we are indebted for much of our riches to what is
called the balance of trade." "Our true policy would surely be to
profess, as the object and guide of our commercial system, that which
every man who has studied the subject must know to be the true principle
of commerce, the interchange of reciprocal and equivalent benefit. We
may rest assured that it is not in the nature of commerce to enrich one
party at the expense of the other. This is a purpose at which, if it
were practicable, we ought not to aim; and which, if we aimed at, we
could not accomplish." These remarks, I believe, Sir, were written some
ten or twelve years ago. They are in perfect accordance with the
opinions, advanced in more elaborate treatises, and now that the world
has returned to a state of peace, and commerce has resumed its natural
channels, and different nations are enjoying, or seeking to enjoy, their
respective portions of it, all see the justness of these ideas,--all
see, that, in this day of knowledge and of peace, there can be no
commerce between nations but that which shall benefit all who are
parties to it.

If it were necessary, Mr. Chairman, I might ask the attention of the
committee to refer to a document before us, on this subject of the
balance of trade. It will be seen by reference to the accounts, that, in
the course of the last year, our total export to Holland exceeded two
millions and a half; our total import from the same country was but
seven hundred thousand dollars. Now, can any man be wild enough to make
any inference from this as to the gain or loss of our trade with Holland
for that year? Our trade with Russia for the same year produced a
balance the other way, our import being two millions, and our export but
half a million. But this has no more tendency to show the Russian trade
a losing trade, than the other statement has to show that the Dutch
trade has been a gainful one. Neither of them, by itself, proves any
thing.

Springing out of this notion of a balance of trade, there is another
idea, which has been much dwelt upon in the course of this debate; that
is, that we ought not to buy of nations who do not buy of us; for
example, that the Russian trade is a trade disadvantageous to the
country, and ought to be discouraged, because, in the ports of Russia,
we buy more than we sell. Now allow me to observe, in the first place,
Sir, that we have no account showing how much we do sell in the ports of
Russia. Our offi