By this means the trade in general is infinitely increased—nay, the stock of the kingdom in trade is doubled, or trebled, or more, and there is infinitely more business carried on, than the real stock could be able to manage, if no credit were to be given; for credit in this particular is a stock, and that not an imaginary, but a real stock; for the tradesman, that perhaps begins but with five hundred, or one thousand pounds' stock, shall be able to furnish or stock his shop with four times the sum in the value of goods; and as he gives credit again, and trusts other tradesmen under him, so he launches out into a trade of great magnitude; and yet, if he is a prudent manager of his business, he finds himself able to answer his payments, and so continually supply himself with goods, keeping up the reputation of his dealings, and the credit of his shop, though his stock be not a fifth, nay, sometimes not a tenth part, in proportion to the returns that he makes by the year: so that credit is the foundation on which the trade of England is made so considerable.
Nor is it enough to say, that people must and will have goods, and that the consumption is the same; it is evident that consumption is not the same; and in those nations where they give no credit, or not so much as here, the trade is small in proportion, as I shall show in its place.
FOOTNOTES:
[The amount of trade produced by the British colonies is still great; but it has been ascertained that it is not profitable to the nation at large, as much more is paid from the public purse for the military protection required by the colonies, than returns to individuals through the medium of business.]
[The cotton manufacture has now the prominence which, in Defoe's time, was due to those of wool and silk.]