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Sir Robert Peel himself was the soul of the firm; to great energy and application uniting much practical sagacity, and first-rate mercantile abilities qualities in which many of the early cotton-spinners were exceedingly deficient. He was a man of iron mind and frame, and toiled unceasingly.

In the next year is another provision for annual parliaments, and in 1335 the Statute of York again allows merchants to buy and sell freely except only enemies, and giving double damages for the disturbance by any one of such freedom of trade, and the Statute de Moneta, forbidding carrying money abroad; which is notable to the student of economics as showing how early what we now call the fallacy of the mercantile system appeared.

This adventure came to grief in a year, and then Henry, at the age of eighteen, married Miss Shelton, the daughter of a neighboring farmer. The young couple were settled on a farm by the joint efforts of their parents, where they endeavored to win a subsistence with the assistance of two or three servants. In two years he sold out and invested in another mercantile undertaking.

Happily for man, the multiplication of his kind, and pervading competition in all manner, of things mercantile, are breaking down monopolies, and hindering unjust accumulation, with its necessary love of gain. "Satisfied with little" is young England's cry; a better motto than the "Craving after much" of their fathers.

If my young friend had a weakness, it was on this point; but as her husband was engaged in a lucrative mercantile business, and they had no family, it was certainly excusable. At this moment her pretty neat little figure was a welcome and interesting object to the home-sick emigrant. "What! always in tears," said she, carefully closing the door.

If Mandeville's aim had been less critical, and had he been less delighted with his famous paradox, we may infer from the acuteness of his reasoning on the subject, that he would have anticipated the true doctrine of political economy, as he saw through the fallacy of the mercantile theory.

Closely connected with commerce and colonies as a means of disposing of England's manufactured goods and of obtaining those things which were needed from abroad was commerce for its own sake, for the profits which it brought to those engaged in it, and for the indirect value to the nation of having a large mercantile navy.

He was subjected for a time to that brutal treatment which at one time disgraced the American mercantile marine, but being a smart young fellow who could do the work of a competent seaman, and handle his "dukes" with aptitude, the officers began to show partiality towards him, and before many days he became quite a favourite with them and with the captain.

Under the circumstances, therefore, Murphy found it very difficult to suspect his owners of conspiring to deliver a cargo of coal to the German fleet at sea. No, indeed! Matt Peasley and Cappy Ricks were too intensely American for that; indeed, Cappy was always saying he hoped to see an American mercantile marine established before he should be gathered to the bosom of Abraham.

War, colonization, conquest, traffic, formed a joint business and a private speculation. If there were danger that England, yielding to purely mercantile habits of thought and action, might degenerate from the more martial standard to which she had been accustomed, there might be virtue in that Netherland enterprise, which was now to call forth all her energies.