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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 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 the