e quantities of tobacco, since the peace, and been
obliged to pay there in coin, what might have been paid here in
manufactures, had the French and American merchants bought the tobacco
originally here. I suppose, too, that the purchases made by the Farmers
General, in America, are paid for chiefly in coin, which coin is also
remitted directly hence to England, and makes an important part of the
balance supposed to be in favor of that nation against this. Should
the Farmers General, by themselves, or by the company to whom they
may commit the procuring these tobaccos from America, require, for the
satisfaction of government on this head, the exportation of a proportion
of merchandise in exchange for them, it would be an unpromising
expedient. It would only commit the exports, as well as imports, between
France and America, to a monopoly, which, being secure against rivals
in the sale of the merchandise of France, would not be likely to sell
at such moderate prices as might encourage its consumption there,
and enable it to bear a competition with similar articles from other
countries. I am persuaded this exportation of coin may be prevented, and
that of commodities effected, by leaving both operations to the French
and American merchants, instead of the Farmers General. They will import
a sufficient quantity of tobacco, if they are allowed a perfect freedom
in the sale; and they will receive in payment, wines, oils, brandies,
and manufactures, instead of coin; forcing each other, by their
competition, to bring tobaccos of the best quality; to give to the
French manufacturer the full worth of his merchandise; and to sell
to the American consumer at the lowest price they can afford; thus
encouraging him to use, in preference, the merchandise of this country.

It is not necessary that this exchange should be favored by any loss of
revenue to the King. I do not mean to urge any thing which shall injure
either his Majesty or his people. On the contrary, the measure I have
the honor of proposing, will increase his revenue, while it places both
the seller and buyer on a better footing. It is not for me to say, what
system of collection may be best adapted to the organization of this
government; nor whether any useful hints may be taken from the practice
of that country, which has heretofore been the principal entrepot
for this commodity. Their system is simple and little expensive. The
importer there, pays the whole duty to the