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AN　INQUIRY　INTO　THE　NATURE　AND　CAUSES　OF　THE　WEALTH　OF　NATIONS



by　Adam　Smith



1776







　　　　　　　　　　　　　　　　　　　　　　　　　　BOOK　FOUR

　　　　　　　　　　　　　　　OF　SYSTEMS　OF　POLITICAL　ECONOMY





　　　　　　　　　　　　　　　　　　　　　　　　　INTRODUCTION



　　　　POLITICAL　economy；　considered　as　a　branch　of　the　science　of　a

statesman　or　legislator；　proposes　two　distinct　objects：　first；　to

provide　a　plentiful　revenue　or　subsistence　for　the　people；　or

more　properly　to　enable　them　to　provide　such　a　revenue　or

subsistence　for　themselves；　and　secondly；　to　supply　the　state　or

commonwealth　with　a　revenue　sufficient　for　the　public　services。

It　proposes　to　enrich　both　the　people　and　the　sovereign。

　　　　　The　different　progress　of　opulence　in　different　ages　and

nations　has　given　occasion　to　two　different　systems　of　political

economy　with　regard　to　enriching　the　people。　The　one　may　be

called　the　system　of　commerce；　the　other　that　of　agriculture。　I

shall　endeavour　to　explain　both　as　fully　and　distinctly　as　I　can；

and　shall　begin　with　the　system　of　commerce。　It　is　the　modern

system；　and　is　best　understood　in　our　own　country　and　in　our　own

times。

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　I



　　　　　　　Of　the　Principle　of　the　Commercial；　or　Mercantile　System　



　　　　　THAT　wealth　consists　in　money；　or　and　silver；　is　a　popular

notion　which　naturally　arises　from　the　double　function　of　money；

as　the　instrument　of　commerce　and　as　the　measure　of　value。　In

consequence　of　its　being　the　instrument　of　commerce；　when　we　have

money　we　can　more　readily　obtain　whatever　else　we　have　occasion

for　than　by　means　of　any　other　commodity。　The　great　affair；　we

always　find；　is　to　get　money。　When　that　is　obtained；　there　is　no

difficulty　in　making　any　subsequent　purchase。　In　consequence　of

its　being　the　measure　of　value；　we　estimate　that　of　all　other

commodities　by　the　quantity　of　money　which　they　will　exchange

for。　We　say　of　a　rich　man　that　he　is　worth　a　great　deal；　and　of　a

poor　man　that　he　is　worth　very　little　money。　A　frugal　man；　or　a

man　eager　to　be　rich；　is　said　to　love　money；　and　a　careless；　a

generous；　or　a　profuse　man；　is　said　to　be　indifferent　about　it。

To　grow　rich　is　to　get　money；　and　wealth　and　money；　in　short；

are；　in　common　language；　considered　as　in　every　respect

synonymous。

　　　　　A　rich　country；　in　the　same　manner　as　a　rich　man；　is

supposed　to　be　a　country　abounding　in　money；　and　to　heap　up　gold

and　saver　in　any　country　is　supposed　to　be　the　readiest　way　to

enrich　it。　For　some　time　after　the　discovery　of　America；　the

first　inquiry　of　the　Spaniards；　when　they　arrived　upon　an　unknown

coast；　used　to　be；　if　there　was　any　gold　or　silver　to　be　found　in

the　neighbourhood。　By　the　information　which　they　received；　they

judged　whether　it　was　worth　while　to　make　a　settlement　there；　or

if　the　country　was　worth　the　conquering。　Plano　Carpino；　a　monk；

sent　ambassador　from　the　King　of　France　to　one　of　the　sons　of　the

famous　Genghis　Khan；　says　that　the　Tartars　used　frequently　to　ask

him　if　there　was　plenty　of　sheep　and　oxen　in　the　kingdom　of

France。　Their　inquiry　had　the　same　object　with　that　of　the

Spaniards。　They　wanted　to　know　if　the　country　was　rich　enough　to

be　worth　the　conquering。　Among　the　Tartars；　as　among　all　other

nations　of　shepherds；　who　are　generally　ignorant　of　the　use　of

money；　cattle　are　the　instruments　of　commerce　and　the　measures　of

value。　Wealth；　therefore；　according　to　them；　consisted　in　cattle；

as　according　to　the　Spaniards　it　consisted　in　gold　and　silver。　Of

the　two；　the　Tartar　notion；　perhaps；　was　the　nearest　to　the

truth。

　　　　　Mr。　Locke　remarks　a　distinction　between　money　and　other

movable　goods。　All　other　movable　goods；　he　says；　are　of　so

consumable　a　nature　that　the　wealth　which　consists　in　them　cannot

be　much　depended　on；　and　a　nation　which　abounds　in　them　one　year

may；　without　any　exportation；　but　merely　their　own　waste　and

extravagance；　be　in　great　want　of　them　the　next。　Money；　on　the

contrary；　is　a　steady　friend；　which；　though　it　may　travel　about

from　hand　to　hand；　yet　if　it　can　be　kept　from　going　out　of　the

country；　is　not　very　liable　to　be　wasted　and　consumed。　Gold　and

silver；　therefore；　are；　according　to　him；　the　most　solid　and

substantial　part　of　the　movable　wealth　of　a　nation；　and　to

multiply　those　metals　ought；　he　thinks；　upon　that　account；　to　be

the　great　object　of　its　political　economy。

　　　　　Others　admit　that　if　a　nation　could　be　separated　from　all

the　world；　it　would　be　of　no　consequence　how　much；　or　how　little

money　circulated　in　it。　The　consumable　goods　which　were

circulated　by　means　of　this　money　would　only　be　exchanged　for　a

greater　or　a　smaller　number　of　pieces；　but　the　real　wealth　or

poverty　of　the　country；　they　allow；　would　depend　altogether　upon

the　abundance　or　scarcity　of　those　consumable　goods。　But　it　is

otherwise；　they　think；　with　countries　which　have　connections　with

foreign　nations；　and　which　are　obliged　to　carry　on　foreign　wars；

and　to　maintain　fleets　and　armies　in　distant　countries。　This；

they　say；　cannot　be　done　but　by　sending　abroad　money　to　pay　them

with；　and　a　nation　cannot　send　much　money　abroad　unless　it　has　a

good　deal　at　home。　Every　such　nation；　therefore；　must　endeavour

in　time　of　peace　to　accumulate　gold　and　silver　that；　when

occasion　requires；　it　may　have　wherewithal　to　carry　on　foreign

wars。

　　　　　In　consequence　of　these　popular　notions；　all　the　different

nations　of　Europe　have　studied；　though　to　little　purpose；　every

possible　means　of　accumulating　gold　and　silver　in　their

respective　countries。　Spain　and　Portugal；　the　proprietors　of　the

principal　mines　which　supply　Europe　with　those　metals；　have

either　prohibited　their　exportation　under　the　severest　penalties；

or　subjected　it　to　a　considerable　duty。　The　like　prohibition

seems　anciently　to　have　made　a　part　of　the　policy　of　most　other

European　nations。　It　is　even　to　be　found；　where　we　should　least

of　all　expect　to　find　it；　in　some　old　Scotch　acts　of　Parliament；

which　forbid　under　heavy　penalties　the　carrying　gold　or　silver

forth　of　the　kingdom。　The　like　policy　anciently　took　place　both

in　France　and　England。

　　　　　When　those　countries　became　commercial；　the　merchants　found

this　prohibition；　upon　many　occasions；　extremely　inconvenient。

They　could　frequently　buy　more　advantageously　with　gold　and

silver　than　with　any　other　commodity　the　foreign　goods　which　they

wanted；　either　to　import　into　their　own；　or　to　carry　to　some

other　foreign　country。　They　remonstrated；　therefore；　against　this

prohibition　as　hurtful　to　trade。

　　　　　They　represented；　first；　that　the　exportation　of　gold　and

silver　in　order　to　purchase　foreign　goods；　did　not　always

diminish　the　quantity　of　those　metals　in　the　kingdom。　That；　on

the　contrary；　it　might　frequently　increase　that　quantity；

because；　if　the　consumption　of　foreign　goods　was　not　thereby

increased　in　the　country；　those　goods　might　be　re…exported　to

foreign　countries；　and；　being　there　sold　for　a　large　profit；

might　bring　back　much　more　treasure　than　was　originally　sent　out

to　purchase　them。　Mr。　Mun　compares　this　operation　of　foreign

trade　to　the　seed…time　and　harvest　of　agriculture。　〃If　we　only

behold；〃　says　he；　〃the　actions　of　the　husbandman　in　the

seed…time；　when　he　casteth　away　much　good　corn　into　the　ground；

we　shall　account　him　rather　a　madman　than　a　husbandman。　But　when

we　consider　his　labours　in　the　harvest；　which　is　the　end　of　his

endeavours；　we　shall　find　the　worth　and　plentiful　increase　of　his

action。〃

　　　　　They　represented；　secondly；　that　this　prohibition　could　not

hinder　the　exportation　of　gold　and　silver；　which；　on　account　of

the　smallness　of　their　bulk　in　proportion　to　their　value；　could

easily　be　smuggled　abroad。　That　this　exportation　could　only　be

prevented　by　a　proper　attention　to；　what　they　called；　the　balance

of　trade。　That　when　the　country　exported　to　a　greater　value　than

it　imported；　a　balance　became　due　to　it　from　foreign　nations；

which　was　necessarily　paid　to　it　in　gold　and　silver；　and　thereby

increased　the　quantity　of　those　metals　in　the　kingdom。　But　that

when　it　imported　to　a　greater　value　than　it　exported；　a　contrary

balance　became　due　to　foreign　nations；　which　was　necessarily　paid

to　them　in　the　same　manner；　and　thereby　diminished　that　quantity。

That　in　this　case　to　prohibit　the　exportation　of　those　metals

could　not　prevent　it；　but　only；　by　making　it　more　dangerous；

render　it　more　expensive。　That　the　exchange　was　thereby　turned

more　against　the　country　which　owed　the　balance　than　it　otherwise

might　have　been；　the　merchant　who　purchased　a　bill　upon　the

foreign　country　being　obliged　to　pay　the　banker　who　sold　it；　not

only　for　the　natural　risk；　trouble；　and　expense　of　sending　the

money　thither；　but　for　the　extraordinary　risk　arising　from　the

prohibition。　But　that　the　more　the　exchange　was　against　any

country；　the　more　the　balance　of　trade　became　necessarily　against

it；　the　money　of　that　country　becoming　necessarily　of　so　much

less　value　in　comparison　with　that　of　the　country　to　which　the

balance　was　due。　That　if　the　exchange　between　England　and

Holland；　for　example；　was　five　per　cent　against　England；　it　would

require　a　hundred　and　five　ounces　of　silver　in　England　to

purchase　a　bill　for　a　hundred　ounces　of　silver　in　Holland：　that　a

hundred　and　five　ounces　of　silver　in　England；　therefore；　would　be

worth　only　a　hundred　ounces　of　silver　in　Holland；　and　would

purchase　only　a　proportionable　quantity　of　Dutch　goods；　but　that

a　hundred　ounces　of　silver　in　Holland；　on　the　contrary；　would　be

worth　a　hundred　and　five　ounces　in　England；　and　would　purchase　a

proportionable　quantity　of　English　goods：　that　the　English　goods

which　were　sold　to　Holland　would　be　sold　so　much　cheaper；　and　the

Dutch　goods　which　were　sold　to　England　so　much　dearer　by　the

difference　of　the　exchange；　that　the　one　would　draw　so　much　less

Dutch　money　to　England；　and　the　other　so　much　more　English　money

to　Holland；　as　this　difference　amounted　to：　and　that　the　balance

of　trade；　therefore；　would　necessarily　be　so　much　more　against

England；　and　would　require　a　greater　balance　of　gold　and　silver

to　be　exported　to　Holland。

　　　　　Those　arguments　were　partly　solid　and　partly　sophistical。

They　were　solid　so　far　as　they　asserted　that　the　exportation　of

gold　and　silver　in　trade　might　frequently　be　advantageous　to　the

country。　They　were　solid；　too；　in　asserting　that　no　prohibition

could　prevent　their　exportation　when　private　people　found　any

advantage　in　exporting　them。　But　they　were　sophistical　in

supposing　that　either　to　preserve　or　to　augment　the　quantity　of

those　metals　required　more　the　attention　of　government　than　to

preserve　or　to　augment　the　quantity　of　any　other　useful

commodities；　which　the　freedom　of　trade；　without　any　such

attention；　never　fails　to　supply　in　the　proper　quantity。　They

were　sophistical　too；　perhaps；　in　asserting　that　the　high　price

of　exchange　necessarily　increased　what　they　called　the

unfavourable　balance　of　trade；　or　occasioned　the　exportation　of　a

greater　quantity　of　gold　and　silver。　That　high　price；　indeed；　was

extremely