The unlimited power over trade, domestick as well as foreign, is another power that will more probably be applied to a bad than to a good purpose. That our trade was for the last year much in favour of the commonwealth is agreed by all parties. [pg 109] The freedom that every man, whether his capital is large or small, enjoys of entering into any branch that pleases him, rouses a spirit of industry and exertion, that is friendly to commerce. It prevents that stagnation of business which generally precedes publick commotions. Nothing ought to be done to restrain this spirit. The unlimited power over trade, however, is exceedingly apt to injure it.
In most countries of Europe, trade has been more confined by exclusive charters. Exclusive companies are, in trade, pretty much like an aristocracy in government, and produce nearly as bad effects. An instance of it we have ourselves experienced. Before the Revolution, we carried on no direct trade to India. The goods imported from that country came to us through the medium of an exclusive company. Our trade in that quarter is now respectable, and we receive several kinds of their goods at about half the former price. But the evil of such companies does not terminate there. They always, by the greatness of their capital, have an undue influence on the government.
In a republick, we ought to guard, as much as possible, against the predominance of any particular interest. It is the object of government to protect them all. When commerce is left to take its own course, the advantage of every class will be nearly equal. But when exclusive privileges are given to any class, it will operate to the weakening of some other class connected with them.
Agrippa.
(Remainder next Tuesday.)
Agrippa, XVII.
The Massachusetts Gazette, (Number 404)
Tuesday, January 20, 1788.
To the Massachusetts Convention.