Till the middle of the eighteenth century the principles of the Spanish colonial system were considered the last words of commercial policy by all nations and practically all individuals.[40] That great statesman, Lord Chatham, was fully convinced of the wisdom of these principles. He remarked: "Let the sovereign authority of this country over the colonies be asserted in as strong terms as can be devised, and be made to extend to every point of legislation whatsoever. That we may bind their _trade_, confine their _manufactures_, and exercise every _power_ whatsoever, except that of taking money out of their pocket without their consent."[41] Indeed, the general commercial and colonial policy of Spain was at least as liberal as that of England, and was, during the half century preceding the Revolution, infinitely more liberal, and if we make allowance for the enlargement of the human mind in a hundred and fifty years, it must be admitted that the present commercial policy of the South American Republics compares unfavourably with the Spanish system. There was at least material prosperity. Adam Smith,[42] while censuring the Spanish system of government and considering it inferior to that obtaining in English colonies, recognised that great progress was being made. He says: "The Spanish colonies are under a government in many respects less favourable to agriculture, improvement, and population, than that of the English colonies. They seem, however, to be advancing in all these much more rapidly than any country in Europe. In a fertile soil and happy climate the great abundance and cheapness of land, a circumstance common to all new colonies, is, it seems, so great an advantage as to compensate many defects in civil government." It is impossible to put down the failure of Spain to anything but defect of character--the grand defect of _mañana_, of putting off every exertion till to-morrow, or rather for ever. But it cannot be denied that a hundred years ago the ill-starred country had to face a series of misfortunes which might well have disheartened a more energetic people. The revolutionary spirit which had spread all over the globe was at first wonderfully impotent in the Spanish settlements owing to the rigid disciplinary system which had been in force for upwards of two hundred years. Yet that of itself would have been enough to have taxed all the energies of an ancient and absolute monarchy. Further, Spain contrived to change sides in such a way during the war as to get all the hardships of defeat and none of the fruits of victory. When she was in alliance with France her fleet was destroyed by the English, and when she was in alliance with England her territory was overrun by the French. At this crisis also she was afflicted by the feeblest king of a feeble line and probably the worst queen and minister that ever lived. Under these circumstances it can hardly be a matter for wonder that she lost her colonies.