608 D. THOMPSON before to supply the needs of a money economy. An increased supply of s?ecie seemed the only supply of capital for industries. Thus gold and silver came ?o be considered by far ?he mos? importan? form o! wealth. All nations ?ried to increase ?heir supply of gold and silver which, lacking mines, ?hey could only obtain by Foreign ?zade, tha?. is, .by an excess of expor?s over imports, ?hus giving a F?vor?ble Balance of
rade ?o be paid in ?reasure. Thus Foreig?
w?s ezalted above Home ?r?de ?om [he belief [ha? wha? one na?i? g?ns, ?he o?her loses. To main?n ?he favorable balance.of ?r?e i? was only necess?, ?hey supposed, ?o i?port r?w m?t?ls which' have low v?uo, and ? ez?rt ?nished prod?ts of high v?ue. Thus arose ?he belief in ?he superiority of merchants and manufacturers ? miners or farmers. I? ?herefore bec?e necessary ? stimulate ? ?e utmost manufacturing ind?st?s. But since, as in ?dia to-day, there was a great lack of techni? ' knowledge and o[ individu? initiative, s?ie aid became imperative. Minute regulation of production was underlaken io secure goods relalively eheap,.?d yel sufficiently good for export. Bul induslries were ?so s?imula?ed wi?h ?he idea of increasing ?he pa?i?g ??er of lhe nation, (lhe imporlanee of economic slrenglh being realized almosl as clearly io-day). Privileges were given ? companies and imporl duties levied. I[ a nation h? colonies, lhey were prohibited ?om ?rading wi?h o?her countries, and used as a source of raw ms, eries and public revenue. If no?, more emphasis was laid on ?he developmen? of nalural resources and on public finance. Lastly, they desired a dense loo?.ulation, both for the army and for an abundant labor supply. This they tried to obtain by inviting immigrants, caring for ?he poor, and prohibiting ?he expor? of grain.
