The Elements of Political Economy:

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4. A stagnation of business may be the effect of legislation. Suppose the importation of coffee into this country be a million pounds per annum. This must be paid for, in some way, by the productions of our own industry ; and the demand for those productions to this extent, is for the sole purpose of 190 LEGISLATIVE ENACTMENTS.
paying for this coffee. There must, of course, be a great variety of exchanges required to collect these products, to bring them to the seaports, to ex- change them for
...coffee, and again to circulate this coffee throughout the country. Now, let a duty be laid upon coffee, which shall double its price, and thus diminish its consumption one half. The de- mand for one half of the products by which it was paid for, ceases, the demand for coffee, to this extent, also ceases ; and the labor of transportation on both articles is reduced one half. Here must be a stag- nation of business, in both of these articles ; and half the shipping thus employed, will, for a time, be useless.

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