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price gives an encouragement to the former beyond what the latter
can in these circumstances enjoy。 The exclusive trade of the
colonies； therefore； as it diminishes； or at least keeps down
below what they would otherwise rise to； both the enjoyments and
the industry of the countries which do not possess it； so it
gives an evident advantage to the countries which do possess it
over those other countries。
This advantage； however； will perhaps be found to be rather
what may be called a relative than an absolute advantage； and to
give a superiority to the country which enjoys it rather by
depressing the industry and produce of other countries than by
raising those of that particular country above what they would
naturally rise to in the case of a free trade。
The tobacco of Maryland and Virginia； for example； by means
of the monopoly which England enjoys of it； certainly comes
cheaper to England than it can do to France； to whom England
commonly sells a considerable part of it。 But had France； and all
other European countries been； at all times； allowed a free trade
to Maryland and Virginia； the tobacco of those colonies might； by
this time； have come cheaper than it actually does； not only to
all those other countries； but likewise to England。 The produce
of tobacco； in consequence of a market so much more extensive
than any which it has hitherto enjoyed； might； and probably
would； by this time； have been so much increased as to reduce the
profits of a tobacco plantation to their natural level with those
of a corn plantation； which； it is supposed； they are still
somewhat above。 The price of tobacco might； and probably would；
by this time； have fallen somewhat lower than it is at present。
An equal quantity of the commodities either of England or of
those other countries might have purchased in Maryland and
Virginia a greater quantity of tobacco than it can do at present；
and consequently have been sold there for so much a better price。
So far as that weed； therefore； can； by its cheapness and
abundance； increase the enjoyments or augment the industry either
of England or of any other country； it would； probably； in the
case of a free trade； have produced both these effects in
somewhat a greater degree than it can do at present。 England；
indeed； would not in this case have had any advantage over other
countries。 She might have bought the tobacco of her colonies
somewhat cheaper； and consequently have sold some of her own
commodities somewhat dearer than she actually does。 But she could
neither have bought the one cheaper nor sold the other dearer
than any other country might have done。 She might； perhaps have
gained an absolute； but she would certainly have lost a relative
advantage。
In order； however； to obtain this relative advantage in the
colony trade； in order to execute the invidious and malignant
project of excluding as much as possible other nations from any
share in it； England； there are very probable reasons for
believing； has not only sacrificed a part of the absolute
advantage which she； as well as every other nation； might have
derived from that trade； but has subjected herself both to an
absolute and to a relative disadvantage in almost every other
branch of trade。
When； by the Act of Navigation； England assumed to herself
the monopoly of the colony trade； the foreign capitals which had
before been employed in it were necessarily withdrawn from it。
The English capital； which had before carried on but a part of
it； was now to carry on the whole。 The capital which had before
supplied the colonies with but a part of the goods which they
wanted from Europe was now all that was employed to supply them
with the whole。 But it could not supply them with the whole； and
the goods with which it did supply them were necessarily sold
very dear。 The capital which had before bought but a part of the
surplus produce of the colonies； was now all that was employed to
buy the whole。 But it could not buy the whole at anything near
the old price； and； therefore； whatever it did buy it necessarily
bought very cheap。 But in an employment of capital in which the
merchant sold very dear and bought very cheap； the profit must
have been very great； and much above the ordinary level of profit
in other branches of trade。 This superiority of profit in the
colony trade could not fail to draw from other branches of trade
a part of the capital which had before been employed in them。 But
this revulsion of capital； as it must have gradually increased
the competition of capitals in the colony trade； so it must have
gradually diminished that competition in all those other branches
of trade； as it must have gradually lowered the profits of the
one； so it must have gradually raised those of the other； till
the profits of all came to a new level； different from and
somewhat higher than that at which they had been before。
This double effect of drawing capital from all other trades；
and of raising the rate of profit somewhat higher than it
otherwise would have been in all trades； was not only produced by
this monopoly upon its first establishment； but has continued to
be produced by it ever since。
First； this monopoly has been continually drawing capital
from all other trades to be employed in that of the colonies。
Though the wealth of Great Britain has increased very much
since the establishment of the Act of Navigation； it certainly
has not increased in the same proportion as that of the colonies。
But the foreign trade of every country naturally increases in
proportion to its wealth； its surplus produce in proportion to
its whole produce； and Great Britain having engrossed to herself
almost the whole of what may be called the foreign trade of the
colonies； and her capital not having increased in the same
proportion as the extent of that trade； she could not carry it on
without continually withdrawing from other branches of trade some
part of the capital which had before been employed in them as
well as withholding from them a great deal more which would
otherwise have gone to them。 Since the establishment of the Act
of Navigation； accordingly； the colony trade has been continually
increasing； while many other branches of foreign trade；
particularly of that to other parts of Europe； have been
continually decaying。 Our manufactures for foreign sale； instead
of being suited； as before the Act of Navigation； to the
neighbouring market of Europe； or to the more distant one of the
countries which lie round the Mediterranean Sea； have； the
greater part of them； been accommodated to the still more distant
one of the colonies； to the market in which they have the
monopoly rather than to that in which they have many competitors。
The causes of decay in other branches of foreign trade； which； by
Sir Matthew Decker and other writers； have been sought for in the
excess and improper mode of taxation； in the high price of
labour； in the increase of luxury； etc。； may all be found in the
overgrowth of the colony trade。 The mercantile capital of Great
Britain； though very great； yet not being infinite； and though
greatly increased since the Act of Navigation； yet not being
increased in the same proportion as the colony trade； that trade
could not possibly be carried on without withdrawing some part of
that capital from other branches of trade； nor consequently
without some decay of those other branches。
England； it must be observed； was a great trading country；
her mercantile capital was very great and likely to become still
greater and greater every day； not only before the Act of
Navigation had established the monopoly of the colony trade； but
before that trade was very considerable。 In the Dutch war； during
the government of Cromwell； her navy was superior to that of
Holland； and in that which broke out in the beginning of the
reign of Charles II； it was at last equal； perhaps superior； to
the united navies of France and Holland。 Its superiority；
perhaps； would scarce appear greater in the present times； at
least if the Dutch navy was to bear the same proportion to the
Dutch commerce now which it did then。 But this great naval power
could not； in either of those wars； be owing to the Act of
Navigation。 During the first of them the plan of that act had
been but just formed； and though before the breaking out of the
second it had been fully enacted by legal authority； yet no part
of it could have had time to produce any considerable effect； and
least of all that part which established the exclusive trade to
the colonies。 Both the colonies and their trade were
inconsiderable then in comparison of what they are now。 The
island of Jamaica was an unwholesome desert； little inhabited；
and less cultivated。 New York and New Jersey were in the
possession of the Dutch： the half of St。 Christopher's in that of
the French。 The island of Antigua； the two Carolinas；
Pennsylvania； Georgia； and Nova Scotia were not planted。
Virginia； Maryland； and New England were planted； a