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Adam Smith

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The importation of gold and silver is not the principal, much less the sole benefit which a nation derives from its foreign trade.
--
Chapter I, p. 479

 
Adam Smith

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The silver which is taken from the furnace, generally contains an intermixture of gold, averaging from ten to thirty per cent.; but what is extracted by amalgamation is mostly separated in the washing. While in a liquid state, the gold, from its greater specific gravity, mostly settles to the bottom: yet it usually retains a considerable alloy of silver. The compound is distinguished by the name of oroche. The main portion of the silver generally retains too little gold to make it worth separating.

 
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The principal lever relied on by the insurgents for exciting foreign nations to hostility against us, as already intimated, is the embarrassment of commerce. Those nations, however, not improbably saw from the first that it was the Union which made as well our foreign as our domestic commerce. They can scarcely have failed to perceive that the effort for disunion produces the existing difficulty, and that one strong nation promises more durable peace and a more extensive, valuable, and reliable commerce than can the same nation broken into hostile fragments.

 
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A constant and often profitable business in the 'silver trade' is carried on at these mines. As the miners rarely fail being in need of ready money, they are generally obliged to sell their bullion for coin, and that often at a great sacrifice, so as to procure available means to prosecute their mining operations. To profit by this trade, as is already mentioned, was a principal object of my present visit. Having concluded my business transactions, and partially gratified my curiosity, I returned to Chihuahua, where I arrived, November 24, 1835, without being molested either by robbers or Indians, though the route is sometimes infested by both...

 
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Some of the statement might be derived from those made during his examination by the British Parliament in February 1766, published in "The Examination of Benjamin Franklin" in The Parliamentary History of England from the Earliest Period to the Year 1803? (1813); when questioned why Parliament had lost respect among the people of the Colonies, he answered: "To a concurrence of causes: the restraints lately laid on their trade, by which the bringing of foreign gold and silver into the Colonies was prevented; the prohibition of making paper money among themselves, and then demanding a new and heavy tax by stamps; taking away, at the same time, trials by juries, and refusing to receive and hear their humble petitions".

 
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A great nation's foreign policy involves power, money, trade, oil and arms, but it proeeds from ideas.

 
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