. Pamphlets. BRUSSELS LIE8E ^.Ooo Again two successive employments of one capital—first,to purchase boots from Bruges, and then, with the pro-ceeds, Bruges to purchase other goods from, say, Li^ge. 17 No. 4. The full Free Trade equivalent of 2 and 3 under Free Trade—thatis, two successive employments of two capitals:. Showing that two successive employments havefollowed the expenditure of the Belgian capital inNorthampton, just as it would have followed the expendi-ture of the British capital in Glasgow. In these diagrams I have shown the original capitalsbrought into action as 3
. Pamphlets. BRUSSELS LIE8E ^.Ooo Again two successive employments of one capital—first,to purchase boots from Bruges, and then, with the pro-ceeds, Bruges to purchase other goods from, say, Li^ge. 17 No. 4. The full Free Trade equivalent of 2 and 3 under Free Trade—thatis, two successive employments of two capitals:. Showing that two successive employments havefollowed the expenditure of the Belgian capital inNorthampton, just as it would have followed the expendi-ture of the British capital in Glasgow. In these diagrams I have shown the original capitalsbrought into action as 3,000 golden sovereigns in thehands of the railway directors in London, and the sameamount in the hands of the proprietors of the Brusselsemporium. I have shown the movement of thesesovereigns as necessary to complete the exchange of twocapitals in each transaction. And this expresses exactlywhat does happen, for though the metallic money doesnot move, the legal title to its possession and use doesmove in the manner indicated by the transmission ofcheques or bills of exchange. Thus, after a completeanalysis, we see that the Free Traders first position isvalid, and that the accepted axiom that foreign commerceis exchange is the conclusion of the whole matter, and thedestruction of the whole case of the Protectionist thatforei
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