ss. He undertakes to prove from the books of his
friend, Mr. T. of Havre, that the idea of a "balance of trade" is wrong
in practice, and to this end gives sketches of two of this gentleman's
enterprises.

In one of these transactions Mr. T. despatches from Havre a vessel
freighted for the United States with French merchandise valued at
200,000 francs. It was at this figure that Mr. T. entered his export in
the Havre custom-house. The cargo on its arrival in New Orleans had paid
ten per cent expenses, and was charged thirty per cent duties. Its value
was accordingly 280,000 francs. It was sold at 20 per cent profit on its
original value; this, being 40,000 francs, brought the value of the
cargo to 320,000 francs. This sum the assignee converted into cotton;
the cotton had to pay expense of transportation, insurance, commission,
etc., of 10 per cent. The return cargo, therefore, on arriving at Havre
was worth 352,000 francs. This cargo Mr. T. sold at a profit of 20 per
cent and made 70,000 francs. The cotton was thus sold for 432,000
francs. Bastiat offers to send the protectionist author an extract from
Mr. T.'s books in which he sets down as gained two sums: one of 40,000
francs, the other of 70,000 francs. Bastiat adds that Mr. T. is
perfectly convinced that he made this money. Mr. Lestiboudois, however,
would have found at the custom-house that France had an export of
200,000 francs and imported 352,000 francs, and would have concluded
that she had squandered on foreign nations 152,000 francs.

About the same time Mr. T. despatched another vessel, freighted also
with a cargo worth 200,000 francs. But this vessel went down and never
reached New Orleans at all. Mr. Lestiboudois would find at the
custom-house that 200,000 francs' worth of goods had been exported, and
that there was no importation to balance this entry. France has
therefore in this transaction a clear profit of 200,000 francs.

So much for his friend T. Mr. T.'s case, Bastiat continues, is exactly
that of the French nation. If France imports more than she exports, she
does not lose the excess any more than Mr. T. did. Bastiat invites his
opponents to carry his theory to its farthest limits. Let it be supposed
that France only imports and does not export at all; in other words,
gets everything for nothing: he still defies them to prove that France
would be the poorer.

It was that very able and convincing writer, Augustus Mongredien, who
showed, perha