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at all。 And almost the whole expense of the farmer； and the far
greater part even of that of the landlord； is in homemade
commodities。
That degradation in the value of silver which is the effect
of the fertility of the mines； and which operates equally； or
very near equally； through the greater part of the commercial
world； is a matter of very little consequence to any particular
country。 The consequent rise of all money prices； though it does
not make those who receive them really richer； does make them
really poorer。 A service of plate becomes really cheaper； and
everything else remains precisely of the same real value as
before。
But that degradation in the value of silver which； being the
effect either of the peculiar situation or of the political
institutions of a particular country； takes place only in that
country； is a matter of very great consequence； which； far from
tending to make anybody really richer； tends to make everybody
really poorer。 The rise in the money price of all commodities；
which is in this case peculiar to that country； tends to
discourage more or less every sort of industry which is carried
on within it； and to enable foreign nations； by furnishing almost
all sorts of goods for a smaller quantity of silver than its own
workmen can afford to do； to undersell them； not only in the
foreign； but even in the home market。
It is the peculiar situation of Spain and Portugal as
proprietors of the mines to be the distributors of gold and
silver to all the other countries of Europe。 Those metals ought
naturally； therefore； to be somewhat cheaper in Spain and
Portugal than in any other part of Europe。 The difference；
however； should be no more than the amount of the freight and
insurance； and； on account of the great value and small bulk of
those metals； their freight is no great matter； and their
insurance is the same as that of any other goods of equal value。
Spain and Portugal； therefore； could suffer very little from
their peculiar situation； if they did not aggravate its
disadvantages by their political institutions。
Spain by taxing； and Portugal by prohibiting the exportation
of gold and silver； load that exportation with the expense of
smuggling； and raise the value of those metals in other countries
so much more above what it is in their own by the whole amount of
this expense。 When you dam up a stream of water； as soon as the
dam is full as much water must run over the dam…head as if there
was no dam at all。 The prohibition of exportation cannot detain a
greater quantity of gold and silver in Spain and Portugal than
what they can afford to employ； than what the annual produce of
their land and labour will allow them to employ； in coin； plate；
gilding； and other ornaments of gold and silver。 When they have
got this quantity the dam is full； and the whole stream which
flows in afterwards must run over。 The annual exportation of gold
and silver from Spain and Portugal accordingly is； by all
accounts； notwithstanding these restraints； very near equal to
the whole annual importation。 As the water； however； must always
be deeper behind the dam…head than before it； so the quantity of
gold and silver which these restraints detain in Spain and
Portugal must； in proportion to the annual produce of their land
and labour； be greater than what is to be found in other
countries。 The higher and stronger the dam…head； the greater must
be the difference in the depth of water behind and before it。 The
higher the tax； the higher the penalties with which the
prohibition is guarded； the more vigilant and severe the police
which looks after the execution of the law； the greater must be
the difference in the proportion of gold and silver to the annual
produce of the land and labour of Spain and Portugal； and to that
of other countries。 It is said accordingly to be very
considerable； and that you frequently find there a profusion of
plate in houses where there is nothing else which would； in other
countries； be thought suitable or correspondent to this sort of
magnificence。 The cheapness of gold and silver； or what is the
same thing； the dearness of all commodities； which is the
necessary effect of this redundancy of the precious metals；
discourages both the agriculture and manufactures of Spain and
Portugal； and enables foreign nations to supply them with many
sorts of rude； and with almost all sorts of manufactured produce；
for a smaller quantity of gold and silver than what they
themselves can either raise or make them for at home。 The tax and
prohibition operate in two different ways。 They not only lower
very much the value of the precious metals in Spain and Portugal；
but by detaining there a certain quantity of those metals which
would otherwise flow over other countries； they keep up their
value in those other countries somewhat above what it otherwise
would be； and thereby give those countries a double advantage in
their commerce with Spain and Portugal。 Open the flood…gates； and
there will presently be less water above； and more below； the
dam…head； and it will soon come to a level in both places。 Remove
the tax and the prohibition； and as the quantity of gold and
silver will diminish considerably in Spain and Portugal； so it
will increase somewhat in other countries； and the value of those
metals； their proportion to the annual produce of land and
labour； will soon come to a level； or very near to a level； in
all。 The loss which Spain and Portugal could sustain by this
exportation of their gold and silver would be altogether nominal
and imaginary。 The nominal value of their goods； and of the
annual produce of their land and labour； would fall； and would be
expressed or represented by a smaller quantity of silver than
before； but their real value would be the same as before； and
would be sufficient to maintain； command； and employ； the same
quantity of labour。 As the nominal value of their goods would
fall； the real value of what remained of their gold and silver
would rise； and a smaller quantity of those metals would answer
all the same purposes of commerce and circulation which had
employed a greater quantity before。 The gold and silver which
would go abroad would not go abroad for nothing； but would bring
back an equal value of goods of some kind or another。 Those
goods； too； would not be all matters of mere luxury and expense；
to be consumed by idle people who produce nothing in return for
their consumption。 As the real wealth and revenue of idle people
would not be augmented by this extraordinary exportation of gold
and silver； so neither would their consumption be much augmented
by it。 Those goods would； probably； the greater part of them； and
certainly some part of them； consist in materials； tools； and
provisions； for the employment and maintenance of industrious
people； who would reproduce； with a profit； the full value of
their consumption。 A part of the dead stock of the society would
thus be turned into active stock； and would put into motion a
greater quantity of industry than had been employed before。 The
annual produce of their land and labour would immediately be
augmented a little； and in a few years would； probably； be
augmented a great deal； their industry being thus relieved from
one of the most oppressive burdens which it at present labours
under。
The bounty upon the exportation of corn necessarily operates
exactly in the same way as this absurd policy of Spain and
Portugal。 Whatever be the actual state of tillage； it renders our
corn somewhat dearer in the home market than it otherwise would
be in that state； and somewhat cheaper in the foreign； and as the
average money price of corn regulates more or less that of all
other commodities； it lowers the value of silver considerably in
the one； and tends to raise it a little in the other。 It enables
foreigners； the Dutch in particular； not only to eat our corn
cheaper than they otherwise could do； but sometimes to eat it
cheaper than even our own people can do upon the same occasions；
as we are assured by an excellent authority； that of Sir Matthew
Decker。 It hinders our own workmen from furnishing their goods
for so small a quantity of silver as they otherwise might do； and
enables the Dutch to furnish theirs for a smaller。 It tends to
render our manufactures somewhat dearer in every market； and
theirs somewhat cheaper than they otherwise would be； and
consequently to give their industry a double advantage over our
own。
The bounty； as it raises in the home market not so much the
real as the nominal price of our corn； as it augments； not the
quantity of labour which a certain quantity of corn can maintain
and employ but only the quantity of silver which it will exchange
for； it discourages our manufactures； without rendering any
considerable service either to our farmers or country gentlemen。
It puts； indeed； a little more money into the pockets of both；
and it will perhaps be somewhat difficult to persuade the greater
part of them that this i