ent. In buying gold of Portugal, indeed, we buy it at the first band; whereas, in buying it of any other nation, except Spain, we should buy it at the second, and might pay somewhat dearer. This difference, however, would surely be too insignificant to deserve the public attention.
Almost all our gold, it is said, comes from Portugal. With other nations the balance of trade is either against us, or not much in our favor. But we should remember that the more gold we import from one country, the less we must necessarily import from all others. The effectual demand for gold, like that for every other commodity, is in every country limited to a certain quantity. If nine-tenths of this quantity are imported from one country, there remains a tenth only to be imported from all others. The more gold besides that is annually imported from some particular countries, over and above what is requisite for plate and for coin, the more must necessarily be exported to some others; and the more that most insignificant object of modern policy, the balance of trade, appears to be in our favor with some particular countries, the more it must necessarily appear to be against us with many others.
It was upon this silly notion, however, that England could not subsist without the Portugal trade, that, toward the end of the late war, France and Spain, without pretending either offence or provocation, required the King of Portugal to exclude all British ships from his ports, and for the security of this exclusion, to receive into them French or Spanish garrisons. Had the King of Portugal submitted to those ignominious terms which his brother-in-law, the King of Spain, proposed to him, Britain would have been freed from a much greater inconvenience than the loss of the Portugal trade, the burden of supporting a
