THE WEALTH OF NATIONS.

England commonly sells a considerable part of it. But hadFrance and all other European countries been, at all times,allowed a free trade to Maryland and Virginia, the tobaccoof those colonies might, by this time, have come cheaperthan it actually does, not only to all those other countries,but likewise to England. The produce of tobacco, in conse-quence of a market so much more extensive than any whichit has hitherto enjoyed, might, and probably would, by thistime, have been so much increased as to reduce the profits ofa tobacco plantation to their natural level with those of acorn plantation, which, it is supposed, they are still some-what above. The price of tobacco might, and probablywould, by this time, have fallen somewhat lower than it is atpresent. An equal quantity of the commodities either ofEngland, or of those other countries, might have purchasedin Maryland and Virginian greater quantity of tobacco thanit can do at present, and, consequently, have been sold therefor so much a better price. So far as that weed, therefore,can, by its cheapness and abundance, increase the enjoy-ments or augment the industry either of England or of anyother country, it would probably, in the case of a tree trade,have produced both these effects in somewhat a greater de-gree than it can do at present. England, indeed, would notin this case have had any advantage over other countries.She might have bought the tobacco of her colonies some-what cheaper, and, consequently, have sold some of her owncommodities somewhat dearer than she actually does. Butshe could neither have bought the one cheaper nor sold theother dearer than any other country might have done. Shemight, perhaps, have gained an absolute, but she would cer-tainly have lost a relative advantage.

In order, however, to obtain this relative advantage in thecolony trade, in order to execute the invidious and malig-nant project of excluding as much as possible other nationsfrom any share in it, England, there are very probable rea-sons for believing, has not only sacrificed a part of the abso-lute advantage which she, as well as every other nation,might have derived from that trade, but has subjected herselfboth to an absolute and to a relative disadvantage in almostevery other branch of trade.

When, by the act of navigation, England assumed to her-St df the monopoly of the colony trade, the foreign capitalswhich had before been employed in it were necessarily with-

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