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bewail the weakness of human nature； to which Adam Smith has paid
a rich tribute in the shape of these paradoxical； almost laughable；
arguments among other instances； being evidently dazzled by the
splendour of the task； so noble in itself； of pleading a
justification for absolute freedom of trade。
In the argument just named there is no more sound sense or
logic than in the proposition that a baker； because he sells bread
to his customers for money； and with that money buys flour from the
miller； does an unprofitable trade； because if he had exchanged his
bread directly for flour； he would have effected his purpose by a
single act of exchange instead of by two such acts。 It needs surely
no great amount of sagacity to answer such an allegation by hinting
that the miller might possibly not want so much bread as the baker
could supply him with； that the miller might perhaps understand and
undertake baking himself； and that； therefore； the baker's business
could not go on at all without these two acts of exchange。 Such in
effect were the commercial conditions of Portugal and England at
the date of the treaty。 Portugal received gold and silver from
South America in exchange for manufactured goods which she then
exported to those regions； but too indolent or too shiftless to
manufacture these goods herself； she bought them of the English in
exchange for the precious metals。 The latter employed the precious
metals； in so far as they did not require them for the circulation
at home； in exportation to India or China； and bought goods there
which they sold again on the European continent； whence they
brought home agricultural produce； raw material； or precious metals
once again。
We now ask； in the name of common sense； who would have
purchased of the English all those cloths which they exported to
Portugal； if the Portuguese had chosen either to make them at home
or procure them from other countries？ The English could not in that
case have sold them to Portugal； and to other nations they were
already selling as much as those nations would take。 Consequently
the English would have manufactured so much less cloth than they
had been disposing of to the Portuguese； they would have exported
so much less specie to India than they had obtained from Portugal。
They would have brought to Europe and sold on the Continent just
that much less of East Indian merchandise； and consequently would
have taken home with them that much less of raw material。
Quite as untenable is Adam Smith's third argument that； if
Portuguese money had not flowed in upon them； the English might
have supplied their requirements of this article in other ways。
Portugal； he conceived； must in any case have exported her
superfluous store of precious metals； and these would have reached
England through some other channel。 We here assume that the
Portuguese had manufactured their cloths for themselves； had
themselves exported their superfluous stock of precious metals to
India and China； and had purchased the return cargoes in other
countries； and we take leave to ask the question whether under
these circumstances the English would have seen much of Portuguese
money？ It would have been just the same if Portugal had concluded
a Methuen Treaty with Holland or France。 In both these cases； no
doubt； some little of the money would have gone over to England；
but only so much as she could have acquired by the sale of her raw
wool。 In short； but for the Methuen Treaty； the manufactures； the
trade； and the shipping of the English could never have reached
such a degree of expansion as they have attained to。
But whatever be the estimate formed of the effects of the
Methuen Treaty as respects England； this much at least appears to
be made out； that； in respect to Portugal； they have in no way been
such as to tempt other nations to deliver over their home markets
for manufactured goods to English competition； for the sake of
facilitating the exportation of agricultural produce。 Agriculture
and trade； commerce and navigation； instead of improving from the
intercourse with England； went on sinking lower and lower in
Portugal。 In vain did Pombal strive to raise them； English
competition frustrated all his efforts。 At the same time it must
not be forgotten that in a country like Portugal； where the whole
social conditions are opposed to progress in agriculture； industry；
and commerce； commercial policy can effect but very little。
Nevertheless； the little which Pombal did effect proves how much
can be done for the benefit of industry by a government which is
anxious to promote its interests； if only the internal hindrances
which the social condition of a country presents can first be
removed。
The same experience was made in Spain in the reigns of Philip
V and his two immediate successors。 Inadequate as was the
protection extended to home industries under the Bourbons； and
great as was the lack of energy in fully enforcing the customs
laws； yet the remarkable animation which pervaded every branch of
industry and every district of the country as the result of
transplanting the commercial policy of Colbert from France to Spain
was unmistakable。（12*） The statements of Ustaritz and Ulloa（13*） in
regard to these results under the then prevailing circumstances are
astonishing。 For at that time were found everywhere only the most
wretched mule…tracks； nowhere any well…kept inns； nowhere any
bridges； canals； or river navigation； every province was closed
against the rest of Spain by an internal customs cordon； at every
city gate a royal toll was demanded； highway robbery and mendicancy
were pursued as regular professions； the contraband trade was in
the most flourishing condition； and the most grinding system of
taxation existed； these and such as these the above named writers
adduce as the causes of the decay of industry and agriculture。 The
causes of these evils fanaticism； the greed and the vices of the
clergy； the privileges of the nobles； the despotism of the
Government； the want of enlightenment and freedom amongst the
people Ustaritz and Ulloa dare not denounce。
A worthy counterpart to the Methuen Treaty with Portugal is the
Assiento Treaty of 1713 with Spain； under which power was granted
to the English to introduce each year a certain number of African
negroes into Spanish America； and to visit the harbour of
Portobello with one ship once a year； whereby an opportunity was
afforded them of smuggling immense quantities of goods into these
countries。
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