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They passed the celebrated act of navigation, which prohibited all nations from importing into England in their ships any commodity which was not the growth and manufacture of their own country. This law, though worded generally, was aimed directly at the Dutch, who were the general factors and carriers of Europe.
England's imports from the United States, for example, are paid by her exports to us. Usually exports and imports so nearly balance that the difference is paid by gold or with the temporary use of bank credit. Therefore it is not a question of actual money but of exchange and this foreign exchange is a commodity whose value fluctuates with supply and demand. Along came the war.
It is enough for me to tell you that we made the voyage to Achin, in the island of Sumatra, first; and from thence to Siam, where we exchanged some of our wares for opium, and for some arrack; the first a commodity which bears a great price among the Chinese, and which, at that time, was very much wanted there: in a word, we went up to Susham; made a very great voyage; were eight months out; and returned to Bengal: and I was very well satisfied with my adventure.
Suppose that a country should be opened to our merchants, disposed to buy from us in abundance, but which can sell to us scarcely anything, as every commodity which it affords could be got cheaper by us from some other quarter. Nevertheless, our trade with this country will enable us to obtain from all other countries their commodities at a lower price.
Base our currency upon the national credit ... treat gold as a commodity only, for the settlement of foreign trade balances." This passage in his article in the September Supplement tells us what to do. Keep gold, out of deference for foreign prejudice, for the settlement of foreign trade balances, but make as much paper money as you like for home use.
The occasional and temporary fluctuations in the market price of any commodity fall chiefly upon those parts of its price which resolve themselves into wages and profit. That part which resolves itself into rent is less affected by them. A rent certain in money is not in the least affected by them, either in its rate or in its value.
Dean will race her down there at the top of her speed. Dean will be there all right. Thank you very much. Do as much for you some day. Goo'-by." But Dean's protests were serious. His duties admitted of no trifling. He wanted no such superfine commodity as Fairy-foot, but a horse stout and sound he must have to-night and the favor of leaving his disabled steed in Briscoe's stable.
First, a diminution of the value of your staple commodity, lowered by overproduction in other quarters, and the consequent diminution in the value of your lands were the sole effect of the tariff laws.
As concerning bees, I think it good to remember that, whereas some ancient writers affirm it to be a commodity wanting in our island, it is now found to be nothing so.
Moreover, the science of statistics had not a beginning of existence in those days, and the most common facts can hardly be obtained, even by approximation. The usual standard of value, the commodity which we call money gold or silver is well known to be at best a fallacious guide for estimating the comparative wealth of individuals or of nations at widely different epochs.
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