An Essay on the East-India Trade [4]
are lowered, and the coin is altered. My lord, it has been too often the fault of English councils, to determine rashly of the most important matters. And (with submission to better judgments) I doubt it may be of very dangerous consequence at this time, to meddle with, or give any disturbance to a settled traffic. The concern of wool is, without doubt, to be taken care of, but not so as upon that account, to slight all our foreign interest. The East-India company has been for a long time looked upon with an evil eye, by some people, because there has formerly been ill management in their affairs; and for that some of their goods were thought to hinder the consumption of our own manufactures; and because it was seen what silver they really carried out, and not enough considered what bullion their effects brought hither in return. Some persons (without doors) either bribed by the Dutch, or to flatter that interest, profess themselves open enemies to the traffic in general; others through inadvertency, and for want of examining into the bottom of things, give into their notions; and other join with them out of immoderate zeal to promote the woollen manufacture: so that any discerning man may see, that the utter ruin of this trade, and its entire loss to England, will be compassed, unless the king, assisted by the legislative power, out of his fatherly love to his people, interpose, with his wisdom, in the matter. One of the principal dangers now, of taking new cousels about it, is, that in a time of war, if by any false steps and measures, we should lose ground in India, neither our condition, nor the nature of our present alliance with the Dutch, will permit us to assert our right in those parts by force of arms. And if we should come so to lose our hold in India, as not to trade thither at all, or but weakly and precariously, I will venture to affirm (and I hope your lordship will remember hereafter this prediction of mine) that England will thereby lose half its foreign business. For all trades have a mutual dependance one upon the other, and one begets another, and the loss of one frequently loses half the rest. By carrying to other places the commodities brought from India, we every where enlarged our commerce, and brought home a great overbalance, either in foreign goods, or in bullion. In Holland we exchanged our wrought silks, callicoes, etc. for their spices: by Indian goods, we could purchase, at a better rate in Germany, the linens of Silesia, Saxony and Bohemia. In times of peace we did, and may again traffic with France, for our India goods against the things of luxury, which will always be brought from thence; and thereby we may bring the balance more of our side between us and that kingdom. And, my lord, there being a peace now in agitation between us and France, the wisdom of the state perhaps may think fit to insist, as an article, that the prohibition of our East-India goods may be taken off in France; and if that can be obtained, it will put the trade of England with that Kingdom upon much a more equal foot. As to Spain and the Streights, and parts within the Streights, etc., it is apparent that a large share of the bullion returned hither from thence, did proceed from the sale there of calicoes, pepper, and other East-India goods consumed in those parts, and also bought up by the Spaniards for their own, and the consumption of their plantations in America. It is hoped, my lord, the foregoing arguments have sufficiently proved, that this traffic in general is beneficial to the nation. I shall now proceed to deliver my opinion concerning the bill for prohibiting the wearing all East-Inda and Persia wrought silks, bengals, and dyed, printed or stained callicoes, which was the 2nd point I proposed to handle. They who promote this bill, do it, as is presumed, upon the following grounds and reasons: 1st, They believe such a prohibition will advance the consumption of wool, and the woollen manufactures. 2dly, They think it will advance the silk and linen