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27th Congress Adam Smith agricultural American labor American revolution amount annual argument arts average balance balance of trade bank benefit Britain British bushels capital cent chapter cheaper cial classes colonies commercial rights commercial values commodities competition corn laws cost cotton currency doctrine domestic effect employed England equal Europe European exchange exports facts forced former Free Trade Free-Trade economists freedom gold and silver imports increase independent industry interests less manufactures ment merchants millions nation never operation parties political ports position precious metals principle profit propositions protective duties protective policy protective system proved public economy question reason reduced result revenue rule says sell society specie subject of trade Subtreasury supply supposed system of protection system of public tariff of 1842 taxes theory things tion tools of trade treasury true United wages wealth
Page 312 - By preferring the support of domestic to that of foreign industry he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
Page 41 - If two or more instances in which the phenomenon occurs have only one circumstance in common, while two or more instances in which it does not occur have nothing in common save the absence of that circumstance, the circumstance in which alone the two sets of instances differ is the effect, or the cause, or an indispensable part of the cause, of the phenomenon.
Page 136 - Under circumstances giving a powerful impulse to manufacturing industry, it has made among us a progress, and exhibited an efficiency, which justify the belief, that with a protection not more than is due...
Page 152 - But in different stages of society, the proportions of the whole produce of the earth which will be allotted to each of these classes, under the names of rent, profit, and wages...
Page 279 - The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour, is a plain violation of this most sacred property.
Page 41 - If an instance in which the phenomenon under investigation occurs, and an instance in which it does not occur, have every circumstance in common save one, that one occurring only in the former; the circumstance in which alone the two instances differ is the effect, or the cause, or an indispensable part of the cause, of the phenomenon.
Page 41 - If two or more instances of the phenomenon under investigation have only one circumstance in common, the circumstance in which alone all the instances agree is the cause (or effect) of the given phenomenon.
Page 161 - REST, considered as the price paid for the use of land, is naturally the highest which the tenant can afford to pay in the actual circumstances of the land. In adjusting the terms of the lease, the landlord endeavours to leave him no greater share of the produce than what is sufficient to keep up the stock from which he furnishes the seed, pays the labour, and purchases and maintains the cattle, and other instruments of husbandry, together with the ordinary profits of farming stock in the neighbourhood.
Page 314 - There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry. The first is, when some particular sort of industry is necessary for the defence of the country.
Page 312 - But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value. As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value ; every individual necessarily labours to render the annual revenue of the society as great as...