000,000| 100,000 | 1,100,000 |
O | | 16,644,220| 1,664,422 | 18,308,642 |
P | | 10,000,000| | 10,000,000 |
Q | | 48,000,000| 52,800,000 | 52,800,000 |
R | | 500,000| 500,000 | 500,000 |
S | | 1,655,659| 1,655,659 | 1,655,659 |
T | | 1,000,000| 1,000,000 | 2,000,000 |
U | | 200,000| 200,000 | 200,000 |
V | | 300,000| 30,000 | 330,000 |
W | | | | |
X | | | | |
Y | | | | |
Z | | | | |
--+------------+------------+------------+----------------|
$11,000,000|$163,622,611|$66,391,813 |$124,736,033 |
-----------------------------------------------------------

W, X, Y, Z, represent 43,628,427,835,109 other commercial
transactions, in all of which the parties to them and the countries in
which they live make money, but which, regarded from Mr. Greeley's
solitary point of view, should be stopped at once by appropriate
legislation.

These various transactions, it will be perceived, have netted to the
individuals engaged in them a clear profit of $66,391,813, while the
country has added to its immediate stock of wealth not only this sum,
but $58,344,220 over, viz: $124,736,033; while, according to the
Balance of Trade chimera, which simply weighs the custom-house reports
of the value of the exports with that of the imports (and their values
in their respective countries of production, too), this commerce has
been a loss to the country of $163,622,611--$11,000,000: $152,622,611.

So much for _theory_ when confronted with _practice_.

The truth is, that the theory of the Balance of Trade should be
precisely _reversed_. The profits accruing to the nation from any
foreign commerce should be calculated by the overplus of the
importation above the exportation. This overplus, after the deduction
of expenses, is the real gain. Here we have the true theory, and it is
one which leads directly to freedom in trade. I now, gentlemen,
abandon you this theory, as I have done all those of the preceding
chapters. Do with it as you please, exaggerate it as you will; it has
nothing to fear. Push it to the furthest extreme; imagine, if it so
please you, that foreign nat