Alexander Hamilton,

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In some measure it might even be described as a A FATEFUL BARGAIN 257 rejoinder to Smith, the weight of whose argument, as is well known, was in favor of free trade. This Hamilton doubtless had in mind when he observed: "Most general theories, however, admit of niunerous exceptions, and there are few, if any, of the political kind, which do not blend a considerable portion of error with the truths they inculcate." Smith admit- ted that particular considerations might traverse the general princi
...ples he advocated, as, for instance, after condemning the Navigation Act as adverse to the national prosperity, he abruptly remarked: "As de- fence, however, is of much more importance than opulence, the act of navigation is, perhaps, the wis- est of all the commercial regulations of England." This consideration which Smith dismisses with cm-t mention is drawn out at length with great power in Hamilton's report, not merely as concerns naviga- tion, but in respect of the whole subject of national poHcy.

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