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to the countries which lie round the Baltic and Mediterranean
Seas。 But that part of the capital of Great Britain which brings
those eighty…two thousand hogsheads to Great Britain； which
re…exports them from thence to those other countries； and which
brings back from those other countries to Great Britain either
goods or money in return； is employed in a round…about foreign
trade of consumption； and is necessarily forced into this
employment in order to dispose of this great surplus。 If we would
compute in how many years the whole of this capital is likely to
come back to Great Britain； we must add to the distance of the
American returns that of the returns from those other countries。
If； in the direct foreign trade of consumption which we carry on
with America； the whole capital employed frequently does not come
back in less than three or four years； the whole capital employed
in this round…about one is not likely to come back in less than
four or five。 If the one can keep in constant employment but a
third or a fourth part of the domestic industry which could be
maintained by a capital returned once in the year； the other can
keep in constant employment but a fourth or fifth part of that
industry。 At some of the out…ports a credit is commonly given to
those foreign correspondents to whom they export their tobacco。
At the port of London； indeed； it is commonly sold for ready
money。 The rule is； Weigh and pay。 At the port of London；
therefore； the final returns of the whole round…about trade are
more distant than the returns from America by the time only which
the goods may lie unsold in the warehouse； where； however； they
may sometimes lie long enough。 But had not the colonies been
confined to the market of Great Britain for the sale of their
tobacco； very little more of it would probably have come to us
than what was necessary for the home consumption。 The goods which
Great Britain purchases at present for her own consumption with
the great surplus of tobacco which she exports to other
countries； she would in this case probably have purchased with
the immediate produce of her own industry； or with some part of
her own manufactures。 That produce； those manufactures； instead
of being almost entirely suited to one great market； as at
present； would probably have been fitted to a great number of
smaller markets。 Instead of one great round…about foreign trade
of consumption； Great Britain would probably have carried on a
great number of small direct foreign trades of the same kind。 On
account of the frequency of the returns； a part； and probably but
a small part； perhaps not above a third or a fourth of the
capital which at present carries on this great round…about trade
might have been sufficient to carry on all those small direct
ones； might have kept in constant employment an equal quantity of
British industry； and have equally supported the annual produce
of the land and labour of Great Britain。 All the purposes of this
trade being； in this manner； answered by a much smaller capital；
there would have been a large spare capital to apply to other
purposes： to improve the lands； to increase the manufactures； and
to extend the commerce of Great Britain； to come into competition
at least with the other British capitals employed in all those
different ways； to reduce the rate of profit in them all； and
thereby to give to Great Britain； in all of them； a superiority
over other countries still greater than what she at present
enjoys。
The monopoly of the colony trade； too； has forced some part
of the capital of Great Britain from all foreign trade of
consumption to a carrying trade； and consequently； from
supporting more or less the industry of Great Britain； to be
employed altogether in supporting partly that of the colonies and
partly that of some other countries。
The goods； for example； which are annually purchased with
the great surplus of eighty…two thousand hogsheads of tobacco
annually re…exported from Great Britain are not all consumed in
Great Britain。 Part of them； linen from Germany and Holland； for
example； is returned to the colonies for their particular
consumption。 But that part of the capital of Great Britain which
buys the tobacco with which this linen is afterwards bought is
necessarily withdrawn from supporting the industry of Great
Britain； to be employed altogether in supporting； partly that of
the colonies； and partly that of the particular countries who pay
for this tobacco with the produce of their own industry。
The monopoly of the colony trade besides； by forcing towards
it a much greater proportion of the capital of Great Britain than
what would naturally have gone to it； seems to have broken
altogether that natural balance which would otherwise have taken
place among all the different branches of British industry。 The
industry of Great Britain； instead of being accommodated to a
great number of small markets； has been principally suited to one
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
unav