LAISSEZ FAIRE 
from the struggle without a rival in ability to carry on the 
commerce of the world, during the very decade when the 
great development of the hardware and of the cotton trades 
was taking place. As a consequence England succeeded im 
retaining her hold on the trade of the United States, and 
neither France nor Holland was able to obtain a substantial 
share of this commerce. Pitt failed in his attempt to main- 
tain the full freedom of intercourse with the new republic, 
which he would have desired; but the trade of the United 
States with England expanded very rapidly, especially after 
the development of cotton growing in Carolina. It was 
found that Dean Tucker's forecast was amply justified’, and 
that the political severance from the United States did 
little to injure our commercial dealings with the people. 
Economists began to realise how firmly the material pro- 
sperity of England was founded, when this blow to her 
prestige caused so little injury Still more striking testi- 
mony to the economic strength of England was afforded 
when the treaty of 1786 opened up freer intercourse with 
France, and English goods commanded a ready sale in conti- 
nental markets, 
So strongly was English maritime power established at 
this time, that her rivals had little means of attacking her; 
and the war of 1793, which followed the outbreak of the 
Revolution in France, was much less injurious to English 
commerce than the War of Independence had been. England 
7 Li get herself, with considerable success, to ruin the trade and 
* shipping of France; and her high-handed measures with 
this object were resented by the United States, as well as by 
Norway and Sweden, who sought to preserve their rights as 
neutrals. But English relations with the neutral powers, 
though strained, were not broken, and her commerce continued 
bo flourish. In 1795 France succeeded in mastering Holland, 
and England engaged in the attempt to destroy both her 
1 Trade was not permitted between the United States and the West India 
fslands. This was a serious grievance to the planters (Commons Journals, 
gxxrx. 840), but the restriction was maintained in the hope of preventing 
American competition in the carrying trade. Holroyd, Observations on the 
Commerce of the American States, 79. 
3 J. Tucker, True Interest of Great Britain (1776), p. 51. Also A Series of 
Answers, p. 80. Brit. Mus. 522. g. 6 (5). 
A.D. 1776 
--1850. 
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