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abroad advantage agricultural American amount argument average balance of trade benefit blind pool branch bushels cent cheap cheaper cloth Cobden Club commerce commodities compelled competition Congress consumers consumption corn corn law cotton demand dollars domestic economy effect employed employment England English equal Europe exports fact factures farmers favor free trade free-trade give greater higher home market imported imposed increased industry interests Ireland iron J. S. Mill labor power land laws legislation less machinery manu manufac manufactures means ment millions mills nation natural necessary obtain paid political present principles production profits prosperity protectionist protective duty protective system protective tariff purchase quantity question raised raw material reason reduced result revenue sell Senator ships supply suppose tariff of 1816 taxation theory things tion United wages wealth wheat whole wool woolen workmen yard
Page 27 - 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, v Nor is it always the worse for the society that it was no part of it.
Page 171 - The statesman, who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself...
Page 26 - 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 he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it.
Page 284 - The only case in which, on mere principles of political economy, protecting duties can be defensible, is when they are imposed temporarily (especially in a young and rising nation) in hopes of naturalizing a foreign industry, in itself perfectly suitable to the circumstances of the country. The superiority of one country over another in a branch of production, often arises only from having begun it sooner.
Page 171 - It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy.
Page 27 - By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.
Page 28 - ... senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.
Page 530 - ... present tariff is necessary in order that higher wages may be paid to our workingmen employed in manufactories than are paid for what is called the pauper labor of Europe. All will acknowledge the force of an argument which involves the welfare and liberal compensation of our laboring people. Our labor is honorable in the eyes of every American citizen ; and, as it lies at the foundation of our development and progress, it is entitled, without affectation or hypocrisy, to the utmost regard. The...
Page 29 - ... part of the produce of our own industry, employed in a way in which we have some advantage. The general industry of the country, being always in proportion to the capital which employs it, will not thereby be diminished, no more than that of the above-mentioned artificers; but only left to find out the way in which it can be employed with the greatest advantage.