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increase of productive powers。 This productive power then becomes
a permanent acquisition； it will increase more and more； while the
expense of the war is incurred only once for all。（10*） And thus it
may come to pass； under favouring conditions such as have occurred
in England； that a nation has gained immeasurably more than it has
lost from that very kind of expenditure which theorists hold to be
unproductive。 That such was really the case with England； may be
shown by figures。 For in the course of the war； that country had
acquired in the cotton manufacture alone a power of production
which yields annually a much larger return in value than the amount
which the nation has to find to defray the interest upon the
increased national debt； not to mention the vast development of all
other branches of industry； and the additions to her colonial
wealth。
Most conspicuous was the advantage accruing to the English
manufacturing interest during the Continental wars； when England
maintained army corps on the Continent or paid subsidies。 The whole
expenditure on these was sent； in the shape of English
manufactures； to the seat of war； where these imports then
materially contributed to crush the already sorely suffering
foreign manufacturers； and permanently to acquire the market of the
foreign country for English manufacturing industry。 It operated
precisely like an export bounty instituted for the benefit of
British and for the injury of foreign manufacturers。（11*）
In this way； the industry of the Continental nations has ever
suffered more from the English as allies； than from the English as
enemies。 In support of this statement we need refer only to the
Seven Years' War； and to the wars against the French Republic and
Empire。
Great； however； as have been the advantages heretofore
mentioned； they have been greatly surpassed in their effect by
those which England derived from immigrations attracted by her
political； religious； and geographical conditions。
As far back as the twelfth century political circumstances
induced Flemish woollen weavers to emigrate to Wales。 Not many
centuries later exiled Italians came over to London to carry on
business as money changers and bankers。 That from Flanders and
Brabant entire bodies of manufacturers thronged to England at
various periods； we have shown in Chapter II。 From Spain and
Portugal came persecuted Jews； from the Hanse Towns； and from
Venice in her decline； merchants who brought with them their ships；
their knowledge of business； their capital； and their spirit of
enterprise。 Still more important were the immigrations of capital
and of manufacturers in consequence of the Reformation and the
religious persecutions in Spain； Portugal； France； Belgium；
Germany； and Italy； as also of merchants and manufacturers from
Holland in consequence of the stagnation of trade and industry in
that country occasioned by the Act of Navigation and the Methuen
Treaty。 Every political movement； every war upon the Continent；
brought England vast accessions of fresh capital and talents； so
long as she possessed the privileges of freedom； the right of
asylum； internal tranquillity and peace； the protection of the law；
and general well…being。 So more recently did the French Revolution
and the wars of the Empire； and so did the political commotions；
the revolutionary and reactionary movements and the wars in Spain；
in Mexico； and in South America。 By means of her Patent Laws；
England long monopolised the inventive genius of every nation。 It
is no more than fair that England； now that she has attained the
culminating point of her industrial growth and progress； should
restore again to the nations of Continental Europe a portion of
those productive forces which she originally derived from them。
NOTES：
1。 Hume； vol。 ii； p。 143。
2。 No doubt the decrees prohibiting the export of wool； not to
mention the restrictions placed on the trade in wool in markets
near the coast； were vexations and unfair； yet at the same time the
operated beneficially in the promotion of English industry； and in
the suppression of that of the Flemings。
3。 Hume （in 1603）。 Macpherson； Histoire du Commerce （in 1651）。
4。 See Ustaritz； Th閛rie du Commerce； ch。 xxviii。 Thus we see
George I did not want to export goods and import nothing but specie
in return； which is stated as the fundamental principle of the
so…called 'mercantile system'； and which in any case would be
absurd。 What he desired was to export manufactures and import raw
material。
5。 Hume； vol。 v。 p。 39。
6。 Anderson for the year 1721。
7。 Priestley； Lectures on History and General Policy； Pt。 II； p。
289。
8。 These and the following figures relating to English statistics
are taken from a paper written by McQueen； the celebrated English
statistician； and appearing in the July number of Tait's Edinburgh
Magazine for the year 1839。 Possibly they may be somewhat
exaggerated for the moment。 But even if so； it is more than
probable that the figures as stated will be reached within the
present decade。
9。 Before his lamented death； the gifted author of this remark； in
his Letters on England； read the nobles of his native country a
lesson in this respect which they would do well to lay to heart。
10。 England's national debt would not be so great an evil as it now
appears to us； if England's aristocracy would concede that this
burden should be borne by the class who were benefited by the cost
of wars； namely； by the rich。 McQueen estimates the capitalised
value of property in the three kingdoms at 4；000 million pounds
sterling； and Martin estimates the capital invested in the colonies
at about 2；600 millions sterling。 Hence we see that one…ninth part
of Englishmen's private property would suffice to cover the entire
national debt。 Nothing could be more just than such an
appropriation； or at least than the payment of the interest on the
national debt out of the proceeds of an income tax。 The English
aristocracy； however； deem it more convenient to provide for this
charge by the imposition of taxes upon articles of consumption； by
which the existence of the working classes is embittered beyond the
point of endurance。
11。 See Appendix A。
Chapter 5
The Spaniards and Portuguese
Whilst the English were busied for centuries in raising the
structure of their national prosperity upon the most solid
foundations； the S