An Essay on the East-India Trade [1]
So that the means of our East and West-India trade, though we might lose by our dealings to some parts, yet we were gainers by the whole, and in the general balance. The woollen manufacture, tin, lead, etc. are indeed the basis of all our traffic, and the first spring of our dealings abroad; but if, by carelessness or false measures, we should come to be confined only to deal in our own product, we must think no longer to preserve the dominion of the sea. As bread is called the staff of life, so the woollen manufacture is truly the principal nourishment of our body politic. And as a man might possibly live only upon bread, yet his life would be ill sustained, feeble and unpleasant; so though England could probably subsist barely upon the exportation of its own product, yet to enjoy a more florid health, to be rich, powerful and strong, we must have a more extended traffic than our native commodities can afford us. The woollen manufacture is undoubtedly by laws, and all possible care, to be encouraged; but it is its exportation abroad, and not the consumption of it at home, that must bring profit to the kingdom. Some of our gentry have been for many years of opinion, that the intire welfare of England depends upon the high price of wool, as thinking thereby to advance their rents; but this proceeds from the narrow mind, and short view of such who have all along more regarded the private interest of land than the concerns of trade, which are full as important, and without which, land will soon be of little value. Men in their private capacities may be allowed to prefer their single profit, but should consult only the general good in public councils. In a trading nation, the bent of all the laws should tend to the encouragement of commerce, and all measures should be there taken, with a due regard to its interest and advancement. Instead of this, in many particulars, our former laws bring incumbrances and difficulties to it, and some seem calculated for its utter ruin; so little has it been of late years the common care. And yet it will be found at last, when all things come to be rightly considered, that no plenty at home, victory abroad, affection of the people, nor no conduct, or wisdom, in other things, can give the public effectual help, till we can mend the condition and posture of trade. In our great assemblies, it has never been sufficiently thought a matter of state, but managed rather as a conveniency, or an accidental ornament, than the chief strength and support of the kingdom. And it has never been greatly the care of our ministers of state, so it has not been enough the study of our nobility and gentry, who, (give me leave to say) for want of a right knowledge in the general notions of it, have been frequently imposed upon by particular merchants and other interested persons, to enact laws so much to the prejudice of trade in general. My lord, I shall be very free to communicate the few lights I have gathered from observation, and inquiry into these matters, and shall be very glad if my endeavours can give your lordship any hints, which I am certain will be improved by your deep judgment and understanding. 1st, I am clearly convinced in general, that the East-India trade is greatly beneficial to England. 2nd. I am of the opinion, (with submission to better judgements) that the bill now proposed, to prohibit the wearing East-India and Persia wrought silks, bengals, etc. will be absolutely destructive to the trade, and very perjudicial to the kingdom. Which two points shall be impartially handled in the sequel of this discourse. As to the East-India trade in general; if all Europe by common consent, would agree to have no further dealings to those parts, this side of the world, by such resolution, would certainly save a great and continual expence of treasure. For Europe draws from thence nothing of solid use; materials to supply luxury, and only perishable commodities,and sends thither gold and silver, which is there buried and never returns. I