of the balance of trade-第2章

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another　is　not　greater　in　this　respect；　than　it　is　often　between
different　provinces　of　the　same　kingdom。　Men　naturally　flock　to
capital　cities；　sea…ports；　and　navigable　rivers。　There　we　find　more
men；　more　industry；　more　commodities；　and　consequently　more　money；　but
still　the　latter　difference　holds　proportion　with　the　former；　and　the
level　is　preserved。
　　　　Our　jealousy　and　our　hatred　of　FRANCE　are　without　bounds；　and　the
former　sentiment；　at　least；　must　be　acknowledged　reasonable　and　well…
grounded。　These　passions　have　occasioned　innumerable　barriers　and
obstructions　upon　commerce；　where　we　are　accused　of　being　commonly　the
aggressors。　But　what　have　we　gained　by　the　bargain？　We　lost　the　FRENCH
market　for　our　woollen　manufactures；　and　transferred　the　commerce　of
wine　to　SPAIN　and　PORTUGAL；　where　we　buy　worse　liquor　at　a　higher
price。　There　are　few　ENGLISHMEN　who　would　not　think　their　country
absolutely　ruined；　were　FRENCH　wines　sold　in　ENGLAND　so　cheap　and　in
such　abundance　as　to　supplant；　in　some　measure；　all　ale；　and　home…
brewed　liquors：　But　would　we　lay　aside　prejudice；　it　would　not　be
difficult　to　prove；　that　nothing　could　be　more　innocent；　perhaps
advantageous。　Each　new　acre　of　vineyard　planted　in　FRANCE；　in　order　to
supply　ENGLAND　with　wine；　would　make　it　requisite　for　the　FRENCH　to
take　the　produce　of　an　ENGLISH　acre；　sown　in　wheat　or　barley；　in　order
to　subsist　themselves；　and　it　is　evident；　that　we　should　thereby　get
command　of　the　better　commodity。
　　　　There　are　many　edicts　of　the　FRENCH　king；　prohibiting　the　planting
of　new　vineyards；　and　ordering　all　those　which　are　lately　planted　to
be　grubbed　up：　So　sensible　are　they；　in　that　country；　of　the　superior
value　of　corn；　above　every　other　product。
　　　　Mareschal　VAUBAN　complains　often；　and　with　reason；　of　the　absurd
duties　which　load　the　entry　of　those　wines　of　LANGUEDOC；　GUIENNE；　and
other　southern　provinces；　that　are　imported　into　BRITANNY　and
NORMANDY；　He　entertained　no　doubt　but　these　latter　provinces　could
preserve　their　balance；　notwithstanding　the　open　commerce　which　he
recommends。　And　it　is　evident；　that　a　few　leagues　more　navigation　to
ENGLAND　would　make　no　difference；　or　if　it　did；　that　it　must　operate
alike　on　the　commodities　of　both　kingdoms。
　　　　There　is　indeed　one　expedient　by　which　it　is　possible　to　sink；　and
another　by　which　we　may　raise　money　beyond　its　natural　level　in　any
kingdom；　but　these　cases；　when　examined；　will　be　found　to　resolve　into
our　general　theory；　and　to　bring　additional　authority　to　it。
　　　　I　scarcely　know　any　method　of　sinking　money　below　its　level；　but
those　institutions　of　banks；　funds；　and　paper…credit；　which　are　so
much　practised　in　this　kingdom。　These　render　paper　equivalent　to
money；　circulate　it　throughout　the　whole　state；　make　it　supply　the
place　of　gold　and　silver；　raise　proportionably　the　price　of　labour　and
commodities；　and　by　that　means　either　banish　a　great　part　of　those
precious　metals；　or　prevent　their　farther　encrease。　What　can　be　more












shortsighted　than　our　reasonings　on　this　head？　We　fancy；　because　an
individual　would　be　much　richer；　were　his　stock　of　money　doubled；　that
the　same　good　effect　would　follow　were　the　money　of　every　one
encreased；　not　considering；　that　this　would　raise　as　much　the　price　of
every　commodity；　and　reduce　every　man；　in　time；　to　the　same　condition
as　before。　It　is　only　in　our　public　negociations　and　transactions　with
foreigners；　that　a　greater　stock　of　money　is　advantageous；　and　as　our
paper　is　there　absolutely　insignificant；　we　feel；　by　its　means；　all
the　ill　effects　arising　from　a　great　abundance　of　money；　without
reaping　any　of　the　advantages。
　　　　Suppose　that　there　are　l2　millions　of　paper；　which　circulate　in
the　kingdom　as　money；　（for　we　are　not　to　imagine；　that　all　our
enormous　funds　are　employed　in　that　shape）　and　suppose　the　real　cash
of　the　kingdom　to　be　18　millions：　Here　is　a　state　which　is　found　by
experience　to　be　able　to　hold　a　stock　of　30　millions。　I　say；　if　it　be
able　to　hold　it；　it　must　of　necessity　have　acquired　it　in　gold　and
silver；　had　we　not　obstructed　the　entrance　of　these　metals　by　this　new
invention　of　paper。　Whence　would　it　have　acquired　that　sum？　From　all
the　kingdoms　of　the　world。　But　why？　Because；　if　you　remove　these　12
millions；　money　in　this　state　is　below　its　level；　compared　with　our
neighbours；　and　we　must　immediately　draw　from　all　of　them；　till　we　be
full　and　saturate；　so　to　speak；　and　can　hold　no　more。　By　our　present
politics；　we　are　as　careful　to　stuff　the　nation　with　this　fine
commodity　of　bank…bills　and　chequer…notes；　as　if　we　were　afraid　of
being　overburthened　with　the　precious　metals。
　　　　It　is　not　to　be　doubted；　but　the　great　plenty　of　bullion　in　FRANCE
is；　in　a　great　measure；　owing　to　the　want　of　paper…credit。　The　FRENCH
have　no　banks：　Merchants　bills　do　not　there　circulate　as　with　us：
Usury　or　lending　on　interest　is　not　directly　permitted；　so　that　many
have　large　sums　in　their　coffers：　Great　quantities　of　plate　are　used
in　private　houses；　and　all　the　churches　are　full　of　it。　By　this　means；
provisions　and　labour　still　remain　cheaper　among　them；　than　in　nations
that　are　not　half　so　rich　in　gold　and　silver。　The　advantages　of　this
situation；　in　point　of　trade　as　well　as　in　great　public　emergencies；
are　too　evident　to　be　disputed。
　　　　The　same　fashion　a　few　years　ago　prevailed　in　GENOA；　which　still
has　place　in　ENGLAND　and　HOLLAND；　of　using　services　of　CHINA…ware
instead　of　plate；　but　the　senate；　foreseeing　the　consequence；
prohibited　the　use　of　that　brittle　commodity　beyond　a　certain　extent；
while　the　use　of　silverplate　was　left　unlimited。　And　I　suppose；　in
their　late　distresses；　they　felt　the　good　effect　of　this　ordinance。
Our　tax　on　plate　is；　perhaps；　in　this　view；　somewhat　impolitic。
　　　　Before　the　introduction　of　paper…money　into　our　colonies；　they　had
gold　and　silver　sufficient　for　their　circulation。　Since　the
introduction　of　that　commodity；　the　least　inconveniency　that　has
followed　is　the　total　banishment　of　the　precious　metals。　And　after　the
abolition　of　paper；　can　it　be　doubted　but　money　will　return；　while
these　colonies　possess　manufactures　and　commodities；　the　only　thing
valuable　in　commerce；　and　for　whose　sake　alone　all　men　desire　money。
　　　　What　pity　LYCURGUS　did　not　think　of　paper…credit；　when　he　wanted
to　banish　gold　and　silver　from　SPARTA！　It　would　have　served　his
purpose　better　than　the　lumps　of　iron　he　made　use　of　as　money。　and
would　also　have　prevented　more　effectually　all　commerce　with
strangers；　as　being　of　so　much　less　real　and　intrinsic　value。












　　　　It　must；　however；　be　confessed；　that；　as　all　these　questions　of
trade　and　money　are　extremely　complicated；　there　are　certain　lights；
in　which　this　subject　may　be　placed；　so　as　to　represent　the　advantages
of　paper…credit　and　banks　to　be　superior　to　their　disadvantages。　That
they　banish　specie　and　bullion　from　a　state　is　undoubtedly　true；　and
whoever　looks　no　farther　than　this　circumstance　does　well　to　condemn
them；　but　specie　and　bullion　are　not　of　so　great　consequence　as　not　to
admit　of　a　compensation；　and　even　an　overbalance　from　the　encrease　of
industry　and　of　credit；　which　may　be　promoted　by　the　right　use　of
paper…money。　It　is　well　known　of　what　advantage　it　is　to　a　merchant　to
be　able　to　discount　his　bills　upon　occasion；　and　every　thing　that
facilitates　this　species　of　traffic　is　favourable　to　the　general
commerce　of　a　state。　But　private　bankers　are　enabled　to　give　such
credit　by　the　credit　they　receive　from　the　depositing　of　money　in
their　shops；　and　the　bank　of　ENGLAND　in　the　same　manner；　from　the
liberty　it　has　to　issue　its　notes　in　all　payments。　There　was　an
invention　of　this　kind；　which　was　fallen　upon　some　years　ago　by　the
banks　of　EDINBURGH；　and　which；　as　it　is　one　of　the　most　ingenious
ideas　that　has　been　executed　in　commerce；　has　also　been　thought
advantageous　to　SCOTLAND。　It　is　there　called　a　BANK…CREDIT；　and　is　of
this　nature。　A　man　goes　to　the　bank　and　finds　surety　to　the　amount；　we
shall　suppose；　of　a　thousand　pounds。　This　money；　or　any　part　of　it；　he
has　the　liberty　of　drawing　out　whenever　he　pleases；　and　he　pays　only
the　ordinary　interest　for　it；　while　it　is　in　his　hands。　He　may；　when
he　pleases；　repay　any　sum　so　small　as　twenty　pounds；　and　the　interest
is　discounted　from　the　very　day　of　the　repayment。　The　advantages；
resulting　from　this　contrivance；　are　manifold。　As　a　man　may　find
surety　nearly　to　the　amount　of　his　substance；　and　his　bank…credit　is
equivalent　to　ready　money；　a　merchant　does　hereby　in　a　manner　coin　his
houses；　his　household　furniture；　the　goods　in　his　warehouse；　the
foreign　debts　due　to　him；　his　ships　at　sea；　and　can；　upon　occasion；
employ　them　in　all　payments；　as　if　they　were　the　current　money　of　the
country。　If　a　man　borrow　a　thousand　pounds　from　a　private　hand；
besides　that　it　is　not　always　to　be　found　when　required；　he　pays
interest　for　it；　whether　he　be　using　it　or　not：　His　bank…credit　costs
him　nothing　except　during　the　very　moment；　in　which　it　is　of　service
to　him：　And　this　circumstance　is　of　equal　advantage　as　if　he　had
borrowed　money　at　much　lower　interest。　Merchants；　likewise；　from　this
invention；　acquire　a　great　facility　in　supporting　each　other's　credit；
which　is　a　considerable　security　against　bankruptcies。　A　man；　when　his
own　bank…credit　is　exhausted；　goes　to　any　of　his　neighbours　who　is　not
in　the　same　condition；　and　he　gets　the　money；　which　he　replaces　at　his
convenience。
　　　　After　this　practice　had　taken　place　during　some　years　at
EDINBURGH；　several　companies　of　merchants　at　GLASGOW　carried　the
matter　farther。　They　associated　themselves　into　different　banks；　and
issued　notes　so　low　as　ten　shillings；　which　they　used　in　all　payments
for　goods；　manufactures；　tradesmen's　labour　of　all　kinds；　and　these
notes；　from　the　established　credit　of　the　companies；　passed　as　money
in　all　payments　throughout　the　country。　By　this　means；　a　stock　of　five
thousand　pounds　was　able　to　perform　the　same　operations　as　if　it　were
six　or　seven；　and　merchants　were　thereby　enabled　to　trade　to　a　greater
extent；　and　to　require　less　profit　in　all　their　transactions。　But
whatever　other　advantages　result　from　these　inventions；　it　must　still












be　allowed　that；　besides　giving　too　great　facility　to　credit；　which　is
dangerous；　they　banish　the　precious　metals；　and　nothing　can　be　a　more
evident　proof　of　it；　than　a　comparison　of　the　past　and　present
condition　of　SCOTLAND　in　that　particular。　It　was　found；　upon　the
recoinage　made　after　the　union；　that　there　was　near　a　million　of
specie　in　that　country：　But　notwithstanding　the　great　encrease　of
riches；　commerce　and　manufactures　of　all　kinds；　it　is　thought；　that；
even　where　there　is　no　extraordinary　drain　made　by　ENGLAND；　the
current　specie　will　not　now　amount　to　a　third　of　that　sum。
　　　　But　as　our　projects　of　paper…credit　are　almost　the　only　expedient；
by　which　we　can　sink　money　below　its　level；　so；　in　my　opinion；　the
only　expedient；　by　which　we　can　raise　money　above　it；　is　a　practice
which　we　should　all　exclaim　against　as　destructive；　namely；　the
gathering　of　large　sums　into　a　public　treasure；　locking　them　up；　and
abso