To prove that the balance of trade, in spite of a prevailing impression
to the contrary, not only might be, but had been, on the side of
England, was the chief purpose of _Mercator_. The Whig _Flying Post_
chaffed _Mercator_ for trying to reconcile impossibilities, but
_Mercator_ held stoutly on with an elaborate apparatus of comparative
tables of exports and imports, and ingenious schemes for the development
of various branches of the trade with France. Defoe was too fond of
carrying the war into the enemy's country, to attack prohibitions or the
received doctrine as to the balance of trade in principle; he fought the
enemy spiritedly on their own ground. "Take a medium of three years for
above forty years past, and calculate the exports and imports to and
from France, and it shall appear the balance of trade was always on the
English side, to the loss and disadvantage of the French." It followed,
upon the received commercial doctrines, that the French King was making
a great concession in consenting to take off high duties upon English
goods. This was precisely what Defoe was labouring to prove. "The French
King in taking off the said high duties ruins all his own manufactures."
The common belief was that the terms of peace would ruin English
manufacturing industry; full in the teeth of this, Defoe, as was his
daring custom, flung the paradox of the extreme opposite. On this
occasion he acted purely as a party writer. That he was never a
free-trader, at least in principle, will appear from the following
extract from his _Plan of the English Commerce_, published in 1728:--
"Seeing trade then is the fund of wealth and power, we
cannot wonder that we see the wisest Princes and States
anxious and concerned for the increase of the commerce and
trade of their subjects, and of the growth of the country;
anxious to propagate the sale of such goods as are the manufacture
of their own subjects, and that employs their own
people; especially of such as keep the money of their dominions
at home; and on the contrary, for prohibiting the importation
from abroad of such things as are the product of
other countries, and of the labour of other people, or which
carry money back in return, and not merchandise in exchange."
"Nor can we wonder that we see such Princes and States
endeavouring to set up such manufactures in their own countries,
which they see successfully and profitably carried on
by their neighbours, and to endeavour to procure the materials
proper for setting up those manufactures by all just and
possible methods from other countries."
"Hence we cannot blame the French or Germans for endeavouring
to get over the British wool into their hands, by
the help of which they may bring their people to imitate our
manufactures, which are so esteemed in the world, as well
as so gainful at home."
Public-domain text, read in full here on John Shaqi.
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