in the two countries. Suppose now, that England discovers that she can import more linen from Qfermany, fur the silks which she exported to Scotland, and that Scotland THE rOLICY OF FKEE TRADE. 13 discovers tliat she- ran obtain mort- silks h>>ni France in return fur her linen, ih n she before obtained from Knjijliind -will net Knglaud and Scot- land immediately ceaso trading with each other, and will not tho Homo trade of consumption, be changed for a Foreign trade ui consumption? But, although two additional capitals wdl enter into tnis trade--lho capital of Germany, and that of France— will not the same amount of Scotch and English capital continue to bo employed, and will it not give mutiou to the same quantity of industry as when it was engaged in the Home trade." Mr. Atkiiison, the autlior of a olevcr production, regard- ing the formation of national wualtli, whoso language wc are now using, ably refutes the argument of Uieardo, in the following remarks : " Now the foregoing argument contains tw o distinct propositions. Tho first Ls this: — SCOTI-AND. EnOLANP. Linen, ijilks. JEIOOO, £101)0, Exchanged for each other, make a capital of £20OO value, and employ, a* the author states, a proportional quantity of labor. Now the question to be tried isj What will be tho effect of leaving olf tho exchanging oroonsuniuig these home productions, and converting the trade, from a Ilonie into a Foreign? This the author proposes to shew will bo followed with no ill effect, and, m order to prove his assertion, he changes the facts of his pro- position thus: — Germant,\^ XFiunce, Linen. Scotland, Linen, ^ Now in the factitious case, which the author has here constructed, bo has set out by declaring Scotland to be a bad market for linon, and England a bad one for silks, on whi^'h account they cease to trade- with each other. Having thus, in his first proposition, made England reject the production of Scotland, and Scotland reject the production of England, he has then, in his 2nd proposition, preserved both these rejected commodities, and made the Germans purchase the one, and the Trench tho other; and by such an argument, has attempted to shew, that neither the capital of England nor that of Scotland will austain injury. But it is self-evident, that the same reason which induced the people of Scotland to cease buying the silks of En- gland, will also prevent the people of Germany from resorting to her Mar- ket , and the same reason which induced the people of England to ceaaa buying the linens of Scotland, will likewise operate in preventing the peo- ple of F'rance from doing so. In the natural course of things, France and Germany will trade with each other, for the two commodities adduced, and \ /' Silks. ^\ England, X Silks. 14 THE POLICY OP FRKK TRADK. Englanrl and Sootlaiul must coasi- to manufacturo thoin, whereby those two sources »'f exchangeable proiliiction must be, in thi- first instaiu't'. injured, and, in the next, hj3t. Tims it is evident, tliat the swond, or altered pro- position, is an error, and thut its author has undeavoured to sustain his argu- ment by supposing an impossible example. *• Tho prohlonj, therefore, framed by Rieardo, and veiled on by McCul- loch, instead of cverthrovving the proposition of J. li. Say and Adam Smith, presents nothing l)etter than u confused mass of jarring and con- flicting matter, which annihilates its own existonco." VVc may now oiuiuire, vvluit arc tlic advantages which Free Trade ofTers in eompcnsalion for tlic destruction of a market, rreatcd by Ai,aicnUiire and Mannfactures, benefi- cently re-aoiing upon each other? and whidi la greatly superior to any that Joreign commerce can confer. The e)jd of Free Trade in this Country, if we may judge by what lias been said in its behalf, however speciously the object may have been concealed, is evidently to promote the Carrying Trade, the business of a few large Houses, and perhaps to increase the commissions of a few Brokers, whichj as compared with the interests which Free Trade must necessarily destroy, is an end as frivolous as it may be in tbc minds of its advocates, sordid and base. But we ask, in sober earnest, is the subject of the Carry- ing Trade a something existing within ourselves, or does it not rather belong to a Foreign Country, thrcingh the internal communications of which it is at present directed, by the combined force of association, circumstances and capital '? And do not these considerations involve advan- tages infinitely greater in magnitude and more desirable in themselves, than the dilTerence of a few cents upon the transit of a barrel of Fluur, all, it is contended, that we have to offer in exchange ? Believing, in a local sense, the advocacy of Free Trade to be, in the main, based upon selfish principles, we might justly excuse ourselves from ent ''ing into an examination of the grounds upon which its success is made to appear, were it not that, by doing so, we shall obtain an insight J7IF. rCtLTCY OF FRHK TUADK. \5 into the iiatuH' aiid ixlont, (;f l!iu ahilify winch ha.» boon indicated Ijy its most proniincnl ^tipportcrs. TIk; i*rincij>a!,if nut the oidv idea souirlit to bi; iiicnicatod l>y tlie I-Vc;' 'I'radc A.^sociatinii, in 1S4G, was, lliat, the pro- vince of the lemule Jvi»ions uf thf West, borderin;j: upon the upper Lalv«!>, coidd bv eoiive\ed to Montrea), and tV'tm thcin-c to the Markets of Gi'o.w. l^ritain, at considerahly lower rates than I'roni tlu^ .same point, b\ tlu' cheapest Anieriean rontes, to New \'ork, and iVoni thence to the sacnc destination. lliis idea was ••nforced, anil a- tlic (Jenllenuin of the Kree Trade Association no d(»nbt ilmn^Ldit ui, exclnsive of tolls, Is.; tolls, 4(1., £0 1 4 Froiji,^lit from Montreal to Liveri)ool, at ;>.s. 7(1. currency, 3 7 rhar;:o via Os wo^'o to Li verpool, 5 2 Difference in favorof St. Lawrence, from Montreal, £0 3 Table No, 2, From any Port on Lake Ontario to Quebec, say, freight of a barrel of Flour, exclusive of tolls, Is. 3d.; tolls, 4(1., 17 Freight from Quebec to Liverpool, at 3s. currency, 3 4 7 Charge vui, Oswego to Liverpool, 5 2 Difference in favor of St. Lawrence, from Quebec, £0 7 Table No. 3. Comparison of the rival Routes to the State of Maine. COST TO PORTLAND BY THE ERIE OANAL. Cleveland to Buffalo, 6 Buffalo to Albany, 2 6 Albany to Portland, 1 6 4 6 Cleveland to Montreal, 1 8 Tolls, 7 s Montreal to Portland, 16 3 9 Difference in favor of St. Lavi^rence to Portland, £0 9 Iin: POLICY y)F FRKE TKAIM-:. 17 By rcfiMTMMc to Table No. 1, it will bo seen that a dilTo- rcncc uf Mm' prnr, (') per barrel, is slu'wii in la\ or of Hio St. Lawrence routr, a snni so iiisii^milieantiy small as hardly to seem worthy ol' noiioo, niiu;]i Ies8 to be made the deter- niininji^ point ol' the t|ue.stion in hand. If the (lentlenicn of the bVee Trade Assoeiatioii really believed, that the dillerenec of three pence per barrel would possess the ni;ii,^ieal elfect of attratiing the rmdiiee of the Western States down fhe St. Lawrenec, wluu opinion ought now to he entertained (►f their judgment in the mat- ter, when we lind, notwithstanding the advantages whieh Americans might have realized thii, season, vut the St. Lawrence, by the conversion of their Wheat inti* Flour, in Canada, and the sliipmeiit of it to Great Britain, eAeeeded several limes iji anutunt the trilling diflerejiee referred to, that they have not thought jiroper (o avail themsehcs of them- Speaking from past experience, wo believe that it would be as futile to endeavor to reach the convictions of some Free Traders, by reasonable means, as it might !;»• to seek to convince men, who, by the accpiisition of a few new ideas, liad deluded themselves into a belief that they know every thing, and that no body liesides can kjiow any thing, we must therefore rely upon the good sense of the jiractical and experienced portion of tlie ( 'onniicrcial Community, to bear us out in this assertion, that there we at ]>resent well known consideratioiiHj 'irresjx^.cfive of Freight, which uij/uence the transit of American Produce through American Waters. In Table No. 1, the freight of a Ijarrel of Flour from any Port on Lake Ontario to Montreal, is rated at Is., while the rate of freight which htis becL paid this season from Hamilton and Toronto has ranged from Is. 3d. to Is. 6d,, i*uaking the average Is. 4^d., which, adding in the premium of Insurance, not referred to in their calculation, but which ought to have been — would make the average rate, from c 18 THE POLICY OF FREE TRADF, tli«' points on Lako Ontario vvliich we have designated, to be Is, 8d. per bane I, instead of Is. Again, in Taltle No. 3, the freight of a barrel of I'lour, from Cleveland to Montreal, is plared at Is. 8d., a rate at whieli it would not pa) , and for wliirli tli<' carriage woidd not be und«'rtaken with the view of indiMnnifying the For- '»varder, for the interest, wear and tear and prulit npou hid cajiital. Three shillings per barrel, inrlu.sive of Insurance, is al- lowed to be the ndniiniim [(rofitable priee at whieh Flonr can be transported from Cleveland to Montreal, Ihongh a mode, more ingenious? than profound, has «juite reeetitly been resorted to by Free Traders to prove to the contrary. For example, it is assumed tliat because 1(>,0(.K) barrels of Flour have cost from Cleveland to Montreal, at the rate of 3s. per barrel, and 100 barrels of Indian Meal, I3. Od. per barrel, the average rate, for which Flour can be carried, from Cleveland to IVlontrenl, is 2s. M. per barrel. Now this is a mode of argument upon which we need not dwell, further than to remark, tliat it betrays either the greatest possible amount of stupidity, or the greatest possible amount of design. Who ever dreamt, until now, of com- paring, upon ecpial terms, little things with great, or of equalising, l>y arbitrary means, great things with sm.'dl '? The probable truth of the matter is, that the Indian Meal, the transport of which cost Is. (Id. per barrel, was shipped under t'ircnmslances wliich precluded it from fonii- ing an element in the calculation at all. We may here remark that our true policy, in respect to the carrying Trade of the West, would appear to be, to make such a rebatement from the established duty, on com- modities imported Ay sea from the Countries of Production, as would not only stimulate and encourage the Merchants of Canada to undertake the • direct importation of such Foreign Goods as enter into the consumption of the Coun- try, but, al the same time, have the effect of directly THE FOLlCy OF FREE TKADE. 19 inrroasing the upward Fn-iglit upon our < 'ai):il-i. and iho.roby be the rnc'ins uf tln'jip('iiiu^vn\Vilr(l tran-por- lati(»n, the rost td* vNliich will ultimately (k'tt;rmiiK', iu the absence ol' counteractin;.' clrruni-itancos, whether tin; pro- ducts of the VVfsteru Stafei shall iind an oulht t\» the Ocean via the Krie i\mu\ or St, Lawrence. Let us now assume, lor the sake of eonvenienco, that tlie most saiijrtiiiie expet uitions vi Frei? Trader^ are realized, and that the itbjeet lor which Uiey have been contending, namely, the superiority of tht St. Laurence route, is uni- versally admitted. What, in thai case, is the next atep which Free Traders recommend '? They piopose that Canadians, who enjoy the exclusive right of navi;L;;atiuir the St. Lawrence to the Oeean, and who in consey openiii;? up to their u^c and bene- fit, without the exaction ol' an eijuivalent in return, the privijec'es which at present Canadians exclusively possess. Generous as Free Traders atfect to l)e, who does not believe, if the pecuniary interests of the Country were represented by then), that they would hesitate to do that for tbemselves, which, notwithsr inding-, they imhesltatini^^ly recommend the Country to undertake. Who among them is it, vn e would ask, wlio, tlndinf,^ him- self possessed of a profitable trade, generousl) invites his neighbor to participate therein V This matter, however, which involves important oonse- qucHces, is happily not to be left to tiie decision of Free Traders alone, but to the voice of the Country, whose deei- .sion concerning it, we make no doubt, will be more in keeping with the dictates of prudence and common sense. From what avc have written, it will easily be inferred, that we dissent entirely from the measure recommended by the Free Trade Association, of Montreal, believing, as we do. that Free Trade is not only not the best hue of policy T t-** ^i / 20 TVIV. VOhh.'y OK FKKE TKAMK < for thi? ('<>iiiil,ry to ;i«lo)>t, but th.-if it \\\\\ iK^oi^^irily limK find rotnrd nitlu-r limn [>i(>inoir ihe dcwIoj.iiM'ni oi its re.sionn vs, by HlliMtiutr ini'irKMinly tjic »'in|ilo\ tiiciu ol (lori'i'5- tic imliistry, wUuU coiistitiiies. morally nrul |)()tili(-all\, itu; oi»h sure nnd riTtiilii basin m|' a couuli vN |>ros|itTiiy , ubilo it will L'xtM'cisc u poworfiill)' adv-rsii nilliiciu o (iji(*ii tiif inior- e.stM of all ol>Hs(?jj <)!' its iiiliabilantr. In owr iie-vt, leltcr M't.' Iia'l oinbrjic*^ tii'- consiilcratiori of the Policy "I i'lotctdnn. t\\\i U\ iwi inflifriminaio "i-n^i*, for tho.vo are Uinii.s to all rt»a><.iiabir ihiiifr^. but in siuli a scnst; as i-aniiot *'ail lo {jrocnrtt for tlio Cuimlry and iiidusfrv thcreor, (lu! stolid and lastitii; advaula^'C"*, >vhicli the |)p.j»er ndjiistmenf of tin' I'rotective IVdiry Is f<'vlaiu l<> cooler. ■y.*4 I xMuaii), .Sir, Vonr (»bo.di(!iU hnnibh' sorvaoi, To'lliC lb>N. !.. 11, LMXiNlAlNi;, Aliortiey (Joncrulj (Jcr. c^c. i'Ce. n V '■^' 'Hidfi^Sr' '!■•' ^ ■■■•v.'.V ■I. •'■; ■ '>('S- '. ••v#;;i ' ■-■■ "lir?- '■ ' ti i-! ' ■<. . i ■t F' V