By what I have said hitherto I would only show, that if once we depart from calling every thing luxury that is not absolutely necessary to keep a man alive, that then there is no luxury at all; for if the wants of men are innumerable, then what ought to supply them has no bounds; what is called superfluous, to some degree of people, will be thought requisite to those of higher quality; and neither the world, nor the skill of man can produce any thing so curious or extravagant, but some most gracious sovereign or other, if it either eases or diverts him, will reckon it among the necessaries of life; not meaning every body’s life, but that of his sacred person.
It is a received notion, that luxury is as destructive to the wealth of the whole body politic, as it is to that of every individual person who is guilty of it, and that a national frugality enriches a country in the same manner, as that which is less general increases the estates of private families. I confess, that though I have found men of much better understanding than myself of this opinion, I cannot help dissenting from them in this point. They argue thus: We send, say they, for example, to Turkey of woollen manufactury, and other things of our own growth, a million’s worth every year; for this we bring back silk, mohair, drugs, &c. to the value of twelve hundred thousand pounds, that are all spent in our own country. By this, say they, we get nothing; but if most of us would be content with our own growth, and so consume but half the quantity of those foreign commodities, then those in Turkey, who would still want the same quantity of our manufactures, would be forced to pay ready money for the rest, and so by the balance of that trade only, the nation should get six hundred thousand pounds per annum.
To examine the force of this argument, we will suppose (what they would have) that but half the silk, &c. shall be consumed in England of what there is now; we will suppose likewise, that those in Turkey, though we refuse to buy above half as much of their commodities as we used to do, either can or will not be without the same quantity of our manufactures they had before, and that they will pay the balance in money; that is to say, that they shall give us as much gold or silver, as the value of what they buy from us, exceeds the value of what we buy from them. Though what we suppose might perhaps be done for one year, it is impossible it should last: Buying is bartering; and no nation can buy goods of others, that has none of her own to purchase them with. Spain and Portugal, that are yearly supplied with new gold and silver from their mines, may for ever buy for ready money, as long as their yearly increase of gold or silver continues; but then money is their growth, and the commodity of the country. We know that we could not continue long to purchase the goods of other nations, if they would not take our manufactures in payment for them; and why should we judge otherwise of other nations? If those in Turkey, then, had no more money fall from the skies than we, let us see what would be the consequence of what we supposed. The six hundred thousand pounds in silk, mohair, &c. that are left upon their hands the first year, must make those commodities fall considerably: Of this the Dutch and French will reap the benefit as much as ourselves; and if we continue to refuse taking their commodities in payment for our manufactures, they can trade no longer with us, but must content themselves with buying what they want of such nations as are willing to take what we refuse, though their goods are much worse than ours; and thus our commerce with Turkey must in few years be infallibly lost.
But they will say, perhaps, that to prevent the ill consequence I have showed, we shall take the Turkish merchandise as formerly, and only be so frugal as to consume but half the quantity of them ourselves, and send the rest abroad to be sold to others. Let us see what this will do, and whether it will enrich the nation by the balance of that trade with six hundred thousand pounds. In the first place, I will grant them that our people at home making use of so much more of our own manufactures, those who were employed in silk, mohair, &c. will get a living by the various preparations of woollen goods. But, in the second, I cannot allow that the goods can be sold as formerly; for suppose the half that is wore at home to be sold at the same rate as before, certainly the other half that is sent abroad will want very much of it: For we must send those goods to markets already supplied; and besides that, there must be freight, insurance, provision, and all other charges deducted, and the merchants in general must lose much more by this half that is reshipped, than they got by the half that is consumed here. For, though the woollen manufactures are our own product, yet they stand the merchant that ships them off to foreign countries, in as much as they do the shopkeeper here that retails them: so that if the returns for what he sends abroad repay him not what his goods cost him here, with all other charges, till he has the money and a good interest for it in cash, the merchant must run out, and the upshot would be, that the merchants in general, finding they lost by the Turkish commodities they sent abroad, would ship no more of our manufactures, than what would pay for as much silk, mohair, &c. as would be consumed here. Other nations would soon find ways to supply them with as much as we should send short, and some where or other to dispose of the goods we should refuse: So that all we should get by this frugality, would be, that those in Turkey would take but half the quantity of our manufactures of what they do now, while we encourage and wear their merchandises, without which they are not able to purchase ours.
As I have had the mortification, for several years, to meet with abundance of sensible people against this opinion, and who always thought me wrong in this calculation, so I had the pleasure at last to see the wisdom of the nation fall into the same sentiments, as is so manifest from an act of parliament made in the year 1721, where the legislature disobliges a powerful and valuable company, and overlooks very weighty inconveniences at home, to promote the interest of the Turkey trade, and not only encourages the consumption of silk and mohair, but forces the subjects, on penalties, to make use of them whether they will or not.
What is laid to the charge of luxury besides, is, that it increases avarice and rapine: And where they are reigning vices, offices of the greatest trust are bought and sold; the ministers that should serve the public, both great and small, corrupted, and the countries every moment in danger of being betrayed to the highest bidders: And, lastly, that it effeminates and enervates the people, by which the nations become an easy prey to the first invaders. These are indeed terrible things; but what is put to the account of luxury belongs to male-administration, and is the fault of bad politics. Every government ought to be thoroughly acquainted with, and stedfastly to pursue the interest of the country. Good politicians, by dexterous management, laying heavy impositions on some goods, or totally prohibiting them, and lowering the duties on others, may always turn and divert the course of trade which way they please; and as they will ever prefer, if it be equally considerable, the commerce with such countries as can pay with money as well as goods, to those that can make no returns for what they buy, but in the commodities of their own growth and manufactures, so they will always carefully prevent the traffic with such nations as refuse the goods of others, and will take nothing but money for their own. But, above all, they will keep a watchful eye over the balance of trade in general, and never suffer that all the foreign commodities together, that are imported in one year, shall exceed in value what of their own growth or manufacture is in the same imported to others. Note, That I speak now of the interest of those nations that have no gold or silver of their own growth, otherwise this maxim need not to be so much insisted on.
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