at　Period。　But　I　think　they　could　not　have　found　a　Settlement　with　us；　if　our　Trade　had　not　been　in　a　very　flourishing　State；　without　improving　so　much　waste　Land　as　their　Numbers　required；　and　thereby　reducing　the　Prices　of　our　Produce　and　Manufactures　in　such　Proportion：　Whereas　it's　certain　no　such　Fall　happen'd；　and　therefore　it　follows　we　had　so　much　greater　Exports　of　our　Produce　and　Manufactures；　as　were　equal　to　the　Imployment　so　great　an　Addition　of　Hands　did　require　to　support　them。　And　the　great　Quantity　of　Money　coin'd　in　this　Period　of　doubling；　which　was　perhaps　equal　to　all　we　had　before　circulating　amongst　us；　shews　that　this　was　the　Case；　since　nothing　but　so　much　greater　Exports　than　Imports；　could　have　brought　us　such　a　Balance　of　Gold　and　Silver；　or　have　supported　the　Prices　of　Things。　　　　　This　therefore　shews；　that　the　Increase　or　Decrease　of　the　People　in　any　Nation；　depends　more　on　the　Balance　of　Trade　than　on　any　other　Consideration　whatsoever。　For　where　the　Balance　is　considerably　in　favour　of　any　Nation；　there　the　People　finding　Employment　do　always　flow；　and　contrarywise；　if　the　Balance　be　considerably　against　a　Nation；　the　People　must　foresake　it；　a　melancholy　Proof　of　which　some　of　our　Colonies　do　furnish；　many　People　of　all　Degrees；　if　we　can　rely　on　our　News…Papers；　abandoning　them。　Nor　can　they　ever　be　recover'd　but　by　their　raising　Corn　and　Cattle；　which　includes　almost　every　Thing；　instead　of　their　Staple　of　Sugar；　etc。　which　they　find　will　not　produce　enough　of　the　Necessaries　and　Comforts　of　Life　for　all　the　People。　But　if　they　were　to　raise　these　necessary　Things；　and　make　them　so　plenty　as　to　inable　them　to　Work　full　as　cheap　as　the　French；　who　have　now　got　the　Staple　of　Sugars　from　them；　and　thereby　that　Trade　from　this　Nation；　our　Plantations　would　soon　bring　that　Staple　back　again；　or　at　least　come　in　for　their　Share　in　it；　and　all　other　Branches　of　Trade　which　their　Soil　and　Climate　are　by　Nature　most　adapted　to。　　　　　And　since　I　have　digress'd　so　far　about　our　Plantations；　which　I　have　done　for　their　sakes；　I　must　say；　I　can't　think　it　good　Policy　to　carry　our　People　to　them；　whilst　we　have　waste　Land　enough　at　home　to　improve　and　employ　them；　since　by　carrying　the　People　away；　we　lose　so　many　Consumers　of　our　Produce；　etc。　and　Occupiers　of　Rooms；　if　not　of　Houses；　which　necessarily　brings　a　proportionable　Loss　to　the　Revenue　with　it；　besides　the　Charge　of　transporting　and　settling　them。　　　　　Instead　of　which；　did　we　but　cause　the　Trade　of　our　Colonies　to　be　put　on　such　a　Foot　as　I　am　pointing　out；　People　enough　would　soon　forsake　arbitrary　and　oppressive　Governments；　to　find　so　happy　a　Settlement；　as　such　a　State　of　Trade　in　our　Plantations　would　of　itself　produce；　and　is　necessarily　connected　with。　And　this　I　am　as　certain　of；　as　that　Mr　Corbert　in　his　Answer　to　the　French　King　（Guardian　No。　52）　was　certainly　in　the　right；　when　he　told　his　Majesty；　That　the　People　will　never　stay　and　starve　in　any　Country；　if　they　know　of　any　other　where　they　can　subsist　themselves　comfortably。　　　　　Another　Point；　whence　I　argue　the　State　of　Trade　to　be　worse　than　it　formerly　was；　is　the　great　Number　of　empty　Houses；　not　only　in　the　Suburbs　and　new　Buildings；　but　in　the　Strand；　Fleet…Street；　Ludgatehill；　Cheapside；　and　Cornhil：　For　I　think　Houses　shut　up　in　Cheapside　and　Cornhil；　ar　an　unanswerable　Proof　of　the　bad　State　of　Trade　in　this　City；　and　I　suppose；　if　the　new　Buildings　were　extended　further　than　they　are　like　to　be；　Cornhil　could　hardly　be　affected　by　them；　since　so　long　as　the　Royal　Exchange　stands　there；　and　Ships　can't　sail　thro'　London　Bridge；　it　should；　I　think；　be　the　Seat　of　Trade；　as　it　is　certain　it　hath　heretofore　been。　But　how　is　its　State　of　Trade　alter'd！　How　many　Milliners；　Pastry…Cooks；　and　other　inconsiderable　Trades　fill　the　Houses；　where　opulent　wholesale　Dealers　dwelt；　whilst　several　other　Houses　have　been　shut　up　for　some　Time！　And　to　me　it　appears　absurd；　to　impute　this　to　any　other　Cause　than　the　different　State　of　the　Trade　of　this　Metropolis；（31*）　which　I　shall　always　regard　as　an　Index　of　the　State　of　Trade　of　the　whole　Kingdom。　　　　　I　have　before　taken　Notice；　that　the　great　Number　of　empty　Houses　is　ascribed　to　the　new　Buildings　of　late　Years。　But　I　can't　conceive　the　Buildings　in　the　last　forty　Years；　to　have　been　near　equal　to　what　they　must　have　been　in　the　preceding　forty　Years；　when　the　Buildings　must　have　been　so　numerous　as　to　equal　the　whole　Number　standing　in　London；　Westminister；　and　the　Suburbs　thereof　before　that　Time；　because　the　People　having　doubled　in　the　next　forty　Years　（as　appears　by　the　Bills　of　Mortality）　must　needs　have　double　the　Habitations　to　reside　in。　and　here　I　wave　the　Buildings　which　the　Fire　of　London　occasion'd；　tho'　that　must　have　been　prodigious；　for　it　happen'd　in　this　Period　of　doubling。　Nay；　it　must　be　evident；　the　Building　this　last　forty　years；　can't　have　been　near　equal　to　the　Buildings　in　the　preceding　forty　years；　because　abundance　more　Houses　wou'd　now　be　empty　than　there　are；　if　this　were　the　Case；　since　the　People　have　not　increased　above　1/7；　or　thereabout　in　the　last　forty　Years；　tho'　they　doubled　in　the　preceding　40　Years；　or　thereabouts；　as　hath　been　shewn。　　　　　Another　Point；　whence　I　argue；　that　Trade　is　in　a　much　worse　state　than　it　formerly　was；　is　that　we　send　Money　to　Spain；　whence　we　ought　most　certainly　to　receive　it：　For　Spain　having　the　Mines　of　Peru　and　Mexico；　and　being　so　very　careful　to　keep　the　Riches　of　them　to　themselves；　that　they　search　all　Ships　in　those　Parts；　and　if　they　find　any　Money　on　Board；　confiscate　them；　and　bring　all　the　Treasure　of　those　Mines　home　to　Old　Spain；　in　the　King's　Ships　call'd　Galleons；　Register…Ships；　etc。　Therefore　Spain　being　the　great　Receiver　of　this　vast　Treasure；　consequently　must　have　the　Prices　of　all　Commodities　at　as　much　higher　Rates　than　other　Nations；　as　the　Wealth　of　these　Mines　continually　furnish；　is　greater　than　any　other　nation　can　receive；　who　have　no　Mines　but　their　Trade。　　　　　And　as　it　is　this　which　doth；　and　which　in　the　very　Nature　of　the　Thing　should　give　us　and　other　Nations；　who　have　no　Mines；　the　Advantage　of　vending　Goods　to　Spain；　so　as　to　have　the　Balance　on　them；　and　every　Country　that　hath　Gold　and　Silver　Mine：　so　it　will　follow；　that　our　Trade　is　really　in　a　bad　condition；　if　we　pay　them　any　Money　at　all。　And　yet　by　our　Bills　of　Entries　it　appears；　that　we　Exported　to　Cadiz　in　Spain；　September　7；　1732。。。。　　　2000　Ounces　of　Gold　　　　　　　　　　　9；　　　　　　　　　　　　2000　Novemb。　　　4　　　　　　　　　2000　Decemb。　　16　　　　　　　　　3000　　　　　　　　　19　　　　　　　　　　1000　January　　　7　　　　　　　　　3000　　　　　　　　　　　　　　　In　all　13000　Ounces　of　Gold　or　about　L。　50；00　in　so　short　a　time。　I　could　produce　many　more　instances　from　the　bills　of　Entry；　but　these　are　sufficient　to　prove　that　the　State　of　our　Trade　is　not　only　worse　than　it　formerly　was；　when　we　undoubtedly　had　the　Balance　in　our　favour　on　Spain；　but　that　the　Trade　of　this　Nation　is　in　a　very　bad　Way　indeed；　unless　it　can　be　proved　that　Gold　in　Spain　is　so　much　more　valuable　in　respect　of　Silver；　than　it　is　with　us；　that　it　will　purchase　so　more　more　Silver　in　Spain　than　it　will　do　here；　as　is　sufficient　to　pay　the　Freight　of　the　Gold　out；　and　of　the　Silver　home；　and　the　Insurance　for　the　Hazard　of　the　Sea　out　and　home；　with　Postage　of　Letters；　and　Commission　to　the　Merchants　in　Spain；　and　a　Profit　sufficient　to　induce　our　Merchants　to　export　Gold　to　bring　home　Silver　for　it。　　　　　And　since　the　Merchants　in　Portugal　understand　getting　Money　as　well　as　others；　can　we　imagine　their　Gold　would　come　to　us；　as　we　find　by　its　Circulation　amongst　us　it　doth；　if　they　could　buy　Silver　with　it　as　such　cheaper　Rates　in　Spain；　as　would　enable　them　to　send　us　Silver　at　so　much　higher　Rates　in　respect　of　Gold；　as　the　Silver　would　thus　cost　them　less　than　it　is　worth　with　us；　in　respect　of　Gold？　　　　　Hence　therefore　I　conclude；　that　nothing　but　Spain's　having　such　a　Balance　upon　us；　can　be　the　Cause　of　our　sending　them　this　Money。　And；　I　think；　nothing　but　our　Paper　Effects；　which　are　almost　immense；　if　we　consider　the　publick　Securities　of　every　Kind；　and　Bank　Notes；　etc。　which　have　the　Operation　of　Money　amongst　us；　could　possibly　raise　and　keep　our　Markets　so　high；　as　to　cause　us　to　receive　more　Goods　in　Value　from　Spain　than　they
  take　of　us。　And　yet；　I　think；　this　must　be　our　Case；　tho'　we　carry　them　only　Gold。　And　thus　it　may　be　said；　we　carry　Coals　to　Newcastle；　nor　can　the　Event　be　different；　if　we　go　on　so；　except　that　this　Matter　is　of　so　much　more　Importance；　as　Gold　is　more　valuable　than　Coals。　　　　　I　must　own　I　have　hear　it　supposed；　that　the　Merchants　in　Spain；　to　avoid　the　Delays　that　of　late　Years　have　attended　the　Delivery　of　the　Money　from　on　Board　the　King's　Ships；　and　also　to　elude　paying　the　Indulto　thereon；　have　found　means　to　convey　their　Money　by　our　Ships　to　England；　and　that　this　occasions　the　Exportation　of　Gold　to　Spain；　but　I　think　this　Trade　so　dangerous；　both　to　the　Merchants　in　Spain；　and　our　Ships　too；　that　I　know　not　how　to　admit　this　for　a　sufficient　Reason。　　　　　Another　Point；　from　whence　I　shall　argue　that　our　Trade　is　in　a　much　worse　State　than　it　formerly　was；　shall　be　the　following　Estimate　of　the　necessary　Charge　of　a　Family；　i