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vented by reftraints which government impofed, they could not turn their own attention towards establishing the manufactures requifite for comfortable fubfiftence. They received (as I have obferved in another place) their clothing, their furniture, whatever minifters to the ease or luxury of life, and even their inftruments of labour, from Europe. Spain, thinned of people, and void of industry, was unable to fupply their increafing demands. She had recourse to her neighbours. The manufactures of the Low Countries, of England, of France, and of Italy, which her wants called into exiftence, or animated with new vivacity, furnished in abundance whatever fhe required. In vain did the fundamental law, concerning the exclufion of foreigners from trade with America, oppofe this innovation, Neceffity, more powerful than any ftatute, defeated its operations, and constrained the Spaniards themselves to concur in eluding it. The English, the French, and Dutch, relying on the fidelity and honour of Spanish merchants, who lend their names to cover the deceit, fend out their manufactures to America, and receive the exorbitant price for which they are fold there, either in fpecie, or in the rich commodities of the New World. Neither the dread of danger, not the allurement of profit, ever induced a Spanish factor to betray or defraud the perfon who confided in

him; s) and that probity, which is the pride and diftinction of the nation, contributes to its In a fhort time, not above a twentieth part of the commodities exported to America was of Spanish growth or fabrick. t) All the reft was the property of foreign merchants, though entered in the name of Spaniards. The treasure of the New World may be faid henceforward not to have belonged to Spain. Before it reached Europe, it was anticipated as the price of goods purchased from foreigners. That wealth which, by an internal circulation, would have fpread through each vein of industry, and have conveyed life and activity to every branch of manufacture, flowed out of the kingdom with fuch a rapid course, as neither enriched nor animated it. On the other hand, the artizans of rival nations, encouraged by this quick fale of their commodities, improved fo much in skill and industry, as to be able to afford them at a rate fo low, that the manufactures of Spain, which could not vie with theirs, either in quality or cheapnefs of work, were still farther depreffed. This deftructive commerce drained off the riches of the nation fafter and more completely, than even the extravagant schemes of ambition carried on by its monarchs, Spain was fo much aftonished and diftreffed, at behold

;s) Zavala Reprefentacion, p. 226.

t) Campomanes, ii. 138.

ing her American treasures vanifh almost as foon as they were imported, that Philip III. unable to fupply what was requifite in circulation, iffued an edict, by which he endeavoured to raise copper money to a value in currency nearly equal to that of filver; u) and the lord of the Peruvian and Mexican mines was reduced to a wretched expedient, which is the last refource of petty impoverished states.

Thus the poffeffions of Spain in America have not proved a fource of population and of wealth to her, in the fame manner as thofe of other nations. In the countries of Europe, where the fpirit of industry fubfifts in full vigour, every perfon fettled in fuch colonies, as are fimilar in their fituation to thofe of Spain, is fuppofed to give employment, to three or four at home in fupplying his wants. x) But wherever the mother-country cannot afford this supply, every emigrant may be confidered as a citizen loft to the community, and ftrangers must reap all the benefit of anfwering his demands.

increased by the mode of regulating its intercourse with America

Such has been the internal ftate of Spain from the close of the fixteenth century, and fuch her inability to fupply the growing wants of her colonies. The fatal effects of this difproportion

u) Uztariz, c. 104.

x) Child on trade and colonies,

between their demands, and her capacity of answering them, have been much increased by the mode in which Spain has endeavoured to regulate the intercourfe between the mother-country and the colonies. It is from her idea of monopolizing the trade with America, and de barring her fubjects there from any communica tion with foreigners, that all her jealous and fyftematick arrangements have arifen. Thefe are fo fingular in their nature and confequences, as to merit a particular explanation. In order to fecure the monopoly at which she aimed, Spain did not veft the trade with her colonies in an

exclufive company, a plan which had been adopted by nations more commercial, and at a period when mercantile policy was an object of greater attention, and ought to have been better understood. The Dutch gave up the whole trade with their colonies, both in the Eaft and Weft Indies, to exclufive companies. The English, the French, the Danes, have imitated their example with respect to the East Indian commerce; and the two former have laid a fimilar reftraint upon fome branches of their trade with the New World. The wit of man cannot, perhaps, devife a method for checking the progrefs of industry and population in a new colony more effectual than this. The intereft of the colony, and of the exclufive company, must in every point be diametrically oppofite; and as the latter poffeffes fuch advan

tages in this unequal conteft, that it can prefcribe at pleasure the terms of intercourfe, the former must not only buy dear and fell cheap, but muft fuffer the mortification of having the increase of its furplus ftock difcouraged by thofe very perfons to whom alone it can difpofe of its productions. y)

This confined to one port in Spain.

Spain, it is probable, was preserved from falling into this error in policy, by the high ideas which fhe early formed concerning the riches of the New World. Gold and filver were commodities of too high value to veft a monopoly of them in private hands. The crown wifhed to retain the direction of a commerce fo inviting; and, in order to fecure that, ordained the cargo of every fhip fitted out for America, to be inspected by the officers of the Cafa de Contratacion in Seville, before it could receive a licence to make the voyage; and that on its return, a report of the commodities which it brought should be made to the fame board, before it could be permitted to land them. confequence of this regulation, all the trade of Spain with the New World centred in the port of Seville, and was gradually brought into a form, in which it has been conducted, with little variation, from the middle of the fixteenth

3) Smith's Inquiry, ii. 124.

In

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