d that moderation and prudence were necessary
to preserve them in their proud situation; but the prudence which they
possessed at first had given way to pride, and abandoned them; and
the first great stroke they received was from Queen Elizabeth. The
ruin of so widely-extended a confederacy could not be astonishing,
and, indeed, was a natural consequence of the changes in the manners
of the times: but it was not so with Flanders. There was nothing to
have prevented the Flemish from continuing to enjoy wealth, and
follow up industry, except in the rivalship of other nations,

---
{64} So short a time did the wealth remain in the country, that, when
the famous armada was fitted out against England, a loan of money
was solicited, from Genoa, for the purpose.
-=-

[end of page #65]

particularly of Holland and England; for, though France was farther
advanced, as a manufacturing and wealthy nation, than England, yet it
was not in the same line of industry with the people of the
Netherlands, whose prosperity was not therefore injured by it in the
same degree.

As for the Dutch, they continued to increase in wealth till the end of
the seventeenth century, and their decline requires a more particular
attention.

In addition to their great industry, the fisheries, and art of curing fish,
the Dutch excelled in making machines of various sorts, and became
the nation that supplied others with materials, in a state ready prepared
for manufacturing: this was a new branch of business, and very
lucrative, for, as the machines were kept a secret, the abbreviation of
labour was great, and the materials had still the advantage in their sale
that a raw material has over manufactured goods; so that the
advantages were almost beyond example.

Add to all this, that the Dutch were the first who established the
banking system, (copying in part from the Italians,) on a solid plan.
The advantages that Holland enjoyed were, indeed, all of its own
procuring, but they were numerous and inappretiable, without
counting the trade to India, of which it enjoyed a greater share than
any other nation, for a considerable period.

No nation has shewn, so completely as the Dutch, how exterior
enemies may be repelled, and difficulties overcome, while there is a
true attention to the real welfare of the country. The exertions of the
Romans, to conquer others, scarcely surpassed those of the Dutch to
preserve themselves, when they were in a state of n