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price　gives　an　encouragement　to　the　former　beyond　what　the　latter

can　in　these　circumstances　enjoy。　The　exclusive　trade　of　the

colonies；　therefore；　as　it　diminishes；　or　at　least　keeps　down

below　what　they　would　otherwise　rise　to；　both　the　enjoyments　and

the　industry　of　the　countries　which　do　not　possess　it；　so　it

gives　an　evident　advantage　to　the　countries　which　do　possess　it

over　those　other　countries。

　　　　　This　advantage；　however；　will　perhaps　be　found　to　be　rather

what　may　be　called　a　relative　than　an　absolute　advantage；　and　to

give　a　superiority　to　the　country　which　enjoys　it　rather　by

depressing　the　industry　and　produce　of　other　countries　than　by

raising　those　of　that　particular　country　above　what　they　would

naturally　rise　to　in　the　case　of　a　free　trade。

　　　　　The　tobacco　of　Maryland　and　Virginia；　for　example；　by　means

of　the　monopoly　which　England　enjoys　of　it；　certainly　comes

cheaper　to　England　than　it　can　do　to　France；　to　whom　England

commonly　sells　a　considerable　part　of　it。　But　had　France；　and　all

other　European　countries　been；　at　all　times；　allowed　a　free　trade

to　Maryland　and　Virginia；　the　tobacco　of　those　colonies　might；　by

this　time；　have　come　cheaper　than　it　actually　does；　not　only　to

all　those　other　countries；　but　likewise　to　England。　The　produce

of　tobacco；　in　consequence　of　a　market　so　much　more　extensive

than　any　which　it　has　hitherto　enjoyed；　might；　and　probably

would；　by　this　time；　have　been　so　much　increased　as　to　reduce　the

profits　of　a　tobacco　plantation　to　their　natural　level　with　those

of　a　corn　plantation；　which；　it　is　supposed；　they　are　still

somewhat　above。　The　price　of　tobacco　might；　and　probably　would；

by　this　time；　have　fallen　somewhat　lower　than　it　is　at　present。

An　equal　quantity　of　the　commodities　either　of　England　or　of

those　other　countries　might　have　purchased　in　Maryland　and

Virginia　a　greater　quantity　of　tobacco　than　it　can　do　at　present；

and　consequently　have　been　sold　there　for　so　much　a　better　price。

So　far　as　that　weed；　therefore；　can；　by　its　cheapness　and

abundance；　increase　the　enjoyments　or　augment　the　industry　either

of　England　or　of　any　other　country；　it　would；　probably；　in　the

case　of　a　free　trade；　have　produced　both　these　effects　in

somewhat　a　greater　degree　than　it　can　do　at　present。　England；

indeed；　would　not　in　this　case　have　had　any　advantage　over　other

countries。　She　might　have　bought　the　tobacco　of　her　colonies

somewhat　cheaper；　and　consequently　have　sold　some　of　her　own

commodities　somewhat　dearer　than　she　actually　does。　But　she　could

neither　have　bought　the　one　cheaper　nor　sold　the　other　dearer

than　any　other　country　might　have　done。　She　might；　perhaps　have

gained　an　absolute；　but　she　would　certainly　have　lost　a　relative

advantage。

　　　　　In　order；　however；　to　obtain　this　relative　advantage　in　the

colony　trade；　in　order　to　execute　the　invidious　and　malignant

project　of　excluding　as　much　as　possible　other　nations　from　any

share　in　it；　England；　there　are　very　probable　reasons　for

believing；　has　not　only　sacrificed　a　part　of　the　absolute

advantage　which　she；　as　well　as　every　other　nation；　might　have

derived　from　that　trade；　but　has　subjected　herself　both　to　an

absolute　and　to　a　relative　disadvantage　in　almost　every　other

branch　of　trade。

　　　　　When；　by　the　Act　of　Navigation；　England　assumed　to　herself

the　monopoly　of　the　colony　trade；　the　foreign　capitals　which　had

before　been　employed　in　it　were　necessarily　withdrawn　from　it。

The　English　capital；　which　had　before　carried　on　but　a　part　of

it；　was　now　to　carry　on　the　whole。　The　capital　which　had　before

supplied　the　colonies　with　but　a　part　of　the　goods　which　they

wanted　from　Europe　was　now　all　that　was　employed　to　supply　them

with　the　whole。　But　it　could　not　supply　them　with　the　whole；　and

the　goods　with　which　it　did　supply　them　were　necessarily　sold

very　dear。　The　capital　which　had　before　bought　but　a　part　of　the

surplus　produce　of　the　colonies；　was　now　all　that　was　employed　to

buy　the　whole。　But　it　could　not　buy　the　whole　at　anything　near

the　old　price；　and；　therefore；　whatever　it　did　buy　it　necessarily

bought　very　cheap。　But　in　an　employment　of　capital　in　which　the

merchant　sold　very　dear　and　bought　very　cheap；　the　profit　must

have　been　very　great；　and　much　above　the　ordinary　level　of　profit

in　other　branches　of　trade。　This　superiority　of　profit　in　the

colony　trade　could　not　fail　to　draw　from　other　branches　of　trade

a　part　of　the　capital　which　had　before　been　employed　in　them。　But

this　revulsion　of　capital；　as　it　must　have　gradually　increased

the　competition　of　capitals　in　the　colony　trade；　so　it　must　have

gradually　diminished　that　competition　in　all　those　other　branches

of　trade；　as　it　must　have　gradually　lowered　the　profits　of　the

one；　so　it　must　have　gradually　raised　those　of　the　other；　till

the　profits　of　all　came　to　a　new　level；　different　from　and

somewhat　higher　than　that　at　which　they　had　been　before。

　　　　　This　double　effect　of　drawing　capital　from　all　other　trades；

and　of　raising　the　rate　of　profit　somewhat　higher　than　it

otherwise　would　have　been　in　all　trades；　was　not　only　produced　by

this　monopoly　upon　its　first　establishment；　but　has　continued　to

be　produced　by　it　ever　since。

　　　　　First；　this　monopoly　has　been　continually　drawing　capital

from　all　other　trades　to　be　employed　in　that　of　the　colonies。

　　　　　Though　the　wealth　of　Great　Britain　has　increased　very　much

since　the　establishment　of　the　Act　of　Navigation；　it　certainly

has　not　increased　in　the　same　proportion　as　that　of　the　colonies。

But　the　foreign　trade　of　every　country　naturally　increases　in

proportion　to　its　wealth；　its　surplus　produce　in　proportion　to

its　whole　produce；　and　Great　Britain　having　engrossed　to　herself

almost　the　whole　of　what　may　be　called　the　foreign　trade　of　the

colonies；　and　her　capital　not　having　increased　in　the　same

proportion　as　the　extent　of　that　trade；　she　could　not　carry　it　on

without　continually　withdrawing　from　other　branches　of　trade　some

part　of　the　capital　which　had　before　been　employed　in　them　as

well　as　withholding　from　them　a　great　deal　more　which　would

otherwise　have　gone　to　them。　Since　the　establishment　of　the　Act

of　Navigation；　accordingly；　the　colony　trade　has　been　continually

increasing；　while　many　other　branches　of　foreign　trade；

particularly　of　that　to　other　parts　of　Europe；　have　been

continually　decaying。　Our　manufactures　for　foreign　sale；　instead

of　being　suited；　as　before　the　Act　of　Navigation；　to　the

neighbouring　market　of　Europe；　or　to　the　more　distant　one　of　the

countries　which　lie　round　the　Mediterranean　Sea；　have；　the

greater　part　of　them；　been　accommodated　to　the　still　more　distant

one　of　the　colonies；　to　the　market　in　which　they　have　the

monopoly　rather　than　to　that　in　which　they　have　many　competitors。

The　causes　of　decay　in　other　branches　of　foreign　trade；　which；　by

Sir　Matthew　Decker　and　other　writers；　have　been　sought　for　in　the

excess　and　improper　mode　of　taxation；　in　the　high　price　of

labour；　in　the　increase　of　luxury；　etc。；　may　all　be　found　in　the

overgrowth　of　the　colony　trade。　The　mercantile　capital　of　Great

Britain；　though　very　great；　yet　not　being　infinite；　and　though

greatly　increased　since　the　Act　of　Navigation；　yet　not　being

increased　in　the　same　proportion　as　the　colony　trade；　that　trade

could　not　possibly　be　carried　on　without　withdrawing　some　part　of

that　capital　from　other　branches　of　trade；　nor　consequently

without　some　decay　of　those　other　branches。

　　　　　England；　it　must　be　observed；　was　a　great　trading　country；

her　mercantile　capital　was　very　great　and　likely　to　become　still

greater　and　greater　every　day；　not　only　before　the　Act　of

Navigation　had　established　the　monopoly　of　the　colony　trade；　but

before　that　trade　was　very　considerable。　In　the　Dutch　war；　during

the　government　of　Cromwell；　her　navy　was　superior　to　that　of

Holland；　and　in　that　which　broke　out　in　the　beginning　of　the

reign　of　Charles　II；　it　was　at　last　equal；　perhaps　superior；　to

the　united　navies　of　France　and　Holland。　Its　superiority；

perhaps；　would　scarce　appear　greater　in　the　present　times；　at

least　if　the　Dutch　navy　was　to　bear　the　same　proportion　to　the

Dutch　commerce　now　which　it　did　then。　But　this　great　naval　power

could　not；　in　either　of　those　wars；　be　owing　to　the　Act　of

Navigation。　During　the　first　of　them　the　plan　of　that　act　had

been　but　just　formed；　and　though　before　the　breaking　out　of　the

second　it　had　been　fully　enacted　by　legal　authority；　yet　no　part

of　it　could　have　had　time　to　produce　any　considerable　effect；　and

least　of　all　that　part　which　established　the　exclusive　trade　to

the　colonies。　Both　the　colonies　and　their　trade　were

inconsiderable　then　in　comparison　of　what　they　are　now。　The

island　of　Jamaica　was　an　unwholesome　desert；　little　inhabited；

and　less　cultivated。　New　York　and　New　Jersey　were　in　the

possession　of　the　Dutch：　the　half　of　St。　Christopher's　in　that　of

the　French。　The　island　of　Antigua；　the　two　Carolinas；

Pennsylvania；　Georgia；　and　Nova　Scotia　were　not　planted。

Virginia；　Maryland；　and　New　England　were　planted；　a