From the course, however, that the popular feeling has at all times taken, it might be supposed that the very contrary was the case; for the cry has constantly been in favour of making this agency, as far as possible, a monopoly in the hands of the native merchants, although the effect of the exclusion of foreign competition, if it could be accomplished, really could be nothing else than an enhancement of the profits of the agency, and consequently of the charge upon the consumer. In fact, if the exclusion were not expected to produce this effect, it never would be sought for by the native merchants. That it should be sought for by them is natural enough, but that they should be supported in this demand by the community at large is only an instance of popular prejudice and delusion. In all commerce, and especially in all foreign commerce, a body of intermediate agents, to manage the exchange of the commodities, is indispensable; the goods must be brought from the one country to the other, which makes what is called the carrying trade; they must be collected in shops or warehouses for distribution by sale; even their original production, in many cases, cannot be efficiently accomplished without the regular assistance of a third class of persons,—namely, dealers in money or in credit. But to the public at large it is really a matter of perfect indifference whether these merchants, ship-owners, and bankers or other capitalists, be natives or foreigners. Not so, however, thought our ancestors in the infancy of our foreign commerce. The commerce itself was sufficiently acceptable; but the foreigners, by whose aid it was necessary in part carried on, were the objects of a most intense and restless jealousy. Whatever portion of the profits of the commerce fell to their share was looked upon as nothing better than so much plunder. This feeling was even in some degree extended to the whole of the foreign nation with which the commerce was carried on; and, in the notion that all trade was of the nature of a contest between two adverse parties, and that whatever the one country gained the other lost, the inflammation of the popular mind occasionally rose to such a height that nothing less would sa-
