And yet it will be found at last, when all things come to be rightly considered, that no plenty at home, victory abroad, affection of the people, nor no conduct, or wisdom, in other things, can give the public effectual help, till we can mend the condition and posture of trade.
In our great assemblies, it has never been sufficiently thought a matter of state, but managed rather as a conveniency, or an accidental ornament, than the chief strength and support of the kingdom.
And it has never been greatly the care of our ministers of state, so it has not been enough the study of our nobility and gentry, who, (give me leave to say) for want of a right knowledge in the general notions of it, have been frequently imposed upon by particular merchants and other interested persons, to enact laws so much to the prejudice of trade in general.
My lord, I shall be very free to communicate the few lights Ihave gathered from observation, and inquiry into these matters, and shall be very glad if my endeavours can give your lordship any hints, which I am certain will be improved by your deep judgment and understanding.
1st, I am clearly convinced in general, that the East-India trade is greatly beneficial to England.
2nd. I am of the opinion, (with submission to better judgements) that the bill now proposed, to prohibit the wearing East-India and Persia wrought silks, bengals, etc. will be absolutely destructive to the trade, and very perjudicial to the kingdom. Which two points shall be impartially handled in the sequel of this discourse.
As to the East-India trade in general; if all Europe by common consent, would agree to have no further dealings to those parts, this side of the world, by such resolution, would certainly save a great and continual expence of treasure.
For Europe draws from thence nothing of solid use; materials to supply luxury, and only perishable commodities,and sends thither gold and silver, which is there buried and never returns.
I have good grounds to think, that the silver and gold brought from America, the gold dust brought from Africa, and the silver produced from the European mines, in the 200 years last past, has not amounted to less, in the whole, than 800 millions.
There is no appearance of this immense sum in any country of Europe. It is true indeed, there is yearly a great consumption of these metals, by the wear of gold and silver coin, waste in coinage, waste in working plate, the wear of wrought plate, the wear of things made of gold and silver thread, and wire (a high article) leaf and shell gold and silver, liquid gold and silver.
There is also much loss in casualties by sea, fires, and inudations, and by being privately buried and never found.
But having computed what may be allowed for the yearly consumption of gold and silver on all the foregoing heads, and what quanity of those metals may be now remaining in Europe, Icannot find what is become of the 800 millions of it be carried away and sunk in the East-Indies.
From whence I have reason to conclude, that the European nations in general had been richer by full 1/3d, than they now are, if that trade had never been discovered and undertaken.
But since Europe has tasted of this luxury, since the custom of a hundred years has made their spices necessary to the constitutions of all degrees of people, since their silks are pleasing every where to the better sort, and since their callicoes are a useful wear at home, and in our own plantations, and for the Spaniards in America, it can never be advisable for England to quit this trade, and leave it to any other nation.
The burthen which this commerce lays upon the collective body of Europe, does bear hard only upon those countries which consume the Indian commodities, without having any share of the traffic, and therefore France did about 12 years ago very wisely prohibit the wearing callicoes that were not of their own importation.
The English and Dutch, which together are not 1/10th part of Europe, enjoy this traffic almost without any rivalship; and if it be a burthen, it lies not upon the one, but on the other 9parts, so that if the East-India trade carry out the gold and silver from this side of the world, it is truly and properly, at the cost and expence of France, Germany, Spain, and the northern kingdoms, who have little or no opportunities of trading thither.
To imagine all Europe will come to an agreement of dealing no more to those parts, is an absurd and wild notion; since therefore the western nations are contented to be deceived, and for 100 years have been accustomed to bear this deceit, it would be egregious folly in us to quit this advantage, and leave it entirely to the Hollanders.
But the best account I can have, and from impartial hands, England before the war for some time, one year with another, has exported for this traffic, either in bullion, or our manufactures (of which the manufactures might be near 1/4th part) about per ann. 400,000 l.
Suppose we consume at home the returns of 200,000 l.
But, by the way, I must take notice here, that the company, of late years, have carried out the value of 100,000 l. per ann.
in our home manufactures.
If the company export to other nations the returns of the other 20,ooo pounds (which I may safely affirm they did, and will do, intime of peace) England must certainly be a great gainer by this traffic.
For no one versed in merchandize will deny, but that the returns from India of 200,000 l. when exported to other countries, must encrease the first sum at least fourfold, and produce 800,000 l.
So that the account of England with the Indies, and the European nations, may be thus balanced:
The returns exported yield per ann. 800,000 l.
The returns consumed at home are to the nation 200,000 l.
Total 1,000,000 l.
Deduct for the prime cost of bullion or manufactures exported 400,000 l England neat gainer by this traffic 600,000 l.
