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Each town and each country will command the amount of currency which it requires for its own purposes, undisturbed in the slightest degree by consulting its manifest interest, namely, by purchasing that which it wants in the cheapest market. Yes, by purchasing that which it wants in the cheapest market. You consider this a very low and unworthy principle; that it is a doctrine of the Manchester school; that it is a novel doctrine of some speculative political philosophers, and that it may be safely rejected. But this doctrine of purchasing in the cheapest market is not a doctrine of speculative philosophers only. It is not a doctrine introduced by modern economists. It is, no doubt, a doctrine sanctioned expressly and directly by the authority of Adam Smith. It is the doctrine of Say and of Hume. It is opposed to a doctrine which was fashioned some eighty or ninety years since, of which such writers as Montesquieu and Voltaire were the patrons; but Smith, and Say, and Hume, demonstrated the true principles which ought to regulate the commercial policy of a nation. (en) |
