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M. POEZL, Professor at the University of Munich. SIMON STERNE, Lawyer, New York.
R. P. PORTER, Special Agent (Tenth Census of A. M. SULLIVAN, M. P , London, England.

the United States) for Statistics of Wealth, Debt, HENRI Thiers, France.

Taxation and Railroads, Washington, D. C. John P. TOWNSEND, one of the Vice-Presidents M. RABUTAUX, Publicist.

of the Bowery Savings Bank, New York, R. W. RAYMOND, Esq., New York.

J. D. WEEKS. Editor of the “Iron Age,” Expert ERNEST RENAN, Member of the Institute of and Special Agent (Tenth Census United France.

States) Wages in Manufacturing Iudustry, Louis REYBAUD, Member of the Institute of Washington, D. C. France.

Hon. D. A. Wells, the eminent American Econ. WILLIAM ROSCHER, the celebrated German Econ omist, Norwich, Conn.

omist, founder of the Historical School of HORACE WHITE, the well-known writer on EcoPolitical Economy, Leipzig.

nomic subjects, New York. M. ROTHE, Professor at Sorö, Denmark.

FREDERICK W. WHITRIDGE, Attorney, New LÉON SAY, Economist.

York. JULES SIMON, Member of the French Academy. | TALCOTT WILLIAMS, Editor “ The Press," PhilaE. MUNROE SMITH, Professor in Columbia Col delphia, Pa. lege. New York.

Hon. H. B. WITTON, Inspector of Canals, HamA. R. SPOFFORD, Librarian of Congress, Wash ilton, Ontario. ington, D. C.

Prof. THEO. S. WOOLSEY, Yale College.








EAST INDIA COMPANY, a famous associ sort would now appear, did any one then doubt

ation, originally established for prosecuting that the pope had a right to issue such a bull, ihe trade between England and India, which they and that all states and empires were bound to acquired a right to carry on exclusively. Since obey it. In consequence, the Portuguese were, the middle of the last century, however, the com for a lengthened period, allowed to prosecute pany's political became of more importance than their conquests in India without the interference their commercial concerns. — The persevering of any other European power; and it was not till efforts of the Portuguese to discover a route to a considerable period after the beginning of the India, by sailing round Africa, were crowned war which the blind and brutal bigotry of Philip with success in 1497. And it may appear sin. II. kindled in the Low Countries, that the Dutch gular, that

, notwithstanding the exaggerated navigators began to display their flag on the accounts that bad been prevalent in Europe, eastern ocean, and laid the foundations of their from the remotest antiquity, with respect to the Indian empire.— The desire to comply with the wealth of India, and the importance to which injunctions in the pope's bull, and to avoid comthe commerce with it had raised the Phænicians ing into collision, first with the Portuguese, and and Egyptians in antiquity, the Venetians in the subsequently with the Spaniards, who had conmiddle ages, and which it was then seen to quered Portugal in 1580, seems to have been the confer on the Portuguese, the latter should have principal cause that led the English to make been allowed to monopolize it for nearly a cent repeated attempts, in the reigns of Henry VIII. ury after it had been turned into a channel and Edward VI., and the early part of the reign accessible to every nation. But the prejudices of Elizabeth, to discover a route to India by a by which the people of most European states northwest or northeast passage-channels from were actuated in the sixteenth century, and the which the Portuguese would have had no prepeculiar circumstances under which they were tense for excluding them. But these attempts placed, hindered them from embarking with the having proved unsuccessful, and the pope's bull alacrity and ardor which might have been having ceased to be of any effect in England, the expected in this new commercial career. Soon | English merchants and navigators resolved to be after the Portuguese began to prosecute their no longer deterred by the imaginary rights of the discoveries along the coast of Africa, they | Portuguese from directly entering upon what applied to the pope for a bull, securing to them was then reckoned by far the most lucrative and the exclusive right to and possession of all coun. advantageous branch of commerce. Captain tries occupied by infidels which the Portuguese Stephens, who performed the voyage in 1582, either had discovered, or might discover, to the was the first Englishman who sailed to India by south of Cape Non, on the west coast of Africa, the cape of Good Hope. The voyage of the in 27° 54' north latitude; and the pontiff, desir famous Sir Francis Drake contributed greatly to ous to display, and at the same time to extend, diffuse a spirit of naval enterprise, and to render tiis power, immediately issued a bull to this the English better acquainted with the newly effect. Nor, preposterous as a proceeding of this opened route to India. But the voyage of the 54

VOL. II.-1

celebrated Thomas Cavendish was, in the latter except the first, the same quantity of silver, gold l'espect, the most important. Cavendisha sailed and foreign coin that they had exported. The from England in a little squadron, fitted out at duration of the charter was limited to a period of liis own expense, in July, 1586; and having fifteen years; but with and under the condition explored the greater part of the Indian ocean, as that, if it were not found for the public advantage, far as

the Philippine islands, and carefully it might be canceled at any time upon two years' observed the most important and characteristic notice being given. Such was the origin of the features of the people and countries which he British East India company, the most celebrated visited, returned to England, after a prosperous commercial association of ancient or modern navigation, in September, 1588. But perhaps times, and which in course of time extended its nothing contributed so much to inspire the sway over the whole of the Mogul empire.-It English with a desire to embark in the Indian might have been expected that, after the charter A rade as the captures that were made about this was obtained, considerable eagerness would have period from the Spaniards. A Portuguese East been manifested to engage in the trade. But such India ship, or carrack, captured by Sir Francis was not the case. Notwithstanding the earnest Drake during his expedition to the coast of calls and threats of the directors, many of the Spain, inflamed the cupidity of the merchants by adventurers could not be induced to come forward the richness of her cargo, at the same time that to pay their proportion of the charges incident to The papers found on board gave specific informa- the fitting out of the first expedition. And as the lion respecting the traffic in which she had been directors seem either to have wanted power to engaged. A still more important capture of the enforce their resolutions, or thought it better not same sort was made in 1593. An armament, to exercise it, they formed a subordinate associafitted out for the East Indies by Sir Walter tion, consisting of such members of the company Raleigh, and commanded by Sir John Bor as were really willing to defray the cost of the roughs, fell in, near the Azores, with the largest voyage, and to bear all the risks and losses attendof all the Portuguese carracks, a ship of 1,600 ing it, on condition of their having the exclusive tons burden, carrying 700 men and 36 brass right to whatever profits might arise from it. It cannon; and, after an obstinate conflict, carried was by such subordinate associations that the her into Dartmouth. She was the largest vessel trade was conducted during the first thirteen years that had been seen in England; and her cargo, of the company's existence. --The first expedition consisting of gold, spices, calicoes, silks, pearls, to India, the cost of which amounted, ships and drugs, porcelain, ivory, etc., excited the ardor of cargoes included, to £69,091, consisted of five the English to engage in so opulent a commerce. ships, the largest being 600, and the smaller 130 -In consequence of these and other coucurring tons burden. The goods put on board were princicauses, an association was formed in London in pally bullion, iron, tin, broadcloths, cutlery, glass, 1599 for prosecuting the trade to India. The etc. The chief command was intrusted to Capt. adventurers applied to the queen for a charter of James Lancaster, who had already been in India. incorporation, and also for power to exclude all They set sail from Torbay on Feb. 13, 1601. other English subjects, who had not obtained a Being very imperfectly acquainted with the seas license from them, from carrying on any species and countries they were to visit, they did not of traffic beyond the cape of Good Hope or the arrive at their destination, Acheen in Sumatra, straits of Magellan. As exclusive companies till June 5, 1602. But though tedious, the voywere then very generally looked upon as the best age was, on the whole, uncommonly prosperous. instruments for prosecuting most branches of Lancaster entered into commercial treaties with commerce and industry, the adventurers seem to the kings of Acheen and Bantam; and having have had little difficulty in obtaining their char- taken on board a valuable cargo of pepper and ter, which was dated Dec. 31, 1600. The cor other produce, he was fortunate enough, on his poration was entitled: The Governor and Com- way home, to fall in with and capture, in concert pany of Merchants of London trading into the with a Dutch vessel, a Portuguese carrack of 900 East Indies.” The first governor (Thomas Smythe, tons burden, richly laden. Lancaster returned to Esq.) and twenty-four directors were nominated in the Downs on Sept. 11, 1603. (Modern Universal the charter; but power was given to the company History, vol. x., p. 16; Macpherson's Commerce of to elect a deputy governor, and in future to elect the European Powers with India, p. 81.)—But their governor and directors, and such other office notwithstanding the favorable result of this voybearers as they might think fit to appoint. They age, the expeditions fitted out in the years immewere empowered to make by-laws; to inflict diately following, though sometimes consisting of punishments, either corporal or pecuniary, pro- larger ships, were not, at an average, materially vided such punishments were in accordance with increased. In 1612 Capt. Best obtained from the the laws of England; to export all sorts of goods court at Delhi several considerable privileges; and free of duty for four years; and to export foreign among others, that of establishing a factory at coin or bullion to the amount of £30,000 a year, Surat, which city was henceforth looked upon as £6,000 of the same being previously coined at the the principal British station in the west of India, mint; but they were obliged to import, within till the acquisition of Bombay.-In establishing six months after the completion of every voyage | factories in India, the English only followed thic

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example of the Portuguese and Dutch. It was not controvert the reasoning of their opponents contended that they were necessary to serve as without openly impugning the ancient policy of dépôts for the goods collected in the country for absolutely preventing the exportation of the exportation to Europe, as well as for those im. precious metals. They did not, however, venture ported into India, in the event of their not meet to contend, if the idea really occurred to them, ing with a ready market on the arrival of the that the exportation of bullion to the east was ships. Such establishments, it was admitted, are advantageous on the broad ground of the comnot required in civilized countries; but the pecu modities purchased by it being of greater value liar and unsettled state of India was said to ren in England; but they contended that the exportder them indispensable there. Whatever weight ation of bullion to India was advantageous bemay be attached to this statement, it is obvious cause the commodities thence imported were that factories formed for such purposes could chiefly re-exported to other countries from which hardly fail of speedily degenerating into a species a much greater quantity of bullion was obtained of forts. The security of the valuable property than had been required to pay for them in India. deposited in them furnished a specious pretext Mr. Thomas Mun, a director of the East India for putting them in a condition to withstand an company, and the ablest of its early advocates, attack; while the agents, clerks, warehousemen, ingeniously compares the operations of the meretc., formed a sort of garrison. Possessing such chant in conducting a trade carried on by the exstrongholds, the Europeans were early embold portation of gold and silver, to the seed-time and ened to act in a manner quite inconsistent with harvest of agriculture. “If we only behold,” their character as merchants, and but a very short says he, “the actions of the husbandman in the time elapsed before they began to form schemes seed-time, when he casteth away much good corn for monopolizing the commerce of particular into the ground, we shall account him rather a districts, and acquiring territorial dominion. - madman than a husbandman; but when we conThough the company met with several heavy sider his labors in the harvest, which is the end losses during the earlier part of their traffic with of his endeavors, we find the worth and plentiful India

, from shipwrecks and other unforeseen acci- increase of his actions.” (Treasure by Foreign dents

, and still more from the hostility of the Trade, p. 50, ed. 1664.)-We may here remark Dutch, yet, on the whole, the trade was decidedly that what has been called the mercantile system of profitable

. There can, however, be little doubt political economy, or that system which measures that their gains at this early period have been the progress of a country in the career of wealth very much exaggerated. During the first thirteen by the supposed balance of payments in its favor, years they are said to have amounted to 132 per or by the estimated excess of the value of its ex. cent. But then it should be borne in mind, as ports over that of its imports, appears to have Mr. Grant has justly stated, that the voyages were originated in the excuses now set up for the exseldom accomplished in less than thirty months, portation of bullion. Before this epoch the and sometimes extended to three or four years; policy of prohibiting the exportation of bullion and it should further be remarked, that, on the bad been universally admitted; but it now bearrival of the ships at home, the cargoes were gan to be pretty generally allowed that its expordisposed of at long credits of eighteen months or tation might be productive of advantage, protwo years; and that it was frequently even six or vided it occasioned the subsequent exportation of seven years before the concerns of a single voy. a greater amount of raw or manufactured proage were finally adjusted. (Sketch of the History ducts to countries whence bullion was obtained of the Company, p. 13.) When these circum- for them. This, when compared with the prestances are taken into view, it will immediately viously existing prejudice (for it hardly deserves be seen that the company's profits were not, the name of system) which wholly interdicted the really

, by any means so great as has been repre exportation of gold and silver, must be allowed sented. Still it may not be uninstructive to re

to be a considerable step in the progress to mark that the principal complaint that was then sounder opinions. The maxim ce n'est que le made against the company did not proceed so premier pas qui coute was strikingly verified on much on the circumstance of its charter exclud- this occasion. The advocates of the East India ing the public from any sbare in an advantageous company began gradually to assume a higher traffic, as in its authorizing the company to ex

tone, and at length boldly contended that bullion port gold and silver of the value of £30,000 a was nothing but a commodity, and that its exyear. It is true that the charter stipulated that portation should be rendered as free as that of the company should import an equal quantity of anything else. Nor were these opinions confined gold and silver within six months of the termina- to the partners of the East India company, they tion of every voyage; but the enemies of the were gradually communicated to others; and company contended that this condition was not many eminent merchants were taught to look complied with, and that it was, besides, highly with suspicion on several of the previously reinjurious to the public interest, and contrary to ceived dognias with respect to commerce, and all principle, to allow gold and silver to be sent were, in consequence, led to acquire more correct out of the kingdom. The merchants and others and comprehensive views. The new ideas ultiinterested in the support of the company could | mately made their way into the house of com

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mons; and in 1663 the statutes prohibiting the But the same quantities of the same commodiexportation of foreign coin and bullion were re ties cost, when bought in the East Indies, accordpealed, and full liberty given to the East India ing to Mr. Mun, as follows: company and to private traders to export them in unlimited quantities.—But the objection to the 6,000,000 pepper, at 24d. per lb..

62,500 00 East India company, or rather the East India

450.000 cloves, at 9d.

16,875 00

150,000 mace, at 8d.. trade, on the ground of its causing the exporta 400,000 nutmegs, at 4d.

6,666 13 4 tion of gold and silver, admitted of a more direct

350,000 indigo, at 1s. ed.

20.416 12 4 1,000,000 raw silk, at 8....

400,000 0 0 and conclusive, if not a more ingenious reply.

511, 458 5 8 How compendious soever the ancient intercourse with India by the Red sea and the Mediterranean, Which being deducted from the former, leaves a it was unavoidably attended with a good deal of balance of £953,542 13s. 4d. And supposing that expense. The productions of the remote parts of the statements made by Mr. Mun are correct, and Asia, brought to Ceylon, or the ports on the Mal that allowance is made for the difference between abar coast, by the natives, were there put on board the freight from Aleppo and India, the result the ships which arrived from the Arabian gulf. | would indicate the saving which the discovery of At Berenice ey were landed, and carried by the route by the cape of Good Hope occasioned camels 250 miles to the banks of the Nile. They in the purchase of the above-mentioned articles. were there again embarked, and conveyed down (A Discourse of Trade from England to the East the river to Alexandria, whence they were dis-Indies, by T. M., original edition, p. 10. This patched to different markets. The addition to tract which is very scarce, is reprinted in Pur the price of goods by such a multiplicity of oper- | chas' Pilgrims.)—In the same publication (p. 37) ations must have been considerable. Pliny says Mr. Mun informs us that, from the beginning of that the cost of the Arabian and Indian products the company's trade to July, 1620, they had sent brought to Rome (A. D. 70) was increased a hun seventy-nine ships to India; of which thirty-four dredfold by the expenses of transit (Hist. Nat., lib. had come home safely and richly laden, four vi., c. 23); but there can be little or no doubt that had been worn out by long service in India, two this is to be regarded as a rhetorical exaggeration, had been lost in careening, six had been lost There are good grounds for thinking that the less | by the perils of the sea, and twelve had been bulky sorts of eastern products, such as silk, captured by the Dutch. Mr. Mun further states spices, balsams, precious stones, etc., which were that the exports to India since the formation of those principally made use of at Rome, might, the company had amounted to £840, 376; that the supposing there were no political obstacles in the produce brought from India had cost £356, 288, way, be conveyed from most parts of India to the and had produced in England the enormous ports on the Mediterranean by way of Egypt, at sum of £1,914,600; that the quarrels with the a decidedly cheaper rate than they could be con Dutch had occasioned a loss of £84.088; and veyed to them by the cape of Good Hope. But that the stock of the company, in ships, goods at the period when the latter route to India began in India, etc., amounted to £400,000.-— The hosto be frequented, Syria, Egypt, etc., were occu tility of the Dutch to which Mr. Mun has here pied by Turks and Mamelukes-barbarians who alluded, was long a very formidable obstacle despised commerce and navigation, and were, at to the company's success. The Dutch early the same time, extremely jealous of strangers, endeavored to obtain the exclusive possession of especially of Christians or infidels. The price of the spice trade, and were not at all scrupulous as the commodities obtained through the interven to the means by which they attempted to effect tion of such persons was necessarily very much this their favorite object. The English, on their enhanced; and the discovery of the route by the part, naturally exerted themselves to obtain a cape of Good Hope was, consequently, of the share of so valuable a commerce; and as neither utmost importance; for, by putting an end to the party was disposed to abandon its views and premonopoly enjoyed by the Turks and Mamelukes, tensions, the most violent animosities grew up it introduced, for the first time, something like between them. In this state of things it would competition into the Indian trade, and enabled the be ridiculous to suppose that unjustifiable acts western parts of Europe to obtain supplies of were not committed by the one party as well as Indian products for about one-third of what they the other; though the worst act of the English liad previously cost. Mr. Mun, in a tract pub- appears venial when compared with the conduct lished in 1621, estimates the quantity of Indian of the Dutch in the massacre at Amboyna in commodities imported into Europe, and their cost 1622. While, however, the Dutch company was when bought in Aleppo and India, as follows: vigorously supported by the government at home,

£ 5. d. the English company met with no efficient assist6,000,000 pepper cost, with charges, etc., at

ance from the feeble and vacillating policy of Aleppo, 28. per Ib...

600,000 0 0 450.000 cloves, at 4s, yd.

106,875 100

James and Charles. The Dutch either despised 150,000 mace, at 4s. 9d.

35,626 00 their remonstrances, or defeated them by an ap400,000 nutmege, at 2s. 4d..

46,666 2 4 330,000 indigo, at 48. 4d.

75,833 6 8 parent compliance; so that no real reparation was 1,000,000 Persian raw silk, at 12s...

600,000 0 0 obtained for the outrages they had committed. 1,465,000 19 01 During the civil war Indian affairs were neces


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