It consists in a population necessary (which doth really exist, and could not be dispensed with) to find, without any other inconvenience but a momentary sensation, the 100,000 seamen of the royal navy, the 70,000 national soldiers, and the 3 or 400,000 artificers, and other persons employed in every way, who, by the last war, were for some years taken away, from their daily and useful occupations, some monuments of which would probably have been transmitted to posterity, in order to their being employed in all the accidental operations that were requisite to carry on those destructive plans, which have left nothing but a sad remembrance behind: A remembrance, nevertheless, of which the most allowable pride should allay the bitterness.
It consists also, perhaps, in that revolution, which must have been effected in the mind of every intelligent Briton, by the demonstration grounded on experience, of the impossibility of doing beyond a few minutes, with a given number of men, more than that same number is capable of effecting habitually, and without fatigue.
It consists in the impossibility of not doing, even to the end of ages, with a given number of industrious men, all that which the same number have executed during 80 years, not only without exhausting themselves, but rather, on the contrary, still increasing their strength and wealth.
It consists, in fine, in the demonstration which will become daily more palpable, that labour alone is the source of that wealth; that the more the sum of this labour shall augment, the greater will be the increase of riches; but that this same labour will not reach its last degree of activity in England, till it is nearly in the same state in Siberia; and that there is no great harm in an English mechanic creating a cultivator in Siberia, or even in France, provided a Siberian or French mechanic, create a cultivator or mechanic in England.
Reflexions on some private Balances of England, both of the favourable and disadvantageous Kind.
In the small number of disadvantageous balances, the necessity of which is so grievous to England, I distinguish that with Russia, which, in the course of the ten years above mentioned, amounts upon an average to 825,212l. annually. This, in fact, is more than enough to swallow up the 6 or 700,000l. of the favourable balance, during the same period, against Spain and Portugal, the only sources almost of the precious metals; luckily the expence of Russia in gold and silver is ascertained, as it is every where else, first, by the quantity of coin in circulation, a quantity always proportioned to the price, as well as to the number of objects to be circulated; and, secondly, by the degree of ease, riches, and pomp, which the generality of private faculties can admit of, in the articles of furniture, plate, and dress: The introducing of gold and silver, above the quantity necessary to answer those various purposes, would, as the case is every where else, prove entirely useless; for it can hardly be imagined, that so wise a Princess as the Sovereign who now holds the sceptre of Russia, should think of hoarding up, before her 20,000,000 of subjects be as rich, that is, do produce and consume as much as a similar population might produce and consume in France or in England: Now, to hoard up would be the infallible means to prevent it. Let us now suppose, that the annual importation of bullion necessary for the circulation in Russia, amounts to one half, or even to an equality of what is wanted by England for the same object:—It is probable that England contributes thereto no more than her proportion, as the other maritime States, who, like her, are obliged to provide themselves in Russia; and, consequently, the disadvantageous balance of England with Russia, can no more demonstrate that the former exports there annually 825,212l. than the balance in her favour against Flanders, clearly proved by the accounts of Sir Charles Whitworth, can demonstrate that the above province is by her stripped of 521,201l. annually.
A publication truly interesting, would be a work containing a particular account of the trade of each country, were it only such as that which Sir Charles Whitworth has given on the trade of England; but though such a treasure is wanting, yet it appears to me, that to have a clear idea of such a work, would be sufficient to foresee what would be the result of it. All men are alike: one may therefore, without fear of deceit, suppose in the merchants of every country, the same attention to swell up the list of articles which pay no duty, and which give a trader the petty consequence of a more considerable exportation; every where might be found the same exactness, in a contrary sense, in regard to goods liable to an importation duty; consequently the balance struck at last would be in favour of the nation whose accounts should be then inspected: but deduct from all those favourable balances, that which might have been farther declared on the articles which are duty-free; add to the total of the exports, what has been declared short of the true amount on the objects which must pay; it would then be found that (the five articles excepted) all is paid literally without having laid out any cash, and that each nation is wisely reduced to the only real advantage of trade, the exchange of want against fancy, the exchange of one fancy for another, or the exchange of one want against another want.[4]
In fact, how can it be supposed, that a nation who should not sell to one, or to six others, exactly as much as she has purchased from a seventh, should not be, a little sooner or a little later, compelled, either to give up a trade which she must support with real specie, or to sell that at home for five in cash, which fetched ten before? Is it not evident, that a nation which should not purchase from one or six others, as much as she sells to a seventh, must, sooner or later, find herself in the necessity, either to hide her money under ground, or to lower its value, so far as to sell at home successively for 6, 8, 10, and 20, that which was sold before at 5? This would exactly have been the case with Russia, had the annual balance of 825,212l. been effectually paid to her in coin, either by England, or by those who stand on the debtor side with England, and had the former put it into circulation, instead of laying out the surplus of that balance in the purchase of goods from six other countries, to whom the English sold articles to a similar amount: Now the Russian trader does not in Russia charge 20, for that which, 50 years ago, was sold there for 5: the value of money is not debased there, though Russia has annually a claim upon England for a balance of 825,212l. and, probably, demands not less considerable upon the other maritime powers; Russia, therefore, has cautiously avoided receiving those different balances in coin.
Besides, money fetches but its price in Flanders, although, according to Sir Charles, that province is indebted to England in a yearly balance of 521,201l.—Nor is money worth above its price in Germany, though the latter owes likewise to England a balance of 924,709l. annually.—In Ireland it goes for no more than its worth, though there is another balance due by that kingdom to England, to the yearly amount of 770,916l.—Nor is it above its value in France, who owes to England an annual balance of 108,073l.—Now, if money is every where nearly of the same value, we must conclude, that there does not exist a nation which has not found in her annual importations of gold and silver, either considered as money, or as materials for some articles of luxury, all that she stood in need of to keep up circulation, and provide for that degree of luxury, which the actual degree of her industry requires, as much as it allows; in this case the final balance, deemed unexact, that is, in favour of England, has, in fact, been kept perfectly even. Each has sold here or there, as much as he has purchased, and vice versâ; and the prejudice England entertains on the necessity of a favourable balance, has not, in practice, dazzled the eyes of the merchant who carried on her trade: He has rejected the gold tendered to him, when his profit upon it would have been but trifling, with as much judgement as he has, with care, sought after such goods as could then yield him a greater benefit.