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the wearers of East India manufactures *. The establishment of the Bank of England in 1694% by facilitating public and private circulation, produced all the salutary effects, that were orginally foretold, because it has been constantly managed with a prudence, integrity, and caution, which have never been exceeded. By giving encouragement to fisheries, in 1695, a hardy race must have been greatly multiplied; and by encouraging, in 1696, the making of linens, subsistence was given) to the young and the old.
The conclusion of every lengthened war deprives many men of support, who are therefore obliged to re-enter once more into the competitions of the world. Yet, Doctor Davenant † assured the Marquis of Normanby, in 1699, “ that we really want people and hands to carry on the woollen and linen manufactories together.” Admitting the truth of an affertion, of which indeed there is no reason to doubt, the observation is altogether consistent with facts and with principles. In less than two years from the peace of Ryswick, the difbanded idlers had been all engaged in the manufactories, which we have seen established, and in the foreign traffic, that has been shewn to have Aourished so greatly from this epoch to the demise of King William. Now, what does the position of Davenant prove, more than that uncommon
* And. Chron. Acc. of Com. vol. ii. p. 220. + Eflay on East India Trade, p. 46.
demand never fails to produce remarkable scarcity, till a fufficient supply has been found? And Sir Josiah Child was therefore induced, a hundred years ago, to lay it down as a maxim; Such as our employment is for people, so many will our people be. Were we now to compare the circumstance mentioned by Sir John Dalrymple, of the raising of three-and-twenty regiments in six weeks, during the year 1689, with the fact stated by Doctor Davenant, “ of the scarcity of hands” in 1699, we ought to infer, that an alteration of manners, owing to whatever cause, had in the mean time taken place; and that the lower orders of men had learned from experience, to prefer the gainful employments of peace to the less profitable, and more dangerous, adventures of war.
Yet, admitting that the moral causes before-mentioned had naturally produced an augmentation of numbers, during the reign of William, we ought here to remark, that the people who chiefly shared in the felicities, or were incommoded by the factions of those times, must have drawn their first breath prior to the Revolution: the middle-aged, and the old, who enacted the laws, and as ministers, or magistrates, carried them into execution, must have been born, during the distractions of the civil wars, or amid the contests of the adminiftration of Charles I.: and the gallant youth, who fought by the side of King William, must have first seen the light soon after the Restoration. But, it ought here to be stated, as a circum, 5
ftance, which may be supposed to have checked the progress of population, that there had been actually raised, though with some difficulty, on nearly seven millions of people, in thirteen years
£. 58,698,688. 19$. 8 d.: If we average this sum by the number of years, we shall gain a pretty exact idea of King William's annual income
fr 4j415,360: And if from this we deduct King James's revenue
The balance of augmentation will be £ 2,453,5041
The principal of the public debt on the 31st of December 1697
4:21;51597435 whereon was paid an annual interest of
£. 1;246,376. And, these facts shew how much more the people were burthened in the latter, than in the former, reign.
It has nevertheless been proved, that manufact tures Aourished in the mean time; that there was a great demand for labour; that the foreign traffie and navigation of England doubled, from the peace of Ryswick to the accession of Queen Anne. For, the re-coinage of the filver mean time prða duced an exhilarating effect on industry; in the same proportion as the debasement of the current
* Mr. Aftle's Transcript:
coin is always disadvantageous to the lower orders, and dishonourable to the state. The reyi. val of public credit, after the peace of Ryswick, and the rising of the notes of the Bank of Eng. land to par, strengthened private confidence, at the same time, that these causes invigorated our manufactures and our trade. And, the spirit of population was still more animated by the many aets of naturalization, which were readily passed, during every session, in the reign of William; and which clearly evince, how many industrious fo. reigners found Melter in England, from the perse. sution of countries, less tolerant and free.
The War of Queen Anne. --The Strength of the Na
tion. The Losses of Trade. The Revival of Trade.-Complaints of its Decline.The Laws of Queen Anne, for promoting the Commercial Interefts of the Nation The Union.-Reflections,
NEW war, still more bloody and glorious
than the former, ensued on the accession of Queen Anne. All Europe either hated the imperiousness, or dreaded, at length, the power of Lewis XIV. But it was his owning and declaring the pretended prince of Wales to be king of England, Scotland, and Ireland," which was the ávowed cause of the hostilities of Great Britain against France; though private motives have genetally more influence than public pretences. When her treasurer sat down to calculate the cost, he found resources in his own prudence. Her general faw ármies and alliances rise out of his own genius for war and negotiation. And both estimated right, fince a favourable change had gradually taken place in the spirit, as well as in the abilities of the people.