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First, the market of Europe has become gradually more and more

extensive. Since the discovery of America, the greater part of

Europe has been much improved. England, Holland, France, and

Germany; even Sweden, Denmark, and Russia, have all advanced

considerably, both in agriculture and in manufactures. Italy

seems not to have gone backwards. The fall of Italy preceded the

conquest of Peru. Since that time it seems rather to have

recovered a little. Spain and Portugal, indeed, are supposed to

have gone backwards. Portugal, however, is but a very small part

of Europe, and the declension of Spain is not, perhaps, so great

as is commonly imagined. In the beginning of the sixteenth

century, Spain was a very poor country, even in comparison with

France, which has been so much improved since that time. It was

the well known remark of the emperor Charles V. who had travelled

so frequently through both countries, that every thing abounded

in France, but that every thing was wanting in Spain.