Circumstances, However, Though They Cannot Destroy, Must Influence, Beneficially Or Otherwise, The Wealth And Commerce Of A Country; And It May Happen That Circumstances Apparently Unfavourable May Become Beneficial. This Was The Case With Britain:

During the American war, her manufactures and commerce languished; during the French wars they increased and throve most wonderfully.

The cause of this difference must be sought for principally in the very artificial and extraordinary circumstances in which she was placed during the French war: and of these circumstances, the most powerfully operative were her foreign loans; her paper circulation; the conquests and subsequent measures of Bonaparte on the continent; and her superiority at sea. Foreign loans necessarily rendered the exchange unfavourable to Britain; an unfavourable exchange, or, in other words, a premium on bills, in any particular country, enabled the merchant to sell his goods there at a cheaper rate than formerly, and consequently to extend his commerce there. The paper circulation of Britain, - though a bold and hazardous step, and which in a less healthy and vigorous state of public credit and wealth than Britain enjoyed could not have been taken, or, if taken, would not have produced nearly the beneficial effects it did, and would have left much more fatal consequences than we are at present experiencing, - undoubtedly tended to increase her commerce; and the very stimulus which it gave to all kinds of speculation has been favourable to it. The ruinous consequences of such speculation, though dreadful, are comparatively of short duration; whereas it is impossible that speculation should be active and vigorous, with commensurate means, without improving manufactures, and opening new channels for commerce; and these effects must remain. In what manner the measures of Bonaparte on the continent, and our superiority at sea, were favourable to our commerce, it is unnecessary to explain.

Lastly. It only remains to explain how our national debt has been beneficial to our commerce. Necessity, if it is not absolutely overpowering, must act as a stimulus to industry as well as interest: the desire to avoid evil, and the desire to obtain good, are equally powerful motives to the human mind. In the same manner as an increase of family, by creating additional expense, spurs a man to additional industry; so the certainty that he must pay additional taxes produces the same effect. Individuals may contrive to shift the burden from themselves, and pay their taxes by spending less; but there can be no doubt that the only general, sure, and permanent fund, out of which additional taxes can be paid, must arise from the fruits of additional industry. We wish to guard against being taken for the advocates for taxation, as in any shape a blessing: we are merely stating what we conceive to be its effect. But we should no more regard taxation as a blessing, because it increased commerce, than we should regard it as a blessing to a man, that, from any cause, he was obliged to work fourteen hours a day instead of twelve.

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