le, since no prohibitory measures can prevent
the transfer of specie from the country in which it was worth less to
that in which it is worth more. But the hypothesis may serve to show
that such a condition of things would be productive, not of good, but of
harm.

The volume of "Commerce and Navigation" for 1877 shows that our total
exports for that year were $703,022,923, while our total imports were
$692,319,768. The countries to which we exported more than we received
from them were England, Belgium, Holland, Spain, Peru, etc., while the
countries to which we exported less than we received from them were
Brazil, Germany, France, Switzerland, Mexico, Cuba, Japan, Venezuela,
Roumania, etc. It does not appear that the countries having the balance
of trade "in their favor" as regards ourselves are more fortunately
situated than we. It will be seen that, regarding our whole foreign
commerce, the balance "in our favor" is something like $10,000,000.
These figures, it may be remarked, are by no means exhaustive and exact.
The freight is largely carried in British vessels, and this great sum
goes to England. Large sums are sent out from this country to Americans
living in Europe. These people, of whom there are many thousands, must
live, and they live upon money sent out from here. Then no account is
taken of the great quantities of stuff brought to this country by
travelling Americans. These are, of course, not put down among our
imports. The returns of the United States and England are no doubt more
exact than those of other countries. Before 1854 the value of the
imports of England was given in the official valuation, supposed to
represent the prices of different articles in 1699, but of course having
no kind of relation to their recent value. From 1854 to 1871 the value
of imports was estimated upon the average prices of goods as reported by
the brokers and the various Chambers of Commerce. Since 1871 it has been
the habit to trust completely to the values as given by the merchants
themselves. The exports from the beginning of the century have been
reckoned upon the values entered by the exporters at the custom-house.
The returns of imports and exports are of course less trustworthy in
other European countries than in England. It is far easier to smuggle
across a frontier than to smuggle in ships, and it is difficult for
governments to watch the traffic of railways. It does not appear that
there is much to be learned fro