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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