ffick have made the knowledge extremely difficult. The merchant
must not only inform himself of the various denominations and value of
foreign coins, together with their method of counting and reducing; such
as the milleries of Portugal, and the livres of France; but he must
learn what is of more difficult attainment; the discount of exchanges,
the nature of current paper, the principles upon which the several banks
of Europe are established, the real value of funds, the true credit of
trading companies, with all the sources of profit, and possibilities of
loss.

All this he must learn, merely as a private dealer, attentive only to
his own advantage; but, as every man ought to consider himself as part
of the community to which he belongs, and while he prosecutes his own
interest to promote, likewise, that of his country, it is necessary for
the trader to look abroad upon mankind, and study many questions which
are, perhaps, more properly political than mercantile.

He ought, therefore, to consider very accurately the balance of trade,
or the proportion between things exported and imported; to examine what
kinds of commerce are unlawful, either as being expressly prohibited,
because detrimental to the manufactures or other interest of his
country, as the exportation of silver to the East-Indies, and the
introduction of French commodities; or unlawful in itself, as the
traffick for negroes. He ought to be able to state with accuracy the
benefits and mischiefs of monopolies, and exclusive companies; to
inquire into the arts which have been practised by them to make
themselves necessary, or by their opponents to make them odious. He
should inform himself what trades are declining, and what are
improvable; when the advantage is on our side, and when on that of our
rivals.

The state of our colonies is always to be diligently surveyed, that no
advantage may be lost which they can afford, and that every opportunity
may be improved of increasing their wealth and power, or of making them
useful to their mother country.

There is no knowledge of more frequent use than that, of duties and
impost, whether customs paid at the ports, or excises levied upon the
manufacturer. Much of the prosperity of a trading nation depends upon
duties properly apportioned; so that what is necessary may continue
cheap, and what is of use only to luxury may, in some measure, atone to
the publick for the mischief done to individuals. Duties may oft