Note 355 — Chapter IV

In 1672, the celebrated Earl of Shaftesbury, then Lord Chancellor, announced that the time had come when the English must go to war with the Dutch; for that it was ‘impossible both should stand upon a balance; and that, if we do not master their trade, they will ours. They or we must truckle. One must and will give the law to the other. There is no compounding, where the contest is for the trade of the whole world.’ Somers' Tracts, vol. viii. p. 39. A few months later, still insisting on the propriety of the war, he gave as one of his reasons that it ‘was necessary to the trade of England that there should be a fair adjustment of commerce in the East Indies.’ Parl. Hist. vol. iv. p. 587. In 1701, Stepney, a diplomatist and one of the lords of trade, published an essay, strongly insisting on the benefits which would accrue to English commerce by a war with France. Somers' Tracts, vol. xi. pp. 199, 217; and he says, p. 205, that one of the consequences of peace with France would be ‘the utter ruin and destruction of our trade.’ See also, in vol. xiii. p. 688, the remarks on the policy of William III. In 1743, Lord Hardwicke, one of the most eminent men of his time, said, in the House of Lords, ‘If our wealth is diminished, it is time to ruin the commerce of that nation which has driven us from the markets of the Continent—by sweeping the seas of their ships, and by blockading their ports.’ Campbell's Lives of the Chancellors, vol. v. p. 89.