The capital of the country, instead of increasing, gradually dwindles away, and the quantity of productive labour maintained in it grows every day less and less.Have the exorbitant profits of the merchants of Cadiz and Lisbon augmented the capital of Spain and Portugal? Have they alleviated the poverty, have they promoted the industry of those two beggarly countries? Such has been the tone of mercantile expense in those two trading cities that those exorbitant profits, far from augmenting the general capital of the country, seem scarce to have been sufficient to keep up the capitals upon which they were made.Foreign capitals are every day intruding themselves, if I may say so, more and more into the trade of Cadiz and Lisbon.It is to expel those foreign capitals from a trade which their own grows every day more and more insufficient for carrying on that the Spaniards and Portuguese endeavour every day to straighten more and more the galling bands of their absurd monopoly.Compare the mercantile manners of Cadiz and Lisbon with those of Amsterdam, and you will be sensible how differently the conduct and character of merchants are affected by the high and by the low profits of stock.The merchants of London, indeed, have not yet generally become such magnificent lords as those of Cadiz and Lisbon, but neither are they in general such attentive and parsimonious burghers as those of Amsterdam.They are supposed, however, many of them, to be a good deal richer than the greater part of the former, and not quite so rich as many of the latter.But the rate of their profit is commonly much lower than that of the former, and a good deal higher than that of the latter.Light come, light go, says the proverb; and the ordinary tone of expense seems everywhere to be regulated, not so much according to the real ability of spending, as to the supposed facility of getting money to spend.
It is thus that the single advantage which the monopoly procures to a single order of men is in many different ways hurtful to the general interest of the country.
To found a great empire for the sole purpose of raising up a people of customers may at first sight appear a project fit only for a nation of shopkeepers.It is, however, a project altogether unfit for a nation of shopkeepers; but extremely fit for a nation whose government is influenced by shopkeepers.Such statesmen, and such statesmen only, are capable of fancying that they will find some advantage in employing the blood and treasure of their fellow-citizens to found and maintain such an empire.Say to a shopkeeper, "Buy me a good estate, and I shall always buy my clothes at your shop, even though I should pay somewhat dearer than what I can have them for at other shops"; and you will not find him very forward to embrace your proposal.But should any other person buy you such an estate, the shopkeeper would be much obliged to your benefactor if he would enjoin you to buy all your clothes at his shop.England purchased for some of her subjects, who found themselves uneasy at home, a great estate in a distant country.The price, indeed, was very small, and instead of thirty years' purchase, the ordinary price of land in the present times, it amounted to little more than the expense of the different equipments which made the first discovery, reconnoitred the coast, and took a fictitious possession of the country.The land was good and of great extent, and the cultivators having plenty of good ground to work upon, and being for some time at liberty to sell their produce where they pleased, became in the course of little more than thirty or forty years (between 1620 and 1660) so numerous and thriving a people that the shopkeepers and other traders of England wished to secure to themselves the monopoly of their custom.Without pretending, therefore, that they had paid any part, either of the original purchase-money, or of the subsequent expense of improvement, they petitioned the Parliament that the cultivators of America might for the future be confined to their shop; first, for buying all the goods which they wanted from Europe; and, secondly, for selling all such parts of their own produce as those traders might find it convenient to buy.For they did not find it convenient to buy every part of it.Some parts of it imported into England might have interfered with some of the trades which they themselves carried on at home.Those particular parts of it, therefore, they were willing that the colonists should sell where they could- the farther off the better; and upon that account purposed that their market should be confined to the countries south of Cape Finisterre.A clause in the famous Act of Navigation established this truly shopkeeper proposal into a law.
