There existed previously a system of political economy, not written, but _practiced_ by governments.

Colbert was, it is said, the inventor of it; and Colbert gave the law to every state of Europe.

Strange to say, he does so still, in spite of contempt and anathemas, in spite too of the discoveries of the modern school.

This system, which has been called by our writers the _mercantile system_, consisted in ...

checking by prohibition or import duties such foreign productions as were calculated to ruin our manufactures by competition....