I. Use of the term by American economists, 621.— II. Origin of "favorable" and "unfavorable" as applied to "balance of trade, " 622. — III. Meaning of "balance of trade" in Mercantilist writings, 624. — IV. New terminology of Harris and Steuart, 626.— V. The views of Adam Smith, 628.— VI. The Bullion Controversy, 630.— VII. English usage since the Bullion Controversy, 635.— VIII. Use of the term in America to 1870, 639.— IX. Changes in American usage since 1870; Conclusions, 641.