In What State Would The
Commerce Of Great Britain Have Been At This Time, If The Vast Improvements
In The Machinery For Spinning Cotton Had Not Been Made And Universally
Adopted?
- And how slowly and imperfectly would these improvements have
taken place, had the sciences been unconnected, or greater improvements,
which at first were unseen or deemed impracticable, not been gradually
developed, as lesser improvements were made.
The stimulus of interest, the
mutual connection of various branches of science, and above all the
unceasing onward movement of the human mind in knowledge, speculative as
well as practical, must be regarded as the most powerful causes of the
present wonderful state of our manufactures, and, consequently, of our
commerce.
2. The natural operation of enlarged capital is another cause of our great
commerce. There is nothing more difficult in the history of mankind - not
the history of their wars and politics, but the history of their character,
manners, sentiments, and progress in civilization and wealth - [as->than] to
distinguish and separate those facts which ought to be classed as causes,
and those which ought to be classed as effects. There can be no doubt that
trade produces capital; and, in this point of view, capital must be
regarded as an effect: there can be as little doubt, that an increase of
capital is favourable to an increase of commerce, and actually produces it;
in this point of view, therefore, capital must be regarded as a cause. As
in the physical world action and reaction are equal, so are they, in many
respects, and under many circumstances, in the moral and intellectual
world; but, whereas in the physical world the action and reaction are not
only equal but simultaneous, in the moral and intellectual world the
reaction does not take place till after the immediate and particular action
from which it springs has ceased.
To apply these remarks to our present subject, it is unnecessary to point
out in what manner trade must increase capital; that capital, on the other
hand, increases trade, is not, perhaps, at first sight, quite so obvious;
but that it must act in this manner will be perceptible, when, we reflect
on the advantages which a large capital gives to its possessor. It enables
him to buy cheaper, because he can buy larger quantities, and give ready
money; buying cheaper, he can sell cheaper, or give longer credit, or both;
and this must ensure an increase of trade. It enables him immediately to
take advantage of any improvement in the mode of manufacturing any article;
and to push the sale of any article into countries where it was before
unknown. Such are some of the more important effects on commerce of large
capital; and these effects have been most obviously and strikingly shewn in
the commercial history of Britain for the last thirty years, and thus give
a practical confirmation to the doctrine, that capital, originally the
creature of trade, in its turn gives nourishment, rigour, and enlarged
growth to it.
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