Circumstances, however, though they cannot destroy, must influence,
beneficially or otherwise, the wealth and commerce of a country; and it may
happen that circumstances apparently unfavourable may become beneficial.
This was the case with Britain: during the American war, her manufactures
and commerce languished; during the French wars they increased and throve
most wonderfully. The cause of this difference must be sought for
principally in the very artificial and extraordinary circumstances in which
she was placed during the French war: and of these circumstances, the most
powerfully operative were her foreign loans; her paper circulation; the
conquests and subsequent measures of Bonaparte on the continent; and her
superiority at sea. Foreign loans necessarily rendered the exchange
unfavourable to Britain; an unfavourable exchange, or, in other words, a
premium on bills, in any particular country, enabled the merchant to sell
his goods there at a cheaper rate than formerly, and consequently to extend
his commerce there. The paper circulation of Britain,--though a bold and
hazardous step, and which in a less healthy and vigorous state of public
credit and wealth than Britain enjoyed could not have been taken, or, if
taken, would not have produced nearly the beneficial effects it did, and
would have left much more fatal consequences than we are at present
experiencing,--undoubtedly tended to increase her commerce; and the very
stimulus which it gave to all kinds of speculation has been favourable to
it.
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