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The monopoly of the colony trade； therefore； like all the
other mean and malignant expedients of the mercantile system；
depresses the industry of all other countries； but chiefly that
of the colonies； without in the least increasing； but on the
contrary diminishing that of the country in whose favour it is
established。
The monopoly hinders the capital of that country； whatever
may at any particular time be the extent of that capital； from
maintaining so great a quantity of productive labour as it would
otherwise maintain； and from affording so great a revenue to the
industrious inhabitants as it would otherwise afford。 But as
capital can be increased only by savings from revenue； the
monopoly； by hindering it from affording so great a revenue as it
would otherwise afford； necessarily hinders it from increasing so
fast as it would otherwise increase； and consequently from
maintaining a still greater quantity of productive labour； and
affording a still greater revenue to the industrious inhabitants
of that country。 One great original source of revenue； therefore；
the wages of labour； the monopoly must necessarily have rendered
at all times less abundant than it otherwise would have been。
By raising the rate of mercantile profit； the monopoly
discourages the improvement of land。 The profit of improvement
depends upon the difference between what the land actually
produces； and what； by the application of a certain capital； it
can be made to produce。 If this difference affords a greater
profit than what can be drawn from an equal capital in any
mercantile employment； the improvement of land will draw capital
from all mercantile employments。 If the profit is less；
mercantile employments will draw capital from the improvement of
land。 Whatever； therefore； raises the rate of mercantile profit；
either lessens the superiority or increases the inferiority of
the profit of improvement； and in the one case hinders capital
from going to improvement； and in the other draws capital from
it。 But by discouraging improvement； the monopoly necessarily
retards the natural increase of another great original source of
revenue； the rent of land。 By raising the rate of profit； too；
the monopoly necessarily keeps up the market rate of interest
higher than it otherwise would be。 But the price of land in
proportion to the rent which it affords； the number of years
purchase which is commonly paid for it； necessarily falls as the
rate of interest rises； and rises as the rate of interest falls。
The monopoly； therefore； hurts the interest of the landlord two
different ways； by retarding the natural increase； first； of his
rent； and secondly； of the price which he would get for his land
in proportion to the rent which it affords。
The monopoly indeed raises the rate of mercantile profit；
and thereby augments somewhat the gain of our merchants。 But as
it obstructs the natural increase of capital； it tends rather to
diminish than to increase the sum total of the revenue which the
inhabitants of the country derive from the profits of stock； a
small profit upon a great capital generally affording a greater
revenue than a great profit upon a small one。 The monopoly raises
the rate of profit； but it hinders the sum of profit from rising
so high as it otherwise would do。
All the original sources of revenue； the wages of labour；
the rent of land； and the profits of stock； the monopoly renders
much less abundant than they otherwise would be。 To promote the
little interest of one little order of men in one country； it
hurts the interest of all other orders of men in that country；
and of all men in all other countries。
It is solely by raising the ordinary rate of profit that the
monopoly either has proved or could prove advantageous to any one
particular order of men。 But besides all the bad effects to the
country in general； which have already been mentioned as
necessarily resulting from a high rate of profit； there is one
more fatal； perhaps； than all these put together； but which； if
we may judge from experience； is inseparably connected with it。
The high rate of profit seems everywhere to destroy that
parsimony which in other circumstances is natural to the
character of the merchant。 When profits are high that sober
virtue seems to be superfluous and expensive luxury to suit
better the affluence of his situation。 But the owners of the
great mercantile capitals are necessarily the leaders and
conductors of the whole industry of every nation； and their
example has a much greater influence upon the manners of the
whole industrious part of it than that of any other order of men。
If his employer is attentive and parsimonious； the workman is
very likely to be so too； but if the master is dissolute and
disorderly； the servant who shapes his work according to the
pattern which his master prescribes to him will shape his life
too according to the example which he sets him。 Accumulation is
thus prevented in the hands of all those who are naturally the
most disposed to accumulate； and the funds destined for the
maintenance of productive labour receive no augmentation from the
revenue of those who ought naturally to augment them the most。
The capital of the country； instead of increasing； gradually
dwindles away； and the quantity of productive labour maintained
in it grows every day less and less。 Have the exorbitant profits
of the merchants of Cadiz and Lisbon augmented the capital of
Spain and Portugal？ Have they alleviated the poverty； have they
promoted the industry of those two beggarly countries？ Such has
been the tone of mercantile expense in those two trading cities
that those exorbitant profits； far from augmenting the general
capital of the country； seem scarce to have been sufficient to
keep up the capitals upon which they were made。 Foreign capitals
are every day intruding themselves； if I may say so； more and
more into the trade of Cadiz and Lisbon。 It is to expel those
foreign capitals from a trade which their own grows every day
more and more insufficient for carrying on that the Spaniards and
Portuguese endeavour every day to straighten more and more the
galling bands of their absurd monopoly。 Compare the mercantile
manners of Cadiz and Lisbon with those of Amsterdam； and you will
be sensible how differently the conduct and character of
merchants are affected by the high and by the low profits of
stock。 The merchants of London； indeed； have not yet generally
become such magnificent lords as those of Cadiz and Lisbon； but
neither are they in general such attentive and parsimonious
burghers as those of Amsterdam。 They are supposed； however； many
of them； to be a good deal richer than the greater part of the
former； and not quite so rich as many of the latter。 But the rate
of their profit is commonly much lower than that of the former；
and a good deal higher than that of the latter。 Light come； light
go； says the proverb； and the ordinary tone of expense seems
everywhere to be regulated； not so much according to the re