of articles, and to the terms of doing business, vary in different periods of a trader's life. He who at his outfet in the world is difpofed to reduce the current rates with the view of fupplanting established traders, is in danger, when he has got business into his own hands, of erring on the contrary fide. Young traders may require to be guarded against lowering prices; established traders against upholding them; and both against vilifying and cenfuring each other.

The natural tendency of moderate profits is to render all articles more eafily attainable, both at home and abroad, to all claffes of fociety; and among the reft to the poor, whose benefit ought to be ftudied in the first place; as in every community they form the great. mass of the people. This effect the competi tion of trade would uniformly produce, if it were left to take a free courfe. But a contrary fyftem is too often purfued by means of (d) monopolies and combinations.

The

conftant

(d) The most pernicious of all monopolies are those in the hands of the Government of any country: and all trade

conftant tendency of monopolies is to raise the rate of tranfacting bufinefs, and the price of commodities, to an unnatural height. The tendency of combinations is the fame: for though on incidental occafions there may be a confederation of purchasers against a seller;

in fuch hands foon degenerates into a monopoly. The Sovereign, when he becomes a trader, though for evident reasons he carries on bufinefs in many refpects to great difadvantage, is yet able to crush the private adventurer, and drive him from the market; while at the fame time he commonly forces the induftry of his fubjects into an unnatural channel. The confequences are, the decline of commerce, the increase of smugglers, and the depopulation of the kingdom. The firft at least of these effects, I believe, was manifeftly produced in Ruffia, by the commercial speculations of the Empress Catherine II. And the facts ftated by Mr. Townsend, a late traveller through Spain, in various parts of his work, prove in how great a degree all of them have been, and still are, experienced in that kingdom. The Spanish Monarch indeed is far from confining his traffic to a fingle article, or to a single place. He has two manufactures of broad cloth; one of china; one of cards; one of glafs; one of paper; one of pottery; many of faltpetre; one of ftockings; one of fwords; one of tapestry, and one of tiffue. He has the monopoly of brandy, cards, gunpowder, lead, quickfilver, fealing-wax, falts, fulphur, and tobacco. (Townsend's Journey through Spain, 2d edit. vol. ii. p. 240.) It appears from the same author, that several of these undertakings are as prejudicial to the royal adventurer, as they are to his fubjects.

yet even then the usual purport and confequénce of the combination is to gain profit at the expence of a particular individual, not to reduce the general value of the article. It is a providential circumftance that all these fchemes, which are repugnant to the juft principles of commerce, though they may fometimes promote a private and temporary-interest at the expence of public good, frequently terminate to the detriment of the projectors. The monopolift has not seldom been brought to ruin by the fudden difufe of the article which he has bought up; or by the discovery of fome fresh fource from which it may be procured, or of fome fubftitute which may be employed in its place. The affociates in a combination have alfo found that they have over-reached themselves; that their project has failed; and that they have loft the substantial and honourable profit, which they would have obtained, had they been contented not to grafp at extravagant and unjuft advantages. Add to this, that they are liable to be oppofed and thwarted by counter-combinations; and that if any individual, with an adequate capital, should stand forward to refift them, he is almoft certain ta

carry

carry away the public favour, and triumph in reputation and emolument; while they are disappointed of their expected gains, and marked' with indelible difgrace. Befides, fraudulent men are rarely true to each other. Each fufpects the artifices of his neighbour, and haftens to be beforehand with him. In fact it generally proves, though the circumftance may not be publicly known, that the terms of the engagement are privately broken by fome of the affociates. Or the effects of the contract are done away by entering into a competition in practices, perhaps in bad practices, which it has not forbidden. A number of proprietors of lime-works, for instance, enter into a mutual agreement not to fell their lime under a certain price. But their rivalship remains the fame. A contention. instantly takes place, diminishing the profits of their league, though beneficial to the public; a contention who fhall burn his lime the best, who fhall make the shorteft and easiest roads to his kiln, who fhall afford the greatest accommodations to his customers; and, ere long, each of them is occupied in the lefs creditable employment of traverfing the country

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country far and wide for the purpose of traducing his confederates and recommending himself, at a facrifice perhaps of expence and time by no means compenfated by the advantages which he derives from having acceded to the combination. The fecrecy with which combinations are almoft neceffarily formed and conducted, obviously tends to lead all who are concerned in them into duplicity and deceit; and is therefore a circumstance fufficient of itself to alarm a conscientious and ingenuous mind. In truth, they naturally commence and terminate in fraud. On these accounts, as well as from their effect in obftructing the primary ends of commerce, and rendering all articles to which they are extended scarce and dear, it is the duty of a perfon engaged in trade to refuse all connection with the confederacies under confideration. In general, too, it is his interest, if he be a man of fkill, industry, and merit. For, while ignorance and flothfulness place a falfe dependence on artificial and iniquitous manoeuvres; the oppofite qualifications, if directed in an honeft courfe, feldom fail to be crowned with fuccefs.

Combina