According to the above State of the Account, the Sum Total of the Value of
the Exports to _Holland_ and _Germany_ alone, during a Period of nine
Years, exceeded that to all the [present revolted] Provinces of _North
America_, by no less than 10,234,103_l._ 7_s._ 7_d._ which is more than
ONE-THIRD of the Whole. And yet this very Period was more favourable to
_American_ Exports than any other: 1st. Because during this Period, there
was the greatest Emigration from _Europe_ to _America_, and particularly
from _Holland_ and _Germany_, that can be remembered; and each Emigrant,
if a Customer to _England_, whilst resident in _Europe_, not only swells
the _American_ Account by his Removal, but also sinks the _European_: So
that he acts in a double Capacity, by adding Weight to one Scale, and by
substracting, at least an equal, if not a greater, from the other:--2dly,
Because During this Period, the Colonists, and more especially the four
_New-England_ Governments, were preparing for a _Non-Importation_ System;
and therefore were storing their Magazines with great Quantities of Goods
to serve for many Years. This Circumstance appears on the very Face of
the Account:--And 3dly, Because the Business of Commercial PUFFING, during
this Period, was carried, by the Partizans of _America_, to a greater
Height than ever, in order to make the _American_ Trade appear to be of
much more Consequence to this Nation, than it really is.--To explain this
Artifice of Commercial _Puffing_, to such Persons, who are not conversant
in the Progress of Commercial Laws, I must beg their Attention to the
following short Narrative.--Formerly the Kings of _England_ established
certain Duties or Taxes (generally five per Cent. _ad Valorem_) both on
the Import and Export of Goods, _merely by Virtue of their own
Prerogative_; and, as it was the _universal Practice_ for every Prince to
act in the same Manner, these Duties or _customary_ Payments were
therefore called the CUSTOMS,--the Place where these Duties were paid the
_Custom-House_, and the Officers who collected them the _Custom-House_
Officers. In Process of Time, the Subjects gained a little more Liberty;
so that the Duties, which were originally imposed by Virtue of the mere
Prerogative of the Crown, were afterwards collected by the Authority of an
_Act_, or _Acts_ of the whole Legislature.
And yet, notwithstanding this Change of Authority, there was very little
Alteration in the System of Taxation: For _Exports_ as well as _Imports_
(in those Days of commercial Blindness) paid a Duty of about five per
Cent. [9] _ad Valorem_, as low down as the Reigns of CHARLES II. and JAMES
II.--King WILLIAM was the first Prince who had a true Notion of
introducing wise and beneficial Regulations into the System of
Exportation: For he caused the Duties to be taken off from the Exports of
_English_ Woollen Manufactures, and of a few other Articles: Queen ANN
followed his good Example, and extended the same politic System a little
farther: But it was reserved to the Reign of GEORGE I. and to the
Administration of that _great_ and _able_ Minister, Sir ROBERT WALPOLE
(whom the Traders, and the Populace always abused) to enrich this Country
by Means of a general System of _judicious_ Taxes, and salutary commercial
Regulations. For in one single Act of Parliament in the Year 1722, (8th of
G. I. Chap. 15.) there were about 196 Taxes repealed, [see CROUCH's Book
of Rates] Taxes which had been injudiciously laid, partly on Raw-Materials
coming in, but chiefly on _British_ Manufactures going out. But tho' this
excellent Law was productive of the greatest Advantage to the Nation; yet
it must be allowed, that like many other good Things, it was the innocent
Cause of introducing some Evil. For from that Time we may date the Origin
of our modern _Puffing_, respecting the Export of Goods, which has spread
but too generally ever since. _English_ Manufactures, when entered in the
Custom-House for Exportation, now pay no Tax or Duty; therefore this
Circumstance becomes a Temptation to many Persons to make larger Entries
for Exportation, than in Truth and Reality they ought to do. Vanity, and
the Desire of appearing to be Men of large Dealings, and extensive
Correspondencies, and perhaps other Motives still less justifiable, will
but too well account for such Proceedings in the mercantile World.
Consequently in commercial Puffing, the Traders to _Holland_ and
_Germany_, and the Traders to _North-America_ are much upon a Par: So that
were they to accuse each other, it might be said of both,
_Clodius accusat Maechos, Catalina Cethegos._
But nevertheless in other Respects there is a wide Difference between
them. For the Partizans of _America_ are actuated not only by
Self-Interest, or Vanity, but by Principles still more powerful, viz. By
such a Spirit of Enthusiasm, and a Zeal bordering on Phrenzy, as will
stick at nothing to promote the Good of the Cause. Hence therefore we may
reasonably infer, that tho' the Entries for Exportation to every Country
are somewhat exaggerated, yet that those to _North-America_ are doubly so.
Other Traders may probably consider these puffing Advertisements [I mean
their exaggerated Entries for Exportation] as a Kind of Peccadillos, very
allowable for the Promotion of their Interest; but an _American_ Partizan
views them in a much higher Light, viz. as _meritorious Acts done for the
Good of his Country_.