Two Guys Who Loved Them Some Stock Exchange

[cross-posted at Austro-Athenian Empire]

This passage from Voltaire’s Letters on England is well-known:

Take a view of the Royal Exchange in London, a place more venerable than many courts of justice, where the representatives of all nations meet for the benefit of mankind. There the Jew, the Mahometan, and the Christian transact together, as though they all professed the same religion, and give the name of infidel to none but bankrupts. There the Presbyterian confides in the Anabaptist, and the Churchman depends on the Quaker’s word. At the breaking up of this pacific and free assembly, some withdraw to the synagogue, and others to take a glass. This man goes and is baptized in a great tub, in the name of the Father, Son, and Holy Ghost: that man has his son’s foreskin cut off, whilst a set of Hebrew words (quite unintelligible to him) are mumbled over his child. Others retire to their churches, and there wait for the inspiration of heaven with their hats on, and all are satisfied.

But this similar panegyric from Voltaire’s older contemporary Joseph Addison deserves recognition alongside it:

There is no place in the town which I so much love to frequent as the Royal Exchange. It gives me a secret satisfaction, and in some measure, gratifies my vanity, as I am an Englishman, to see so rich an assembly of countrymen and foreigners consulting together upon the private business of mankind, and making this metropolis a kind of emporium for the whole earth. I must confess I look upon High-Change to be a great council, in which all considerable nations have their representatives. Factors in the trading world are what ambassadors are in the politic world; they negotiate affairs, conclude treaties, and maintain a good correspondence between those wealthy societies of men that are divided from one another by seas and oceans, or live on the different extremities of a continent. I have often been pleased to hear disputes adjusted between an inhabitant of Japan and an alderman of London, or to see a subject of the Great Mogul entering into a league with one of the Czar of Muscovy. I am infinitely delighted in mixing with these several Ministers of Commerce, as they are distinguished by their different walks and different languages: sometimes I am jostled among a body of Armenians; sometimes I am lost in a crowd of Jews; and sometimes make one in a group of Dutchmen. I am a Dane, Swede, or Frenchman at different times; or rather fancy my self like the old philosopher, who upon being asked what countryman he was, replied that he was a citizen of the world. ...

This grand scene of business gives me an infinite variety of solid and substantial entertainments. As I am a great lover of mankind, my heart naturally overflows with pleasure at the sight of a prosperous and happy multitude, insomuch that at many public solemnities I cannot forbear expressing my joy with tears that have stolen down my cheeks. For this reason I am wonderfully delighted to see such a body of men thriving in their own private fortunes, and at the same time promoting the public stock; or in other words, raising estates for their own families, by bringing into their country whatever is wanting, and carrying out of it whatever is superfluous.

Nature seems to have taken a particular care to disseminate her blessings among the different regions of the world, with an eye to this mutual intercourse and traffic among mankind, that the natives of the several parts of the globe might have a kind of dependence upon one another, and be united together by their common interest. Almost every degree produced something peculiar to it. The food often grows in one country, and the sauce in another. The fruits of Portugal are corrected by the products of Barbados: the infusion of a China plant sweetened with the pith of an Indian cane. The Philippic Islands give a flavour to our European bowls. The single dress of a woman of quality is often the product of a hundred climates. The muff and the fan come together from the different ends of the earth. The scarf is sent from the Torrid Zone, and the tippet from beneath the Pole. The brocade petticoat rises out of the mines of Peru, and the diamond necklace out of the bowels of Hindustan.

If we consider our own country in its natural prospect, without any of the benefits and advantages of commerce, what a barren uncomfortable spot of earth falls to our share! Natural historians tell us, that no fruit grows originally among us, besides hips and haws, acorns and pig-nuts, with other delicacies of the like nature; that our climate of itself, and without the assistances of art, can make no further advances towards a plum than to a sloe, and carries an apple to no greater a perfection than a crab: that our melons, our peaches, our figs, our apricots, and cherries, are strangers among us, imported in different ages, and naturalized in our English gardens; and that they would all degenerate and fall away into the trash of our own country, if they were wholly neglected by the planter, and left to the mercy of our sun and soil. Nor has traffic more enriched our vegetable world, than it has improved the whole face of nature among us. Our ships are laden with the harvest of every climate: our tables are stored with spices, and oils, and wines: our rooms are filled with pyramids of China, and adorned with the workmanship of Japan: our morning’s draught comes to us from the remotest corners of the earth: we repair our bodies by the drugs of America, and repose ourselves under Indian canopies. ... Nature indeed furnishes us with the bare necessaries of life, but traffic gives us greater variety of what is useful, and at the same time supplies us with every thing that is convenient and ornamental. Nor is it the least part of this our happiness, that whilst we enjoy the remotest products of the north and south, we are free from those extremities of weather which give them birth; that our eyes are refreshed with the green fields of Britain, at the same time that our palates are feasted with fruits that rise between the Tropics.

For these reasons there are no more useful members in a commonwealth than merchants. They knit mankind together in a mutual intercourse of good offices, distribute the gifts of nature, find work for the poor, add wealth to the rich, and magnificence to the great. Our English merchant converts the tin of his own country into gold, and exchanges his wool for rubies. The Mahometans are clothed in our British manufacture, and the inhabitants of the Frozen Zone warmed with the fleeces of our sheep.

When I have been upon the ’Change, I have often fancied one of our old kings standing in person, where he is represented in effigy, and looking down upon the wealthy concourse of people with which that place is every day filled. In this case, how would he be surprised to hear all the languages of Europe spoken in this little spot of his former dominions, and to see so many private men, who in his time would have been the vassals of some powerful baron, negotiating like princes for greater sums of money than were formerly to be met with in the Royal Treasury! Trade, without enlarging the British territories, has given us a kind of additional Empire: it has multiplied the number of the rich, made our landed estates infinitely more valuable than they were formerly, and added to them an accession of other estates as valuable as the lands themselves.

Now from a left-libertarian perspective it is true, of course, that much that went on in these commercial transactions was less than entirely innocent. Much that was traded was attained by partially or wholly compulsory rather than wholly voluntary means, both domestically (e.g., against the British proletariat) and abroad (e.g., against the colonised – and often against the colonisers too, for that matter); and of course in many cases it was human beings themselves who were so traded. The commerce that Addison celebrates was thus a tangled mixture of “economic means” and “political means” – as Addison must himself have been aware, writing as he did of the slave trade: “what colour of excuse can there be for the contempt with which we treat this part of our species; that we should not put them upon the common foot of humanity ...?” (But despite his considerable influence on the liberal movement, Addison’s own liberalism was fairly tepid.) Recognising this mixed context lends Addison’s phrase “additional Empire” an uncomfortable ambiguity: an empire based on mutual consent and benefit, by contrast with the empire based on armed force? or a colonialist/mercantilist empire representing an extension of the empire based on armed force?

Nevertheless, taking Addison’s encomium as a tribute to the economic strands alone rather than to the whole mess, it’s true enough. And I especially like the cosmopolitanism of the first paragraph and the implicit criticism of aristocracy in the last.