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A N INQUIRY INTO THE REVENUE, CREDIT, ♦ 1 1-1 AND COMMERCE OF In a Letter to a Member of this prefent Parliament, 4*- •*T' ii»i ■■• LOH'DON : Pri|it] '•/ '■■ « ^'' ' ■ ./ ^^, • • > r« »; CI PI A ■■»■ " ■■ I '■ '7- i' ^^./ \ ': o ( ^3 ■ 1 i L' r" i\ v^ oi i,,it"al ,B ni ' f •> r»»--.v J-.j * f f Tl r- -« I ^^^■ww^ ^ »j^^ nM ll w wlW^I>*li M l U K un f ^ rii j jtn "ir l^^*'. 'f, ' . • a ft > ' 'K%:9irihl 1 ■■f. 5^^^»■^v(lV••^^v^^) i^ •!::;'/ '-'y -m:j !. -, . , . . . •» -. : ,< i < ' ■ * '^'''i '^'j o: . ( • '> ^ ^ > rr ' O be pccfcAly ftcquainfed with thie Condition of thexKighbouri4)g ; Fcrw£]!s, is certainly of importance :^-,Ld 1 f' to thpfc who conlult the Safety atit^ Honour \of Gt^at'Britam^ 'm fupport of whofc true and cfTential IntercA, as well aa the common Rights of Mankind, yoa are no lefs eminent for your unaffcded Zeab than you are for thofe Abilities and Parts which have already made you an Ornament to the Great Council of the Nation, and which in you have rhe peculiar Grace of being the early diftindlion of your Youth. Of all our Neighbours there is none whofe Power is more to be dreaded, and whofp Faith lefs to be truftcd than France. The fixft is univerfally allow'd ; and as a Proof of the latter, whoever looks into Hiftory will find this invariably true, that her Priendfliip, even under the moft folemn B ,'. ^...Sanftion? ^' h 1 ( ♦ ) Sanflions, is eternally made ufe of as a Snare, in order to ruin thofe by fecret Pradicc and Fraud, whom her Arms cannot conquer. France then is always to be confider'd as an Enemy, and the Conduft of Great 'Britain ought to be regulated accordingly. Some occafional Refiedions of this nature put mc upon an Inquiry into her Revenue, Ci;cdit, and Commerce 5 all which art highly Over- rated by the generality of People, particu- larly her Publick Revenue, which I have heard fomc roundly affirm to be abbve ten Millions Sterl, per Annum^ clear of all Deductions., How far this is true^ill ap- pear by the following * Account/ "j '*'*• -'f An Account of the Revenues of France, in the Tears 1730, i, 2, 3, & 4. ''-'"' Livres. The general Farms 84,000,000 ^ The generalReceipts 43,5'oo,ooo Receipts of the ?--,q,^- TaisT>'Etats p>/+^'337 Gratuitous Donations 2,5-30,13^ Cafual Revenues - 3,000,000 I 01 .. ,:. ,.1 '1 » >*,( 'y. r <■» :i :.i : :r.rt Royal ■<::■-■ 138,778,473 Carried forward. • N, B. This Account is colle£led cliiefly from a Book ifttitled Refexions Politlquesfur les Finances ^ It Qommercedela France, publiih'd at Paris in 1738. ,' m '■vmifi^e^mnarm (f) Brought forward 138,778,473 RbyalForcfts i- - 1,500,000 , , The Capitation Tax 22,000,000 The Regifter of 7 ^„„„„„ ' 1 'j ■ Cmtrik - - r°'°°°'°°.® , . ;• Increafc of the Farm bacco of the 1 ' of To- > 5,000,000, . . /' •-MMI^ 'uuvvrj ■ Livtes. . ThcTotalofthcGrofs Receipt 17^,17^,^79 To be deduced, h f -Ht d i^iiih : -: An Allowance to -^t^ ')[li lo aoj •;::ti:) the Forty Farmers • General for Clerks, Travelling Charges, ^ ' or'AHd.:: &c, o^ — 1,2x6,000: I'.J'-JA The Expence of ij^-i --ii; oi^irnA colleding and ma** ,t •- ~ 'i ) naging the feverai Branches of the Re- venue (La Re- gie;) including thq ■ ui .^.wi i,-c i -,; I Cinquantieme fup- t^ u ] ^^ -^^ ; i p^fs'd^^^^ ^ — .. ?4,442,5'dp ujosoVi The Neat Produce ml Carried forward. B 2 ■ -g ^ ti - i 4. y.t- 2 5,6; 8, 5-69 i49>^ip>S04 The ( ^ ) The Neat Produce 7 ,.^^ from the otlicf Side -- 5 '4?f^^?^«94 Further pcdu^tipns, ) ■'^^ t/;.'':'. 'I odi' The Annual Intc- } - v.v. ..i.) reft of the Publick \ •} ■••■J ' ■;;:-i Debts, or, in^ their ■] -oi' v* rn/ri Phrafe, the Annuities ;. - - upon the Hhfl tie- P'ille, (exclufivc of the Tontines oc Sat* 'ioiD srii'ic IvK^Tt^ili vivorfhip Annuities) according to the De- .loilul/jh -yl oT clarationof the fth <'•- sjf.f...Q!lA riA of June 17Z5 - - fi,ooo,cioo ^ - > ii Salaries to the Pay- , - V r.r: J ;.r.i!i:jvr.iT Mailers of thofc - • i<> ."-"O Annuities and their ''' ^'jrrjc;:.! yiil Clerks « • - 1,^00,000 ;-:iir/i->i:03 ■ II- - - I ■ ' " I f 2 ;f 00,006 \ r - - ^., The Total remaining tbaiv - fwer all the Exigencies of the 'i^Uv:,v;5i.\ > Government - - - - ^ P7>ii5>,po4 Which at Tenpence^ iivremakc - ^ l.^,o/^6,66z:iy.^ ^ Carried forward. SterL 1 r •• ' J, :v«- f f >>.,■• » . . . The (7) 1 .'V The Ofdittary Revenue brought forward - - - France is nowpof- fcfo'd of Lorraine^ and fuppofing it to be I .^ equally tax'd with the h,\ reSdof the Kingdom, it will yield a propor- tional Revenue of v;!t five Millions, five , ., hundred thoufand , Livres, if you con- ' ' /idcr its Extent of ' Territory only? but n^ v being a new Acqui- ,;} , fition, and without ..r^,^, Manufadurcs, it is perhaps more gently ;* treated 5 however I '* * '^ will allow it to be f, ^00,000 Upon extraordina- , ry Occafions the King raifes the ^ime Roy ale, which ac-'^f"'- * cording to Monficur ^ ''^ ^^ Tyefmaretz^ in his ^Z Memorial, never pro- '^ :. . ': duced above 24 Mil- lions^ of Livres : I will fuppofe them to Livres. 97,iip,5?o+ r\ «•« * I r • ■■ : . • f f i. >'j 1 :i:iyjj.,j'^ X ■.- .<■' 84f be ( 8) .be thirty - - 30,000,000 » I 1 • * - ! V 132,619,904, •ic" Livrcs. If ^ 1^ ti I* 1^ I I ^ "*. ,\ Which at 10 ^/.aLivrc . i make - - - /. SterL f if 2 5^,829 : 6 : 8 This, Sir, is the utmoft France can raife within the Year, and that only when her Ports arc open, and her Navigation unmo- leftcd. But in time of War, efpccially with the Maritime Powers, there arc great Defi- ciencies in all the Branches of the Revenue 5 and, at the fame time, almofl every Article of the publick Expencc is increafed. You will find a remarkable Inftancc of this in Monf. ^efmaretzs Memorial, p. 17. There he tells you, that the general Eftimate of the current Services in 1709, amounted to 1 1 Millions, and near five hundred thbufand Pounds, Sterling 5 and the ordinary Revenue, that fame Year, to no more than, i, 979^6^6/, 1 3 J. od. Sterling 5 tho* before the Com- mencement of the War in 1688 it pro- duced, clear of all Dcduftions, fevcn Millions, and near two hundred thou- . * fand "T-r I (9). land Pounds SterL and at that time the Capitation Tax and Regifter of Controle were no part of it : Nor was the Farm of Tobacco fo high as it is atprcfcnt, by fcveral MilUons of Livrcs. ,i , , Thus m about »wcnty Years time, the pubUck Revenues fell above five Millions Sterlingy (hort of what they were before the \Var, and above nine Millions (hort of the annual Expcnce. t ■•> < . t • The fame Caufc will always produce the fame EfFeft, and therefore if ever it is the illFate of Fr^wr^ to fee the united Forces of another Grand Alliance u^gon her Frontiers, flie will fcon find her felf under the fame Difficulties and Diftrefs, but with this dif- ference, that fhe will have fewer Reflburces to depend upon for her Support. For in- ftance 5 The Vanity of that Nation was a Fund from which the Government drew im- menfe Sums in the laft Reign by the Sale of Patents of Nobility and new created Offices. But thofe Offices, being the Source of intole- rable Oppreflion to the People, were for the moft part abolifhed, and the Unworthinefs of thofe to whom the State in her Neceffity I profti- p ll * f » 'iV 1 W ( 10) proftituted Titles of Hondury brought the new Noblejfe under i general Cdntetnpt. This is remember dAill, and probably always "will be fo. The Experience therefore of what happened to the Purchiftrs of thofc Commodities in the late Reign, would cer- tainly difcourage, if not deftroy the Sate of them in the prefent, aiid totftt^ttiiXJ pre- vent the Succefs of any Scheme for taifing Money that way. The/ the CroxmlhOuld have no Effects to purchap Js/Laiit^y yd Money may be procured upon Pledges -^ and they are either real or imaginary^ Acr cording to thisDiftindion, I makeJcwelSjC^r. a redl Pledge, becaufe they arc a real or actual Security for Money in the, hancls of the Lender. Thefe Pledges however upon any reafonable SuppoCtion, muft bear an in- finitely fmall Proportion to the Wants of the State. Imaginary Pledges I call fuch in France^ all Affignments upon any Branch of the publick Revalue, or any other pub- lick Security for Payment of Principal and Intcrefl at a future Day. Thcfe Affign- ments, d^'^. being revocable at the King's Plcafure, as depending folely upon his Faith, are therefore only an imaginary Secu- I 1 "►iiloi'i nty -«. ■^wr rity. Such Securities conftitute publick Credit, and as their Value rifes or falls at Marker, fo publick Credit is faid to be high or low. But the notorious Violence and Injuftice,\vith which the Proprietors of State- Securities were treated during the Regency of the Duke of Orleans y has fo branded the Publick Faith of that Kingdom, that it is im- poflible there can be any fucii thing there cxifling as publick Credit. m And yet I am iriform'd, the Gbvernmenr , riot many Months ago, had Money advanced both by Foreigners and SubjedSi Ifit'struc^ it muft be entirely owing to the Cardinal's ferfonal Credit with the Bankers and Fi- nanciers, whofe Confidence he has gain'd by his pundluality hitherto in pecuniary Tranfadions 5 and that pollibly would in fome mealure fupport the Government if his Eminence was a little younger: But con- fidcring his great Age, the Influence of his Adminiftration upon Affairs at this timCj muft be weak in proportion to the apparent Shortnefs o<^ its Duration. The Abfolutc Power of the Crown is a Rcflburce thatftill .1:;' * • : C ' re- i V ^r=-« V I h !1 ( 12 > remains 5 and indeed where the Government is Arbitrary, and the Glory of the King is the principal Objed, there is but little Attentioa to the Mifery of the People any otherwifc than to proportion the Efforts of the State to their utmoft Ability oi Suffering : But to compute what v^'ims of Money that will produce, is as difficult as it is to edimate the Patience of an ehflavcd Nation. - . , , ■■^ -i-^ ''^MYlr^'j From what has been faid, I draw this ge- neral Concluiion, that the Power of jFr^»f^, in the prefent Situation of her Finances and Credit, is far from being formidable j and, whatfoever they may boaft, is incredibly lefs than it was threefcore Years ago, as I ftiall make more fully appear, when I come to examine into the paft and prefent State of her Commerce. But then Power is to be efiimated by comparifon, and whatever her own Circumflances may be, the Folly and Weaknefs of her Neighbours, give her both Strength and Wifdoiti. Witnefsthe prefent. Defolation of the Empire, farlefs owing to the Armsof Fr//»r^, than to the fatal Ob- (tinacy, and hereditary Pride of fome of its: '^i Princes? # ■^ ( «3 ) Princes ; and tQ the fenfclefs Ambition and Treachery of others, who have been duped by their common Enemy to a£t in open vio. Jation of all thofe folemn Engagements, and antient Compacts, by which they were bound to one another for their common Safety. ' • , )( ■ , ' . ^ - ; ' :■ - BtTT to refumc the Subjed: Since this Ac- count of the Revenues of France falls fo far fliort of the common Opinion, and as it may fcrve to diilipate the Terrors raifed by thofe who are perpetually magnifying her Power 5 I think it neceflary to fay fomething of the Book from whence the Account is colle£tcd, in order to procure it that Credit, which is due to its Authority. • ^ * • ' ' ' > • .. , v-« Monfieur ®« Tot, the Author, meeting with a Trcatife, intitled, EJfai Volitiofue fur le Commerce, publifhed at ^aris in the Year 1734, in which he found fome very pernicious Notions relating to the Coin, wrote his Book chiefly to inculcate this plain Maxim, That the current Coin of a State once well cftablifhed, fhould never be altered. ,,w.. C 2 AVith 4 -ill ^mmmm p i •K; T (1+) With this honcft Intention, he cndcavoura to confute the Principles of that Treatife by- Arguments drawn from Experience, and therefore is extremely careful to quote only fuch Authorities as arc univerfally allowed. He had accefs to all the Offices of the Fi- nances, he hinifelf being a Commlffioner in one of them 5 and, by that Means, had an Opportunity of verifying whatever relates to the publick Revenue. When he had finilhed his Book, he prefented it in Ma- nufcript to the Cardinal for his Approba- tion, and Leave to print it, which was granted him. This I think fuffi.cient to eftablifh the Credit of the Book in oppofition to thofe who magnify L the Revenues beyond all bounds of Probability. For is it to be ima- gined, that a CommtJJioner of the Finances would write, or the Minifter TufFer to be publifhcd, a Book which made /V^»r^ ap- pear to be either weaker or poorer than fhe really is ? Is not the Minifter efteem'd wife, and is not the Author a Frenchman ? Why iiiuft he be fuppofed then to run againfl: the natural Biafs of 2i\\:, Frenchmen, fo noto- rious y pavtial in every thing that affedts the ii^. \ ■ ' "* . ' Glory M ,t i :f ( If) Glory and Reputation of France ? His ge- nuine Charadct is to be found in his Writings 5 tliere he appears to be a Man of Inquiry and Candour, equally zealous for Truth, and for the Profperity of his Coun- try. C.frn ^ J; - . V • * - • r ' *" 'i"N ' .'.;;':■' v/ ,i\)iij '' \ \- "jijo j.^ ■ • ( r t r As to the Opinion that the Revenues of France arc above lo Millions SterL per Ann, clear of all Deductions, it may be asked how it came to prevail fo generally among us ? For my own part I cannot help looking upon it to be originally of foreign Growth, and imported by our Fine Gentle- men when they returned from their Travels. Pardon me, Sir, I mean only fuch of them as are above the trouble of Inquiry and Ob- fervation, or carry abroad with them only a ftolid artlefs Curiofity at bed 5 and fo content themfelves with the firft Account of Things they meet with on the Road, or pick up in a Coffee-Houfc, perhaps from ibme ignorant Frenchman s and you know how extravagantly they magnify to Stran- gers the Riches and Power of their Coun- try. For Inftance, if you ask them how - ' • ' much 'i< I ii. ( i»- quante Millions de I^ivres^pouf U mains 2 f o Millions of Livres at Icaft. This be- ing affcrted roundly at once aftonifhes and fatisfies our Traveller, who believes it to be true becaufe he was told it in French 5 and as it is perhaps the moft extraordinary thing he heard abroad, he is perpetually talking of it after he gets home, by which means France appears formidable to the whole Circle of his Acquaintance who believe him, becaufe he has been at Tarts, — Thofe like wife who judge of the prefent Times by the paft, and fuppofe, as they do, that the power of France is the fame now that it was formerly, are very much inclined to be of the fame Opinion: For other wife they think it impoflible to account for the mighty Efforts of Lewis the XlVth, who maintaln'd two long Wars fmgly againft the principal Powers of Europe united. I will fuppofe all this to be true, and that there^ muft be a Caufe adequate to the EfFed : And yet unlcfs they can fhow that his Re- venues were always equal to his Expeace, it u. fi I does it ( 17 ) does by no means conclude in favour of that Opinion : But that they were not equal j on the contrary, that there was a very great annual Deficiency during both Wars, is evident from the Inftance mentioned before^ and from the prodigious Debt he left it his death. This Debt being ftated at the pro- per Offices foon afterwards, amounted to no lefs than 176 Millions Sterl. and up- wards. The Intereft of which at f per Cent, comes to above 8 Millions 8 Hun- dred Thoufand Pounds a Year, which is betwixt 16 and 17 Hundred Thoufand PouikIs more than the Ordinary Revenue ever produced when it was higheft. By this it appears how far He was from regu- lating his Expence by his Revenue, when, to fpeak in the Language of PFeJlminfler- Hally he fpent the Fee- Simple of his King- dom, and in this Particular out-did even defar : For Lewis wanted above thirty Millions to be worth nothing. . _< , . . : .f '. .. .1 -I" *■■ Upon the whole, I fubmit it to you, whether the Notions of luch People, and the Accounts our fine Gentlemen bring home from their Travels, are more to be relied on than the Account 1 have given you from Monfieur jD^ Tot. ■ ■ »^^'-'i9/' -^ -'■ "' I C OME now to inquire into the pad and prefent State of the Commerce of France, in order to fhow that her Power is far from being fo formidable as it was threefcorc Years ago. To do this with greater Perfpicuity, I fhall take a View of her under three different Periods of Time. ~"l.> *:■"■ ' 1:'-Q :jvi^ AViWA . 1. FrOM^ ( 19) I. From the Treaty of Vervins to the Treaty of Nimeguen^ and fo on to the Commencement of the War in 1668, growing in Power by her Arms, her Policy and her Trade. in ' 'II. From 1668 to I7i4exhaufting her Strength, and ruining her Commerce thro' the Courfe of two bloody aid confuming Wars with King William and Queen AnnCy and their Allies. "■'"'■ *. ,1- . III. In the laft place, recovering from the Wounds fhe received in thefe two Wars to her prefent State. ; _ To enter into a Detail of the feveral Ac- quifitions oiFrance by Negotiation and Con- queft during the firft Period, is no part of my Defign,nor is it neceflary in this Inquiry. 1 (hall therefore confine my felf to her Pro- grefs in Manufaftures, the genuine Source of her Power. -» «' Before the Reign of Henry IV. France fubfiftcd chiefly by Agriculture, and produced little for a Foreign Market be- \. D fides I"t. 1 ,,' i . (20) fides Wine, Fruits, and Salt. Henry liaving put an end totheDiftradionsof the League^ and foon after to the War witli Thilip by tlic Treaty of Vervins^ confider'd how he migiit improve that State of Tranquil- lity to the Advantage of his Subjects. With this View he introduced and cih- bliflied the Manufacture of Silk, which in \q(s than half a Century was brought to fuch Pefedion, that France bcfides her own Confumption was able to fupply England^ Holland, and the Northern Na- tioios of Europe^ with all thofc Silks they formerly had from Italy, And fueh is the Nature of Manufactures where they once flourifh, one begets and promotes another. The French encouraged and enabled by their Succefs in the Manufadure of Silk fet up a great many more, as Linnen, Can^ vas. Paper, Glafs, Iron, Hats, and even Woollen Stuffs, with an infinite number of Toys in Ivory, Silver, and Gold. But as there is a received Opinion, that the Manu- fadure of Wool is of a larc Date in France, \ muftbe a little more particular upon it. iwl liUH In ( 21 ) "<^ In i(Jfo the French M'midi'y began to encourage the Manufadurc of Wool, and as their People fuccccdcd in it, they incrcaf- ed the Duty on Englijh Woollen Goods imported into France, In i6^^ the C«- ftoms on an Englijh Cloth were raifed to 30 Livres, on a Serge to f /. In 1664, when the firfl: general Tariff was made, the Cuftoms were again raifed, on a Cloth to 40 Livres, on a Serge to 6 I. and in 1667, on a Cloth to 80 Livres, on a Serge to 1 2 /. Prom this Incrcafe in the Duties on Englijh Cloths and Serges, I infer a proportional Progrefsin the fame Manufactures in France i And undoubtedly it was very confiderable even fo long ago as the Year 166^ ; fince Mr. Fortry, an eminent Merchant, in a Book he publifhcd at that Time, and Dedi- cated to King Charles II. makes the Value of French Woollen Stuffs imported into England 2i\o\\Q:, from Chalons (whence our Shalloons h-wc their Name) Chartres, EJla- mines (whence our Stuffs called Tamins or Stamins) Rheims in Champagne, and from Amiens^ Blicourt, and other Towns in ,:^. :;-i:,,. "^ ^ , ...,';h' 'Ficardj, m • ^ •r-, I •' /I . ( 22 ) Ticardy, amount to no Icfs than 1 5*0,000 /. SterL per Annum 5 a ftrong Proof that this Manufadurc is no new Acquifition to France. Mr. Fortry in the fame Book, makes the VaUic of all the Goods imported from France into England amount to 2,600,000/. per Annum*, About tlic fame Time the general Exports from France were computed at 6 Millions, 75'oThoufand Pounds SterL per Annum, and upwards j and the general Ballnnce of Trade in her favour at f Millions SterL per Annum s fo prodigious was the Confumption of French . Commodities in Foreign Countries at that time. • ■ ' ' ' J* . . " What is very remarkable, France v^zs all this while without Merchants and with- out Shipping. The French were only Fac- ■ 1''. -.:. -.•: . .'■'■:.'■,_■■'<■ tors tfi n ■.rn.. * Mr. Fortry took tlie feveral Articles of this Ac- count from a Memorial p relented a little before that to the French Miniftry, by the Companies of Merchants ^ at Parts, in which tiiere was a particular State of all the Manufactures of the Kingdom, their Quantities and Specie'^, and to what Value they were annually ex- ported to foreign Countrie?, diftinguifliing each Coun- try, fo that nothing could be more authentick. (»3 ) tors to the 'Dutch ^ who Ci rric^ on, not only the Foreign, but even the Coafting Trade of France in T>utch Bottoms. The ^utchy contented with the great Gains they made by this Traffick, never turned their Thoughts to Manufactures, and the French fatisficd with the immenfe Riches brought into their Country by Foreigners to purchafe their Commodities, intirely neg- leded Navigation. But when Colbert came to have the Superintendancy of the Finan- ces and the Marine, and found it impof- fible to execute tlic ambitious Plan of Conqueft and Dominion his Mafter had form'd without a Naval Force, he foon gave the Genius and Adivity of his Countrymen a new diredion, and applied himfelf to theBufincfsof the Marine^ with a Dexterity and Succcfs that amaz'd al| Europe : For in Icfs than twenty Years he rais'd or rather created a Naval ^ower ca- pablc of difputing the Empire of the Sea againft the Englijlo and Dutch united. All his Abilities were equally eminent in both his Provinces, he fo improved and rcgula. ted the Finances, that the ordinary Revenue * • produced ¥ I: m \ h ( H ) pfjQduccd clear of all Deductions 7 MUlion$ and near 2 Hundred TboufeAd Pounds Surl per Annum, A Revenue, confider- ing the grc^t Alteration in the Prices of Ammunition, Provi/icxns, ;ind other things fince that time, equivalenjc to ? Millions St ^r I. per Annum now. JByr this he ena- bled his Mafter to fupport the great Charge of this new Eftablifiiment, without retrench- ing any one Article of his other Expence. Thcfe things naturally give one a high Opinion of the Talent of that able Mini- fter. , Yet fo limitcl are the Views and Speculations, even of the grcateft Statef- meiv in Regulations of Commerce, the Meafures he took to extend the Trade and Navigation o^ Franc e, were attended with Confequences fatal in the end to her Manu- faftures. ,, , .,,_.,. , '? ).*!. * } i t r^^'f^j,^ n. »>. ■.-'i n Kf • The high Duties on Foreign Merchan- dize and Foreign Shipping laid on by the Tariff of 1664, and incrcafed by the Ta- riff of 1667, provoked foreign Nations to do the fame, and of courfci to attempt the Manufaclure of fuch Commodities as they ^ f V had ^ ( 2f ) had hitherto been ititirely fupplicd with from France. The TOutch fet up Silk and Woollen, Linnen and Paper, Canvas and Sail-cloth. The Englip did the fame, tho* fomewhat later i and to them added, Iron- Ware, Watches, Clocks, Glaft, and Hats. Tho* thefc Attempts to rival France in her principal Manufadures were made during the firft Period, her Power continued never. thelefs to increafe all the time, as I have before laid down. For notwithftanding their Operation was immediate, yet it was for fomc time imperceptible, and it did not fenfibly affed the Manufadures of France till many years afterwards. ■- - • :-f A C.\n 'HH '6\ .'J '-*. ; 'f' ■I In 1678 France made the Treaty of Nimeguen, with a Superiority as mortify- ing to her Enemies as it was glorious to her felf. To the Glory of her Arms fhe now added the Advantages of an extenfive Trade, and by that means to the Enlarge- ment of her Dominions, fhe continued to add a daily Encreafc of Riches and Power. Such was the happy State of France in iC)83, when I find her publick Revenues at '"^'^ the i ■* h hi i i i < (26) the highcft 5 and I believe they might con* tinue with little variation to the beginning of the War a few Years after. Here then I fix the Meridian of the French Greatnefs and Lewis's Glory, to which the Domeftick Adminiftration of Colbert contributed more than all the Vidories of Conde and Turenne, >.,., , . in h •'•■'f' •:?.'■;'! T'l'/v. i'' .<-*;t' • T ••• B u T it feems Profperity has in it felf the Principles of its own Deftrudion. LewiSy intoxicated with good Fortune, be- gan a mod barbarous Perfecution againfl fuch of his own People as happened not to be of his Religion, contrary to all the Rules of good Policy 5 and as for his Neigh- bours he ravaged their Dominions, and vio- lated the moft folemn and facred Engage- ments de gay etc de Coeur. Above half a Million^ of his moft valuable Subjects fled from his unnatural Cruelty, and together with their EfFeds, carried with them their Induftry and Arts wherever they went, to the irreparable Lofs of their Native Coun- try. Thus the bigottcd Tyrant tore up thic Roots of his own Power. To precipitate ^^' ' his ( 17 ) his People's Rain, he began a War upon the Empire towards the latter end of the Year i(i8&, and carried it on with fuch a (hock- ing Inhumanity, that he drew upon him- fclf and Kingdom the Vengeance of the l^nndpal Powers in Europe^ who were bleil with the good Fortune to humble that Pride, which had made him almoft forget lie was a Man. This War was fcarce end- ued before he engaged in another, more bloody and more fatal to him ;han the ifirft. The iv>ag Interruption of Trade oc- cafion d by thefe Wars, and the Superiority of the Maritime Powers at Sea, almoft in- tirely cuin'd the Manufadures of his King- dom. . / f Hv .> ■ >•%:. > i'i\}j "ff . J- 1.) •f I'H >• Besides Lofs of Trade and an incre- diWe Expence of Treafure, thefe and his former Wars muft have coft hina ^infinite Numbers of Men. I never faw any Calcu- lation of that Lofs, nor do I pretend to make an exadt one 5 I will however attempt it from 1688 to 1714, during which time the Land Forces of Fra?tce were the moft numerous. There was ir's true a Peace ...;v E made 3 Il ' % I tf V- ■ 'i-,t y <^; 00 • -J < I . .,r\, Such were the Evils under which France laboured, when the Duke of Orleans en- tered upon the Regency. As the Cafe was defperate, fo the Remedy lie applied was violent. .» iJ-.it. t' 1, n • .. I ■ < I I'' i|! "•< II r ti^; (30 old one, was to be current for 20 Livrcsj and the Crown in the fame manner for f /. Thus he propofed to get one fifth part of all the Specie ih^t was brought to the Mint^ and yet, according to his Scheme, the Peo- ple were not one finglcLivre out of pocket. That they had the fame number of Livres again from the Mint, is very true j burthen they had only four Ounces in weight inftcad of five J and for that Rcafon great Quantities of the old Specie were hoarded up, and probably would have long remain'd fo, to ihc great obftrudion of Circulation and Commerce, if it had not been for another happy Expedient, which was managed with fuch Dexterity, that it brought into the hands of the Regent almoiT: the * whole Stock of ready Money in the Kingdom : By this Expedient, I mean the famous Scheme of a general Bank, cftablifhed by Patent the 20th of May iyi6: This Bank was endowed with great Privileges to gain it Reputation, and the Eafe it introduced in- to Bufinefs foon gave its Bills an extenfive Currency j and to make them (till more ac- i: ;;i:::./i:;:vi i;^ , ceptable * * A^. B. The Quantity of Specie then circulating in Francs was computed at near 400 Millions of Livres. (33) ceptablc to the Publick, they bore an Intc- reft of 5 per Cent, per Annum, The Punduality and Difjpatch obfcrved by order of the Diredor in all Tranfadions, dnd in giving Money for Bills the Moment they were prefcntcd, raifed and edablifhed its Credit. The Bank paid only in new Specie ^ but received both new and old. In a little time, the Quantity of Ca(h there was incre- dible 5 for Specie y by the frequent Varia- tions in its numerical Value, was become a fluctuating and uncertain kind of Property in the hands of the Poffeflbr 5 but the Va- lue of Bank B ills being fix'd and invariable. People for that Reafon preferred them to Specie^ and fo carried all their Money to the Bank. What was the Event ? Why the Allurements of fo vaft a Treafure prevailed in the Mind of the Regent againft the Sen- timents of Juftice and Honour 5 the Bank ftopt Pay*nent, and in one inflant thcfe fa- vourite Bills were found to be worth- no more than fo much wafte Paper, Such were the Expedients by which this Great Man fiird the King's Coffers, perhaps his own, and plundered a bubbled Nation. iiij'^x » As « ■/ ij^ I . \ ll ^1. w 'jflA s. to the puhlick. Debts, they were hi- dccd flated at the pcopcr Offices^ as I men- tidn'd hicforc, and tie pubiick Creditors had Sedidcics given theai. So far there feem'd to bo an Intention to' do iudice $ but after- wards the Form of lihe Security was yaried, die iCaptcal rctrench'd, andthe Intcreft redu oed by arbitracy Edi^lsy without any Com* penfation to the Creditors, and without thcix ConU'Lt. This violent Method of Proceeding fo (unk the Price of all publick Securities, that foine fell f o, fome 3o, and ibme even 90 fsr Cent, fo great was the Diffidence of the Publick Faith. The Conicqucnccs were terrible. The Trader being poflcfs'd of thcfe Publick Securities, which had either loft their Value or their Credit, of neccffity became a Bankrupt* As the Ca(c was general, Bankruptcies were fo too. AH manner of Bufinefs was at a ■ itand, except Proceedings at Law, and cxcef- five Ufury. The Merchant and Manufac- turer were either undone, or at leaft ina6iive, in expedation of better Times 5 which of confequcnce obliged the Artift and La- ^ bourer (3f ) bourcr to feck Bread and Iinploymcnt in a foreign Country. ^ A History of the Regency being no part of my Defign, I content jiiyfclf witli mentioning fomc of its EfFeds, to rhow, that inftead of proving a Relief from the Preflures of a burthenfome and con- fuming War, it was rather produdivc of greater Mifcry. It muft then be under a more gentle Regimen that France began to recover her former Vigour. v ' r . .^ / t The publick Debts being converted into Annuities upon the Hotel de Ville^ thofe Annuities were fix'dat Fifty-one Millions of Livres/^r Ann, by a Declaration dated the fth of June^ i/^f- The Year * after, the Coin too was fix'd 5 the Mark o^ fine Gold, at 740 LivreSy 9 Sols^ i denier 5 Stan- dardf at 720 Livres 5 and the Mark oifine Silver at fi Livres, 3 Sols, 3 Centers y Standard, at 49 Livres, 1 6 Sols, Thefe two important Points being thus fettled. Cardinal Fleury, taught by Experience how pernicious the hiftability and Fluduation of •I the ♦ 18 'June i',l6. V » • \ (36) the Coin, and the publick Securities had been to the Kingdom, has invariably ad- hered to tliis Regulation, and thereby left the People at liberty to reap and enjoy the natural Fruits of Peace. This fix'd and uni- form State of their Money in time brought the Courfe of Exchange with their Neigh- bours to be in their favour, by reviving Circulation and Commerce, which in Tome Articles they have confu'crably improved, particularly woollen StulFs and fuperfine Cloth?, of which they export much greater Quantities to Turky, than they did formerly. But that Branch of their Trade is got to its higheft Pitch, and would foon be reduced again, was the Britip Parliament to make a Law for laying the Tlr/r A/ Trade open. TheirTradeto i\v^E aft -Indies is within thefc few Years very much incieafcd, -^thcir Sugar Plantitions greatly enlarged, and by ncccflary Conitqucnce fo is their Trade to the Coa(l t)f (Jninea for Saves, Ivory, and Gold Dull i whic:h Uidccd very much dclerves the Atten- tion of Great Britain. T he Spaniards and ^ortiigncfc are i:,rown fonder of French laihioiij, iivA lo i.ikc more of their Manu- factures. ( 37) fadures. It is difputcd whether the Con- fumption of their Wine and Brandy in Rujfiay Sweden, and the Baltick, be en- creafed or not. Their Fifticrics arc not much improv'd beyond wliat they were fifty Years ago , howev:r they are confidcrablc, owing to tlio Ccflion of Cape Breton, and other Indulgcncics at tlie Treaty oi Utrecht, witliout which, they had by this time been totally deftroyed. As they arc more ad- dicted to Commerce, the Number of Mer- chants amon^ tlicm is encieafed, and tliey arc become more induftrious in fearching out new Channels of Trade than they were in former Times. .« . . Such are the Acquifitions and Improve- ments in the Trade of France. Here fol- lows an Account of what fhe has loft. I. England took formerly from France to the Value of 600,000 /. SterL per Ann. in Silks of all Sorts. But fince the Manufadure of Silk was efta- blilh'd here, and high D|uties laid F 2 ■f , I . •» J / '. upon • J 1i I » • \i f I 1 ■ ■I' i ( 3^ ) upon all French Silks, the whole is now loft to France, except a few Waiftcoats and other Trifles Tounds, not worth taking Notice of 600,000 V II. In Linnen, Canvas, and Sail-cloth, to the Amount of 700,000/. SterLper Ann, and upwards. But fince high Duties were laid on all French Goods, thefc are either manufadured in Britain ^w^IrelaKa., or imported from Holland, Germany, and i?^(^/?,whereour woollen Goods are taken in return. This Arti- cle, as well as the other, is taken from the British Merciiant ; and whether Cambricks be included in it or nor, docs not appear. However, I will allow for Cam- bricks ftill imported, 200^000/, per Aan. which to be fure is as much as the prime Coft of them comes to, then the Dift'erencc to the Lofs ot .Fr^wr^ is - IIT. In Beaver, Demicaftor, and Felt Hats, Glafs, Watches and Clocks, 2 2 0,000 /./^r-^/^w. r I- I 'r//oi" y 00,000 I, i 00,000 But ( 39 ) '^**> I " Brought forwards - But thefcare Manufadtures which England has made intirely her own, and fupplies moft of her Neighbours with them. This whok Article then is loft to France - - - IV. England took formerly from France 400,000 Reams of Paper annually, at fj. /^rReam prime Coft, 100,000/. But now \i is made chisfiy at home, or imported from Holland and Genoa. The Quantity of Paper from France^ now entered at the Cuftom-Houfe yearly, is a meer Trifle. However, I will allow lOjOQol. SterL for it; and then the annual Lofs upon this Article will be V. Formerly there was imported from y^»i;^r^»^, to the Value of 40,000/. per Ann. in Iron Ware, now made both cheaper and better at Birming- ham, Hallifax, &c. iiiid fo in- tirely loft to France - - bounds. 1,100,000 \-'V.. > 220,000 ^ :,« 1 < •*> ■* : i' • L'.;-' po,ooo 40,000 1,45-0,000 VI. i IK, I 1^ • V' .1 . «. I i" { 40 ) Brought forwards bounds. 1,45-0,000 VI. * I N Shalloons, Tamins, and other woollen Stuffs from Champagne and Ticardy, as mentioned before, to the Value of I fo^ooo /. SterL per Ann, but now prohibited VII. B E F o R E the high Duties were laid onFr^wf^Wines, there were imported annually into England^ 16,000 Tun and up- wards, worth at an Average , 17/. \o s, per Tun, prime Coft, the whole amounting to 280,000/. But now it appears by the Cuftom-Houfc Books, that the Qiiantiry cnter'd there, comes to no more than 614 Tun per Ann, at a Medium of feven Years lafl pad : But as by fomc Management, there is an indired Importation by way o^ Scotland, and as there are fome iowWines run in upon the South and J. Vil IV' » ( I f 0,000 • N "9 ' 1 - \ • inr. 7f. . ;■;/ .*;i > i . •■ I frs -■-. , r '/ 1,600,000 ■«v * ^ere^ Whetlier this Afticle alone does not balance the whole Increafe of their Exports to Turhy .? I Vv :'^.crn (+1 ) Brought forwards Weftern Coaft from Guernfey and other Places, I will allow the Quantity coafumed here, to be 2000 Txxxiper Ann, and bc- caufe the bcft Growths arc now bought up for this Market, I will allow the prime Coft to be ^oLper Tun at an Average. The Value then of the prefent Impor- t^ioB, 4s 80,000 /. which being deduded from the former, leaves a Difference of 200,000 /. Ster. loft annually to France, VIII. The Quantity of Bran- dy imported formerly, amounted to 4000 Tun per Ann. at 40 /. per Tun, prime Coft, which comes to 160,000/. and now the Quantity of Foreign Spirits i:of all Kinds enter'd at the Cuf- tom-Houfe, at a Medium of four Years laft paft, amounts only to 2625 Tun, owing to the great Improvement of Englijh Spirits and the prevailingTafte for Rum. But as this Quantity compre* Pounds. 1,600,000 -s' Ji _J< ) * * { f>nO J til i\ 200,000 i *'. ? T ■'• X «,'.,> a -,V,' <4 f\ i * .1 1,800,000 hends ,'f^.: j • i* (+J ) '•'* w^' Brought forwards %r.' Tounds. — — 1,800,000 hcnds iS^ir/Yj of all Sorts, it is ./^ .., . to be fuppofed there is not above '^ih*^ in. one half of it French Brandy : However, as there is fome fmug- gled upon the Coaft, I will allow the Quantity confumed here, to be 2000 Tun annually at the fame Price, and then the DifFe- ' " " rence to Fr/?»f ^ is - - 80,000 u:\\' . •j^A oil;; ' 1,880,000 .\.i\\t I i^t.!.. H \y ^ I I S A I D before, that the ^utch had few and inconfiderable Manufadures of theij: own, but traded largely in the Manufadures oi France to all Parts of Europe, Herjt follows an Account of fuch as the T)utch now make themfelves, or have from Eng- land : But as they flill import confiderablc Quantities of all Sorts of Goods from France, only the Difference to her Lofs in each Article is brought to Account. iH: I. T H I s (+3) '^ ' I. The T>utch took formerly UomFrance^m Brocades, Velvets, SattinSy and Silk Manufactures of all Sorts, according to ©^ Wiffs Account, to the Value of t,2oo,i8o/. Sterl. per Ann. But now they manufadure them- felves a great many Species of Silks, tho'not fo fine, yet cheap- er than in Frances and take only of French Silks what is ne- ceffary to make up an AlTort- ment $ infomuch, that according to Burr ifhy the Value of Silks imported annually, is diminifh'd above one half i the Difference then to Fr^wr^ is - * . II. In Hats of all Sorts, to the Value of 2 1 7,ooo L per Ann, but now they have them chiefly from England, at lead ail fine Hats, the reft they make them- felves 5 fo this whole Article is loft to France III. In Glafs, Watches, Clocks, and Houlhold Furniture to the '/' ► : ' ''\ rf Tounds. 600,0^0 ■J Irr^r i.i ' V 217,000 b •«. " -t-, V" 'UJtUl^i ,ot^,^|.?:.r C J.-.: t 817,090 Value I ' iV 1 •■ I .1 •> ( if4 ) Brought fif^w^n^ /. . _ „ ft Value of 210,099 /p per jinn. „iiin;-i But now being chiefly ftpplicd^^;;^*^"'[[c Vi from Engi^v^f their Imporu-^^^/^ . »v:\\ tion of thcfc Articles from ^ ^ n j,^ ^ France^ is reduced to f 0,000 /• nj 7/0:1 ii t ^^r jinn. The Difference /^r ,^J^ jinn, to France i^ - - j'^o^ooQ ji lif :];> IV. I N Fringes and Gloves of ;rv'ic> v;i;o all Sorts 1^0,000/. pet ann. /: ni'k:) now half that Value. Diffe- rence to France - -^ t - 6P>pQP '• . i- , . V. In all Sonpof Paper ;o:;vo(ii. 2 f 0,000 /. per ann^ but lincc , *^ ,^ ^, ^ it was manufadlured in Bng- land, Hollandy and Germany^ their Importation of Paper is reduced to one fii^ of that Quantity j the Difference to France -.--•--- yi. In Linnen, Canvas, and . ,.v^ ^^i €^^\ Sailcloth 2 f 0,000 /. per ann. but now they do i\G% tak^c much above a fourth Part of that Va- . V/Oii 200,0p0 4 .fatfli^ D lue? is • 7 <4^) O' ,■• W t <««.-■».■ < J < ^^ '*'Bt6ughtfbfwaird Iiic ^ the DHTerence to Fr^vr^ 1,137,090 l6f>000 • i 1 « > VII. I N Saffron, Soap, Woad, Honey, and great Quantities of , Woollen Yarn from Ticardy^ to the Value of 450,000/. fer ann, now they do not import above one third Part of that Value ', the Difference to France j oo,oco i,702,opo The Total of the Englijb Account brought forward 1,880,060 "^ " '' A 3,582,090 -v.'-'*;: How much the general Ballance of Trade is more or lefs in favour of France^ I can- not poffibly determine with exadnefs, be- caufe I have not been able to procure any Account of the Value of her prefcnt Ei^- ports and Imports : Be that as it will, the Variation in her Trade with England and Holland is fo very much to her difad- G 2 vantage, I *'H, I ,1* :? I i Ml Is (4f ) vantage, that I think it almoft Impofliblc for h^r to repair that Lofs by any new Ac- ; quifitions of Trade with other Countries. That flie has not yet repaired it, the follow- ing Account will prove to a Dcmohftra- M^ ■ -' . -jiQ^^^nqrhi^: m I .IIV ricihiii K>a *>!> t^di Wen .«t:^' ^iijrl/ ID TirA Vv:b nun 37ckj> tion ', «:,V-i t <4 tjifiwioi^ 3fi,;?p©td 3njJOo:iA '■'■'( v.: -. ..>; I; ^i^^fl:M pJoy#;0i'Bd ■wsiorn-ai ^o/Iible :wAc- mtries. bllow- ohftra- V r ^ ' - -• r -^» oil lorn iii KooA <47) ■, - • - \ *k. '^l 00 ^ ^J ^' o O K^o 6 o %» O O frxrtiO O h O' O ro M o O •^ O rfoq O O O J» •* - •^ •^ "S i« •+ rf\ «^ « tf%^ > »^ O H Vs '^OO ^ .M O M 55 P NO 1^ N 00 06 ^^ «-• O 00 oo ^ ^S OS 4^ o N ^ v2^ *^ o *^ « i: 00 rA lU'.^i VO H ,'■*»■♦■ "J £ "S V fin OO O' III !l J «* itii ■S/ at ^iT^rv (M O*/*^ G £iO ,^ IZ ^ o c o ^ c^ 4fc' 5 ^ ♦2 o w ii w 'Q- .i ^ ^ u ui rs *-W;i.^ :|.nHHp^(^UH «i»:|0 11 I < ' or ar Xo pcndc a Livr6 ^,137^006 : ii>4* ^"* 1 ^ ^» >•» »1 ''»* As theft P^evenucs arc colkd^rf now with at Je^ as mUcH Rigour and Gar^ as they were in 1683I, thcnl fo great a Ddicien- cy can have but one Caufc, and t&at is a great Decreafc of Gonfumption andCitcu- lation, proceeding from Lofs of Pcc^le, of Manufadlutes aftd Trade. Confuttiftion Revenue (whicl^ is z Tax upon Confump- tion,) Circulation, Quan|ity of Labour, and Numbers of Pcv'^ple, have all an infeparablc Connedion, and^ncc^flary Dcpcndance on « one 9 o (4>) fcft^ ot^ afFca$ ai|. You h4ve ^rcariy fccq^ tbait by the lUvqci^oa 4lf Ac Edift gf ^ fucd upon it Fr/Jiif # loft above hajf a MiUioo Qf indudrious, maoufaAuf ing Prot€ftants j and during the two Wars from iu>l ny . h ' ■ .- Rate. X ^jk U Si^ni ,*i' ftc f>*i 4| (sn iie*r 6^^^m$^f. 00006 »/> V^ O Vn Os fib 00 Vn 1^ tv O O 6 N. 00 -^00 rp 00 « r< Vd ^sO m 00 i\'l vd M OS o t4 1^ «^Ar. + O M a c »^ o «^ ^♦^ ^^ rrk Iv. '«*■ H N •+ K. O O N. 00 cK •-• »^ "^ 00 00 vo o . l.»^ .'« .et mM VsVO 00 J5(5 M M « M OS N6 O O o -^1- "^OO Qs OS , • *i S o cs w ^ Os ^ 00 00 *rs »rv M g M M f* IH M u^vo O •* M M H Qs O NO O M >4 W M C^ O "'I* efS M f< O IX -^l- ^ o 00 o In. : V: JiKv ^t' *^ 1 f^ M vo NO O 55 «3 *^ "^00 O H4 ji^ M CO 10 r» CO ^ ^ ;n .|^ -jj OS O ix m S.1 't*- ^ *2 § 4 -#j * ^i..' i »• it * '«u ■*« -^^ -if*- ■•*"' , ( ,!3 .a P4 H Accord- I i ;■■;■ fc ( !') According to the beft Information I can procure, the prefent Navy confifts of 28 Ships of the Line old and new, one 5)0 Gun Ship upon the Stocks at Toulon, half built s and there are about 1 2 Ea/i India Ships belonging to the Company^ which are cither converted or convertible into Men of War. In all, forty Ships and a hilf. M t V*' \ \ J ^.■ty r^ This great Redudion in the Navy is by no means the efFed of Frugality ; but at once a Proof and a neceffary Confequence of the declining State of the Kingdom.r;, And now. Sir, if after all we fhould fee theBallancc of Power in£«rJ\JC^ -..^ 4, ti.\.r i. \. __ ' , , ■ ' ■■■(»*!-: ^'^ ^ ' ^Prii the ^th, I' J^Z^ : i. , I tj- b I ■%-%.rj' ( ff ) <-> '1 «vr'. .»» V-' '^ > rrrT^^^ 7 ST S C R IT T, ''ft t ^l ^ i Ad' I HAVE Hiown, Sir, that fincc th^ Engli/b and 2)«/rA began to rival France in her Manufaftures, her annual Exports to England md Holland^ are diminifli'd above three Millions and a half Sterling, Now left People fliould be furprifed at the Grcat- nefs of the Sum, I think it neceflary in this Place, to obfcrve that thofe very A£ls of Padiameiit, which were the principal Caufc of that great Alteration in the Trade of France, produced a much greater Altera- tion in the Trade of England, To make this plain, I muft beg your ladulgencc fot the following Dedu(flion. \ r i U li N O TW I T h . r A N D T N G the ^nglifi Woollen Goods imported into Fra7u'e^wcTt loaded with intolerable Daties b) the Tariffs of 1664 and 1667, the Duties on French Goods imported into England y were by the unpardonable Supinenefs of King Charles the Second's Minifters, fuffer'd r ' c extreme- ly cafy. This Partiality in favour of a Fo* v^ (f6) reign, and the word of all, a French Intc- reft, almoft intircly ruin'd our old Manu- fadures, and rendered all Attempts to fet up any new, vain and fruitlefs. Trade in general languiQi'd, Rents fell, and all Ranks of People were fenfible of the Evil, but for fome time imputed it to a wrong Caufe, and fo petitioned the Parliament againft the Levant and the Eajl- India Companies. ^^- \ V If <'' 'I Hi A T laft, they difcovered the true one, and made frefh Application to Parliament^ upon which that very Houle of Commons, once fo remarkably obfequious to the Court, now voted the Trade with France detrimental to the Kingdom, and pafs'd that Memorable Bill (ip d^' 30 Car, II.) for pro- hibiting French Commodities ; but as they cxpcdted it would be ftrongly oppofcd in the Houfe of Lords by the Court, then no- tor ioufly under a French Influence, they tack'd it to the Capitation Bill and fo it pafs'd. By this it was enaded that no French Wine, Vinegar, Brandy, Linnen, Cloth^ Silks, Salt, Paper, or any Manufadlures made of or mix'd issith Silk, Thread, Wooly ■ V Hair, .11 " (f7) Hair, Gold, Silver, or Leather, being of the Growth, Produd, and Manufadurc of any the Dominions of the French King, fhould be imported into any Port or Place within the Kingdom of £w^/^W, &c. . The EfFeds of this A£t were immediate and happy. The raw Wool of England^ which before was a Drug, in a little time rofe fo per Cent, Spanijh Wool from 20 to 28 Pence /^r Pound Weight i Colchefter Bays from 16 Pence to 2 Shillings the Ell 5 and in a few Years the general Exportation of Woollen Goods rofe from poo,ooo /. SterL then, to double that Value 5 and in l6p9, to no Icfs than 2,93 2,2^2 /. ij s.6d. SterL Dying Wares, whofe Confumptioii depends upon the Demand for our Manu- fadurcs abroad, rofe alfo upon this Prohibi- tion 5 Cochineal from if to 28 Shillings per Pound 5 Indigo-Lahor from 3 j*. to 4 /. 9 d, and Logwood from 13 to 19 Shillings the Hundred Weight. During this flourifhing State of our Commerce, Murmurs, and Complaints i > ' ccas'd. ii i t I ( f 8 ) ceas'dy Rents advanced, and Induftry meet- ing with its Reward, new Manufadures were daily fet up^ and Bufinefs in general carried on with vivacity* The Poor found Imployment, the Gentleman, the Farmer^ the Merchant and Manufacturer all ihar'd the common Benefit. »i ■f r*t :y^n:. rrn r Tho' this Aft was the Source of fo many Bleffings to the Nation, it was neverthelefs in the firft Year of the Reign of jfames 11. repeal'd, and then French Goods of all forts and in prodigious Quantities were pour'd into the Kingdom, even to the Value of 4 Millions Sterl, in lefs than three Years, as appeared by the Entries at ths Cuftom-Houfe, befides what was run, which perhaps was as much more. This Inundation of French Commodities renew'd all the Evils formerly complaind of, and threatned the Total Ruin of the Trade and Manufaftures of the Kingdom. ;. r^ % *s H A p p I L Y for England (happily indeed on many accounts) the Revolution took place in i688, and Commerce "with France «;*^ ■^y:^ was ( f9 ) was iagain prohibited by the i ]F. and M, cap, ^^^ Jf' I. TiiisA(fl was made more cfFcdual by the 2 fV, and M. cap. 14. ^ 2. and continued by the 4th and fth of fV. aodJitf. cap. if. to the end of the Wau. B|!siDEs thofc prohibitory A(^s which w«re only temporary, tiiere were others that had a very happy Influence upon our Trade, and x^eirc perpetual. Such as the feveral Afts for preventing the running of Wool^ and for the greater Encouragement of the Wbollen Manufadure 5 but cfpecjally the 7 and 8 of /^ 'i^, cap, 20. for laying an additional Duty on all French Goods, 'viz._ i*j;L per Tun on Wine, 15/. per Tun on Vinegar, and i^ per Cent, ad valorem up- on all other Goods and Manufadtures. u There were pafs'd in the fame Reign other Afts of a more limited View, that hke- wife produced very good EfFcds. The f of fF. and M. cap. 3. for encouraging the Importation of fine Italian^ Sicilian^ and Naples thrown Silk 5 and the 8 of JF. 3 . cap. 36. for encouraging the Silk Manu- fadure within the Realm, and for the better preventing the Importation of the fame. In the Preamble to this Ad, it is faid that I the Fv i f ' ( 60 ) the Alamodes and Lujtrings (the Silks then in fafhion) confumcd by his Majcfly's Sub- jeds, till of late Years were imported from Foreign Parts, but are now manufadured at home to as great Pcrfedion as in any other Country. This is a fudden Progrefs indeed, and a noble Tcftimony of the Wifdom of fuch Laws. By the p and lo of W> J. cap^ 30. the Pound Weight ( 1 6 ^^.) of Foreign wrought Silks imported, inftead of 40 Shillings, was for the future to be valued at 4 /. by which the Subfidics, ^.c. payable on thofe Cpoi- moditics were doubled. Besides the many good Laws pafs'd in riiis Reign, we obtained in the beginning of the next (anno 1703) by the Management and Addrefs of Mr. Methuen, at the Court of Lis hotly that moft beneficial Treaty of Commerce with Vortugal^ which has been a Mine of Gold to this Kingdom ever fince. To thefc Laws, to this Treaty we owe the Prcfcrvation and Incrcafe of ourManu- fadlures. Shipping, and Trade ; in Proof of wdiich I will here add an * Account of our general * This Account Is taken from the firft and fecoqcl. Report of Dr. Davenanty the Inrpev^or General. Tldt B. M. Vd. III.' Silks then %'sSub. rtcd from ufadured s in any Progrcfs of the .30. the wrought ings, was >y which fe Cpoi- pafs'd in nning of igemcnt c Court rcaty of las been r fince. ve owe Manu- •roof of of our genexal id fecood ral. mt' mm wmmm (<^i ) general Trade at two different Periods of time : One, when England had an open Trade with France^ and confum'd fuch in- credible Quantities of the Goods and Mer- chandize of that Country. The otiier, when the Goods of France were prohibited or loaded with fuch Duties as amounted to a Prohibition. Firji Teriod. •/ /. s. d. Anno i6d2,thege-l neral Imports amount- >4,oid,o I p 08 00 edto J The general Exports to 2,02 2,8 1 2 04 00 ' TheBalIanceagainftusi,pp3,207 04 00 [4>ip^, 13P 17 00 Anno 1 668, the ge- neral Imports amount- ed to The general Exports to 2,063,274 ip 00 TheBalIanccagainftus2,i32,864 18 00 I 2 Second I ,ii: ( 62 ) 1^' '/ ;.iy1 . Second y^/i^^l i-iT ki^rn Anno 1699, the gcO /. j. W. ncral £x{!)orts amount- > 6^788,1 d6 1 7 odj. cd to ■ ; ' .".' 1 I Tiic general Imports 5,640,506 06 op^ Ballancci in (iuf favour 1,147,660 10 6$ . -(.**« ^ llXtA ^.^ ~ ^i ti t.a »a Anno 1703, the gcO .;. j.. ncralExporrs amount- . 6,644,103 00 00 cd to • J The general Imports 4526,579 11 oi-J- Ballancc hi our Favour 2,1 1 7^523 08' fo{ Ir By this Account it appears f hat the, an V nunl Exports In the fecoiui Period, exre^cd the annual Exports of the firft by 4,67 3, 091 / 7 s. 3 a. at a medium. That the general Ballance of Trade in- flead of being 2.063.036/. is. againft us, at a Medium each Year of the firll Px"i*iodi is no kll than 1,632,591/. ip s. 9 t^.^ u) our Favour cadi Year of the fccond. Tiicfe two Biiilances (how that our general Tiydc "ttas 3,695,528/. OS. 9^-5: per ^"Innun/y more to oiir Advantaiie in the fccond Period than in the fjr(l. Now if it is confider'd tlvat whatever England has got, trance has ., . lofl '!.'-':••• ) > 06 ) 10 Ij 00 00 1 08' loi. t tire, an ^, cxv'ccd 7?,0(>i/ («3) ^ loff , then the greatVariatiOn In the Trade df France with England and Holland ccafcs to be furprifing. From thcfe Fa£ls and Numbers this Con- cluHon may be fairly drawn — Upon tTrahi- ^/V/^» of Trade with France y ox fuchhigh Duties as fhali effcdtuallyfxf /«; a BraaifBottom,^ ^:,^^ or; ?oin i \ Mi^ri^-;'! : '": 'f i:.o'ny/ :./!i -^rr qj"^ t"V}fil l ^«yrm/>{f^ I hayc>aU,i%lpDg had re|jjy:d.,tp tl;kf! ,y^luc of .tKc'^^ivfe attfie time, vvfa^ijchiis d,i^ ifcrcnt at .different tifUfs accordji}a tp-j^ Number of l^vres; ?kc ^Jylfi of pold 4i;»Sf{3J^ an4''i5 ifntri-nKcally worth no piQrcirlw^ . 2 o; Shillings and 6 J?c^ccStfr/. - ; . ; { [ ., The Fremb Ct^^ni^cn) o^ f^^lM^i weighs 41 7.465^9 (Jjr,»ins TV^/ of Standi^; Silver, and its intrinfiwk Value in En^l^r Money 4 Shillings and j.o Pence F ^rr'ning* 5^ , j'^HE Llvrc thcijr co^fid^r'd a;S(tJ ^f i|l Lcwidor^isequjval^;to 10 Pence i'arthin and as ^ of a Cr^p^wn co 9 Pcrn<;e;H?^lf p