een impaired
in all countries, and ruined in many.

It has already been shewn that the want of capital prevents a poor
nation from supplying itself, and furnishes a rich one with the means
of supplying it, and, as it were, extorting usury from it by giving
credit. The misfortunes of the continent had, by this means, all of
them a direct tendency to advance the commercial prosperity of
England; but still the matter does not rest even here, for the real
capital that fled from the continent of Europe has, in part, taken refuge
in England. We have risen, (for the moment,) by their depression; and
though the advantage will be of some duration, yet we ought not to
consider it as permanent. {154}

Those causes have operated, as indeed might be expected, in a most
powerful manner, but that operation has already begun to cease. In
such uncommon and unexampled circumstances as the present, it is
impossible to forsee =sic= what may happen, yet it is scarcely possible
to suppose things will remain as they are. Terror and alarm are too
painful to continue their action long on the human mind; and even if
the cause were not diminished, the effect would become less violent
with time and custom. Again, we are not to suppose, that such times as
those of 1793 and 1794 are ever to return, therefore the alarm will be
diminished, new capital will rise up, and, as security of private
property is now understood to be the basis of all wealth and
prosperity, confidence will be restored by degrees.

The increase of trade is not then to be expected from the same causes
that have of late operated with so rapid and powerful an effect: on the
contrary, they may be expected so far to cease, as to occasion a
diminution of our exports.

This will, however, be counteracted by some circumstances, while
others will tend to augment the violence of its effects.

The trade with the American States and with Russia increase, from

---
{154} As one proof of capital taking refuge in England, the sudden
rise of stock, during the first three years of the French revolution, may
be adduced, without fear of being contradicted as to the fact, or the
assigned cause controverted. [end of page #194]
-=-

no temporary or fallacious cause. In the former country, population
very rapidly increases, and, in the latter, wealth and civilization, which
have a similar effect {155} upon the wants of a nation. These are in
favour of a manufacturing country, like England.