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By an Old Asiatic Mer chant. 5. Observations on the injurious Consequences of the Restrictions upon Foreign Commerce. By a Member of Parliament. UESTIONS of commercial policy have been lately treated in so abstract a manner that their connection with common life and practice seems to be entirely forgotten. Speculative writers send forth from their closets general propositions and paradoxical dogmas upon matters relative to the common intercourse of the world, with the most confident affirmation of their universal applicability. They find supporters in persons of rank and influence, pleased with this sort of royal road to geometry;' while practical men, too much occupied to weigh theoretical notions of this difficult nature, or to examine their operation in the varied and conflicting movements of traffic and national interests, add their conclusive assent. The adopted opinions thus acquire general reception, and are promulgated as undisputed and unconditional truth, and the sole panacea for existing evils. Our forefathers could not maintain with greater zeal, that a favourable balance of trade and an abundant circulation of the precious metals were essential to prosperity, than has recently been manifested for the necessity of universal freedom of trade, with a view to the attainment of the same object. We wish to draw attention, in some detail, to the bearings and consequences of this doctrine in its application to the affairs of life, and to trace out the modifications to which it may be open in practice.—It is not because VOL. XXIV. NO. XLVIII. T because we impugn the principle in every respect, that we enter into the examination; but we feel sensible that no abstract propositions are so liable to qualifications and limits, and require to be marked in all their relations with so much accuracy, those which profess to direct and regulate the course of national wealth. as It strikes the mind on a first attention to this question, that there are some species of commercial intercourse to which the policy of freedom must apply unlimitedly. The natural productions not common to countries must be interchanged or they cannot be possessed. We must admit the peculiar products of hotter climates: cotton, rice, tea, coffee, sugar, spices, many drugs and fruits, wine and oil, or we must be wholly deprived of their use. We may return for this wealth of warmer regions, some productions to them equally strange; as, iron, lead, coal, tar, timber, salt fish and provisions. A second motive for the importation of foreign commodities may be one of convenience more than of necessity. This country produces flax, hemp, tallow, as well as Russia; tobacco and wheat, like the United States; wool, in common with Spain and Germany, &c. Yet its limited extent and occupied cultivation may not enable us to raise them in sufficient quantity for the actual industry and consumption; and their admission becomes therefore a matter of expedience. When mankind are at ease upon the great object of the necessaries of life, and abundantly supplied with rude produce, an indefinite scope is given to labour and art to form and combine raw materials according to the general convenience, taste, and humour. This exercise of the hands and mind is common to all men and places. In the conversion of unwrought into wrought commodities lies the great field in which legislators have endeavoured to appropriate by regulations-understood to operate as encouragements the largest portion of skilful industry and production. It has been by means of complete prohibition, or the convenient expedient of taxes on importation, that governments have aimed to effect this appropriation of wealth. The duties imposed upon commodities which we cannot produce, as cotton, rice, coffee, are to be considered as merely financial: such as are laid upon productions common to the growth of this country, as flax, wool, deals, are protective as well as financial. The prohibition and duties laid upon some raw and all wrought articles, are designed to advance the home production and manufacture; as in the instance of grain, wrought wool, linen, cotton, silk, refined sugar. We notice these distinctions and motives of legislation, as they present |