More Due

Footnote: When a country sends forth to other countries more products and manufactures than it buys from them, it is obvious that it will receive in payment more money than it pays out. Then the “balance of trade” is said to be in its favor, for, taking the country all together, there is more due it from abroad than it owes abroad, and money must come to pay the indebtedness. If everyone who left Broek came back with more money than he had carried away, it would be as if the balance of trade were always in their favor.

Irving, Knickerbocker Stories, 1898

September 3, 2014