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great market。 Her commerce； instead of running in a great number
of small channels； has been taught to run principally in one
great channel。 But the whole system of her industry and commerce
has thereby been rendered less secure； the whole state of her
body politic less healthful than it otherwise would have been。 In
her present condition； Great Britain resembles one of those
unwholesome bodies in which some of the vital parts are
overgrown； and which； upon that account； are liable to many
dangerous disorders scarce incident to those in which all the
parts are more properly proportioned。 A small stop in that great
blood…vessel； which has been artificially swelled beyond its
natural dimensions； and through which an unnatural proportion of
the industry and commerce of the country has been forced to
circulate； is very likely to bring on the most dangerous
disorders upon the whole body politic。 The expectation of a
rupture with the colonies； accordingly； has struck the people of
Great Britain with more terror than they ever felt for a Spanish
armada； or a French invasion。 It was this terror； whether well or
ill grounded； which rendered the repeal of the Stamp Act； among
the merchants at least； a popular measure。 In the total exclusion
from the colony market； was it to last only for a few years； the
greater part of our merchants used to fancy that they foresaw an
entire stop to their trade； the greater part of our master
manufacturers； the entire ruin of their business； and the greater
part of our workmen； an end of their employment。 A rupture with
any of our neighbours upon the continent； though likely； too； to
occasion some stop or interruption in the employments of some of
all these different orders of people； is foreseen； however；
without any such general emotion。 The blood； of which the
circulation is stopped in some of the smaller vessels； easily
disgorges itself into the greater without occasioning any
dangerous disorder； but； when it is stopped in any of the greater
vessels； convulsions； apoplexy； or death； are the immediate and
unavoidable consequences。 If but one of those overgrown
manufactures； which； by means either of bounties or of the
monopoly of the home and colony markets； have been artificially
raised up to an unnatural height； finds some small stop or
interruption in its employment； it frequently occasions a mutiny
and disorder alarming to government； and embarrassing even to the
deliberations of the legislature。 How great； therefore； would be
the disorder and confusion； it was thought； which must
necessarily be occasioned by a sudden and entire stop in the
employment of so great a proportion of our principal
manufacturers。
Some moderate and gradual relaxation of the laws which give
to Great Britain the exclusive trade to the colonies； till it is
rendered in a great measure free； seems to be the only expedient
which can； in all future times； deliver her from this danger；
which can enable her or even force her to withdraw some part of
her capital from this overgrown employment； and to turn it；
though with less profit； towards other employments； and which； by
gradually diminishing one branch of her industry and gradually
increasing all the rest； can by degrees restore all the different
branches of it to that natural； healthful； and proper proportion
which perfect liberty necessarily establishes； and which perfect
liberty can alone preserve。 To open the colony trade all at once
to all nations might not only occasion some transitory
inconveniency； but a great permanent loss to the greater part of
those whose industry or capital is at present engaged in it。 The
sudden loss of the employment even of the ships which import the
eighty…two thousand hogsheads of tobacco； which are over and
above the consumption of Great Britain； might alone be felt very
sensibly。 Such are the unfortunate effects of all the regulations
of the mercantile system！ They not only introduce very dangerous
disorders into the state of the body politic； but disorders which
it is often difficult to remedy； without occasioning for a time
at least； still greater disorders。 In what manner； therefore； the
colony trade ought gradually to be opened； what are the
restraints which ought first； and what are those which ought last
to be taken away； or in what manner the natural system of perfect
liberty and justice ought gradually to be restored； we must leave
to the wisdom of future statesmen and legislators to determine。
Five different events； unforeseen and unthought of； have
very fortunately concurred to hinder Great Britain from feeling；
so sensibly as it was generally expected she would； the total
exclusion which has now taken place for more than a year （from
the first of December； 1774） from a very important branch of the
colony trade； that of the twelve associated provinces of North
America。 First； those colonies； in preparing themselves for their
non…importation agreement； drained Great Britain completely of
all the commodities which were fit for their market； secondly；
the extraordinary demand of the Spanish Flota has； this year；
drained Germany and the North of many commodities； linen in
particular； which used to come into competition； even in the
British market； with the manufactures of Great Britain； thirdly；
the peace between Russia and Turkey has occasioned an
extraordinary demand from the Turkey market； which； during the
distress of the country； and while a Russian fleet was cruising
in the Archipelago； had been very poorly supplied； fourthly； the
demand of the North of Europe for the manufactures of Great
Britain has been increasing from year to year for some time past；
and fifthly； the late partition and consequential pacification of
Poland； by opening the market of that great country； have this
year added an extraordinary demand from thence to the increasing
demand of the North。 These events are all； except the fourth； in
their nature transitory and accidental； and the exclusion from so
important a branch of the colony trade； if unfortunately it
should continue much longer； may still occasion some degree of
distress。 This distress； however； as it will come on gradually；
will be felt much less severely than if it had come on all at
once； and； in the meantime； the industry and capital of the
country may find a new employment and direction； so as to prevent
this distress from ever rising to any considerable height。
The monopoly of the colony trade； therefore； so far as it
has turned towards that trade a greater proportion of the capital
of Great Britain than what would otherwise have gone to it； has
in all cases turned it； from a foreign trade of consumption with
a neighbouring into one with a more distant country； in many
cases； from a direct foreign trade of consumption into a
round…about one； and in some cases； from all foreign trade of
consumption into a carrying trade。 It has in all cases；
therefore； turned it from a direction in which it would have
maintained a greater quantity of productive labour into one in
which it can maintain a much smaller quantity。 By suiting；
besides； to one particular market only so great a part of the
industry and commerce of Great Britain； it has rendered the whole
state of that industry and commerce more precarious and less
secure than if their produce had been accommodated to a greater
variety of markets。
We must carefully distinguish between the effects of the
colony trade and those of the monopoly of that trade。 The former
are always and necessarily beneficial； the latter always and
necessarily hurtful。 But the former are so beneficial that the
colony trade； though subject to a monopoly； and notwithstanding
the hurtful effects of that monopoly； is still upon the whole
beneficial； and greatly beneficial； though a good deal less so
than it otherwise would be。
The effect of the colony trade in its natural and free state
is to open a great； though distant； market for such parts of the
produce of British industry as may exceed the demand of the
markets nearer home； of those of Europe； and of the countries
which lie round the Mediterranean Sea。 In its natural and free
state； the colony trade； without drawing from those markets any
part of the produce which had ever been sent to them； encourages
Great Britain to increase the surplus continually by continually
presenting new equivalents to be exchanged for it。 In its natural
and free state； the colony trade tends to increase the quantity
of productive labour in Great Britain； but without altering in
any respect the direction of that which had been employed there
before。 In the natural and free state of the colony trade； the
competition of all other nations would hinder the rate of profit
from rising above the common level either in the new market or in
the new employment。 The new market； without drawing anything from
the old one； would create； if one may say so； a new produce for
its own supply； and that new produce would constitute a new
capital for carrying on the