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poly, by which every prospect of future improvement in commerce was for ever sacrificed for a little temporary advantage to the sovereign. Of this species of monopoly there are still various examples, which have the most extensive influence on the general prosperity of this country. Their necessary effect, in every instance, is not only to exclude the greater part of the nation from a trade to which it might be convenient for them to turn their stock, but to oblige them to buy the goods, which are the subject of it, at a dearer rate than if the trade were open to all. For a full illustration of these observations, I must refer to the seventh chapter of the Fourth Book of the Wealth of Nations.

The doctrine of the freedom of trade, in so far as it applies to monopolies and exclusive companies, seems to have been perfectly understood by various writers of the seventeenth century, and particularly by Sir Josiah Child; and after him, Mr. Cary, a merchant of Bristol, who published, in the year 1695, a short and very ingenious essay on the state of England in relation to its trade. The same doctrine is strongly and repeatedly urged by the celebrated John de Witt, in a work entitled, The True Interests and Maxims of the Republic of Holland and West-Friesland:-"Next to a liberty of serving God, follows the liberty of gaining a livelihood without any dear-bought city freedom, but only by virtue of a fixed habitation, to have the common right of other inhabitants; which is here very necessary for keeping the people we have, and inviting strangers to come amongst us. For it is evident, that landed men, or others that are wealthy, being forced by any accident to leave their country or habitation, will never choose Holland to dwell in, being so chargeable a place, and where they have so little interest for their money. And for those who are less wealthy, it is well known, that no man from abroad will come to dwell or continue in a country where he shall not be permitted to get an honest maintenance. And it may be easily considered, how great an inconveniency it would be in this country for the inhabitants, especially strangers, if they should have no freedom of choosing and practising such honest means of livelihood as they think best for their sub

sistence; or if, when they had chosen a trade, and could not live by it, they might not choose another. This, then, being evident, that strangers without freedom of earning their bread, and seeking a livelihood, cannot live amongst us; and as it is certain, that our Manufactories, Fisheries, Traffic, and Navigation, with those that depend upon them, cannot, without continual supplies of foreign inhabitants, be preserved here, and much less, augmented or improved; it is likewise certain, that among the endless advantages which accrue to Holland by strangers, and which might accrue more, our boors may be be likewise profited. For we see, that for want of strangers in the country, the boors must give such great yearly and daywages to their servants, that they can scarcely live, but with great toil, themselves, and their servants live rather in too great plenty. The same inconveniences we are likewise sensible of in cities, amongst tradesmen and servants, who are here more chargeable and burdensome, and yet less serviceable than in any other countries. . . . Therefore, it is necessary that all strangers that are masters, journeymen, consumptioners, merchants, traders, &c., should live peaceably amongst us, without any disturbance, let, or molestation whatever, and use their own. estates and trades as they shall judge best."*

Nothing, however, in any of these writers, is more explicit or more enlightened than the language of the common law of England on this subject. As early as the reign of Henry the Sixth, Lord Chief-Justice Fortescue, who was a zealous friend, too, of prerogative, declares, in his book De Laudibus Legum Angliæ, cap. xxxvi., that "it is lawful for any man to trade and store himself with any wares and merchandise at his own pleasure, and that every inhabitant of England by law enjoyeth all the fruits of his land, with all the profits he gaineth by his own labour." Such, also, is very nearly the language of a statute of James the First, formerly referred to, by which it is expressly enacted, "that all commissions, grants, licenses, charters and letters patent heretofore made or granted, or hereafter to be made or granted, to any person or persons, bodies politic * [Part I. chap. xv. p. 66, seq. Ed. Lond. 1702.]

or corporate whatsoever, of, or for the sole buying, selling, making, working, or using of anything within this realm;

and all proclamations, inhibitions, restraints, warrants of assistants, and all other matters and things whatsoever, any way tending to the instituting, erecting, strengthening, furthering, or countenancing of the same, or any of them, are altogether contrary to the laws of this realm, and so are, and shall be utterly void and of none effect, and in no wise to be put in use or execution." The following passage I quote verbatim from a petition presented to the House of Commons in 1691, relative to the East India trade, on behalf of divers Merchants and Traders in and about the City of London, and other their Majesties' Subjects. "The trade to the East Indies is of very great importance to this nation; and yet, by the manifold abuses of the present East India Company both at home and abroad, (who have managed the same for their private gain, without any regard to the public good,) the trade is likely to be utterly lost to this kingdom, and to fall into the hands of foreigners, unless timely prevented by some better regulation thereof, on a new joint-stock and constitution." The petitioners further pray, "that the House will take into consideration the establishing of a new East India Company, in such manner, and with such powers and limitations, as to them shall be thought most conducing to the preservation of so beneficial a trade to the kingdom." One great objection urged by the favourers of the Company against the freedom of trade is, that "it will not only cause the said trade to suffer much, but other European nations will make great advantage thereof, to the hazard, if not the ruin, of the English commerce to those parts."

In this manner, then, the policy of Europe, by the privileges of corporations, by apprenticeships, exclusive companies, and other regulations favouring monopolies, restrains the competition in some employments of stock and labour to a smaller number than would otherwise be disposed to enter into them. "Secondly, In some other cases, it tends to increase the competition beyond the natural proportion."* Of these, obvious

*[Wealth of Nations, Book I. chap. x.: Vol. I. p. 202, tenth edit.-See above, p. 12.]

examples are found in the institutions of bursaries, scholarships, &c. On this article, however, it is unnecessary to enlarge, as the inconveniences which they produce to individuals are amply compensated by the public benefit which attends them.

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Thirdly, The policy of Europe, by obstructing the free circulation of labour and stock both from employment to employment, and from place to place, occasions in some cases a very inconvenient inequality in the whole of the advantages and disadvantages of their different employments.

"The statute of apprenticeship obstructs the free circulation of labour from one employment to another, even in the same place. The exclusive privileges of corporations obstruct it from one place to another, even in the same employment.

"It frequently happens, that while high wages are given to the workmen in one manufacture, those in another are obliged to content themselves with bare subsistence. The one is in an advancing state, and has, therefore, a continued demand for new hands; the other is in a declining state, and the superabundance of hands is continually increasing. Those two manufactures may sometimes be in the same town, and sometimes in the same neighbourhood, without being able to lend the least assistance to one another. The statute of apprenticeship may oppose it in the one case, and both that and an exclusive corporation in the other. In many different manufactures, however, the operations are so much alike, that the workmen could easily change trades with one another, if those absurd laws did not hinder them. . . .

"The obstruction which corporation laws give to the free circulation of labour, is common, I believe, to every part of Europe. That which is given to it by the poor-laws is, so far as I know, peculiar to England. It consists in the difficulty which a poor man has in obtaining a settlement, or even in being allowed to exercise his industry in any parish but that to which he belongs. It is the labour of artificers and manufactures only of which the free circulation is obstructed by corporation laws. The difficulty of obtaining settlements obstructs even that of common labour."* But I shall delay entering on the consideration of the * [Ibid. pp. 209-212.]

English poor-laws, till we have taken a view of the different systems which have been proposed for the maintenance of the poor. So much with respect to the policy of restraints on domestic commerce and industry.

[SUBSECT. II.-Of Restraints on the Commercial Intercourse of Different Nations.]

I shall now proceed to consider the restraints which affect the commercial intercourse of different nations. The system of regulations, which we are to examine under that head, is distinguished by Mr. Smith by the title of the Commercial or Mercantile system of Political Economy. This last phrase, as before hinted, is used by him in a very restricted sense. Its objects, he tells us, are the two following:-" 1st, To provide a plentiful revenue or subsistence for the people, or more properly, to enable them to provide such a revenue or subsistence for themselves; and, 2dly, To supply the state or commonwealth with a revenue sufficient for the public services."* According to the definition which I formerly gave of Political Economy,† it applies to all the different objects of law and political regulation, among which, undoubtedly, the principles which regulate the systems of agricultural or commercial policy occupy a very distinguished place. I mention this circumstance, that I may not be supposed, by adopting the language of Mr. Smith, to have lost sight of the explanation given in my Introductory Lectures of the province of Political Economy.

In stating the argument for a free trade with other countries, I shall aim at nothing more than a very succinct abridgment of Mr. Smith's doctrines on this subject; a general knowledge of which I must necessarily presuppose in my hearers, when I proceed to the discussion of some of the questions connected with these inquiries. While this outline may facilitate the studies of those who have not yet perused that invaluable work, it will, I hope, be not altogether useless to others, as containing a recapitulation of some of the more important doctrines which it explains.

[Ibid. Book IV. Introduction; Vol. II. p. 138, tenth edition.]

+ [Supra, Political Economy, Vol. I. p. 9, seq.]

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