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TheItalians
AttherevivalofcivilisationinEurope，nocountywasinso
favourableapositionasItalyinrespecttocommerceandindustry。
Barbarismhadnotbeenableentirelytoeradicatethecultureand
civilisationofancientRome。Agenialclimateandafertilesoil，
notwithstandinganunskilfulsystemofcultivation，yielded
abundantnourishmentforanumerouspopulation。Themostnecessary
artsandindustriesremainedaslittledestroyedasthemunicipal
institutionsofancientRome。Prosperouscoastfisheriesserved
everywhereasnurseriesforseamen，andnavigationalongItaly\'s
extensivesea-coastsabundantlycompensatedherlackofinternal
meansoftransport。HerproximitytoGreece，AsiaMinor，andEgypt，
andhermaritimeintercoursewiththem，securedforItalyspecial
advantagesinthetradewiththeEastwhichhadpreviously，though
notextensively，beencarriedonthroughRussiawiththecountries
oftheNorth。BymeansofthiscommercialintercourseItaly
necessarilyacquiredthosebranchesofknowledgeandthoseartsand
manufactureswhichGreecehadpreservedfromthecivilisationof
ancienttimes。
FromtheperiodoftheemancipationoftheItaliancitiesby
OthotheGreat，theygaveevidenceofwhathistorywastestified
alikeinearlierandlatertimes，namely，thatfreedomandindustry
areinseparablecompanions，evenalthoughnotunfrequentlytheone
hascomeintoexistencebeforetheother。Ifcommerceandindustry
areflourishinganywhere，onemaybecertainthattherefreedomis
nighathand：ifanywhereFreedomwasunfoldedherbanner，itisas
certainthatsoonerorlaterindustrywillthereestablishherself；
fornothingismorenaturalthanthatwhenmanhasacquired
materialormentalwealthheshouldstrivetoobtainguaranteesfor
thetransmissionofhisacquisitionstohissuccessors，orthat
whenhehasacquiredfreedom，heshoulddevoteallhisenergiesto
improvehisphysicalandintellectualcondition。
Forthefirsttimesincethedownfallofthefreestatesof
antiquitywasthespectacleagainpresentedtotheworldbythe
citiesofItalyoffreeandrichcommunities。Citiesand
territoriesreciprocallyrosetoastateofprosperityandreceived
apowerfulimpulseinthatdirectionfromtheCrusades。The
transportoftheCrusadersandtheirbaggageandmaterialofwar
notonlybenefitedItaly\'snavigation，itaffordedalsoinducements
andopportunitiesfortheconclusionofadvantageouscommercial
relationswiththeEastfortheintroductionofnewindustries，
inventions，andplants，andforacquaintancewithnewenjoyments。
Ontheotherhand，theoppressionsoffeudallordshipwereweakened
anddiminishedinmanifoldways，owingtothesamecause，tending
tothegreaterfreedomofthecitiesandofthecultivationofthe
soil。
NextafterVeniceandGenoa，Florencebecameespecially
conspicuousforhermanufacturesandhermonetaryexchange
business。Already，inthetwelfthandthirteenthcenturies，her
silkandwoollenmanufactureswereveryflourishing；theguildsof
thosetradestookpartinthegovernment，andundertheirinfluence
theRepublicwasconstituted。Thewoollenmanufacturealone
employed200manufactories，whichproducedannually80，000pieces
ofcloth，therawmaterialforwhichwasimportedfromSpain。In
additiontothese，rawclothtotheamountof300，000goldgulden
wasimportedannuallyfromSpain，France，Belgium，andGermany，
which，afterbeingfinishedatFlorence，wasexportedtothe
Levant。Florenceconductedthebankingbusinessofthewholeof
Italy，andcontainedeightybankingestablishments。(1*)Theannual
revenueofherGovernmentamountedto300，000goldgulden(fifteen
millionfrancsofourpresentmoney)，considerablymorethanthe
revenueofthekingdomsofNaplesandAragonatthatperiod，and
morethanthatofGreatBritainandIrelandunderQueen
Elizabeth。(2*)
WethusseeItalyinthetwelfthandthirteenthcenturies
possessingalltheelementsofnationaleconomicalprosperity，and
inrespectofbothcommerceandindustryfarinadvanceofall
othernations。Heragricultureandhermanufacturesservedas
patternsandasmotivesforemulationtoothercountries。Herroads
andcanalswerethebestinEurope。Thecivilisedworldisindebted
toherforbankinginstitutions，themariner\'scompass，improved
navalarchitecture，thesystemofexchanges，andahostofthemost
usefulcommercialcustomsandcommerciallaws，aswellasfora
greatpartofitsmunicipalandgovernmentalinstitutions。Her
commercial，marine，andnavalpowerwerebyfarthemostimportant
inthesouthernseas。Shewasinpossessionofthetradeofthe
world；for，withtheexceptionoftheunimportantportionofit
carriedonoverthenorthernseas，thattradewasconfinedtothe
MediterraneanandtheBlackSea。Shesuppliedallnationswith
manufactures，witharticlesofluxury，andwithtropicalproducts，
andwassuppliedbythemwithrawmaterials。Onethingalonewas
wantingtoItalytoenablehertobecomewhatEnglandhasbecomein
ourdays，andbecausethatonethingwaswantingtoher，every
otherelementofprosperitypassedawayfromher；shelacked
nationalunionandthepowerwhichspringsfromit。Thecitiesand
rulingpowersofItalydidnotactasmembersofonebody，butmade
waronandravagedoneanotherlikeindependentpowersandstates。
Whilethesewarsragedexternally，eachcommonwealthwas
successivelyoverthrownbytheinternalconflictsbetween
democracy，aristocracy，andautocracy。Theseconflicts，so
destructivetonationalprosperity，werestimulatedandincreased
byforeignpowersandtheirinvasions，andbythepowerofthe
priesthoodathomeanditsperniciousinfluence，wherebythe
separateItaliancommunitieswerearrayedagainstoneanotherin
twohostilefactions。
HowItalythusdestroyedherselfmaybebestlearnedfromthe
historyofhermaritimestates。WefirstseeAmalfigreatand
powerful(fromtheeighthtotheeleventhcentury)。(3*)Herships
coveredtheseas，andallthecoinwhichpassedcurrentinItaly
andtheLevantwasthatofAmalfi。Shepossessedthemostpractical
codeofmaritimelaws，andthoselawswereinforceineveryport
oftheMediterranean。Inthetwelfthcenturyhernavalpowerwas
destroyedbyPisa，Pisainherturnfellundertheattacksof
Genoa，andGenoaherself，afteraconflictofahundredyears，was
compelledtosuccumbtoVenice。
ThefallofVeniceherselfappearstohaveindirectlyresulted
fromthisnarrow-mindedpolicy。ToaleagueofItaliannavalpowers
itcouldnothavebeenadifficulttask，notmerelytomaintainand
upholdthepreponderanceofItalyinGreece，AsiaMinor，the
Archipelago，andEgypt，butcontinuallytoextendandstrengthen
it；ortocurbtheprogressoftheTurksonlandandrepresstheir
piraciesatsea，whilecontestingwiththePortuguesethepassage
roundtheCapeofGoodHope。
Asmattersactuallystood，however，Venicewasnotmerelyleft
toherownresources，shefoundherselfcrippledbytheexternal
attacksofhersisterstatesandoftheneighbonringEuropean
powers。
Itcouldnothaveprovedadifficulttasktoawell-organised
leagueofItalianmilitarypowerstodefendtheindependenceof
Italyagainsttheaggressionofthegreatmonarchies。Theattempt
toformsuchaleaguewasactuallymadein1526，butthennotuntil
themomentofactualdangerandonlyfortemporarydefence。The
lukewarmnessandtreacheryoftheleadersandmembersofthis
leaguewerethecauseofthesubsequentsubjugationofMilanand
thefalloftheTuscanRepublic。Fromthatperiodmustbedatedthe
downfalloftheindustryandcommerceofItaly。(4*)
InherearlieraswellasinherlaterhistoryVeniceaimedat
beinganationforherselfalone。Solongasshehadtodealonly
withpettyItalianpowersorwithdecrepidGreece，shehadno
difficultyinmaintainingasupremacyinmanufacturesandcommerce
throughthecountriesborderingontheMediterraneanandBlack
Seas。Assoon，however，asunitedandvigorousnationsappearedon
thepoliticalstage，itbecamemanifestatoncethatVenicewas
merelyacityandheraristocracyonlyamunicipalone。Itistrue
thatshehadconqueredseveralislandsandevenextensive
provinces，butsheruledoverthemonlyasconqueredterritory，and
hence(accordingtothetestimonyofallhistorians)eachconquest
increasedherweaknessinsteadofherpower
AtthesameperiodthespiritwithintheRepublicbywhichshe
hadgrowngreatgraduallydiedaway。Thepowerandprosperityof
Venice——theworkofapatrioticandheroicaristocracywhichhad
sprungfromanenergeticandliberty-lovingdemocracy-maintained
itselfandincreasedsolongasthefreedomofdemocraticenergy
lentitsupport，andthatenergywasguidedbythepatriotism，the
wisdom，andtheheroicspiritofthearistocracy。Butinproportion
asthearistocracybecameadespoticoligarchy，destructiveofthe
freedomandenergiesofthepeople，therootsofpowerand
prosperitydiedaway，notwithstandingthattheirbranchesand
leadingstemappearedstilltoflourishforsometimelonger。\'(5*)
Anationwhichhasfallenintoslavery，\'saysMontesquieu，(6*)
\'strivesrathertoretainwhatitpossessesthantoacquiremore；
afreenation，onthecontrary，strivesrathertoacquirethanto
retain。\'Tothisverytrueobservationhemighthaveadded——and
becauseanyonestrivesonlytoretainwithoutacquiringhemust
cometogrief，foreverynationwhichmakesnoforwardprogress
sinkslowerandlower，andmustultimatelyfall。Farfromstriving
toextendtheircommerceandtomakenewdiscoveries，theVenetians
neverevenconceivedtheideaofderivingbenefitfromthe
discoveriesmadebyothernations。Thattheycouldbeexcludedfrom
thetradewiththeEastIndiesbythediscoveryofthenew
commercialroutethither，neveroccurredtothemuntilthey
actuallyexperiencedit。Whatalltherestoftheworldperceived
theywouldnotbelieve；andwhentheybegantofindoutthe
injuriousresultsofthealteredstateofthings，theystroveto
maintaintheoldcommercialrouteinsteadofseekingtoparticipate
inthebenefitsofthenewone；theyendeavouredtomaintainby
pettyintrigueswhatcouldonlybewonbymakingwiseuseofthe
alteredcircumstancesbythespiritofenterpriseandbyhardihood。
Andwhentheyatlengthhadlostwhattheyhadpossessed，andthe
wealthoftheEastandWestindieswaspoutedintoCadizandLisbon
insteadofintotheirownports，likesimpletonsorspendthrifts
theyturnedtheirattentiontoalchemy。(7*)
InthetimeswhentheRepublicgrewandflourished，tobe
inscribedintheGoldenBookwasregardedasarewardfor
distinguishedexertionsincommerce，inindustry，orinthecivil
ormilitaryserviceoftheState。Onthatconditionthishonourwas
opentoforeigners；forexample，tothemostdistinguishedofthe
silkmanufacturerswhohadimmigratedfromFlorence。(8*)Butthat
bookwasclosedwhenmenbegantoregardplacesofhonourandState
salariesasthefamilyinheritanceofthepatricianclass。Ata
laterperiod，whenmenrecognisedthenecessityofgivingnewlife
totheimpoverishedandenfeebledaristocracy，thebookwas
reopened。Butthechieftitletoinscriptioninitwasnolonger，
asinformertimes，tohaverenderedservicestotheState，butthe
possessionofwealthandnoblebirth。Atlengththehonourofbeing
inscribedintheGoldenBookwassolittleesteemed，thatit
remainedopenforacenturywithscarcelyanyadditionalnames。
IfweinquireofHistorywhatwerethecausesofthedownfall
ofthisRepublicandofitscommerce，sherepliesthatthey
principallyconsistedinthefolly，neglect，andcowardiceofa
worn-outaristocracy，andintheapathyofapeoplewhohadsunk
intoslavery。ThecommerceandmanufacturesofVenicemusthave
declined，evenifthenewrouteroundtheCapeofGoodHopehad
neverbeendiscovered。
Thecauseofit，asofthefallofalltheotherItalian
republics，istobefoundintheabsenceofnationalunity，inthe
dominationofforeignpowers，inpriestlyruleathome，andinthe
riseofothergreater，morepowerful，andmoreunitednationalities
inEurope。
IfwecarefullyconsiderthecommercialpolicyofVenice，we
seeataglancethatthatofmoderncommercialandmanufacturing
nationsisbutacopyofthatofVenice，onlyonanenlarged(i。e。
anational)scale。Bynavigationlawsandcustomsdutiesineach
casenativevesselsandnativemanufactureswereprotectedagainst
thoseofforeigners，andthemaximthusearlyheldgoodthatitwas
soundpolicytoimportrawmaterialsfromotherstatesandto
exporttothemmanufacturedgoods。(9*)
Ithasbeenrecentlyassertedindefenceoftheprincipleof
absoluteandunconditionalfreetrade，thatherprotectivepolicy
wasthecauseofthedownfallofVenice。Thatassertioncomprises
alittletruthwithagreatdealoferrorifweinvestigatethe
historyofVenicewithanunprejudicedeye，wefindthatinher
case，asinthatofthegreatkingdomsatalaterperiod，freedom
ofinternationaltradeaswellasrestrictionsonithavebeen
beneficialorprejudicialtothepowerandprosperityoftheState
atdifferentepochs。Unrestrictedfreedomoftradewasbeneficial
totheRepublicinthefirstyearsofherexistence；forhow
otherwisecouldshehaveraisedherselffromamerefishingvillage
toacommercialpower？Butaprotectivepolicywasalsobeneficial
toherwhenshehadarrivedatacertainstageofpowerandwealth，
forbymeansofitsheattainedtomanufacturingandcommercial
supremacy。Protectionfirstbecameinjurioustoherwhenher
manufacturingandcommercialpowerhadreachedthatsupremacy，
becausebyitallcompetitionwithothernationsbecameabsolutely
excluded，andthusindolencewasencouraged。Therefore，notthe
introductionofaprotectivepolicy，butperseverancein
maintainingitafterthereasonsforitsintroductionhadpassed
away，wasreallyinjurioustoVenice。
Hencetheargumenttowhichwehaveadvertedhasthisgreat
fault，thatittakesnoaccountoftheriseofgreatnationsunder
hereditarymonarchy。Venice，althoughmistressofsomeprovinces
andislands，yetbeingallthetimemerelyoneItaliancity，stood
incompetition，attheperiodofherrisetoamanufacturingand
commercialpower，merelywithotherItaliancities；andher
prohibitorycommercialpolicycouldbenefithersolongonlyas
wholenationswithunitedpowerdidnotenterintocompetitionwith
her。Butassoonasthattookplace，shecouldonlyhavemaintained
hersupremacybyplacingherselfattheheadofaunitedItalyand
byembracinginhercommercialsystemthewholeItaliannation。No
commercialpolicywasevercleverenoughtomaintaincontinuously
thecommercialsupremacyofasinglecityoverunitednations。
FromtheexampleofVenice(sofarasitmaybeadducedagainst
aprotectivecommercialpolicyatthepresenttime)neithermore
norlesscanbeinferredthanthis——thatasinglecityorasmall
statecannotestablishandmaintainsuchapolicysuccessfullyin
competitionwithgreatstatesandkingdoms；alsothatanypower
whichbymeansofaprotectivepolicyhasattainedapositionof
manufacturingandcommercialsupremacy，can(aftershehasattained
it)revertwithadvantagetothepolicyoffreetrade。
Intheargumentbeforeadvertedto，asineveryotherwhen
internationalfreedomoftradeisthesubjectofdiscussion，we
meetwithamisconceptionwhichhasbeentheparentofmucherror，
occasionedbythemisuseoftheterm\'freedom。\'Freedomoftradeis
spokenofinthesametermsasreligiousfreedomandmunicipal
freedom。Hencethefriendsandadvocatesoffreedomfeelthemselves
especiallyboundtodefendfreedominallitsforms。Andthusthe
term\'freetrade\'hasbecomepopularwithoutdrawingthenecessary
distinctionbetweenfreedomofinternaltradewithintheStateand
freedomoftradebetweenseparatenations，notwithstandingthat
thesetwointheirnatureandoperationareasdistinctasthe
heavenisfromtheearth。Forwhilerestrictionsontheinternal
tradeofastatearecompatibleinonlyveryfewcaseswiththe
libertyofindividualcitizens，inthecaseofinternationaltrade
thehighestdegreeofindividuallibertymayconsistwithahigh
degreeofprotectivepolicy。Indeed，itisevenpossiblethatthe
greatestfreedomofinternationaltrademayresultinnational
servitude，aswehopehereaftertoshowfromthecaseofPoland。In
respecttothisMontesquieusaystruly，\'Commerceisnever
subjectedtogreaterrestrictionsthaninfreenations，andnever
subjectedtolessonesthaninthoseunderdespotic
government。\'(10*)
NOTES：
1。Del\'Ecluse，FlorenceetsesVicissitudes，pp。23，26，32，163，
213。
2。Pechio，Histoiredel\'EconomiePolitiqueenItalie。
3。Amalficontainedattheperiodofherprosperity50，000
inhabitants。FlavioGuio，theinventorofthemariner\'scompass，
wasacitizenofAmalfi。ItwasthesackofAmalfibythePisans
(1135or1137)thatthatancientbookwasdiscoveredwhichlateron
becamesoinjurioustothefreedomandenergiesofGermany——the
Pandects。
4。HenceCharlesVwasthedestroyerofcommerceandindustryin
Italy，ashewasalsointheNetherlandsandinSpain。Hewasthe
introducerofnobilitybypatent，andoftheideathatitwas
disgracefulforthenobilitytocarryoncommerceormanufactures——
anideawhichhadthemostdestructiveinfluenceonthenational
industry。Beforehistimethecontraryideaprevailed；theMedici
continuedtobeengagedincommercelongaftertheyhadbecome
sovereignrulers。
5。"Quandlesnobles，auliendeverserleursangpourlapatrie，
aulieud\'illustrerl\'etatpardesvictoiresetdel\'agrandirpar
desconquetes，n\'eurentplusqu\'ajouirdeshonneursetase
partagerdesimpotsondutsedemanderpourquoiilyavaithuitou
neufcentshabitantsdeVenicequisedisaientproprietariesde
toutelaRepublique。"(Daru，HistoiredeVenise，vol。iv。ch。
xviii。)
6。EspritdesLois，p。192。
7。Amerecharlatan，MarcoBrasadino，whoprofessedtohavetheart
ofmakinggold，waswelcomedbytheVenetianaristocracyasa
saviour。(Daru，HistoiredeVenise，vol。iii。ch。xix。)
8。Venice，asHollandandEnglandsubsequentlydid，madeuseof
everyopportunityofattractingtoherselfmanufacturingindustry
andcapitalfromforeignstates。Alsoaconsiderablenumberofsilk
manufacturersemigratedtoVenicefromLuces，wherealreadyinthe
thirteenthcenturythemanufacturerofvelvetsandbrocadeswas
veryflourishing，inconsequenceoftheoppressionoftheLucchese
tyrantCastruccioCastracani。(Sandu，HistoiredeVenise，vol。i。
pp。247-256。)
9。Sismondi，HistoiredesRepubliquesItaliennes，Pt。I，p。285。
10。EspritdesLois，livrexx。ch。xii。
Chapter2
TheHansards
Thespiritofindustry，commerce，andlibertyhavingattained
fullinfluenceinItaly，crossedtheAlps，permeatedGermany，and
erectedforitselfanewthroneontheshoresofthenorthernseas，
theEmperorHenryI，thefatheroftheliberatoroftheItalian
municipalities，promotedthefoundingofnewcitiesandthe
enlargementofolderoneswhichwerealreadypartlyestablishedon
thesitesoftheancientRomancoloniesandpartlyintheimperial
domains。
LikethekingsofFranceandEnglandatalaterperiod，heand
hissuccessorsregardedthecitiesasthestrongestcounterpoiseto
thearistocracy，astherichestsourceofrevenuetotheState，as
anewbasisfornationaldefence。Bymeansoftheircommercial
relationswiththecitiesofItaly，theircompetitionwithItalian
industry，andtheirfreeinstitutions，thesecitiessoonattained
toahighdegreeofprosperityandcivilisation。Lifeincommon
fellow-citizenshipcreatedaspiritofprogressintheartsandin
manufacture，aswellaszealtoachievedistinctionbywealthand
byenterprise；while，ontheotherhand，theacquisitionof
materialwealthstimulatedexertionstoacquirecultureand
improvementintheirpoliticalcondition。
Strongthroughthepowerofyouthfulfreedomandofflourishing
industry，butexposedtotheattacksofrobbersbylandandsea，
themaritimetownsofNorthernGermanysoonfeltthenecessityof
aclosermutualunionforprotectionanddefence。Withthisobject
HamburgandL黚eckformedaleaguein1241，whichbeforetheclose
ofthatcenturyembracedallthecitiesofanyimportanceonthe
coastsoftheBalticandNorthSeas，oronthebanksoftheOder，
theElbe，theWeser，andtheRhine(eighty-fiveinall)。This
confederationadoptedthetitleofthe\'Hansa，\'whichintheLow
Germandialectsignifiesaleague。
Promptlycomprehendingwhatadvantagestheindustryof
individualsmightderivefromaunionoftheirforces，theHansa
lostnotimeindevelopingandestablishingacommercialpolicy
whichresultedinadegreeofcommercialprosperitypreviously
unexampled。Perceivingthatwhateverpowerdesirestocreateand
maintainanextensivemaritimecommerce，mustpossessthemeansof
defendingit，theycreatedapowerfulnavy；beingfurtherconvinced
thatthenavalpowerofanycountryisstrongorweakinproportion
totheextentofitsmercantilemarineanditsseafisheries，they
enactedalawthatHanseaticgoodsshouldbeconveyedonlyonboard
Hanseaticvessels，andestablishedextensiveseafisheries。The
EnglishnavigationlawswerecopiedfromthoseoftheHanseatic
League，justasthelatterwereanimitationofthoseof
Venice。(1*)
Englandinthatrespectonlyfollowedtheexampleofthosewho
wereherforerunnersinacquiringsupremacyatsea。Yetthe
proposaltoenactanavigationActinthetimeoftheLong
Parliamentwasthentreatedasanovelone。AdamSmithappearsin
hiscommentonthisAct(2*)nottohaveknown，ortohaverefrained
fromstating，thatalreadyforcenturiesbeforethattimeandon
variousoccasionstheattempthadbeenmadetointroducesimilar
restrictions。AproposaltothateffectmadebyParliamentin1461
wasrejectedbyHenryVI，andasimilaronemadebyJamesI，
rejectedbyParliament；(3*)indeed，longbeforethesetwoproposals
(viz。in1381)suchrestrictionshadbeenactuallyimposedby
RichardII，thoughtheysoonprovedinoperativeandpassedinto
oblivion。Thenationwasevidentlynotthenripeforsuch
legislation。Navigationlaws，likeothermeasuresforprotecting
nativeindustry，aresorootedintheverynatureofthosenations
whofeelthemselvesfittedforfutureindustrialandcommercial
greatness，thattheUnitedStatesofNorthAmericabeforetheyhad
fullywontheirindependencehadalreadyattheinstanceofJames
Madisonintroducedrestrictionsonforeignshipping，and
undoubtedlywithnotlessgreatresults(aswillbeseenina
futurechapter)thanEnglandhadderivedfromthemahundredand
fiftyyearsbefore。
Thenorthernprinces，impressedwiththebenefitswhichtrade
withtheHansardspromisedtoyieldtothem——inasmuchasitgave
themthemeansnotonlyofdisposingofthesurplusproductsof
theirownterritories，andofobtaininginexchangemuchbetter
manufacturedarticlesthanwereproducedathome，butalsoof
enrichingtheirtreasuriesbymeansofimportandexport
duties，(4*)andofdivertingtohabitsofindustrytheirsubjects
whowereaddictedtoidleness，turbulence，andriot——considered
itasapieceofgoodfortunewhenevertheHansardsestablished
factoriesontheirterritory，andendeavouredtoinducethemtodo
sobywantingthemprivilegesandfavoursofeverykind。Thekings
ofEnglandwereconspicuousaboveallothersovereignsinthis
respect。
ThetradeofEngland(saysHume)wasformerlyentirelyinthe
handsofforeigners，butespeciallyofthe\'Easterlings\'(5*)whom
HenryIIIconstitutedacorporation，towhomhegrantedprivileges，
andwhomhefreedfromrestrictionsandimportdutiestowhich
otherforeignmerchantswereliable。TheEnglishatthattimewere
soinexperiencedincommercethatfromthetimeofEdwardIIthe
Hansards，underthetitleof\'MerchantsoftheSteelyard\'，
monopolisedtheentireforeigntradeofthekingdom。Andasthey
conducteditexclusivelyintheirownships，theshippinginterest
ofEnglandwasinaverypitiablecondition。(6*)
SomeGermanmerchants，viz。thoseofCologne，aftertheyhad
foralongtimemaintainedcommercialintercoursewithEngland，at
lengthestablishedinLondon，intheyear1250，attheinvitation
oftheKing，thefactorywhichbecamesocelebratedunderthename
of\'TheSteelyard\'aninstitutionwhichatfirstwassoinfluential
inpromotingcultureandindustryinEngland，butafterwards
excitedsomuchnationaljealousy，andwhichfor375years，until
itsultimatedissolution，wasthecauseofsuchwarmand
long-continuedconflicts。
EnglandformerlystoodinsimilarrelationswiththeHanseatic
LeaguetothoseinwhichPolandafterwardsstoodwiththeDutch，
andGermanywiththeEnglish；shesuppliedthemwithwool，tin，
hides，butter，andothermineralandagriculturalproducts，and
receivedmanufacturedarticlesinexchange。TheHansardsconveyed
therawproductswhichtheyobtainedfromEnglandandthenorthern
statestotheirestablishmentatBruges(foundedin1252)，and
exchangedthemthereforBelgianclothsandothermanufactures，and
forOrientalproductsandmanufactureswhichcamefromItaly，which
lattertheycarriedbacktoallthecountriesborderingonthe
northernseas。
Athirdfactoryoftheirs，atNovgorodinRussia(established
in1272)，suppliedthemwithfurs，flax，hemp，andotherraw
productsinexchangeformanufactures。Afourthfactory，atBergen
inNorway(alsofoundedin1272)，wasoccupiedprincipallywith
fisheriesandtradeintrainoilandfishproducts。(7*)
Theexperienceofallnationsinalltimesteachesusthat
nations，solongastheyremaininastateofbarbarism，derive
enormousbenefitfromfreeandunrestrictedtrade，bywhichthey
candisposeoftheproductsofthechaseandthoseoftheir
pastures，forests，andagriculture——inshort，rawproductsof
everykind；obtaininginexchangebetterclothingmaterials，
machines，andutensils，aswellasthepreciousmetals——thegreat
mediumofexchangeandhencethatatfirsttheyregardfreetrade
withapproval。Butexperiencealsoshowsthatthoseverynations，
thefartheradvancesthattheymakeforthemselvesincultureand
inindustry，regardsuchasystemoftradewithalessfavourable
eye，andthatatlasttheycometoregarditasinjuriousandasa
hindrancetotheirfurtherprogress。Suchwasthecasewiththe
tradebetweenEnglandandtheHansards。Acenturyhadscarcely
elapsedfromthefoundationofthefactoryofthe\'Steelyard\'when
EdwardIIIconceivedtheopinionthatanationmightdosomething
moreusefulandbeneficialthantoexportrawwoolandimport
woollencloth。HethereforeendeavouredtoattractFlemishweavers
intoEnglandbygrantingthemallkindsofprivileges；andassoon
asaconsiderablenumberofthemhadgottowork，heissueda
prohibitionagainstwearinganyarticlesmadeofforeigncloth。(8*)
Thewisemeasuresofthiskingweresecondedinthemost
marvellousmannerbythefoolishpolicypursuedbytherulersof
othercountries——acoincidencewhichhasnotunfrequentlytobe
notedincommercialhistory。IftheearlierrulersofFlandersand
Brabantdideverythingintheirpowertoraisetheirnative
industrytoaflourishingcondition，thelateronesdideverything
thatwascalculatedtomakethecommercialandmanufacturing
classesdiscontentedandtoincitethemtoemigration。(9*)
Intheyear1413theEnglishwoollenindustryhadalreadymade
suchprogressthatHumecouldwriterespectingthatperiod，\'Great
jealousyprevailedatthistimeagainstforeignmerchants，anda
numberofrestrictionswereimposedontheirtrade，as，for
instance，thattheywererequiredtolayoutinthepurchaseof
goodsproducedinEnglandthewholevaluewhichtheyrealizedfrom
articleswhichtheyimportedintoit。(10*)
UnderEdwardIVthisjealousyofforeigntradersrosetosuch
apitchthattheimportationofforeigncloth，andofmanyother
articles，wasabsolutelyprohibited。(11*)
Notwithstandingthatthekingwasafterwardscompelledbythe
Hansardstoremovethisprohibition，andtoreinstatethemintheir
ancientprivileges，theEnglishwoollenmanufactureappearstohave
beengreatlypromotedbyit，asisnotedbyHumeintreatingofthe
reignofHenryVII，whocametothethronehalfacenturylater
thanEdwardIV。
\'Theprogressmadeinindustryandtheartsimposedlimits，in
amuchmoreeffectivewaythantherigouroflawscoulddo，tothe
pernicioushabitofthenobilityofmaintainingagreatnumberof
servants。Insteadofvyingwithoneanotherinthenumberand
valouroftheirretainers，thenobilitywereanimatedbyanother
kindofrivalrymoreinaccordancewiththespiritofcivilisation，
inasmuchastheynowsoughttoexceloneanotherinthebeautyof
theirhouses，theeleganceoftheirequipages，andthecostliness
oftheirfurniture。Asthepeoplecouldnolongerloiteraboutin
perniciousidleness，intheserviceoftheirchieftainsand
patrons，theybecamecompelled，bylearningsomekindofhandiwork，
tomakethemselvesusefultothecommunity。Lawswereagainenacted
topreventtheexportofthepreciousmetals，bothcoinedand
uncoined；butasthesewerewellknowntobeinoperative，the
obligationwasagainimposedonforeignmerchantstolayoutthe
wholeproceedsofgoodsimportedbythem，inarticlesofEnglish
manufacture。\'(12*)
InthetimeofHenryVIIIthepricesofallarticlesoffood
hadconsiderablyrisen，owingtothegreatnumberofforeign
manufacturersinLondon；asuresignofthegreatbenefitwhichthe
homeagriculturalindustryderivedfromthedevelopmentofhome
manufacturingindustry。
Theking，however，totallymisjudgingthecausesandthe
operationofthisphenomenon，gaveeartotheunjustcomplaintsof
theEnglishagainsttheforeignmanufacturers，whomtheformer
perceivedtohavealwaysexcelledthemselvesinskill，industry，
andfrugality。AnorderofthePrivyCouncildecreedtheexpulsion
of15，000Belgianartificers，\'becausetheyhadmadeallprovisions
dearer，andhadexposedthenationtotheriskofafamine。\'In
ordertostrikeattherootofthisevil，lawswereenactedto
limitpersonalexpenditure，toregulatethestyleofdress，the
pricesofprovisions，andtherateofwages。Thispolicynaturally
waswarmlyapprovedbytheHansards，whoactedtowardsthiskingin
thesamespiritofgood-willwhichtheyhadpreviouslyDisplayed
towardsallthoseformerkingsofEnglandwhosepolicyhadfavoured
theirinterests，andwhichinourdaystheEnglishdisplaytowards
thekingsofPortugal——theyplacedtheirshipsofwarathis
disposition。Duringthisking\'swholereignthetradeofthe
HansardswithEnglandwasveryactive。Theypossessedbothships
andcapital，andknew，notlesscleverlythantheEnglishdoinour
days，howtoacquireinfluenceoverpeoplesandgovernmentswhodid
notthoroughlyunderstandtheirowninterests。Onlytheirarguments
restedonquiteadifferentbasisfromthoseofthetrade
monopolistsofourday。TheHansardsbasedtheirclaimtosupply
allcountrieswithmanufacturesonactualtreatiesandon
immemorialpossessionofthetrade，whilsttheEnglishinourday
baseasimilarclaimonameretheory，whichhasforitsauthorone
oftheirownCustom-houseofficials。Thelatterdemandinthename
ofapretendedscience，whattheformerclaimedinthenameof
actualtreatiesandofjustice。
InthereignofEdwardVIthePrivyCouncilsoughtforand
foundpretextsforabolishingtheprivilegesofthe\'Merchantsof
theSteelyard。\'TheHansardsmadestrongprotestsagainstthis
innovation。ButthePrivyCouncilperseveredinitsdetermination，
andthestepwassoonfollowedbythemostbeneficialresultsto
thenation。TheEnglishmerchantspossessedgreatadvantagesover
theforeignones，onaccountoftheirpositionasdwellersinthe
country，inthepurchaseofcloths，wool，andotherarticles，
advantageswhichuptothattimetheyhadnotsoclearlyperceived
astoinducethemtoventureintocompetitionwithsuchawealthy
company。Butfromthetimewhenallforeignmerchantswere
subjectedtothesamecommercialrestrictions，theEnglishwere
stimulatedtoenterprise，andthespiritofenterprisewasdiffused
overthewholekingdom。(13*)
AftertheHansardshadcontinuedforsomeyearstobeentirely
excludedfromamarketwhichtheyhadforthreecenturies
previouslypossessedasexclusivelyasEnglandinourdays
possessesthemarketsofGermanyandtheUnitedStates，theywere
reinstatedbyQueenMaryinalltheirancientprivilegesowingto
representationsmadebytheGermanEmperor。(14*)Buttheirjoywas
thistimeofshortduration。BeingearnestlyDesirousnotmerelyof
maintainingtheseprivileges，butofincreasingthem，theymade
strongcomplaintsatthebeginningofthereignofElizabethofthe
treatmenttowhichtheyhadbeensubjectedunderEdwardVIand
Mary。Elizabethprudentlyrepliedthat\'shehadnopowertoalter
anything，butshewouldwillinglyprotectthemstillinthe
possessionofthoseprivilegesandimmunitieswhichtheythen
possessed。\'Thisreply，however，didnotsatisfythematall。Some
timeafterwardstheirtradewasfurthersuspended，tothegreat
advantageoftheEnglishmerchants，whonowhadanopportunityof
showingofwhattheywerecapable；theygainedcontroloverthe
entireexporttradeoftheirowncountry，andtheireffortswere
crownedwithcompletesuccess。Theydividedthemselvesinto
\'staplersandmerchantadventurers，\'theformercarryingon
businessinsomeoneplace，thelatterseekingtheirfortunein
foreigncitiesandstateswithclothandotherEnglish
manufactures。ThisexcitedthejealousyoftheHansardssogreatly，
thattheyleftnomeansuntriedtodrawdownontheEnglishtraders
theillopinionofothernations。Atlength，onAugust1，1597，
theygainedanimperialedict，bywhichalltradewithintheGerman
EmpirewasforbiddentoEnglishmerchantsTheQueenreplied(on
January13，1598)byproclamation，inconsequenceofwhichshe
soughtreprisalsbyseizingsixtyHanseaticvesselswhichwere
engagedincontrabandtradewithSpain。Intakingthisstepshehad
atfirstonlyintended，byrestoringthevessels，tobringabouta
betterunderstandingwiththeHansards。Butwhenshewasinformed
thatageneralHanseaticassemblywasbeingheldinthecityof
L黚eckinordertoconcertmeasuresforharassingtheexporttrade
ofEngland，shecausedallthesevesselswiththeircargoestobe
confiscated，andthenreleasedtwoofthem，whichshesentto
L黚eckwiththemessagethatshefeltthegreatestcontemptforthe
HanseaticLeagueandalltheirproceedingsandmeasures。(15*)
ThusElizabethactedtowardsthesemerchants，whohadlent
theirshipstoherfatherandtosomanyEnglishkingstofight
theirbattles；whohadbeencourtedbyallthepotentatesof
Europe；whohadtreatedthekingsofDenmarkandSwedenastheir
vassalsforcenturies，andinvitedthemintotheirterritoriesand
expelledthemastheypleased；whohadcolonisedandcivilisedall
thesoutheasterncoastsoftheBaltic，andfreedallseasfrom
piracy；whonotverylongbeforehad，withswordinhand，compelled
akingofEnglandtorecognisetheirprivileges；towhomonmore
thanoneoccasionEnglishkingshadgiventheircrownsinpledge
forloans；andwhohadoncecarriedtheircrueltyandinsolence
towardsEnglandsofarastodrownahundredEnglishfishermen
becausetheyhadventuredtoapproachtheirfishinggrounds。The
Hansards，indeed，stillpossessedsufficientpowertohaveavenged
thisconductofthequeenofEngland；buttheirancientcourage，
theirmightyspiritofenterprise，thepowerinspiredbyfreedom
andbyco-operation，hadpassedfromthem。Theydwindledgradually
intopowerlessnessuntilatlength，in1630，theirLeaguewas
formallydissolved，aftertheyhadsupplicatedeverycourtin
Europeforimportprivileges，andhadeverywherebeenrepulsedwith
scorn。
Manyexternalcauses，besidestheinternaloneswhichwehave
tomentionhereafter，contributedtotheirfall。DenmarkandSweden
soughttoavengethemselvesforthepositionofdependenceinwhich
theyhadbeensolongheldbytheLeague，andplacedallpossible
obstructionsinthewayofitscommerce。TheczarsofRussiahad
conferredprivilegesonanEnglishcompany。TheorderofTeutonic
knights，whohadforcenturiesbeenthealliesaswellas
(originally)thechildrenoftheLeague，declinedandwas
dissolved。TheDutchandtheEnglishdrovethemoutofallmarkets，
andsupplantedthemineverycourt。Finally，thediscoveryofthe
routetotheEastindiesbytheCapeofGoodHope，operatedmost
seriouslytotheirdisadvantage。
Theseleaguers，whoduringtheperiodoftheirmightand
prosperityhadscarcelydeemedanalliancewiththeGermanEmpire
asworthyofconsideration，nowintheirtimeofneedbetook
themselvestotheGermanReichstagandrepresentedtothatbody
thattheEnglishexportedannually200，000piecesofcloth，of
whichagreatproportionwenttoGermany，andthattheonlymeans
wherebytheLeaguecouldregainitsancientprivilegesinEngland，
wastoprohibittheimportofEnglishclothintoGermany。According
toAnderson，adecreeoftheReichstagtothateffectwasseriously
contemplated，ifnotactuallydrawnup，butthatauthorasserts
thatGilpin，theEnglishambassadortotheReichstag，contrivedto
preventitsbeingpassed。Ahundredandfiftyyearsafterthe
formaldissolutionoftheHanseaticLeague，socompletelyhadall
memoryofitsformergreatnessdisappearedintheHanseaticcities
thatJustusM鰏erasserts(insomepassageinhisworks)thatwhen
hevisitedthosecities，andnarratedtotheirmerchantsthepower
andgreatnesswhichtheirpredecessorshadenjoyed，theywould
scarcelybelievehim。Hamburg，formerlytheterrorofpiratesin
everysea，andrenownedthroughoutChristendomfortheservices
whichshehadrenderedtocivilisationinsuppressingsea-robbers，
hadsunksolowthatshehadtopurchasesafetyforhervesselsby
payinganannualtributetothepiratesofAlgiers。Afterwards，
whenthedominionoftheseashadpassedintothehandsofthe
Dutchanotherpolicybecameprevalentinreferencetopiracy。When
theHanseaticLeagueweresupremeatsea，thepiratewasconsidered
astheenemyofthecivilisedworld，andextirpatedwhereverthat
waspossible。TheDutch，onthecontrary，regardedthecorsairsof
Barbaryasusefulpartisans，bywhosemeansthemarinecommerceof
othernationscouldbedestroyedintimesofpeace，tothe
advantageoftheDutch。Andersonavailshimselfofthequotationof
anobservationofDeWittinfavourofthispolicytomakethe
laconiccomment，\'Fasestetabhostedoceri\'，apieceofadvice
which，inspiteofitsbrevity，hiscountrymencomprehendedand
followedsowellthattheEnglish，tothedisgraceofChristianity，
toleratedevenuntilourdaystheabominabledoingsofthe
sea-robbersontheNorthAfricancoasts，untiltheFrenchperformed
thegreatservicetocivilisationofextirpatingthem。(16*)
ThecommerceoftheseHanseaticcitieswasnotanationalone；
itwasneitherbasedontheequalpreponderanceandperfect
developmentofinternalpowersofproduction，norsustainedby
adequatepoliticalpower。Thebondswhichheldtogetherthemembers
oftheLeagueweretoolax，thestrivingamongthemforpredominant
powerandforseparateinterests(or，astheSwissortheAmericans
wouldsay，thecantonalspirit，thespiritofseparatestateright)
wastoopredominant，andsupersededHanseaticpatriotism，which
alonecouldhavecausedthegeneralcommonwealoftheLeaguetobe
consideredbeforetheprivateinterestsofindividualcities。Hence
arosejealousies，andnotunfrequentlytreachery。ThusCologne
turnedtoherownprivateadvantagethehostilityofEngland
towardstheLeague，andHamburgsoughttoutiliseforherown
advantageaquarrelwhicharosebetweenDenmarkandL黚eck。
TheHanseaticcitiesdidnotbasetheircommerceonthe
productionandconsumption，theagricultureorthemanufactures，of
thelandtowhichtheirmerchantsbelonged。Theyhadneglectedto
favourinanywaytheagriculturalindustryoftheirown
fatherland，whilethatofforeignlandswasgreatlystimulatedby
theircommerce。Theyfounditmoreconvenienttopurchase
manufacturedgoodsinBelgium，thantoestablishmanufactoriesin
theirowncountry。Theyencouragedandpromotedtheagricultureof
Poland，thesheep-farmingofEngland，theironindustryofSweden，
andthemanufacturesofBelgium。Theyactedforcenturiesonthe
maximwhichthetheoreticaleconomistsofourdaycommendtoall
nationsforadoption——they\'boughtonlyinthecheapestmarket。\'
Butwhenthenationsfromwhomtheybought，andthosetowhomthey
sold，excludedthemfromtheirmarkets，neithertheirownnative
agriculturenortheirownmanufacturingindustrywassufficiently
developedtofurnishemploymentfortheirsurpluscommercial
capital。itconsequentlyflowedoverintoHollandandEngland，and
thuswenttoincreasetheindustry，thewealth，andthepowerof
theirenemies；astrikingproofthatmereprivateindustrywhen
lefttofollowitsowncoursedoesnotalwayspromotethe
prosperityandthepowerofnations。Intheirexclusiveeffortsto
gainmaterialwealth，thesecitieshadutterlyneglectedthe
promotionoftheirpoliticalinterests。Duringtheperiodoftheir
power，theyappearednolongertobelongatalltotheGerman
Empire。Itflatteredtheseselfish，proudcitizens，withintheir
circumscribedterritories，tofindthemselvescourtedbyemperors，
kings，andprinces，andtoactthepartofsovereignsoftheseas。
Howeasywouldithavebeenforthemduringtheperiodoftheir
maritimesupremacy，incombinationwiththecitiesofNorth
Germany，tohavefoundedapowerfulLowerHouseasacounterpoise
tothearistocracyoftheempire，andbymeansoftheimperial
powertohavethusbroughtaboutnationalunity——tohaveunited
underonenationalitythewholesea-coastfromDunkirktoRiga——
andbythesemeanstohavewonandmaintainedfortheGermannation
supremacyinmanufactures，commerce，andmaritimepower。Butin
fact，whenthesceptreoftheseasfellfromtheirgrasp，theyhad
notsufficientinfluencelefttoinducetheGermanReichstagto
regardtheircommerceasamatterofnationalconcern。Onthe
contrary，theGermanaristocracydidallintheirpowerthoroughly
tooppressthesehumbledcitizens。Theirinlandcitiesfell
graduallyundertheabsolutedominionofthevariousprinces，and
hencetheirmaritimeonesweredeprivedoftheirinland
connections。
AllthesefaultshadbeenavoidedbyEngland。Hermerchant
shippingandherforeigncommercerestedonthesolidbasisofher
nativeagricultureandnativeindustry；herinternaltrade
developeditselfinjustproportiontoherforeigntrade，and
individualfreedomgrewupwithoutprejudicetonationalunityor
tonationalpower：inhercasetheinterestsoftheCrown，the
aristocracy，andthepeoplebecameconsolidatedandunitedinthe
happiestmanner。
Ifthesehistoricalfactsaredulyconsidered，cananyone
possiblymaintainthattheEnglishcouldeverhavesowidely
extendedtheirmanufacturingpower，acquiredsuchanimmeasurably
greatcommerce，orattainedsuchoverwhelmingnavalpower，saveby
meansofthecommercialpolicywhichtheyadoptedandpursued？No；
theassertionthattheEnglishhaveattainedtotheirpresent
commercialeminenceandpower，notbymeansoftheircommercial
policy，butinspiteofit，appearstoustobeoneofthegreatest
falsehoodspromulgatedinthepresentcentury。
HadtheEnglishlefteverythingtoitself——\'Laiss？faireet
laiss？aller，\'asthepopulareconomicalschoolrecommends——the
merchantsoftheSteelyardwouldbestillcarryingontheirtrade
inLondon，theBelgianswouldbestillmanufacturingclothforthe
English，Englandwouldhavestillcontinuedtobethesheep-farmof
theHansards，justasPortugalbecamethevineyardofEngland，and
hasremainedsotillourdays，owingtothestratagemofacunning
diplomatist。Indeed，itismorethanprobablethatwithouther
commercialpolicyEng1andwouldneverhaveattainedtosuchalarge
measureofmunicipalandindividualfreedomasshenowpossesses，
forsuchfreedomisthedaughterofindustryandofwealth。
Inviewofsuchhistoricalconsiderations，howhasithappened
thatAdamSmithhasneverattemptedtofollowthehistoryofthe
industrialandcommercialrivalrybetweentheHanseaticLeagueand
Englandfromitsoriginuntilitsclose？Yetsomepassagesinhis
workshowclearlythathewasnotunacquaintedwiththecausesof
thefalloftheLeagueanditsresults。\'Amerchant，\'hesays，\'is
notnecessarilythecitizenofanyparticularcountry。Itisina
greatmeasureindifferenttohimfromwhatplacehecarriesonhis
trade；andaverytriflingdisgustwillmakehimremovehis
capital，andtogetherwithitalltheindustrywhichitsupports，
fromonecountrytoanother。Nopartofitcanbesaidtobelongto
anyparticularcountrytillithasbeenspread，asitwere，over
thefaceofthatcountry，eitherinbuildingsorinthelasting
improvementoflands。Novestigenowremainsofthegreatwealth
saidtohavebeenpossessedbythegreaterpartoftheHanseTowns
exceptintheobscurehistoriesofthethirteenthandfourteenth
centuries。itisevenuncertainwheresomeofthemweresituated，
ortowhattownsinEuropetheLatinnamesgiventosomeofthem
belong。\'(17*)
HowstrangethatAdamSmith，havingsuchaclearinsightinto
thesecondarycausesofthedownfalloftheHanseaticLeague，did
notfeelhimselfcompelledtoexamineintoitsprimarycauses！For
thispurposeitwouldnothavebeenatallnecessarytohave
ascertainedthesiteswherethefallencitieshadstood，orto
whichcitiesbelongedtheLatinnamesintheobscurechronicles。He
neednotevenhaveconsultedthosechroniclesatall。Hisown
countrymen，Anderson，Macpherson，King，andHumecouldhave
affordedhimthenecessaryexplanation。
How，therefore，andforwhatreasoncouldsuchaprofound
inquirerpermithimselftoabstainfromaninvestigationatonceso
interestingandsofruitfulinresults？Wecanseenootherreason
thanthis——thatitwouldhaveledtoconclusionswhichwouldhave
tendedbutlittletosupporthisprincipleofabsolutefreetrade。
Hewouldinfalliblyhavebeenconfrontedwiththefactthatafter
freecommercialintercoursewiththeHansardshadraisedEnglish
agriculturefromastateofbarbarism，theprotectivecommercial
policyadoptedbytheEnglishnationattheexpenseofthe
Hansards，theBelgians，andtheDutchhelpedEnglandtoattainto
manufacturingsupremacy，andthatfromthelatter，aidedbyher
NavigationActs，arosehercommercialsupremacy。
Thesefacts，itwouldappear，AdamSmithwasnotwillingto
knowortoacknowledge；forindeedtheybelongtothecategoryof
thoseinconvenientfactsofwhichJ。B。Sayobservesthattheywould
haveprovedveryadversetohissystem。
NOTES：
1。Anderson，OriginsofCommerce，pt。I，p。46。
2。WealthofNations，BookIV，ch。ii。
3。Hume，HistoryofEngland，PartIV，ch。xxi。
4。TherevenuesofthekingsofEnglandwerederivedatthattime
morefromexportdutiesthanfromimportduties。Freedomofexport
anddutiesonimports(viz。ofmanufactures)betokenatoncean
advancedstateofindustryandanenlightenedStateadministration。
ThegovernmentsandcountriesoftheNorthstoodataboutthesame
stageofcultureandstatemanshipastheSublimePortedoesinour
day。TheSultanhas，notably，onlyrecentlyconcludedcommercial
treaties，bywhichheengagesnottotaxexportsofrawmaterials
andmanufactureshigherthanfourteenpercentbutimportsnot
higherthanfivepercent。Andthereaccordinglythatsystemof
financewhichprofessestoregardrevenueasitschiefobject
continuesinfulloperation。Thosestatesmenandpublicwriterswho
followoradvocatethatsystemoughttobetakethemselvesto
Turkey；theretheymightreallystandattheheadofthetimes。
5。TheHansardswereformerlytermed\'Easterlings\'orEastern
merchants，inEngland，incontradistinctiontothoseoftheWest，
ortheBelgiansandDutch。Fromthistermisderived\'sterling\'or
\'poundsterling\'，anabbreviationoftheword\'Easterlings\'because
formerlyallthecoinincirculationinEnglandwasthatofthe
HanseaticLeague。
6。Hume，HistoryofEngland，ch。xxxv。
7。M。I。Sartorius，GeschichtederHansa。
8。IIEdwardIII，cap。5。
9。Rymer\'sFoedera，p。496。DeWitte，InterestofHolland，p。45。
10。Hume，HistoryofEngland，chap。xxv。
11。EdwardIV，cap。iv。ThepreambletothisActisso
characteristicthatwecannotrefrainfromquotingitverbatim。
\'WhereastothesaidParliament，bytheartificersmenand
womeninhabitantandresidentinthecityofLondonandinother
cities，towns，boroughsandvillageswithinthisrealmandWales，
ithasbeenpiteouslyshewedandcomplained，howthatalltheyin
generalandeveryofthemhegreatlyimpoverishedandmuchinjured
andprejudicedoftheirworldlyincreaseandliving，bythegreat
multitudeofdiverschaffersandwarespertainingtotheir
mysteriesandoccupations，beingfullywroughtandreadymadeto
sale，aswellbythehandofstrangersbeingtheking\'senemiesas
others，broughtintothisrealmandWalesfrombeyondthesea，as
wellbymerchantstrangersasdenizensorotherpersons，whereof
thegreatestpartisdeceitfulandnothingworthinregardofany
man\'soccupationorprofits，byoccasionwhereofthesaid
artificerscannotlivebytheirmysteriesandoccupations，asthey
usedtodointimespast，butdiversofthem——aswell
householdersashirelingsandotherservantsandapprentices——in
greatnumberbeatthisdayunoccupied，anddohardlylive，in
greatidleness，povertyandruin，wherebymanyinconvenienceshave
grownbeforethistime，andhereaftermoreareliketocome(which
Goddefend)，ifdueremedybenotintheirbehalfprovided。\'
12。Hume，chap。xxvi。
13。Hume，chap。xxxv；alsoSirJ。Hayward，LifeandReignofEdward
VI。
14。Hume，chap。xxxvii；Heylyn。
15。Campbell\'sLivesoftheAdmirals，vol。i，p。386。
16。Ourauthorwouldappeartohaveforgotten，orelseunfairly
ignored，theexploitsoftheBritishfleetunderLordExmouth。
17。Smith，WealthofNations，BookIII，ch。iv。
