So much for theory when confronted with practice.
The truth is, that the theory of the Balance of Trade should be precisely reversed. The profits accruing to the nation from any foreign commerce should be calculated by the overplus of the importation above the exportation. This overplus, after the deduction of expenses, is the real gain. Here we have the true theory, and it is one which leads directly to freedom in trade. I now, gentlemen, abandon you this theory, as I have done all those of the preceding chapters. Do with it as you please, exaggerate it as you will; it has nothing to fear. Push it to the furthest extreme; imagine, if it so please you, that foreign nations should inundate us with useful produce of every description, and ask nothing in return; that our importations should be infinite, and our exportations nothing. Imagine all this, and still I defy you to prove that we will be the poorer in consequence.
CHAPTER VII.
A PETITION.
Petition from the Manufacturers of Candles, Wax-Lights, Lamps, Chandeliers, Reflectors, Snuffers, Extinguishers; and from the Producers of Tallow, Oil, Resin, Petroleum, Kerosene, Alcohol, and generally of every thing used for lights.
"To the Honorable the Senators and Representatives of the United States in Congress assembled.
"Gentlemen:—You are in the right way: you reject abstract theories; abundance, cheapness, concerns you little. You are entirely occupied with the interest of the producer, whom you are anxious to free from foreign competition. In a word, you wish to secure the national market to national labor.
"We come now to offer you an admirable opportunity for the application of your——what shall we say? your theory? no, nothing is more deceiving than theory—your doctrine? your system? your principle? But you do not like doctrines; you hold systems in horror; and, as for principles, you declare that there are no such things in political economy. We will say, then, your practice; your practice without theory, and without principle.