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

extremely　disadvantageous　to　the　merchants　who　had　any　money　to

pay　in　foreign　countries。　They　paid　so　much　dearer　for　the　bills

which　their　bankers　granted　them　upon　those　countries。　But　though

the　risk　arising　from　the　prohibition　might　occasion　some

extraordinary　expense　to　the　bankers；　it　would　not　necessarily

carry　any　more　money　out　of　the　country。　This　expense　would

generally　be　all　laid　out　in　the　country；　in　smuggling　the　money

out　of　it；　and　could　seldom　occasion　the　exportation　of　a　single

sixpence　beyond　the　precise　sum　drawn　for。　The　high　price　of

exchange　too　would　naturally　dispose　the　merchants　to　endeavour

to　make　their　exports　nearly　balance　their　imports；　in　order　that

they　might　have　this　high　exchange　to　pay　upon　as　small　a　sum　as

possible。　The　high　price　of　exchange；　besides；　must　necessarily

have　operated　as　a　tax；　in　raising　the　price　of　foreign　goods；

and　thereby　diminishing　their　consumption。　It　would　tend；

therefore；　not　to　increase　but　to　diminish　what　they　called　the

unfavourable　balance　of　trade；　and　consequently　the　exportation

of　gold　and　silver。

　　　　　Such　as　they　were；　however；　those　arguments　convinced　the

people　to　whom　they　were　addressed。　They　were　addressed　by

merchants　to　parliaments　and　to　the　councils　of　princes；　to

nobles　and　to　country　gentlemen；　by　those　who　were　supposed　to

understand　trade　to　those　who　were　conscious　to　themselves　that

they　knew　nothing　about　the　matter。　That　foreign　trade　enriched

the　country；　experience　demonstrated　to　the　nobles　and　country

gentlemen　as　well　as　to　the　merchants；　but　how；　or　in　what

manner；　none　of　them　well　knew。　The　merchants　knew　perfectly　in

what　manner　it　enriched　themselves。　It　was　their　business　to　know

it。　But　to　know　in　what　manner　it　enriched　the　country　was　no

part　of　their　business。　This　subject　never　came　into　their

consideration　but　when　they　had　occasion　to　apply　to　their

country　for　some　change　in　the　laws　relating　to　foreign　trade。　It

then　became　necessary　to　say　something　about　the　beneficial

effects　of　foreign　trade；　and　the　manner　in　which　those　effects

were　obstructed　by　the　laws　as　they　then　stood。　To　the　judges　who

were　to　decide　the　business　it　appeared　a　most　satisfactory

account　of　the　matter；　when　they　were　told　that　foreign　trade

brought　money　into　the　country；　but　that　the　laws　in　question

hindered　it　from　bringing　so　much　as　it　otherwise　would　do。　Those

arguments　therefore　produced　the　wished…for　effect。　The

prohibition　of　exporting　gold　and　silver　was　in　France　and

England　confined　to　the　coin　of　those　respective　countries。　The

exportation　of　foreign　coin　and　of　bullion　was　made　free。　In

Holland；　and　in　some　other　places；　this　liberty　was　extended　even

to　the　coin　of　the　country。　The　attention　of　government　was

turned　away　from　guarding　against　the　exportation　of　gold　and

silver　to　watch　over　the　balance　of　trade　as　the　only　cause　which

could　occasion　any　augmentation　or　diminution　of　those　metals。

From　one　fruitless　care　it　was　turned　away　to　another　care　much

more　intricate；　much　more　embarrassing；　and　just　equally

fruitless。　The　title　of　Mun's　book；　England's　Treasure　in　Foreign

Trade；　became　a　fundamental　maxim　in　the　political　economy；　not

of　England　only；　but　of　all　other　commercial　countries。　The

inland　or　home　trade；　the　most　important　of　all；　the　trade　in

which　an　equal　capital　affords　the　greatest　revenue；　and　creates

the　greatest　employment　to　the　people　of　the　country；　was

considered　as　subsidiary　only　to　foreign　trade。　It　neither

brought　money　into　the　country；　it　was　said；　nor　carried　any　out

of　it。　The　country；　therefore；　could　never　become　either　richer

or　poorer　by　means　of　it；　except　so　far　as　its　prosperity　or

decay　might　indirectly　influence　the　state　of　foreign　trade。

　　　　　A　country　that　has　no　mines　of　its　own　must　undoubtedly　draw

its　gold　and　silver　from　foreign　countries　in　the　same　manner　as

one　that　has　no　vineyards　of　its　own　must　draw　its　wines。　It　does

not　seem　necessary；　however；　that　the　attention　of　government

should　be　more　turned　towards　the　one　than　towards　the　other

object。　A　country　that　has　wherewithal　to　buy　wine　will　always

get　the　wine　which　it　has　occasion　for；　and　a　country　that　has

wherewithal　to　buy　gold　and　silver　will　never　be　in　want　of　those

metals。　They　are　to　be　bought　for　a　certain　price　like　all　other

commodities；　and　as　they　are　the　price　of　all　other　commodities；

so　all　other　commodities　are　the　price　of　those　metals。　We　trust

with　perfect　security　that　the　freedom　of　trade；　without　any

attention　of　government；　will　always　supply　us　with　the　wine

which　we　have　occasion　for：　and　we　may　trust　with　equal　security

that　it　will　always　supply　us　with　all　the　gold　and　silver　which

we　can　afford　to　purchase　or　to　employ；　either　in　circulating　our

commodities；　or　in　other　uses。

　　　　　The　quantity　of　every　commodity　which　human　industry　can

either　purchase　or　produce　naturally　regulates　itself　in　every

country　according　to　the　effectual　demand；　or　according　to　the

demand　of　those　who　are　willing　to　pay　the　whole　rent；　labour；

and　profits　which　must　be　paid　in　order　to　prepare　and　bring　it

to　market。　But　no　commodities　regulate　themselves　more　easily　or

more　exactly　according　to　this　effectual　demand　than　gold　and

silver；　because；　on　account　of　the　small　bulk　and　great　value　of

those　metals；　no　commodities　can　be　more　easily　transported　from

one　place　to　another；　from　the　places　where　they　are　cheap　to

those　where　they　are　dear；　from　the　places　where　they　exceed　to

those　where　they　fall　short　of　this　effectual　demand。　If　there

were　in　England；　for　example；　an　effectual　demand　for　an

additional　quantity　of　gold；　a　packet…boat　could　bring　from

Lisbon；　or　from　wherever　else　it　was　to　be　had；　fifty　tons　of

gold；　which　could　be　coined　into　more　than　five　millions　of

guineas。　But　if　there　were　an　effectual　demand　for　grain　to　the

same　value；　to　import　it　would　require；　at　five　guineas　a　ton；　a

million　of　tons　of　shipping；　or　a　thousand　ships　of　a　thousand

tons　each。　The　navy　of　England　would　not　be　sufficient。

　　　　　When　the　quantity　of　gold　and　silver　imported　into　any

country　exceeds　the　effectual　demand；　no　vigilance　of　government

can　prevent　their　exportation。　All　the　sanguinary　laws　of　Spain

and　Portugal　are　not　able　to　keep　their　gold　and　silver　at　home。

The　continual　importations　from　Peru　and　Brazil　exceed　the

effectual　demand　of　those　countries；　and　sink　the　price　of　those

metals　there　below　that　in　the　neighbouring　countries。　If；　on　the

contrary；　in　any　particular　country　their　quantity　fell　short　of

the　effectual　demand；　so　as　to　raise　their　price　above　that　of

the　neighbouring　countries；　the　government　would　have　no　occasion

to　take　any　pains　to　import　them。　If　it　were　even　to　take　pains

to　prevent　their　importation；　it　would　not　be　able　to　effectuate

it。　Those　metals；　when　the　Spartans　had　got　wherewithal　to

purchase　them；　broke　through　all　the　barriers　which　the　laws　of

Lycurgus　opposed　to　their　entrance　into　Lacedemon。　All　the

sanguinary　laws　of　the　customs　are　not　able　to　prevent　the

importation　of　the　teas　of　the　Dutch　and　Gottenburgh　East　India

Companies；　because　somewhat　cheaper　than　those　of　the　British

company。　A　pound　of　tea；　however；　is　about　a　hundred　times　the

bulk　of　one　of　the　highest　prices；　sixteen　shillings；　that　is

commonly　paid　for　it　in　silver；　and　more　than　two　thousand　times

the　bulk　of　the　same　price　in　gold；　and　consequently　just　so　many

times　more　difficult　to　smuggle。

　　　　　It　is　partly　owing　to　the　easy　transportation　of　gold　and

silver　from　the　places　where　they　abound　to　those　where　they　are

wanted　that　the　price　of　those　metals　does　not　fluctuate

continually　like　that　of　the　greater　part　of　other　commodities；

which　are　hindered　by　their　bulk　from　shifting　their　situation

when　the　market　happens　to　be　either　over　or　under…stocked　with

them。　The。　price　of　those　metals；　indeed；　is　not　altogether

exempted　from　variation；　but　the　changes　to　which　it　is　liable

are　generally　slow；　gradual　and　uniform。　In　Europe；　for　example；

it　is　supposed；　without　much　foundation；　perhaps；　that　during　the

course　of　the　present　and　preceding　century　they　have　been

constantly；　but　gradually；　sinking　in　their　value；　on　account　of

the　continual　importations　from　the　Spanish　West　Indies。　But　to

make　any　sudden　change　in　the　price　of　gold　and　silver；　so　as　to

raise　or　lower　at　once；　sensibly　and　remarkably；　the　money　price

of　all　other　commodities；　requires　such　a　revolution　in　commerce

as　that　occasioned　by　the　discovery　of　America。

　　　　　If；　notwithstanding　all　this；　gold　and　silver　should　at　any

time　fall　short　in　a　country　which　has　wherewithal　to　purchase

them；　there　are　more　expedients　for　supplying　their　place　than

that　of　almost　any　other　commodity。　If　the　materials　of

manufacture　are　wanted；　industry　must　stop。　If　provisions　are

wanted；　the　people　must　starve。　But　if　money　is　wanted；　barter

will　supply　its　place；　though　with　a　good　deal　of　inconveniency。

Buying　and　selling　upon　credit；　and　the　different　dealers

compensating　their　credits　with　one　another；　once　a　month　or　once

a　year；　will　supply　it　with　less　inconveniency。　A　well…regulated

paper　money　will　supply　it；　not　only　without　any　inconveniency；

but；　in　some　cases；　with　some　advantages。　Upon　every　account；

therefore；　the　attention　of　government　never　was　so　unnecessarily

employed　as　when　directed　to　watch　over　the　preservation　or

increase　of　the　quantity　of　money　in　any　country。

　　　　　No　complaint；　however；　is　more　common　than　that　of　a

scarcity　of　money。　Money；　like　wine；　must　always　be　scarce　with

those　who　have　neither　wherewithal　to　buy　it　nor　credit　to　borrow

it。　Those　who　have　either　will　seldom　be　in　want　either　of　the

money　or　of　the　wine　which　they　have　occasion　for。　This

complaint；　however；　of　the　scarcity　of　money　is　not　always

confined　to　improvident　spendthrifts。　It　is　sometimes　general

through　a　whole　mercantile　town　and　the　country　in　its

neighbourhood。　Overtrading　is　the　common　cause　of　it。　Sober　men；

whose　projects　have　been　disproportioned　to　their　capitals；　are

as　likely　to　have　neither　wherewithal　to　buy　money　nor　credit　to

borrow　it；　as　prodigals　whose　expense　has　been　disproportioned　to

their　revenue。　Before　their　projects　can　be　brought　to　bear；

their　stock　is　gone；　and　their　credit　with　it。　They　run　about

everywhere　to　borrow　money；　and　everybody　tells　them　that　they

have　none　to　lend。　Even　such　general　complaints　of　the　scarcity

of　money　do　not　always　prove　that　the　usual　number　of　gold　and

silver　pieces　are　not　circulating　in　the　country；　but　that　many

people　want　those　pieces　who　have　nothing　to　give　for　them。　When

the　profits　of　trade　happen　to　be　greater　than　ordinary；

overtrading　becomes　a　general　error　both　among　great　and　small

dealers。　They　do　not　always　send　more　money　abroad　than　usual；

but　they　buy　upon　credit；　both　at　home　and　abroad；　an　unusual

quantity　of　goods；　which　they