nferior to the intention of the original grant of parliament.
The East India company usually carried out a third of their cargo in
commodities.[****] The trade to Turkey was one of the most gainful to
the nation. It appears that copper halfpence and farthings began to be
coined in this reign.[v] Tradesmen had commonly carried on their retail
business chiefly by means of leaden tokens. The small silver penny was
soon lost, and at this time was nowhere to be found.

* Misselden's Circle of Commerce, p. 121.

** Misselden's Circle of Commerce, p. 121.

*** Happy Future State of England, p. 78.

**** Munn's Discourse on the East India Trade.

v Anderson, vol. i. p. 477.

What chiefly renders the reign of James memorable, is the commencement
of the English colonies in America; colonies established on the noblest
footing that has been known in any age or nation. The Spaniards, being
the first discoverers of the new world, immediately took possession of
the precious mines which they found there; and, by the allurement of
great riches, they were tempted to depopulate their own country, as well
as that which they conquered; and added the vice of sloth to those of
avidity and barbarity, which had attended their adventurers in those
renowned enterprises. That fine coast was entirely neglected which
reaches from St. Augustine to Cape Breton, and which lies in all the
temperate climates, is watered by noble rivers, and offers a fertile
soil, but nothing more, to the industrious planter. Peopled gradually
from England by the necessitous and indigent, who at home increased
neither wealth nor populousness, the colonies which were planted along
that tract have promoted the navigation, encouraged the industry, and
even perhaps multiplied the inhabitants of their mother country. The
spirit of independency, which was reviving in England, here shone
forth in its full lustre, and received new accession from the aspiring
character of those who, being discontented with the established church
and monarchy, had sought for freedom amidst those savage deserts.

Queen Elizabeth had done little more than given a name to the continent
of Virginia; and, after her planting one feeble colony, which quickly
decayed, that country was entirely abandoned. But when peace put an end
to the military enterprises against Spain, and left ambitious spirits
no hopes of making any longer such rapid advances towards honor and
fortun