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petition were such, that most of the foreign trades were losing ones, except the Indian, and that none of them gave a profit of more than two or three per cento. In such a state of things both the power and the will to save must be greatly diminished.' The accumulation of capital must have been either stationary or declining, or at the best very slowly progressive. In fact, Sir William Temple gives it as his opinion that the trade of Holland had for some years passed its meridian, and begun sensibly to decay b. Subsequently, when the progress of other nations was still more marked, it appeared from undoubted documents that most of the trades of Holland, as well as its fisheries, had decidedly fallen off, and that no branch of its commerce had retained its former vigour, except the American and African trades, and that of the Rhine and Maese, which are independent of foreign power and competition.

In 1669, the whole population of Holland and West Friezeland was estimated by John de Witt at 2,400,000. In 1778, the

Temple's Works, vol. i. p. 69, fol. • Id, p. 67. • Interest of Holland, vol. i. p. 9.

population

VOL. II.

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population of the seven provinces was estimated only at 2,000,000 a ; and thus, in the course of above a hundred years, the po

pulation, instead of increasing, as is usual, had greatly diminished.

In all these cases of commercial states, .:the progress of wealth and population seems to have been checked by one or more of the causes above mentioned, which must necessarily affect more or less the power of commanding the means of subsistence.

Universally it may be observed, that if, from any cause or causes whatever, the funds for the maintenance of labour in any country cease to be progressive, the effective demand for labour will also cease to be progressive; and wages will be reduced to that sum, which, under the existing prices of provisions, and the existing habits of the people, will just keep up, and no more than keep up, a stationary population. A state so circumstanced is under a moralimpossibility of increasing, whatever may be the plenty of corn, or however high may be the profits tity of

• Richesse de la Hollande, vol. ü. p. 349..

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of stock in other countries a. It

may

indeed at a subsequent period, and under new circumstances, begin to increase again. If by some happy invention in mechanics, the discovery of some new channel of trade, or an unusual increase of agricultural wealth and population in the surrounding countries, its exports, of whatever kind, were to become unusually in demand, it might again import an increasing quan

corn, and might again increase its population. But as long as it is unable to make yearly additions to its imports of food, it will evidently be unable to furnish the means of support to an increasing population ; and it will necessarily experience this inability, when, from the state of its commercial transactions, the funds for the maintenance of its labour become stationary, or begin to decline.

* It is a curious fact, that among the causes of the decline of the Dutch trade, Sir William Temple reckons the cheapness of corn, which, he says, “has been for these dozen years, or more, general in these parts of Europe.” (vol. i. p. 69.) This cheapness, he says, impeded the vent of spices and other Indian commodities among the Baltic nations, by diminishing their power of purchasing. 2 E 2

CHAP.

CHAP. X.

Of Systems of Agriculture and Commerce combined.

IN

a country the most exclusively confined to agriculture, some of its raw materials will always be worked up for domestic use. In the most commercial state, not absolutely confined to the walls of a town, some part of the food of its inhabitants, or of its cattle, will be drawn from the small territory in its neighbourhood. But, in speaking of systems of agriculture and commerce combined, something much further than this kind of combination is intended ; and it is meant to refer to countries, where the resources in land, and the capitals employed in commerce and manufactures, are both considerable, and neither preponderating greatly over the other,

A country so circumstanced possesses the advantages of both systems, while at the same time it is free from the peculiar evils which belong to each, taken separately.

The prosperity of manufactures and commerce in any state implies at once that it has freed itself from the worst parts of the feudal system. It shews that the great body of the people are not in a state of servitude ; that they have both the power and the will to save ; that when capital accumulates it can find the means of secure employment, and consequently that the government is such as to afford the necessary protection to property. Under these circumstances, it is scarcely possible that it should ever experience that premature stagnation in the demand for labour, and the produce of the soil, which at times has marked the history of most of the nations of Europe. In a country in which manufactures and commerce flourish, the produce of the soil will always find a ready market at home; and such a market is peculiarly ' favourable to the progressive increase of capital. But the progressive increase of capital, and of the funds for the maintenance of labour, is the great cause

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