"Each town and each country will command the amount of currency which it requires for its own purposes, undisturbed in the slightest degree by consulting its manifest interest, namely, by purchasing that which it wants in the cheapest market. Yes, by purchasing that which it wants in the cheapest market. You consider this a very low and unworthy principle; that it is a doctrine of the Manchester school; that it is a novel doctrine of some speculative political philosophers, and that it may be safely rejected. But this doctrine of purchasing in the cheapest market is not a doctrine of speculative philosophers only. It is not a doctrine introduced by modern economists. It is, no doubt, a doctrine sanctioned expressly and directly by the authority of Adam Smith. It is the doctrine of Say and of Hume. It is opposed to a doctrine which was fashioned some eighty or ninety years since, of which such writers as Montesquieu and Voltaire were the patrons; but Smith, and Say, and Hume, demonstrated the true principles which ought to regulate the commercial policy of a nation."
React to this quote
More by Robert Peel
See allResonant Thoughts
"The idea of objectivity in the evaluation of pictures introduces the concept of rational and scientific assessment. There are some sciences involved in the making and in the study of pictures, but the…"
Explore Further
Related Quotes
"The quality of his being one with his people, of having no artificial or natural barriers between him and t…"
— Frances Perkins"I don't give a shit what happens. I want you all to stonewall it, let them plead the Fifth Amendment, cover…"
— Richard Nixon"Why is it relatively easy for a few armament makers to persuade 'men to go to war, to give their lives; and…"
— Norman Angell"The romantic movement under the leadership of the geniuses Nuyen also attracted me to follow. And in spite …"
— Johannes Bosboom"Paddy Ashdown is the only party leader who's a trained killer. Though, to be fair, Mrs Thatcher was self ta…"
— Charles Kennedy"An eye for an eye only leads to more blindness."
— Margaret Atwood