[What Is Free Trade? by Frederick Bastiat]@TWC D-Link book
What Is Free Trade?

CHAPTER VI
19/23

These funds were recovered and converted into gold, which was shipped to the United States.

According to Mr.
Greeley, who could find no record of exports to counterbalance it, the same was a dead loss to the country.
S, and his friends own 76,990 tons of whaling ships (see Commerce and Navigation Reports, 1866), worth $40 per ton, gold, or $3,079,600.
These ships are sent annually to the Arctic regions and earn for S and his friends ten per cent., or $307,960 net profit each year.

Five years' profits, consisting of whale oil, bone, etc., which, after an active and profitable trade at the Sandwich Islands, they returned with this year, were valued at $1,655,659, and were duly entered among the imports, furnishing to Mr.Greeley an indubitable proof that the country was losing money in this business, and that the attention of Congress should at once be directed toward supplying a proper remedy.
T, was a South American refugee, who brought with him a million of dollars in gold doubloons.

After living here for many years, by which time, through foreign trading, his capital had doubled, he invested the entire avails in United States bonds, as a last and striking evidence of his faith in our institutions, and departed to his native country, there to rest his bones.

This man clearly prospered, and so did the country in which he settled, and on whose national faith he lent all his fortune.


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