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its　own　supply；　and　that　new　produce　would　constitute　a　new

capital　for　carrying　on　the　new　employment；　which　in　the　same

manner　would　draw　nothing　from　the　old　one。

　　　　　The　monopoly　of　the　colony　trade；　on　the　contrary；　by

excluding　the　competition　of　other　nations；　and　thereby　raising

the　rate　of　profit　both　in　the　new　market　and　in　the　new

employment；　draws　produce　from　the　old　market　and　capital　from

the　old　employment。　To　augment　our　share　of　the　colony　trade

beyond　what　it　otherwise　would　be　is　the　avowed　purpose　of　the

monopoly。　If　our　share　of　that　trade　were　to　be　no　greater　with

than　it　would　have　been　without　the　monopoly；　there　could　have

been　no　reason　for　establishing　the　monopoly。　But　whatever　forces

into　a　branch　of　trade　of　which　the　returns　are　slower　and　more

distant　than　those　of　the　greater　part　of　other　trades；　a　greater

proportion　of　the　capital　of　any　country　than　what　of　its　own

accord　would　go　to　that　branch；　necessarily　renders　the　whole

quantity　of　productive　labour　annually　maintained　there；　the

whole　annual　produce　of　the　land　and　labour　of　that　country；　less

than　they　otherwise　would　be。　It　keeps　down　the　revenue　of　the

inhabitants　of　that　country　below　what　it　would　naturally　rise

to；　and　thereby　diminishes　their　power　of　accumulation。　It　not

only　hinders；　at　all　times；　their　capital　from　maintaining　so

great　a　quantity　of　productive　labour　as　it　would　otherwise

maintain；　but　it　hinders　it　from　increasing　so　fast　as　it　would

otherwise　increase；　and　consequently　from　maintaining　a　still

greater　quantity　of　productive　labour。

　　　　　The　natural　good　effects　of　the　colony　trade；　however；　more

than　counterbalance　to　Great　Britain　the　bad　effects　of　the

monopoly；　so　that；　monopoly　and　all　together；　that　trade；　even　as

it　carried　on　at　present；　is　not　only　advantageous；　but　greatly

advantageous。　The　new　market　and　the　new　employment　which　are

opened　by　the　colony　trade　are　of　much　greater　extent　than　that

portion　of　the　old　market　and　of　the　old　employment　which　is　lost

by　the　monopoly。　The　new　produce　and　the　new　capital　which　has

been　created；　if　one　may　say　so；　by　the　colony　trade；　maintain　in

Great　Britain　a　greater　quantity　of　productive　labour　than　what

can　have　been　thrown　out　of　employment　by　the　revulsion　of

capital　from　other　trades　of　which　the　returns　are　more　frequent。

If　the　colony　trade；　however；　even　as　it　is　carried　on　at

present；　is　advantageous　to　Great　Britain；　it　is　not　by　means　of

the　monopoly；　but　in　spite　of　the　monopoly。

　　　　　It　is　rather　for　the　manufactured　than　for　the　rude　produce

of　Europe　that　the　colony　trade　opens　a　new　market。　Agriculture

is　the　proper　business　of　all　new　colonies；　a　business　which　the

cheapness　of　land　renders　more　advantageous　than　any　other。　They

abound；　therefore；　in　the　rude　produce　of　land；　and　instead　of

importing　it　from　other　countries；　they　have　generally　a　large

surplus　to　export。　In　new　colonies；　agriculture　either　draws

hands　from　all　other　employments；　or　keeps　them　from　going　to　any

other　employment。　There　are　few　hands　to　spare　for　the　necessary；

and　none　for　the　ornamental　manufactures。　The　greater　part　of　the

manufactures　of　both　kinds　they　find　it　cheaper　to　purchase　of

other　countries　than　to　make　for　themselves。　It　is　chiefly　by

encouraging　the　manufactures　of　Europe　that　the　colony　trade

indirectly　encourages　its　agriculture。　The　manufactures　of

Europe；　to　whom　that　trade　gives　employment；　constitute　a　new

market　for　the　produce　of　the　land；　and　the　most　advantageous　of

all　markets；　the　home　market　for　the　corn　and　cattle；　for　the

bread　and　butcher's　meat　of　Europe；　is　thus　greatly　extended　by

means　of　the　trade　to　America。

　　　　　But　that　the　monopoly　of　the　trade　of　populous　and　thriving

colonies　is　not　alone　sufficient　to　establish；　or　even　to

maintain　manufactures　in　any　country；　the　examples　of　Spain　and

Portugal　sufficiently　demonstrate。　Spain　and　Portugal　were

manufacturing　countries　before　they　had　any　considerable

colonies。　Since　they　had　the　richest　and　most　fertile　in　the

world；　they　have　both　ceased　to　be　so。

　　　　　In　Spain　and　Portugal　the　bad　effects　of　the　monopoly；

aggravated　by　other　causes；　have　perhaps　nearly　overbalanced　the

natural　good　effects　of　the　colony　trade。　These　causes　seem　to　be

other　monopolies　of　different　kinds；　the　degradation　of　the　value

of　gold　and　silver　below　what　it　is　in　most　other　countries；　the

exclusion　from　foreign　markets　by　improper　taxes　upon

exportation；　and　the　narrowing　of　the　home　market；　by　still　more

improper　taxes　upon　the　transportation　of　goods　from　one　part　of

the　country　to　another；　but　above　all；　that　irregular　and　partial

administration　of　justice；　which　often　protects　the　rich　and

powerful　debtor　from　the　pursuit　of　his　injured　creditor；　and

which　makes　the　industrious　part　of　the　nation　afraid　to　prepare

goods　for　the　consumption　of　those　haughty　and　great　men　to　whom

they　dare　not　refuse　to　sell　upon　credit；　and　from　they　are

altogether　uncertain　of　repayment。

　　　　　In　England；　on　the　contrary；　the　natural　good　effects　of　the

colony　trade；　assisted　by　other　causes；　have　in　a　great　measure

conquered　the　bad　effects　of　the　monopoly。　These　causes　seem　to

be：　the　general　liberty　of　trade；　which；　notwithstanding　some

restraints；　is　at　least　equal；　perhaps　superior；　to　what　it　is　in

any　other　country；　the　liberty　of　exporting；　duty　free；　almost

all　sorts　of　goods　which　are　the　produce　of　domestic　industry　to

almost　any　foreign　country；　and　what　perhaps　is　of　still　greater

importance；　the　unbounded　liberty　of　transporting　them　from　any

one　part　of　our　own　country　to　any　other　without　being　obliged　to

give　any　account　to　any　public　office；　without　being　liable　to

question　or　examination　of　any　kind；　but　above　all；　that　equal

and　impartial　administration　of　justice　which　renders　the　rights

of　the　meanest　British　subject　respectable　to　the　greatest；　and

which；　by　securing　to　every　man　the　fruits　of　his　own　industry；

gives　the　greatest　and　most　effectual　encouragement　to　every　sort

of　industry。

　　　　　If　the　manufactures　of　Great　Britain；　however；　have　been

advanced；　as　they　certainly　have；　by　the　colony　trade；　it　has　not

been　by　means　of　the　monopoly　of　that　trade　but　in　spite　of　the

monopoly。　The　effect　of　the　monopoly　has　been；　not　to　augment　the

quantity；　but　to　alter　the　quality　and　shape　of　a　part　of　the

manufactures　of　Great　Britain；　and　to　accommodate　to　a　market；

from　which　the　returns　are　slow　and　distant；　what　would　otherwise

have　been　accommodated　to　one　from　which　the　returns　are　frequent

and　near。　Its　effect　has　consequently　been　to　turn　a　part　of　the

capital　of　Great　Britain　from　an　employment　in　which　it　would

have　maintained　a　greater　quantity　of　manufacturing　industry　to

one　in　which　it　maintains　a　much　smaller；　and　thereby　to

diminish；　instead　of　increasing；　the　whole　quantity　of

manufacturing　industry　maintained　in　Great　Britain。

　　　　　The　monopoly　of　the　colony　trade；　therefore；　like　all　the

other　mean　and　malignant　expedients　of　the　mercantile　system；

depresses　the　industry　of　all　other　countries；　but　chiefly　that

of　the　colonies；　without　in　the　least　increasing；　but　on　the

contrary　diminishing　that　of　the　country　in　whose　favour　it　is

established。

　　　　　The　monopoly　hinders　the　capital　of　that　country；　whatever

may　at　any　particular　time　be　the　extent　of　that　capital；　from

maintaining　so　great　a　quantity　of　productive　labour　as　it　would

otherwise　maintain；　and　from　affording　so　great　a　revenue　to　the

industrious　inhabitants　as　it　would　otherwise　afford。　But　as

capital　can　be　increased　only　by　savings　from　revenue；　the

monopoly；　by　hindering　it　from　affording　so　great　a　revenue　as　it

would　otherwise　afford；　necessarily　hinders　it　from　increasing　so

fast　as　it　would　otherwise　increase；　and　consequently　from

maintaining　a　still　greater　quantity　of　productive　labour；　and

affording　a　still　greater　revenue　to　the　industrious　inhabitants

of　that　country。　One　great　original　source　of　revenue；　therefore；

the　wages　of　labour；　the　monopoly　must　necessarily　have　rendered

at　all　times　less　abundant　than　it　otherwise　would　have　been。

　　　　　By　raising　the　rate　of　mercantile　profit；　the　monopoly

discourages　the　improvement　of　land。　The　profit　of　improvement

depends　upon　the　difference　between　what　the　land　actually

produces；　and　what；　by　the　application　of　a　certain　capital；　it

can　be　made　to　produce。　If　this　difference　affords　a　greater

profit　than　what　can　be　drawn　from　an　equal　capital　in　any

mercantile　employment；　the　improvement　of　land　will　draw　capital

from　all　mercantile　employments。　If　the　profit　is　less；

mercantile　employments　will　draw　capital　from　the　improvement　of

land。　Whatever；　therefore；　raises　the　rate　of　mercantile　profit；

either　lessens　the　superiority　or　increases　the　inferiority　of

the　profit　of　improvement；　and　in　the　one　case　hinders　capital

from　going　to　improvement；　and　in　the　other　draws　capital　from

it。　But　by　discouraging　improvement；　the　monopoly　necessarily

retards　the　nat