128 PARLIAMENTARY COLBERTISM 
a All these were of the nature of excises, or taxes which fell 
"on home manufactures. 
Walpole's The extensive changes in the fiscal system of the country, 
el which were carried through by Walpole, were based on a 
were in very different principle. He endeavoured to take consistent 
foster ~~ account of the effect of the tariffs upon the material pro- 
sperity of the country, and to reform all duties so as to 
give the greatest possible stimulus to the trading and 
manufacturing interests. By this means he hoped to develop 
the industrial and commercial resources of the country; 
there is a close affinity between his fiscal system and the 
particular form of mercantilism! which was current in his 
time, He acted in complete accord with the best com- 
mercial opinions of the day? and it has been said in his 
commendation “that he found the book of rates the worst 
and left it best in Europe®” It is worth while to quote 
his own statement of the principles which actuated him 
as it occurs in the Speech from the Throne at the opening of 
the session of 1721. “In this situation of affairs we should be 
extremely wanting to ourselves, if we neglected to improve 
the favourable opportunity which this general tranquillity 
gives us, of extending our commerce, upon which the riches 
and grandeur of this nation chiefly depend. It is very obvious, 
that nothing would more conduce to the obtaining so public 
a good, than to make the exportation of our own manu- 
factures, and the importation of the commodities used in 
the manufacturing of them, as practicable and easy as may 
be; by this means, the balance of trade may be preserved in 
our favour, our navigation increased, and greater numbers of 
our poor employed. 
«I must therefore recommend it to you, Gentlemen of the 
House of Commons, to consider how far the duties upon 
these branches may be taken off, and replaced, without any 
violation of public faith, or laying any new burthen upon my 
people. And I promise myself, that by a due consideration 
of this matter, the produce of those duties, compared with 
the infinite advantages that will accrue to the Kingdome by 
1 See above, p. 396, also below, 457. 2 Tucker, Civil Government, p. 222. 
8 Coxe. Memoirs of Sir Robert Walpole, Iv. 354.