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Our rulers will best promote the improvement of the nation by strictly confining themselves to their own legitimate duties, by leaving capital to find its most lucrative course, commodities their fair price, industry and intelligence their natural reward, idleness and folly their natural punishment, by maintaining peace, by defending property, by diminishing the price of law, and by observing strict economy in every department of the state.
The light it takes up the point in is this that the welfare of the whole is injured by the produce of a certain portion of the soil being sent out of the kingdom.... It will be said that the produce of the soil is not exported by being carried to our own markets; but if the value received in exchange for it, whatever it be, whether money or commodities, be exported, it is exactly the same in its ultimate effects as if the grain, flocks, &c. were literally sent to England.
But it also serves to increase the purchasing power with which to buy commodities, because it increases the aggregate real wealth of the community, and it thus serves to raise the whole demand curve. The evidence of history points to the same conclusion.
Cicero, though he watched the British expedition with interest, anticipated that Quintus would bring nothing of value back with him but slaves; and he warned his friend Atticus, who dealt extensively in such commodities, that the slaves from Britain would not be found of superior quality. Nassau and Darmstadt. "Britannici belli exitus exspectatur.
It seemed obvious to the burgomaster, that the time for yielding had arrived. "I had maintained the city," he said, "for a long period, without any excessive tumult or great effusion of blood a city where there was such a multitude of inhabitants, mostly merchants or artisans deprived of all their traffic, stripped of their manufactures, destitute of all commodities and means of living.
After the reduction of Babylon by Cyrus, the Persians, who paid no attention to commerce, suffered Babylon and Ninevah to sink into ruin; but Palmyra still remained, and flourished as a commercial city. Under the Seleucidæ it seems to have reached its highest degree of importance, splendour, and wealth; principally by supplying the Syrians with Indian commodities.
Nothing can be money for him, constitutionally, but metal which has a genuine ring in it. Being the established standard, the precious metals, so long as they continue unchanged in amount, have a precise and definite relation to all other commodities. But they do not continue unchanged; and neither do other commodities continue unchanged.
In securities or commodities, the larger the volume of speculation, the wider become the upward and downward swings and the more certain the result that in the long run there will be more losses than gains in the underlying wealth of the community.
If we were to indulge in conjecture, we might add to this list of Assyrian importations at least an equal number of commodities which, though they have not been found in the ancient remains, may be fairly regarded, on grounds of probability, as objects of trade between Assyria and her neighbors.
They also took certificates of indebtedness either from the State or the nation because of services performed against the Indians, and certificates of land claimed under various rights. The value of some of these commodities was evidently mainly speculative.
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