We Have Introduced These Observations As Preparatory To Our Notice Of The
Establishment Of The Bank Of England.
This undoubtedly was the effect of
our increased commercial habits, but it was as undoubtedly the cause of
those habits becoming stronger and more general:
It supposed the
pre-existence of a certain degree of commercial confidence and credit, but
it increased these in a much greater ratio than they existed before: and if
England owes its very superior wealth to any other causes besides its free
government, its superior industry, and improvements in machinery, those
causes must be sought for in the very extensive diffusion of commercial
confidence and credit. The funding system, which took place about the same,
time that the Bank of England was established, may be regarded as another
powerful cause of the increase of our commerce: we do not mean to contend
that the national debt is a national blessing, but it is certain that the
necessity of paying the interest of that debt produced exertions of
industry, and improvements in manufactures, which would not otherwise, have
been called forth; while, on the other hand, the funds absorbed all the
superfluous capital, which, otherwise, as in Holland, must have had a bad
effect on commerce, either by reducing its profits very low, or by being
transferred to other countries; and the interest, which so many individuals
felt in the stability of the funds, induced them most steadily and strongly
to support government.
The commerce of Scotland and Ireland during the sixteenth and seventeenth
centuries, supplies us with very few materials.
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