The difficulty and irregularity of payment from the different colonies to Great Britain have not been at all in proportion to the greatness or smallness of the balances which were respectively due from them.Payments have in general been more regular from the northern than from the tobacco colonies, though the former have generally paid a pretty large balance in money, while the latter have either paid no balance, or a much smaller one.The difficulty of getting payment from our different sugar colonies has been greater or less in proportion, not so much to the extent of the balances respectively due from them, as to the quantity of uncultivated land which they contained; that is, to the greater or smaller temptation which the planters have been under of overtrading, or of undertaking the settlement and plantation of greater quantities of waste land than suited the extent of their capitals.The returns from the great island of Jamaica, where there is still much uncultivated land, have, upon this account, been in general more irregular and uncertain than those from the smaller islands of Barbadoes, Antigua, and St.
Christophers, which have for these many years been completely cultivated, and have, upon that account, afforded less field for the speculations of the planter.The new acquisitions of Grenada, Tobago, St.Vincents, and Dominica have opened a new field for speculations of this kind, and the returns from those islands have of late been as irregular and uncertain as those from the great island of Jamaica.
It is not, therefore, the poverty of the colonies which occasions, in the greater part of them, the present scarcity of gold and silver money.Their great demand for active and productive stock makes it convenient for them to have as little dead stock as possible, and disposes them upon that account to content themselves with a cheaper though less commodious instrument of commerce than gold and silver.They are thereby enabled to convert the value of that gold and silver into the instruments of trade, into the materials of clothing, into household furniture, and into the ironwork necessary for building and extending their settlements and plantations.In those branches of business which cannot be transacted without gold and silver money, it appears that they can always find the necessary quantity of those metals; and if they frequently do not find it, their failure is generally the effect, not of their necessary poverty, but of their unnecessary and excessive enterprise.It is not because they are poor that their payments are irregular and uncertain, but because they are too eager to become excessively rich.Though all that part of the produce of the colony taxes which was over and above what was necessary for defraying the expense of their own civil and military establishments were to be remitted to Great Britain in gold and silver, the colonies have abundantly wherewithal to purchase the requisite quantity of those metals.They would in this case be obliged, indeed, to exchange a part of their surplus produce, with which they now purchase active and productive stock, for dead stock.In transacting their domestic business they would be obliged to employ a costly instead of a cheap instrument of commerce, and the expense of purchasing this costly instrument might damp somewhat the vivacity and ardour of their excessive enterprise in the improvement of land.It might not, however, be necessary to remit any part of the American revenue in gold and silver.It might be remitted in bills drawn upon and accepted by particular merchants or companies in Great Britain to whom a part of the surplus produce of America had been consigned, who would pay into the treasury the American revenue in money, after having themselves received the value of it in goods; and the whole business might frequently be transacted without exporting a single ounce of gold or silver from America.
It is not contrary to justice that both Ireland and America should contribute towards the discharge of the public debt of Great Britain.That debt has been contracted in support of the government established by the Revolution, a government to which the Protestants of Ireland owe, not only the whole authority which they at present enjoy in their own country, but every security which they possess for their liberty, their property, and their religion; a government to which several of the colonies of America owe their present charters, and consequently their present constitution, and to which all the colonies of America owe the liberty, security, and property which they have ever since enjoyed.That public debt has been contracted in the defence, not of Great Britain alone, but of all the different provinces of the empire; the immense debt contracted in the late war in particular, and a great part of that contracted in the war before, were both properly contracted in defence of America.