known to exceed the real value of the exports, this income of the colonies cannot be fo much as these accounts make it, and cannot exceed 1,400,000l. per annum. It is indeed impoffible to bring fuch accounts to a certain precifion; but from this state of them we may be well affured, that the annual income of all the North American colonies cannot exceed a million and a half a year, and it is probably not fo much. "From these accounts it appears, that the annual balance of trade against North America in favour of Britain has been for the laft nine years 1,180,000l. but as that balance was greater in the time of war, it may be reckoned now in the time of peace about a million a year, fo long as they export to the value of two millions from Britain. In the laft nine years this balance has amounted to ten millions, which is certainly more than they could pay, if we confider their income. This confirms the accounts of the merchants, who make the colonies fo much indebted to them. By thefe accounts this balance, has accumulated to a debt of five millions; and as many accounts have not been received, it is computed, that the whole debt due to Britain in North America, amounts at least to five millions and a half, if not fix millions. "Befides this, they owe a public debt of 797,000l. Thus their public and private debts amount to more than fix millions of money; the intereft of which alone, at five per cent. comes to 350,000l. but as many of them pay eight per cent. according to the cuftom of the trade, the intereft of their debts may be reckoned half a million a year; especially if we add the lofs they fuftain in the exchange by making remittances of money, which has of late been thirty and forty per cent. and the ten per cent.. they pay on protested bills, with fix per cent. per annum till they are dif charged. charged. If we add this to the balance of trade they owe to Britain, the two amount to their whole in. come. "If we deduct this intereft of their debts, lofs of exchange, and protested bills, from their income above mentioned, their neat income is but 900,000l. a year; which is the whole of what all the colonies in North America have to purchase their neceffaries from Britain. This fum divided among three millions of people is but fix fhillings a head per annum.-Even if we allow their income to be a million and a half is but ten fhillings a head. 6. a year, it Thus the colonies have to discharge a debt of fix or feven millions, to pay an annual balance of nigh one million; and to maintain three millions of people, out of an income of a million and a half a year at most, which is certainly impracticable.-If their whole income were to be appropriated to the payment of their debts alone, and they were to take nothing either from Britain, or the West Indies, it would not discharge their debts, with intereft, in five years. It is commonly computed, that all their perfonal eftates are not worth above fix millions; that they would hardly pay their debts to Britain; and that their current cafh would not pay the intereft of their debts alone for half a year. How then does it appear, "they can certainly bear more, they ought to pay more?" as we are told by the author of the late regulations concerning the colonies. "If we allow thefe colonies to have ten fhillings ahead per annum to expend in Britain, it would not purchase a fixth part of their neceffaries; and as their neat income is but fix fhillings a head, it will not purchafe a tenth part of them. To fupply them with neceffaries from Britain, not to mention many other articles, articles, would require at least three pounds a head, "This bad ftate of the colonies is owing to three causes; the first and chief is, the wearing out of the lands, and great increase of the people, who confumę twice or thrice as much as they used to do, while their lands do not produce half as much, although that is the fource of their whole fupport. They now likewife require, for their own confumption, most of the articles imported by their trade, which they used formerly to fell, and to make money by them, particularly fugar. Now as thefe caufes are daily growing more prevalent, we may fee the neceffity of extending their fettlements, and improving their old plantations; without which this ftate of the colonies is never likely to be remedied, but muft daily grow worse, "Their expences in the war have likewise involved them in great part of this debt, It appears from the certificate of the commander in chief, that he had twenty thousand provincial troops under his command, befides what they had in other fervices; to pay thefe troops, they raised about fix millions, and owe that fum to Britain. Hence they feem to have run in debt to Britain for all their expences in the war, and if they were to raise any more money, it could only be by the fame means, or by diminishing their exports from Britain. "In thefe circumftances it is impoffible that they should have any money. The balance of trade they owe to Britain, would in one year drain them of all the money they have, were it five times more than it is. They have no way to get money but by a trade to the Weft Indies, the balance of which is against them, fo that it is impoffible to make money by it. By that trade they rather lose than gain.-Hence in all these colonies you hardly meet with any thing but paper for money. This paper occafions a trade and circulation, it is true, but as the balance of that trade is fo much against them, it drains them of their current cafh, and leaves nothing but paper behind. Thus their trade and paper currency drain them of that money, which their agriculture brings in. And when their cash is gone, fo that they have none to exchange their paper, fo it is no longer of any value, if it be not for an internal commerce among themfelves; this ruins their credit in Britain, and puts them upon manufactures. It is therefore more prejudical to the nation at home, than to the colonies, to drain them entirely of money, and to leave them no medium oftrade with Britain. That only o bliges them to make their own neceffaries inftead of purchafing them here; and let any one judge, which is the greatest gainer by that alternative. "They who imagine, that the colonies have money, feem not to know what they are, or fhould be, It is expected they fhould purchase all their manufactures from Britain, which alone is impoffible. If they were to purchase one half of them, they could never have any money. The raw and unwrought meterials, by which they fhould purchase their manufactures, if they could make them, are of fo much lefs value, that the one will never pay for the other. There are no people in the world who purchase all their manufactures; or if they were to do it, they could never have money. The mere and unmanufactured produce of lands will never purchase manufactures. Suppose we were to make no manufactures in Britain, how fhould we be fupplied with them? It is by manufactures, that this nation gains its wealth; and if you would have the colonies to get money, or pay taxes," they must do the fame, and not only fupply themselves, but vend their manufactures in order to raife that money; which thefe proceedings will foon drive them to. Thus the very thought of raising money in the colonies, is contrary to the first principles of colonization, and to the intereft of Britain in them. It must infallibly make them her rivals both in trade and manufac tures. "But if this is the cafe of the most fruitful coun tries, what can we expect from North America! or from the produce of the poor and mean lands there, the greateft part of which will hardly yield the bare neceffaries of life! What could any one ever expect from a little tobacco, rice, pitch and tar, or fish, the chief products of North America, or any thing else it produces, to maintain two or three millions of people and to raise money! They who could expect this, must be totally unacquainted with the value of thefe commodities. If the colonies could purchase half their neceffaries from Britain, it would be a very confiderable income, and worth four or five millions a year to Britain; but on the lands they now poffefs, if they are confined to them they will never be able to |
