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Show The National Enterprise , July Page Ten The Wealth of Nations: An Interview with Adam Smith Continued from page three to the foreign trade of consumption, and the latter to the carrying trade. As every individual, therefore, endeavors as much as he can both to employ his capital in the support of domestic industry and so to direct that industry that its produce may be of the greatest value, every individual necessarily labors to render the annual revenue of the society as great as he can. But, I said, generally neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his home-trad- e own security, and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. REASON: Would it be better if people paid more attention to others interests? On the contrary, by pursuing his own interest a SMITH: person frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done JUST PUBLISHED INVESTING IN THE GREAT NORTHWEST. ... FOR THE FIRST TIME. A NOW DEFINITIVE BOOK THAT ANALYZES EXCITING INVESTMENT OPPORTUNITIES IN THE DYNAMIC, RESOURCE-RICSEVEN STATE REGION OF THE PACIFIC NORTHWEST (INCLUDING ALASKA). H ABOUT THE AUTHORS. INVESTING IN THE GREAT NORTHWEST Is a new approach to investment guidance, bringing together In 320 entertaining and readable pages Information Indlspensible to any businessman Interested In this region. Discusses over 200 public companies With over 2 billion shares of stock Over $30 billion annual sales Paying over $1 billion annual dividends and Interest HANNON P. PRATT to Editor Of Northern cl Mock Quids, o pyndUUd eotamnM on Northwool InvooUnR ond o raeognlMd export on coiporoMvot-ubdon- . No holds doctors bi trom indlono University, lo o Choi rod FlnoncM Andy ond o snt mctsrtsl tar Sing short with Import .economic sophism elss smstsyr In store- Robert Lend bkot, The ORCQONIAN. The eidhore sec mony rose one why the Northwest choidd continue to be e eound end giosdng region tor btvoetmonl funds. Theroe no reeeon to dtoogroo.- - Den OougMbi, Seethe. "A most ynucucl book. A trad br stl wbi aa dleeee n a! sis Aa siwsHnsni miy was ssww Analysis Center el Perttend Mete U. $9.95 Hard Cover $6.95 ORDER Soft Cover TODAY AVAILABLE AT MOST BOOK STORES OR ORDER FROM: Willamette Menage ment Associates, Inc. 220 S. W. Aider Street Port! end, OR 97204 Please send me coplee of INVESTING I IN THE GREAT NORTHWEST:" herd cover mailing each. In soft cover mailing each. Name Address In LAWRENCE R. ROM Is e netleneltp known nneurtty mtytf and flnmM and wnn Dlncin of N$s9Mk A AaM AaabA Njm sns mavniSH worn smsersgi sm her otyosrs. He lee member the Denser ledsty ot lecurhy Andy sip end hes tied Myoere expert In the bw eel merit business. le eulhor of the book, "bt big Qioerth Componioo. $9.95 plus 50 I 90.95 plus 50 I City I V NOT SATISFIED, RETURN BOOK WITHIN 30 DATS FOR A REFUND. by those who affected to trade for the public good. REASON: Many contempor- ary' advocates of the free market believe that individual liberty requires that there by no government SMITH: I do not agree. The liberty, reason, and happiness of mankind can flourish only where civil government is able to protect them. It is quite clear that commerce and manufacturers can seldom flourish long in any state w hich does not enjoy a regular administration of justice, in which the people do not feel themselves secure in the possession of their property, in which the faith of contracts is not supported by law, and in which the authority of the state is not supposed to be regularly employed in enforcing the payment of debts. 7, 1976 out your book that people barrassment. When war ought to enjoy the fruits of comes governments are unwiltheir own work. So how'do you ling to increase their revenue in proportion to the increase of justify taxation? their expense for fear of SMITH: The subjects of every offending the people, who by state enjoy their revenue so great and so sudden an under the protection of the increase of taxes, would soon state. The expense of gov- be disgusted with the war. ernment to the individuals of a Were the expense of war to be great nation is like the ex- defrayed always by revenue pense of management to the raised within the year, wars joint tenants of a great estate, would in general be more who are all obliged to contribspeedily concluded and less ute in proportion to their re- wantonly undertaken. The spective interests in the es- foresight of the heavy and tate. Taxes of all kinds have unavoidable expenses of war often been represented as would hinder the people from badges of slavery. Every tax, wantonly calling for it when however, is to the person who there was no real or solid pays it a badge, not of slavery, interest to fight for. but of liberty. It denotes that he is subject to government, REASON: Do you think New indeed, but that, as he has York will be able to extricate some property, he cannot itself from its present difficulhimself be the property of a ties? master. SMITH: When government REASON: What is your debts have once been accumuREASON: What do you think opinion of raising government lated to a certain degree, there are the proper functions of revenue by borrowing? is scarce, I believe, a single instance of their having been government? SMITH: The practice of fairly and completely paid. SMITH: The liberation of the public According to the funding has gradually ensystem of natural liberty, the feebled every state which has revenue, if it has ever been government has only three adopted it. Like an improvidbrought about at all, has duties to attend to, three ent spendthrift, whose pressalways been brought about by duties of great importance, ing occasions will not allow a bankruptcy, sometimes by indeed, but plain and intelli- him to wait for the regular an avowed one, but always by payment of his revenue, the a real one, though frequently gible to common understandings: the duty of protecting state is in the constant pracby a pretended payment. tice of of violence its from own the society the borrowing Although such is not available and invasion of other soc- factors and agents and of to New York, the raising of the ieties; the duty of protecting paying interest for the use of denomination of the coin has every member of the society its own money. The enormous been the most usual expedient from the injustice of oppresdebts which are present op- by which a real public banksion of every other member of press will in the long run ruptcy has been disguised it, or the duty of establishing probably ruin all the great under the appearance of a of nations. an exact administration pretended payment. When it becomes necessary for a govjustice; and the duty of erecting maintaining certain public REASON: When you wrote, ernment to declare itself bankwrorks and institutions. government debt was a means rupt, a fair, open, and avowed of financing wars bankruptcy is always the meaREASON: For the financing sure which is both least disfuncof those governmental SMITH: Yes, but one could honorable to the debtor and tions that benefit all members say about other programs least hurtful to the creditor. of society, you concluded, for exactly what I said about The honor of a state is surely economic reasons, that taxa- borrowing on that occasion. very poorly provided for when, tion is the best method. Yet The facility of borrowing dein order to cover the disgrace livers governments from em you said repeatedly through of a real bankruptcy, it has recourse to juggling tricks so easily seen through and at the same time so extremely pernicious. REASON: As you wrote your book, events wrere leading rapidly into the American Revolution. Upon the occasion of our Bicentennial, could you take yourself back two centuries and give us your view from there? SMITH: Unless some method is fallen upon of preserving you Covered With over 1600 stock quotations, news articles, earnings reports, corporate profiles, market columns and feature stories, the National Enterprise covers the OTC securities market from coast to coast. We make it our business to know what's going on in the industry-fro- m behind closed doors of corporate board rooms to changing securities laws and regulations. We'll keep you posted on the latest developments and abreast of current trends. The National Enterprise gives your investments the kind of coverage they deserve. Please send me a one-yea- r subscription to the National Enterprise. Enclosed is $24.00. NAME. ADDRESS. I CITY STATE. ZIP- - Mail to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY, UTAH 84147 the importance and of gratifying the ambition of the leading men of America, it is not very probable that they will ever voluntarily submit to us. They are very weak who flatter themselves that, in the state to which things have come, our colonies will be easily conquered by force alone. The persons who now govern the resolutions of what they call their continental congress felt in themselves at this moment a degree of importance which perhaps the greatest subject Continued on page twelve |