BOOK First, The market of Europe has become graL.

dually more and more extensive. Since the discovery of America, the greater part of Europe has been much improved. England, Holland, France and Germany; even Sweden, Denmark, and Ruflia, have all advanced confiderably, both in agriculture and in manufactures. Italy feems not to have gone backwards. The fall of Italy preceded the conquest of Peru. Since that time it seems rather to have recovered a little. Spain and Portugal, indeed, are supposed to have gone backwards. Portugal, however, is but a very small part of Europe, and the declenfion of Spain is not, perhaps, fo great as is commonly imagined. In the beginning of the fixteenth century, Spain was a very poor country, even in comparison with France, which has been so much improved since that time. It was the well-known remark of the Emperor Charles V., who had travelled fo frequently through both countries, that every thing abounded in France, but that every thing was wanting in Spain. The increasing produce of the agriculture and manufactures of Europe must neceffarily have required a gradual increase in the quantity of filver coin to circulate it ; and the increasing number of wealthy individuals must have required the like increase in the quantity of their plate and other ornaments of filver.

Secondly, America is itself a new market for the produce of its own filver mines; and as its advances in agriculture, industry, and population, are much more rapid than those of the most



thriving countries in Europe, its demand muft C HA P. increafe much more rapidly. The English colonies are altogether a new market, which partly for coin and partly for plate, requires a continually augmenting supply of filver through a great continent where there never was any demand before. The greater part too of the Spanish and Portuguese colonies are altogether new markets. New Granada, the Yucatan, Paraguay, and the Brazils were, before discovered by the Europeans, inhabited by savage nations, who had neither arts nor agriculture. A considerable degree of both has now been introduced into all of them. Even Mexico and Peru, though they cannot be considered as altogether new markets, are certainly much more extenfive ones than they ever were before. After all the wonderful tales which have been published concerning the fplendid state of thofe countries in ancient times, whoever reads, with any degree of fober judgment, the history of their first discovery and conqueft, will evidently discern that, in arts, agriculture, and commerce, their inhabitants were much more ignorant than the Tartars of the Ukraine are at present. Even the Peruvians, the more civilized nation of the two, though they made use of gold and silver as ornaments, had no coined money of any kind. Their whole commerce was carried on by barter, and there was accordingly fcarce any division of labour among them. Those who cultivated the ground were obliged to build their own houses, to make their own houshold furniture, their own



BOOK clothes, shoes, and instruments of agriculture.

The few artificers among them are said to have been all maintained by the sovereign, the nobles, and the priests, and were probably their servants or slaves. All the ancient arts of Mexico and Peru have never furnished one single manufacture to Europe. The Spanish armies, though they scarce ever exceeded five hundred men, and fre. quently did not amount to half that number, found almost every-where great difficulty in procuring subsistence. The famines which they are faid to have occafioned almoft wherever they went, in countries too, which at the same time are represented as very populous and well cultivated, fufficiently demonstrate that the story of this populousness and high cultivation is in a great measure fabulous. The Spanish colonies are under a government in many refpects less favourable to agriculture, improvement, and population, than that of the English colonies. They seem, however, to be advancing in all these much more rapidly than any country in Europe. In a fertile foil and happy climate, the great abundance and cheapness of land, a circumstance common to all new colonies, is, it seems, so great an advantage, as to compensate many defects in civil government. Frezier, who visited Peru in 1713, represents Lima as containing between twenty-five and twenty-eight thousand inha. bitants. Ulloa, who refided in the fame country between 1740 and 1746, represents it as containing more than fifty thousand. The difference in their accounts of the populous



ness of several other principal towns in Chili and c H AP. Peru is nearly the same, and as there seems to be no reason to doubt of the good information of either, it marks an increase which is scarce inferior to that of the English colonies. America, therefore, is a new market for the produce of its own silver mines, of which the demand must increase much more rapidly than that of the most thriving country in Europe.

Thirdly, The East Indies is another market for the produce of the silver mines of America, and a market which, from the time of the first disco. very of those mines, has been continually taking off a greater and a greater quantity of silver. Since that time, the direct trade between America and the East Indies, which is carried on by means of the Acapulco ships, has been continually augmenting, and the indirect intercourse by the way of Europe has been augmenting in a ftill greater proportion. During the fixteenth century, the Portuguese were the only European nation who carried on any regular trade to the East Indies. In the last years of that century the Dutch began to encroach upon this monopoly, and in a few years expelled them from their principal settlements in India. During the greater part of the last century those two nations divided the most confiderable part of the East India trade between them; the trade of the Dutch continually augmenting in a ftill greater proportion than that of the Portuguese declined. The English and French carried on some trade


BOOK with India in the last century, but it has been

greatly augmented in the course of the present. The East India trade of the Swedes and Danes began in the course of the present century. Even the Muscovites now trade regularly with China by a fort of caravans which go over land through Siberia and Tartary to Pekin. The East India trade of all these nations, if we except that of the French, which the last war had well nigh annihilated, has been almost continually aug. menting. The increasing consumption of East India goods in Europe is, it seems, so great, as to afford a gradual increase of employment to them all. Tea, for example, was a drug very little used in Europe before the middle of the last century. At present the value of the tea annually imported by the English East India Company, for the use of their own countrymen, amounts to more than a million and a half a year; and even this is not enough; a great deal more being constantly sinuggled into the country from the ports of Holland, from Gottenburg in Sweden, and from the coast of France too, as long as the French East India Company was in prosperity. The consumption of the porcelain of China, of the fpiceries of the Moluccas, of the piece goods of Bengal, and of the innumerable other articles, has increased very nearly in a like proportion. The tonnage accordingly of all the European shipping employed in the Eaft India trade, at any one time during the last century, was not, perhaps, much greater than


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