farther from the
great marts and highways of the commercial world may afford still
stronger instances of the necessity and utility of conducting commerce
on the original principle of barter, without much assistance from the
operations of credit and exchange. All I would be understood to say is,
that it by no means follows that we can carry on nothing but a losing
trade with a country from which we receive more of her products than she
receives of ours. Since I was supposed, the other day, in speaking upon
this subject, to advance opinions which not only this country ought to
reject, but which also other countries, and those the most distinguished
for skill and success in commercial intercourse, do reject, I will ask
leave to refer again to the discussion which I first mentioned in the
English Parliament, relative to the foreign trade of that country. "With
regard," says the mover[5] of the proposition, "to the argument employed
against renewing our intercourse with the North of Europe, namely, that
those who supplied us with timber from that quarter would not receive
British manufactures in return, it appeared to him futile and
ungrounded. If they did not send direct for our manufactures at home,
they would send for them to Leipsic and other fairs of Germany. Were not
the Russian and Polish merchants purchasers there to a great amount? But
he would never admit the principle, that a trade was not profitable
because we were obliged to carry it on with the precious metals, or that
we ought to renounce it, because our manufactures were not received by
the foreign nation in return for its produce. Whatever we received must
be paid for in the produce of our land and labor, directly or
circuitously, and he was glad to have the noble Earl's[6] marked
concurrence in this principle."

Referring ourselves again, Sir, to the analogies of common life, no one
would say that a farmer or a mechanic should buy _only_ where he can do
so by the exchange of his own produce, or of his own manufacture. Such
exchange may be often convenient; and, on the other hand, the cash
purchase may be often more convenient. It is the same in the intercourse
of nations. Indeed, Mr. Speaker has placed this argument on very clear
grounds. It was said, in the early part of the debate, that, if we cease
to import English cotton fabrics, England will no longer continue to
purchase our cotton. To this Mr. Speaker replied, with great force and
justice, that, as