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in¡¡that¡¡branch¡¡can¡¡no¡¡longer¡¡be¡¡considered¡¡as¡¡a¡¡principal¡£

The¡¡Portuguese¡¡traded¡¡to¡¡the¡¡Indies¡¡in¡¡right¡¡of¡¡conquest¡£¡¡The¡¡constraining¡¡laws¡¡which¡¡the¡¡Dutch¡¡at¡¡present¡¡impose¡¡on¡¡the¡¡commerce¡¡of¡¡the¡¡little¡¡Indian¡¡princes¡¡had¡¡been¡¡established¡¡before¡¡by¡¡the¡¡Portuguese¡££§140£§

The¡¡fortune¡¡of¡¡the¡¡house¡¡of¡¡Austria¡¡was¡¡prodigious¡£¡¡Charles¡¡V¡¡succeeded¡¡to¡¡the¡¡possession¡¡of¡¡Burgundy£»¡¡Castile£»¡¡and¡¡Aragon£»¡¡he¡¡arrived¡¡afterwards¡¡at¡¡the¡¡imperial¡¡dignity£»¡¡and¡¡to¡¡procure¡¡him¡¡a¡¡new¡¡kind¡¡of¡¡grandeur£»¡¡the¡¡globe¡¡extended¡¡itself£»¡¡and¡¡there¡¡was¡¡seen¡¡a¡¡new¡¡world¡¡paying¡¡him¡¡obeisance¡£

Christopher¡¡Columbus¡¡discovered¡¡America£»¡¡and¡¡though¡¡Spain¡¡sent¡¡thither¡¡only¡¡a¡¡force¡¡so¡¡small¡¡that¡¡the¡¡least¡¡prince¡¡in¡¡Europe¡¡could¡¡have¡¡sent¡¡the¡¡same£»¡¡yet¡¡it¡¡subdued¡¡two¡¡vast¡¡empires£»¡¡and¡¡other¡¡great¡¡states¡£

While¡¡the¡¡Spaniards¡¡discovered¡¡and¡¡conquered¡¡the¡¡west£»¡¡the¡¡Portuguese¡¡pushed¡¡their¡¡conquests¡¡and¡¡discoveries¡¡in¡¡the¡¡east¡£¡¡These¡¡two¡¡nations¡¡met¡¡each¡¡other£»¡¡they¡¡had¡¡recourse¡¡to¡¡Pope¡¡Alexander¡¡VI£»¡¡who¡¡made¡¡the¡¡celebrated¡¡line¡¡of¡¡partition£»¡¡and¡¡determined¡¡the¡¡great¡¡suit¡£

But¡¡the¡¡other¡¡nations¡¡of¡¡Europe¡¡would¡¡not¡¡suffer¡¡them¡¡quietly¡¡to¡¡enjoy¡¡their¡¡shares¡£¡¡The¡¡Dutch¡¡chased¡¡the¡¡Portuguese¡¡from¡¡almost¡¡all¡¡their¡¡settlements¡¡in¡¡the¡¡East¡¡Indies£»¡¡and¡¡several¡¡other¡¡nations¡¡planted¡¡colonies¡¡in¡¡America¡£

The¡¡Spaniards¡¡considered¡¡these¡¡newly¡­discovered¡¡countries¡¡as¡¡the¡¡subject¡¡of¡¡conquest£»¡¡while¡¡others£»¡¡more¡¡refined¡¡in¡¡their¡¡views£»¡¡found¡¡them¡¡to¡¡be¡¡the¡¡proper¡¡subjects¡¡of¡¡commerce£»¡¡and¡¡upon¡¡this¡¡principle¡¡directed¡¡their¡¡proceedings¡£¡¡Hence¡¡several¡¡nations¡¡have¡¡conducted¡¡themselves¡¡with¡¡so¡¡much¡¡wisdom¡¡that¡¡they¡¡have¡¡given¡¡a¡¡kind¡¡of¡¡sovereignty¡¡to¡¡companies¡¡of¡¡merchants£»¡¡who£»¡¡governing¡¡these¡¡far¡­distant¡¡countries¡¡only¡¡with¡¡a¡¡view¡¡to¡¡trade£»¡¡have¡¡made¡¡a¡¡great¡¡accessory¡¡power¡¡without¡¡embarrassing¡¡the¡¡principal¡¡state¡£

The¡¡colonies¡¡they¡¡have¡¡formed¡¡are¡¡under¡¡a¡¡kind¡¡of¡¡dependence£»¡¡of¡¡which¡¡there¡¡are¡¡but¡¡very¡¡few¡¡instances¡¡in¡¡all¡¡the¡¡colonies¡¡of¡¡the¡¡ancients£»¡¡whether¡¡we¡¡consider¡¡them¡¡as¡¡holdings¡¡of¡¡the¡¡state¡¡itself£»¡¡or¡¡of¡¡some¡¡trading¡¡company¡¡established¡¡in¡¡the¡¡state¡£

The¡¡design¡¡of¡¡these¡¡colonies¡¡is¡¡to¡¡trade¡¡on¡¡more¡¡advantageous¡¡conditions¡¡than¡¡could¡¡otherwise¡¡be¡¡done¡¡with¡¡the¡¡neighbouring¡¡people£»¡¡with¡¡whom¡¡all¡¡advantages¡¡are¡¡reciprocal¡£¡¡It¡¡has¡¡been¡¡established¡¡that¡¡the¡¡metropolis£»£§141£§¡¡or¡¡mother¡¡country£»¡¡alone¡¡shall¡¡trade¡¡in¡¡the¡¡colonies£»¡¡and¡¡that¡¡from¡¡very¡¡good¡¡reason£»¡¡because¡¡the¡¡design¡¡of¡¡the¡¡settlement¡¡was¡¡the¡¡extension¡¡of¡¡commerce£»¡¡not¡¡the¡¡foundation¡¡of¡¡a¡¡city¡¡or¡¡of¡¡a¡¡new¡¡empire¡£

Thus¡¡it¡¡is¡¡still¡¡a¡¡fundamental¡¡law¡¡of¡¡Europe¡¡that¡¡all¡¡commerce¡¡with¡¡a¡¡foreign¡¡colony¡¡shall¡¡be¡¡regarded¡¡as¡¡a¡¡mere¡¡monopoly£»¡¡punishable¡¡by¡¡the¡¡laws¡¡of¡¡the¡¡country£»¡¡and¡¡in¡¡this¡¡case¡¡we¡¡are¡¡not¡¡to¡¡be¡¡directed¡¡by¡¡the¡¡laws¡¡and¡¡precedents¡¡of¡¡the¡¡ancients£»¡¡which¡¡are¡¡not¡¡at¡¡all¡¡applicable¡££§142£§

It¡¡is¡¡likewise¡¡acknowledged¡¡that¡¡a¡¡commerce¡¡established¡¡between¡¡the¡¡mother¡¡countries¡¡does¡¡not¡¡include¡¡a¡¡permission¡¡to¡¡trade¡¡in¡¡the¡¡colonies£»¡¡for¡¡these¡¡always¡¡continue¡¡in¡¡a¡¡state¡¡of¡¡prohibition¡£

The¡¡disadvantage¡¡of¡¡a¡¡colony¡¡that¡¡loses¡¡the¡¡liberty¡¡of¡¡commerce¡¡is¡¡visibly¡¡compensated¡¡by¡¡the¡¡protection¡¡of¡¡the¡¡mother¡¡country£»¡¡who¡¡defends¡¡it¡¡by¡¡her¡¡arms£»¡¡or¡¡supports¡¡it¡¡by¡¡her¡¡laws¡£

Hence¡¡follows¡¡a¡¡third¡¡law¡¡of¡¡Europe£»¡¡that¡¡when¡¡a¡¡foreign¡¡commerce¡¡with¡¡a¡¡colony¡¡is¡¡prohibited£»¡¡it¡¡is¡¡not¡¡lawful¡¡to¡¡trade¡¡in¡¡those¡¡seas£»¡¡except¡¡in¡¡such¡¡cases¡¡as¡¡are¡¡excepted¡¡by¡¡treaty¡£¡¡Nations¡¡who¡¡are£»¡¡with¡¡respect¡¡to¡¡the¡¡whole¡¡globe£»¡¡what¡¡individuals¡¡are¡¡in¡¡a¡¡state£»¡¡are¡¡governed¡¡like¡¡the¡¡latter¡¡by¡¡the¡¡laws¡¡of¡¡nature£»¡¡and¡¡by¡¡particular¡¡laws¡¡of¡¡their¡¡own¡¡making¡£¡¡One¡¡nation¡¡may¡¡resign¡¡to¡¡another¡¡the¡¡sea£»¡¡as¡¡well¡¡as¡¡the¡¡land¡£¡¡The¡¡Carthaginians¡¡forbade¡¡the¡¡Romans¡¡to¡¡sail¡¡beyond¡¡certain¡¡limits£»£§143£§¡¡as¡¡the¡¡Greeks¡¡had¡¡obliged¡¡the¡¡King¡¡of¡¡Persia¡¡to¡¡keep¡¡as¡¡far¡¡distant¡¡from¡¡the¡¡sea¡­coast¡¡as¡¡a¡¡horse¡¡could¡¡gallop¡££§144£§

The¡¡great¡¡distance¡¡of¡¡our¡¡colonies¡¡is¡¡not¡¡an¡¡inconvenience¡¡that¡¡affects¡¡their¡¡safety£»¡¡for¡¡if¡¡the¡¡mother¡¡country£»¡¡on¡¡whom¡¡they¡¡depend¡¡for¡¡their¡¡defence£»¡¡is¡¡remote£»¡¡no¡¡less¡¡remote¡¡are¡¡those¡¡nations¡¡who¡¡rival¡¡the¡¡mother¡¡country£»¡¡and¡¡by¡¡whom¡¡they¡¡may¡¡be¡¡afraid¡¡of¡¡being¡¡conquered¡£

Besides£»¡¡this¡¡distance¡¡is¡¡the¡¡cause¡¡that¡¡those¡¡who¡¡are¡¡established¡¡there¡¡cannot¡¡conform¡¡to¡¡the¡¡manner¡¡of¡¡living¡¡in¡¡a¡¡climate¡¡so¡¡different¡¡from¡¡their¡¡own£»¡¡they¡¡are¡¡obliged¡¡therefore¡¡to¡¡draw¡¡from¡¡the¡¡mother¡¡country¡¡all¡¡the¡¡conveniences¡¡of¡¡life¡£¡¡The¡¡Carthaginians£»£§145£§¡¡to¡¡render¡¡the¡¡Sardinians¡¡and¡¡Corsicans¡¡more¡¡dependent£»¡¡forbade¡¡their¡¡planting£»¡¡sowing£»¡¡or¡¡doing¡¡anything¡¡of¡¡the¡¡kind£»¡¡under¡¡pain¡¡of¡¡death£»¡¡so¡¡that¡¡they¡¡supplied¡¡them¡¡with¡¡necessaries¡¡from¡¡Africa¡£

The¡¡Europeans¡¡have¡¡compassed¡¡the¡¡same¡¡thing£»¡¡without¡¡having¡¡recourse¡¡to¡¡such¡¡severe¡¡laws¡£¡¡Our¡¡colonies¡¡in¡¡the¡¡Caribbean¡¡islands¡¡are¡¡under¡¡an¡¡admirable¡¡regulation¡¡in¡¡this¡¡respect£»¡¡the¡¡subject¡¡of¡¡their¡¡commerce¡¡is¡¡what¡¡we¡¡neither¡¡have¡¡nor¡¡can¡¡produce£»¡¡and¡¡they¡¡want¡¡what¡¡is¡¡the¡¡subject¡¡of¡¡ours¡£

A¡¡consequence¡¡of¡¡the¡¡discovery¡¡of¡¡America¡¡was¡¡the¡¡connecting¡¡Asia¡¡and¡¡Africa¡¡with¡¡Europe£»¡¡it¡¡furnished¡¡materials¡¡for¡¡a¡¡trade¡¡with¡¡that¡¡vast¡¡part¡¡of¡¡Asia¡¡known¡¡by¡¡the¡¡name¡¡of¡¡the¡¡East¡¡Indies¡£¡¡Silver£»¡¡that¡¡metal¡¡so¡¡useful¡¡as¡¡the¡¡medium¡¡of¡¡commerce£»¡¡became¡¡now¡¡as¡¡merchandise¡¡the¡¡basis¡¡of¡¡the¡¡greatest¡¡commerce¡¡in¡¡the¡¡world¡£¡¡In¡¡fine£»¡¡the¡¡navigation¡¡to¡¡Africa¡¡became¡¡necessary¡¡in¡¡order¡¡to¡¡furnish¡¡us¡¡with¡¡men¡¡to¡¡labour¡¡in¡¡the¡¡mines£»¡¡and¡¡to¡¡cultivate¡¡the¡¡lands¡¡of¡¡America¡£

Europe¡¡has¡¡arrived¡¡at¡¡so¡¡high¡¡a¡¡degree¡¡of¡¡power¡¡that¡¡nothing¡¡in¡¡history¡¡can¡¡be¡¡compared¡¡with¡¡it£»¡¡whether¡¡we¡¡consider¡¡the¡¡immensity¡¡of¡¡its¡¡expenses£»¡¡the¡¡grandeur¡¡of¡¡its¡¡engagements£»¡¡the¡¡number¡¡of¡¡its¡¡troops£»¡¡and¡¡the¡¡regular¡¡payments¡¡even¡¡of¡¡those¡¡that¡¡are¡¡least¡¡serviceable£»¡¡and¡¡which¡¡are¡¡kept¡¡only¡¡for¡¡ostentation¡£

Father¡¡Du¡¡Halde¡¡says£§146£§¡¡that¡¡the¡¡interior¡¡trade¡¡of¡¡China¡¡is¡¡much¡¡greater¡¡than¡¡that¡¡of¡¡all¡¡Europe¡£¡¡That¡¡might¡¡be£»¡¡if¡¡our¡¡foreign¡¡trade¡¡did¡¡not¡¡augment¡¡our¡¡inland¡¡commerce¡£¡¡Europe¡¡carries¡¡on¡¡the¡¡trade¡¡and¡¡navigation¡¡of¡¡the¡¡other¡¡three¡¡parts¡¡of¡¡the¡¡world£»¡¡as¡¡France£»¡¡England£»¡¡and¡¡Holland¡¡do¡¡nearly¡¡that¡¡of¡¡Europe¡£

22¡£¡¡Of¡¡the¡¡Riches¡¡which¡¡Spain¡¡drew¡¡from¡¡America¡£¡¡If¡¡Europe¡¡has¡¡derived¡¡so¡¡many¡¡advantages¡¡from¡¡the¡¡American¡¡trade£»¡¡it¡¡seems¡¡natural¡¡to¡¡imagine¡¡that¡¡Spain¡¡must¡¡have¡¡derived¡¡much¡¡greater¡££§147£§¡¡She¡¡drew¡¡from¡¡the¡¡newly¡­¡¡discovered¡¡world¡¡so¡¡prodigious¡¡a¡¡quantity¡¡of¡¡gold¡¡and¡¡silver£»¡¡that¡¡all¡¡we¡¡had¡¡before¡¡could¡¡not¡¡be¡¡compared¡¡with¡¡it¡£

But¡¡£¨what¡¡one¡¡could¡¡never¡¡have¡¡expected£©¡¡this¡¡great¡¡kingdom¡¡was¡¡everywhere¡¡baffled¡¡by¡¡its¡¡misfortunes¡£¡¡Philip¡¡II£»¡¡who¡¡succeeded¡¡Charles¡¡V£»¡¡was¡¡obliged¡¡to¡¡make¡¡the¡¡celebrated¡¡bankruptcy¡¡known¡¡to¡¡all¡¡the¡¡world¡£¡¡There¡¡never¡¡was¡¡a¡¡prince¡¡who¡¡suffered¡¡more¡¡from¡¡the¡¡murmurs£»¡¡the¡¡insolence£»¡¡and¡¡the¡¡revolt¡¡of¡¡troops¡¡constantly¡¡ill¡­paid¡£

From¡¡that¡¡time¡¡the¡¡monarchy¡¡of¡¡Spain¡¡has¡¡been¡¡incessantly¡¡declining¡£¡¡This¡¡has¡¡been¡¡owing¡¡to¡¡an¡¡interior¡¡and¡¡physical¡¡defect¡¡in¡¡the¡¡nature¡¡of¡¡those¡¡riches£»¡¡which¡¡renders¡¡them¡¡vain¡¡¡¡a¡¡defect¡¡which¡¡increases¡¡every¡¡day¡£

Gold¡¡and¡¡silver¡¡are¡¡either¡¡a¡¡fictitious¡¡or¡¡a¡¡representative¡¡wealth¡£¡¡The¡¡representative¡¡signs¡¡of¡¡wealth¡¡are¡¡extremely¡¡durable£»¡¡and£»¡¡in¡¡their¡¡own¡¡nature£»¡¡but¡¡little¡¡subject¡¡to¡¡decay¡£¡¡But¡¡the¡¡more¡¡they¡¡are¡¡multiplied£»¡¡the¡¡more¡¡they¡¡lose¡¡their¡¡value£»¡¡because¡¡the¡¡fewer¡¡are¡¡the¡¡things¡¡which¡¡they¡¡represent¡£

The¡¡Spaniards£»¡¡after¡¡the¡¡conquest¡¡of¡¡Mexico¡¡and¡¡Peru£»¡¡abandoned¡¡their¡¡natural¡¡riches£»¡¡in¡¡pursuit¡¡of¡¡a¡¡representative¡¡wealth¡¡which¡¡daily¡¡degraded¡¡itself¡£¡¡Gold¡¡and¡¡silver¡¡were¡¡extremely¡¡scarce¡¡in¡¡Europe£»¡¡and¡¡Spain¡¡becoming¡¡all¡¡of¡¡a¡¡sudden¡¡mistress¡¡of¡¡a¡¡prodigious¡¡quantity¡¡of¡¡these¡¡metals£»¡¡conceived¡¡hopes¡¡to¡¡which¡¡she¡¡had¡¡never¡¡before¡¡aspired¡£¡¡The¡¡wealth¡¡she¡¡found¡¡in¡¡the¡¡conquered¡¡countries£»¡¡great¡¡as¡¡it¡¡was£»¡¡did¡¡not£»¡¡however£»¡¡equal¡¡that¡¡of¡¡their¡¡mines¡£¡¡The¡¡Indians¡¡concealed¡¡part¡¡of¡¡it£»¡¡and¡¡besides£»¡¡these¡¡people£»¡¡who¡¡made¡¡no¡¡other¡¡use¡¡of¡¡gold¡¡and¡¡silver¡¡than¡¡to¡¡give¡¡magnificence¡¡to¡¡the¡¡temples¡¡of¡¡their¡¡gods¡¡and¡¡to¡¡the¡¡palaces¡¡of¡¡their¡¡kings£»¡¡sought¡¡not¡¡for¡¡it¡¡with¡¡an¡¡avarice¡¡like¡¡ours¡£¡¡In¡¡short£»¡¡they¡¡had¡¡not¡¡the¡¡secret¡¡of¡¡drawing¡¡these¡¡metals¡¡from¡¡every¡¡mine£»¡¡but¡¡only¡¡from¡¡those¡¡in¡¡which¡¡the¡¡separation¡¡might¡¡be¡¡made¡¡with¡¡fire£º¡¡they¡¡were¡¡strangers¡¡to¡¡the¡¡manner¡¡of¡¡making¡¡use¡¡of¡¡mercury£»¡¡and¡¡perhaps¡¡to¡¡mercury¡¡itself¡£

However£»¡¡it¡¡was¡¡not¡¡long¡¡before¡¡the¡¡specie¡¡of¡¡Europe¡¡was¡¡doubled£»¡¡this¡¡appeared¡¡from¡¡the¡¡price¡¡of¡¡commodities£»¡¡which¡¡everywhere¡¡was¡¡doubled¡£

The¡¡Spaniards¡¡raked¡¡into¡¡the¡¡mines£»¡¡scooped¡¡out¡¡mountains£»¡¡invented¡¡machines¡¡to¡¡draw¡¡out¡¡water£»¡¡to¡¡break¡¡the¡¡ore£»¡¡and¡¡separate¡¡it£»¡¡and¡¡as¡¡they¡¡sported¡¡with¡¡the¡¡lives¡¡of¡¡the¡¡Indians£»¡¡they¡¡forced¡¡them¡¡to¡¡labour¡¡without¡¡mercy¡£¡¡The¡¡specie¡¡of¡¡Europe¡¡soon¡¡doubled£»¡¡and¡¡the¡¡profit¡¡of¡¡Spain¡¡diminished¡¡in¡¡the¡¡same¡¡proportion£»¡¡they¡¡had¡¡every¡¡year¡¡the¡¡same¡¡quantity¡¡of¡¡metal£»¡¡which¡¡had¡¡become¡¡by¡¡one¡­half¡¡less¡¡precious¡£

In¡¡double¡¡the¡¡time¡¡the¡¡specie¡¡still¡¡doubled£»¡¡and¡¡the¡¡profit¡¡still¡¡diminished¡¡another¡¡half¡£

It¡¡diminished¡¡even¡¡more¡¡than¡¡half£º¡¡let¡¡us¡¡see¡¡in¡¡what¡¡manner¡£

To¡¡extract¡¡the¡¡gold¡¡from¡¡the¡¡mines£»¡¡to¡¡give¡¡it¡¡the¡¡requisite¡¡preparations£»¡¡and¡¡to¡¡import¡¡it¡¡into¡¡Europe£»¡¡must¡¡be¡¡attended¡¡with¡¡some¡¡certain¡¡expense¡£¡¡I¡¡will¡¡suppose¡¡this¡¡to¡¡be¡¡as¡¡1¡¡to¡¡64¡£¡¡When¡¡the¡¡specie¡¡was¡¡once¡¡doubled£»¡¡and¡¡consequently¡¡became¡¡by¡¡one¡­half¡¡less¡¡precious£»¡¡the¡¡expense¡¡was¡¡as¡¡2¡¡to¡¡64¡£¡¡Thus¡¡the¡¡galoons¡¡which¡¡brought¡¡to¡¡Spain¡¡the¡¡same¡¡quantity¡¡of¡¡gold£»¡¡brought¡¡a¡¡thing¡¡which¡¡really¡¡was¡¡of¡¡less¡¡value¡¡by¡¡one¡­half£»¡¡though¡¡the¡¡expenses¡¡attending¡¡it¡¡had¡¡been¡¡twice¡¡as¡¡high¡£

If¡¡we¡¡proceed¡¡doubling¡¡and¡¡doubling£»¡¡we¡¡shall¡¡find¡¡in¡¡this¡¡prog

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