There existed, however, a system of political economy, not written, but practised by governments.

It is said that Colbert was its inventor, and it was the rule of all the States of Europe.

What is more singular, it has remained so till lately, despite anathemas and contempt, and despite the discoveries of the modern school.

This system, which our writers have called the _mercantile system_, consists in opposing, by prohibitions and duties, such foreign productions as might ruin our manufacturers by their competition.

This system has been pronounced futile, absurd, capable of ruining any country, by economical writers of all schools.