[63] De Foe had, many years before Harley proposed it in parliament, suggested an establishment of a South-sea trade, not only for commercial advantage, but as an effectual mode of crippling Spain and France. "I had the honour to lay a proposal before his late majesty king William, in the beginning of this war, for carrying the war, not into Old Spain, but into America: which proposal his majesty approved of, and fully proposed to put it in execution, had not death, to our unspeakable grief, prevented him. And yet I would have my readers distinguish with me, that there is always a manifest difference between carrying on a war with America and settling a trade there; and I shall not fail to speak distinctly to this difference in its turn." He then points out the circumstances of the trade, and distinctly warns his countrymen against those rash and extravagant speculations which they unfortunately persisted to indulge in, and which caused the ruin of so many persons. "I am far from designing to discourage this new undertaking, which I profess to believe a very happy one; but to correct these wild notions, it seems needful to ascertain what we are to understand by a trade to the South Seas, and what not; that in the first place our enemies may not make a wrong improvement of it, our friends in Spain may not take umbrage at it, and our people at home may not grow big with wild expectations, which might end in chagrin and disappointment. There is room enough on the western coast of America for us to establish a flourishing trade without encroaching upon the Spaniards. The industry and enterprise of the English in such a situation would open a wide door for the consumption of our manufactures, and bring a vast revenue of wealth to our own country." [Review, vol. viii. p. 165. 274.] They are the same views substantially as those he afterwards maintained in the pamphlet mentioned by Mr. Chalmers in the text.--ED.