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Updated: June 26, 2025
Mercantilism, by the time of Locke, is not the simple error that wealth consists in bullion but the insistence that the balance of trade must be preserved. Partly it was doubtless derived from the methods of the old political arithmetic of men like Petty and Davenant; the individual seeks a balance at the end of his year's accounting and so, too, the State must have a balance.
Yet he saw a cunning plot in this presentation to the electorate of men who appealed so diversely: Taylor of the South, and of slavery; Fillmore of the North, and of free soil, backed by the powerful mercantilism of the North, like the bank and the tariff. Both were using Jefferson to win the mob, and Hamilton to satisfy the strong.
If the reader cares to push forward the line of thought suggested in the preceding pages and to submit it to a concrete test he can do so without difficulty. He has but to compare the post-Union history of linen with that of cotton. Linen in Ireland had been a perfect type of the State-created, spoon-fed industry characteristic of the period of mercantilism.
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