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coin is always disadvantageous to the lower orders, and dishonourable to the state. The revival of public credit, after the peace of Ryfwick, and the rifing of the notes of the Bank of England to par, ftrengthened private confidence, at the fame time, that thefe caufes invigorated our manufactures and our trade. And, the fpirit of population was still more animated by the many acts of naturalization, which were readily paffed, during every feffion, in the reign of William; and which clearly evince, how many induftrious foreigners found shelter in England, from the perfesution of countries, lefs tolerant and free.

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CHAP. V.

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The War of Queen Anne. The Strength of the Na-. The Revival of

tion.

The Loffes of Trade.

Trade.-Complaints of its Decline. The Laws of Queen Anne, for promoting the Commercial Interests of the NationThe Union.-Reflections.

A

NEW war, ftill more bloody and glorious

than the former, enfued on the acceffion of Queen Anne. All Europe either hated the imperiousness, or dreaded, at length, the power of Lewis XIV. But it was his " owning and declaring the pretended prince of Wales to be king of England, Scotland, and Ireland," which was the avowed cause of the hoftilities of Great Britain against France; though private motives have genetally more influence than public pretences. When her treasurer fat down to calculate the coft, he found refources in his own prudence. Her general faw armies and alliances rife out of his own genius for war and negotiation. And both estimated right, fince a favourable change had gradually taken place in the spirit, as well as in the abilities of the people.

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If we inquire more minutely into the national ftrength, we shall find, that England and Wales now 1,700,000 fighting men.

contained about

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But troops, without money to carry them to war, with all that foldiers require, are of little avail. And happy is it for this nation, at least, that there is a fucceffive rife in the accumulations of our wealth, in the fame manner, as we have already feen, there is a continual progrefs in our population; owing to the various means, which individuals constantly use, to meliorate their own condition. There can be little doubt then, though Gregory King fuppofed the contrary, that the productive capital and annual gains of the people were greater, at the acceffion of Anne, than they had been, during the preceding reign *, or in any former period.

Godol

* After fo expensive a war juft ended, fays Anderson, it gave foreigners a high idea of the wealth and grandeur of England, to fee two millions fterling subscribed for in three days, (by the new East India Company in 1698) and there were persons ready to subscribe as much more: For, although fince

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Godolphin and Marlborough had not to contend with the embarraffments of their immediate predeceffors. The disorders of the coin, which had fo enfeebled the late administration, had been perfectly cured by the great re-coinage of the laft reign. The high intereft, which had been given, and the ftill higher profit, that was made, by purchafing government-fecurities, had drawn meanwhile much of the hoarded cafh within the circle of commerce. No less than £3,400,000 of hammered money, which had been equally locked up, were brought into action, according to Davenant, by the act for fuppreffing it, in 1697. The Bank of England now lent its aid, by facilitating loans, and circulating exchequer bills. And the public debts and additional taxes filled circulation at prefent, and gave it activity; as they had equally produced fimilar effects, when the Long Parliament opened the coffers of England. Owing to all thofe caufes, the statesmen of the reign of Anne borrowed money at five per cent. in 1702, and never gave more than fix, during the war; which alone fhews how the condition of this country had happily changed, from the time that feven and right per cent. were paid, only a few before. years

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that time higher proofs have appeared of the great riches of this nation, because our wealth is very visibly increased; yet, till then, continues he, there had never been fo illuftrious an inftance of England's opulence. p. 223.]

[Chron. Com. vol. ii.

The principal of the public debt, on the 31st of December 1701, amounted to £. 16,394,701; whereon was paid an annual intereft

of

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The taxes yielded nett into the exchequer, during the year 1701

Of this inconfiderable revenue the current fervices for the navy abforbed

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£. 1,046,397

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1,109,123.

£. 3,769,375.

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The nett fums, paid into the exchequer during the year 1703, from

the customs, excife, poft-office,

land, and miscellaneous duties £. 5,561,944:

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