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extraordinary¡¡case¡¡the¡¡natural¡¡interests¡¡and¡¡inclinations¡¡of¡¡men
coincide¡¡as¡¡exactly¡¡with¡¡the¡¡public¡¡interest¡¡as¡¡in¡¡all¡¡other
ordinary¡¡cases£»¡¡and¡¡lead¡¡them¡¡to¡¡withdraw¡¡stock¡¡from¡¡the¡¡near£»
and¡¡to¡¡turn¡¡it¡¡towards¡¡the¡¡distant¡¡employment¡£
¡¡¡¡¡¡¡¡¡¡It¡¡is¡¡thus¡¡that¡¡the¡¡private¡¡interests¡¡and¡¡passions¡¡of
individuals¡¡naturally¡¡dispose¡¡them¡¡to¡¡turn¡¡their¡¡stocks¡¡towards
the¡¡employments¡¡which¡¡in¡¡ordinary¡¡cases¡¡are¡¡most¡¡advantageous¡¡to
the¡¡society¡£¡¡But¡¡if¡¡from¡¡this¡¡natural¡¡preference¡¡they¡¡should¡¡turn
too¡¡much¡¡of¡¡it¡¡towards¡¡those¡¡employments£»¡¡the¡¡fall¡¡of¡¡profit¡¡in
them¡¡and¡¡the¡¡rise¡¡of¡¡it¡¡in¡¡all¡¡others¡¡immediately¡¡dispose¡¡them¡¡to
alter¡¡this¡¡faulty¡¡distribution¡£¡¡Without¡¡any¡¡intervention¡¡of¡¡law£»
therefore£»¡¡the¡¡private¡¡interests¡¡and¡¡passions¡¡of¡¡men¡¡naturally
lead¡¡them¡¡to¡¡divide¡¡and¡¡distribute¡¡the¡¡stock¡¡of¡¡every¡¡society
among¡¡all¡¡the¡¡different¡¡employments¡¡carried¡¡on¡¡in¡¡it¡¡as¡¡nearly¡¡as
possible¡¡in¡¡the¡¡proportion¡¡which¡¡is¡¡most¡¡agreeable¡¡to¡¡the
interest¡¡of¡¡the¡¡whole¡¡society¡£
¡¡¡¡¡¡¡¡¡¡All¡¡the¡¡different¡¡regulations¡¡of¡¡the¡¡mercantile¡¡system
necessarily¡¡derange¡¡more¡¡or¡¡less¡¡this¡¡natural¡¡and¡¡most
advantageous¡¡distribution¡¡of¡¡stock¡£¡¡But¡¡those¡¡which¡¡concern¡¡the
trade¡¡to¡¡America¡¡and¡¡the¡¡East¡¡Indies¡¡derange¡¡it¡¡perhaps¡¡more¡¡than
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absorbs¡¡a¡¡greater¡¡quantity¡¡of¡¡stock¡¡than¡¡any¡¡two¡¡other¡¡branches
of¡¡trade¡£¡¡The¡¡regulations£»¡¡however£»¡¡by¡¡which¡¡this¡¡derangement¡¡is
effected¡¡in¡¡those¡¡two¡¡different¡¡branches¡¡of¡¡trade¡¡are¡¡not
altogether¡¡the¡¡same¡£¡¡Monopoly¡¡is¡¡the¡¡great¡¡engine¡¡of¡¡both£»¡¡but¡¡it
is¡¡a¡¡different¡¡sort¡¡of¡¡monopoly¡£¡¡Monopoly¡¡of¡¡one¡¡kind¡¡or¡¡another£»
indeed£»¡¡seems¡¡to¡¡be¡¡the¡¡sole¡¡engine¡¡of¡¡the¡¡mercantile¡¡system¡£
¡¡¡¡¡¡¡¡¡¡In¡¡the¡¡trade¡¡to¡¡America¡¡every¡¡nation¡¡endeavours¡¡to¡¡engross
as¡¡much¡¡as¡¡possible¡¡the¡¡whole¡¡market¡¡of¡¡its¡¡own¡¡colonies¡¡by
fairly¡¡excluding¡¡all¡¡other¡¡nations¡¡from¡¡any¡¡direct¡¡trade¡¡to¡¡them¡£
During¡¡the¡¡greater¡¡part¡¡of¡¡the¡¡sixteenth¡¡century£»¡¡the¡¡Portuguese
endeavoured¡¡to¡¡manage¡¡the¡¡trade¡¡to¡¡the¡¡East¡¡Indies¡¡in¡¡the¡¡same
manner£»¡¡by¡¡claiming¡¡the¡¡sole¡¡right¡¡of¡¡sailing¡¡in¡¡the¡¡Indian¡¡seas£»
on¡¡account¡¡of¡¡the¡¡merit¡¡of¡¡having¡¡first¡¡found¡¡out¡¡the¡¡road¡¡to
them¡£¡¡The¡¡Dutch¡¡still¡¡continue¡¡to¡¡exclude¡¡all¡¡other¡¡European
nations¡¡from¡¡any¡¡direct¡¡trade¡¡to¡¡their¡¡spice¡¡islands¡£¡¡Monopolies
of¡¡this¡¡kind¡¡are¡¡evidently¡¡established¡¡against¡¡all¡¡other¡¡European
nations£»¡¡who¡¡are¡¡thereby¡¡not¡¡only¡¡excluded¡¡from¡¡a¡¡trade¡¡to¡¡which
it¡¡might¡¡be¡¡convenient¡¡for¡¡them¡¡to¡¡turn¡¡some¡¡part¡¡of¡¡their¡¡stock£»
but¡¡are¡¡obliged¡¡to¡¡buy¡¡the¡¡goods¡¡which¡¡that¡¡trade¡¡deals¡¡in
somewhat¡¡dearer¡¡than¡¡if¡¡they¡¡could¡¡import¡¡them¡¡themselves
directly¡¡from¡¡the¡¡countries¡¡which¡¡produce¡¡them¡£
¡¡¡¡¡¡¡¡¡¡But¡¡since¡¡the¡¡fall¡¡of¡¡the¡¡power¡¡of¡¡Portugal£»¡¡no¡¡European
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all¡¡European¡¡nations¡£¡¡Except¡¡in¡¡Portugal£»¡¡however£»¡¡and¡¡within
these¡¡few¡¡years¡¡in¡¡France£»¡¡the¡¡trade¡¡to¡¡the¡¡East¡¡Indies¡¡has¡¡in
every¡¡European¡¡country¡¡been¡¡subjected¡¡to¡¡an¡¡exclusive¡¡company¡£
Monopolies¡¡of¡¡this¡¡kind¡¡are¡¡properly¡¡established¡¡against¡¡the¡¡very
nation¡¡which¡¡erects¡¡them¡£¡¡The¡¡greater¡¡part¡¡of¡¡that¡¡nation¡¡are
thereby¡¡not¡¡only¡¡excluded¡¡from¡¡a¡¡trade¡¡to¡¡which¡¡it¡¡might¡¡be
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obliged¡¡to¡¡buy¡¡the¡¡goods¡¡which¡¡that¡¡trade¡¡deals¡¡somewhat¡¡dearer
than¡¡if¡¡it¡¡was¡¡open¡¡and¡¡free¡¡to¡¡all¡¡their¡¡countrymen¡£¡¡Since¡¡the
establishment¡¡of¡¡the¡¡English¡¡East¡¡India¡¡Company£»¡¡for¡¡example£»¡¡the
other¡¡inhabitants¡¡of¡¡England£»¡¡over¡¡and¡¡above¡¡being¡¡excluded¡¡from
the¡¡trade£»¡¡must¡¡have¡¡paid¡¡in¡¡the¡¡price¡¡of¡¡the¡¡East¡¡India¡¡goods
which¡¡they¡¡have¡¡consumed£»¡¡not¡¡only¡¡for¡¡all¡¡the¡¡extraordinary
profits¡¡which¡¡the¡¡company¡¡may¡¡have¡¡made¡¡upon¡¡those¡¡goods¡¡in
consequence¡¡of¡¡their¡¡monopoly£»¡¡but¡¡for¡¡all¡¡the¡¡extraordinary
waste¡¡which¡¡the¡¡fraud¡¡and¡¡abuse£»¡¡inseparable¡¡from¡¡the¡¡management
of¡¡the¡¡affairs¡¡of¡¡so¡¡great¡¡a¡¡company£»¡¡must¡¡necessarily¡¡have
occasioned¡£¡¡The¡¡absurdity¡¡of¡¡this¡¡second¡¡kind¡¡of¡¡monopoly£»
therefore£»¡¡is¡¡much¡¡more¡¡manifest¡¡than¡¡that¡¡of¡¡the¡¡first¡£
¡¡¡¡¡¡¡¡¡¡Both¡¡these¡¡kinds¡¡of¡¡monopolies¡¡derange¡¡more¡¡or¡¡less¡¡the
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always¡¡derange¡¡it¡¡in¡¡the¡¡same¡¡way¡£
¡¡¡¡¡¡¡¡¡¡Monopolies¡¡of¡¡the¡¡first¡¡kind¡¡always¡¡attract¡¡to¡¡the
particular¡¡trade¡¡in¡¡which¡¡they¡¡are¡¡established¡¡a¡¡greater
proportion¡¡of¡¡the¡¡stock¡¡of¡¡the¡¡society¡¡than¡¡what¡¡would¡¡go¡¡to¡¡that
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¡¡¡¡¡¡¡¡¡¡Monopolies¡¡of¡¡the¡¡second¡¡kind¡¡may¡¡sometimes¡¡attract¡¡stock
towards¡¡the¡¡particular¡¡trade¡¡in¡¡which¡¡they¡¡are¡¡established£»¡¡and
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circumstances¡£¡¡In¡¡poor¡¡countries¡¡they¡¡naturally¡¡attract¡¡towards
that¡¡trade¡¡more¡¡stock¡¡than¡¡would¡¡otherwise¡¡go¡¡to¡¡it¡£¡¡In¡¡rich
countries¡¡they¡¡naturally¡¡repel¡¡from¡¡it¡¡a¡¡good¡¡deal¡¡of¡¡stock¡¡which
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¡¡¡¡¡¡¡¡¡¡Such¡¡poor¡¡countries¡¡as¡¡Sweden¡¡and¡¡Denmark£»¡¡for¡¡example£»
would¡¡probably¡¡have¡¡never¡¡sent¡¡a¡¡single¡¡ship¡¡to¡¡the¡¡East¡¡Indies
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establishment¡¡of¡¡such¡¡a¡¡company¡¡necessarily¡¡encourages
adventurers¡£¡¡Their¡¡monopoly¡¡secures¡¡them¡¡against¡¡all¡¡competitors
in¡¡the¡¡home¡¡market£»¡¡and¡¡they¡¡have¡¡the¡¡same¡¡chance¡¡for¡¡foreign
markets¡¡with¡¡the¡¡traders¡¡of¡¡other¡¡nations¡£¡¡Their¡¡monopoly¡¡shows
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quantity¡£¡¡Without¡¡such¡¡extraordinary¡¡encouragement£»¡¡the¡¡poor
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uncertain¡¡an¡¡adventure¡¡as¡¡the¡¡trade¡¡to¡¡the¡¡East¡¡Indies¡¡must
naturally¡¡have¡¡appeared¡¡to¡¡them¡£
¡¡¡¡¡¡¡¡¡¡Such¡¡a¡¡rich¡¡country¡¡as¡¡Holland£»¡¡on¡¡the¡¡contrary£»¡¡would
probably£»¡¡in¡¡the¡¡case¡¡of¡¡a¡¡free¡¡trade£»¡¡send¡¡many¡¡more¡¡ships¡¡to
the¡¡East¡¡Indies¡¡than¡¡it¡¡actually¡¡does¡£¡¡The¡¡limited¡¡stock¡¡of¡¡the
Dutch¡¡East¡¡India¡¡Company¡¡probably¡¡repels¡¡from¡¡that¡¡trade¡¡many
great¡¡mercantile¡¡capitals¡¡which¡¡would¡¡otherwise¡¡go¡¡to¡¡it¡£¡¡The
mercantile¡¡capital¡¡of¡¡Holland¡¡is¡¡so¡¡great¡¡that¡¡it¡¡is£»¡¡as¡¡it¡¡were£»
continually¡¡overflowing£»¡¡sometimes¡¡into¡¡the¡¡public¡¡funds¡¡of
foreign¡¡countries£»¡¡sometimes¡¡into¡¡loans¡¡to¡¡private¡¡traders¡¡and
adventurers¡¡of¡¡foreign¡¡countries£»¡¡sometimes¡¡into¡¡the¡¡most
round¡about¡¡foreign¡¡trades¡¡of¡¡consumption£»¡¡and¡¡sometimes¡¡into¡¡the
carrying¡¡trade¡£¡¡All¡¡near¡¡employments¡¡being¡¡completely¡¡filled¡¡up£»
all¡¡the¡¡capital¡¡which¡¡can¡¡be¡¡placed¡¡in¡¡them¡¡with¡¡any¡¡tolerable
profit¡¡being¡¡already¡¡placed¡¡in¡¡them£»¡¡the¡¡capital¡¡of¡¡Holland
necessarily¡¡flows¡¡towards¡¡the¡¡most¡¡distant¡¡employments¡£¡¡The¡¡trade
to¡¡the¡¡East¡¡Indies£»¡¡if¡¡it¡¡were¡¡altogether¡¡free£»¡¡would¡¡probably
absorb¡¡the¡¡greater¡¡part¡¡of¡¡this¡¡redundant¡¡capital¡£¡¡The¡¡East
Indies¡¡offer¡¡a¡¡market¡¡for¡¡the¡¡manufactures¡¡of¡¡Europe¡¡and¡¡for¡¡the
gold¡¡and¡¡silver¡¡as¡¡well¡¡as¡¡for¡¡several¡¡other¡¡productions¡¡of
America¡¡greater¡¡and¡¡more¡¡extensive¡¡than¡¡both¡¡Europe¡¡and¡¡America
put¡¡together¡£
¡¡¡¡¡¡¡¡¡¡Every¡¡derangement¡¡of¡¡the¡¡natural¡¡distribution¡¡of¡¡stock¡¡is
necessarily¡¡hurtful¡¡to¡¡the¡¡society¡¡in¡¡which¡¡it¡¡takes¡¡place£»
whether¡¡it¡¡be¡¡by¡¡repelling¡¡from¡¡a¡¡particular¡¡trade¡¡the¡¡stock
which¡¡would¡¡otherwise¡¡go¡¡to¡¡it£»¡¡or¡¡by¡¡attracting¡¡towards¡¡a
particular¡¡trade¡¡that¡¡which¡¡would¡¡not¡¡otherwise¡¡come¡¡to¡¡it¡£¡¡If£»
without¡¡any¡¡exclusive¡¡company£»¡¡the¡¡trade¡¡of¡¡Holland¡¡to¡¡the¡¡East
Indies¡¡would¡¡be¡¡greater¡¡than¡¡it¡¡actually¡¡is£»¡¡that¡¡country¡¡must
suffer¡¡a¡¡considerable¡¡loss¡¡by¡¡part¡¡of¡¡its¡¡capital¡¡being¡¡excluded
from¡¡the¡¡employment¡¡most¡¡convenient¡¡for¡¡that¡¡part¡£¡¡And¡¡in¡¡the
same¡¡manner£»¡¡if£»¡¡without¡¡an¡¡exclusive¡¡company£»¡¡the¡¡trade¡¡of
Sweden¡¡and¡¡Denmark¡¡to¡¡the¡¡East¡¡Indies¡¡would¡¡be¡¡less¡¡than¡¡it
actually¡¡is£»¡¡or£»¡¡what¡¡perhaps¡¡is¡¡more¡¡probable£»¡¡would¡¡not¡¡exist
at¡¡all£»¡¡those¡¡two¡¡countries¡¡must¡¡likewise¡¡suffer¡¡a¡¡considerable
loss¡¡by¡¡part¡¡of¡¡their¡¡capital¡¡being¡¡drawn¡¡into¡¡an¡¡employment
which¡¡must¡¡be¡¡more¡¡or¡¡less¡¡unsuitable¡¡to¡¡their¡¡present
circumstances¡£¡¡Better¡¡for¡¡them£»¡¡perhaps£»¡¡in¡¡their¡¡present
circumstances£»¡¡to¡¡buy¡¡East¡¡India¡¡goods¡¡of¡¡other¡¡nations£»¡¡even
though¡¡they¡¡should¡¡pay¡¡somewhat¡¡dearer£»¡¡than¡¡to¡¡turn¡¡so¡¡great¡¡a
part¡¡of¡¡their¡¡small¡¡capital¡¡to¡¡so¡¡very¡¡distant¡¡a¡¡trade£»¡¡in¡¡which
the¡¡returns¡¡are¡¡so¡¡very¡¡slow£»¡¡in¡¡which¡¡that¡¡capital¡¡can¡¡maintain
so¡¡small¡¡a¡¡quantity¡¡of