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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 send to some distant market in
hopes that the returns will come in before the demand for
payment。 The demand comes before the returns； and they have
nothing at hand with which they can either purchase money； or
give solid security for borrowing。 It is not any scarcity of gold
and silver； but the difficulty which such people find in
borrowing； and which their creditors find in getting payment；
that occasions the general complaint of the scarcity of money。
It would be too ridiculous to go about seriously to prove
that wealth does not consist in money； or in gold and silver； but
in what money purchases； and is valuable only for purchasing。
Money； no doubt； makes always a part of the national capital； but
it has already been shown that it generally makes but a small
part； and always the most unprofitable part of it。
It is not because wealth consists more essentially in money
than in goods that the merchant find it generally more easy to
buy goods with money than to buy money with goods； but because
money is the known and established instrument of commerce； for
which everything is readily given in exchange； but which is not
always with equal readiness to be got in exchange for everything。
The greater part of goods； besides； are more perishable than
money； and he may frequently sustain a much greater loss by
keeping them。 When his goods are upon hand； too； he is more
liable to such demands for money as he may not be able to answer
than when he has got their price in his coffers。 Over and above
all this； his profit arises more directly from selling than from
buying； and he is upon all these accounts generally much more
anxious to exchange his goods for money than his money for goods。
But though a particular merchant； with abundance of goods in his
warehouse； may sometimes be ruined by not being able to sell them
in time； a nation or country is not liable to the same accident。
The whole capital of a merchant frequently consists in perish；
able goods destined for purchasing money。 But it is but a very
small part of the annual produce of the land and labour of a
country which can ever be destined for purchasing gold and silver
from their neighbours。 The far greater part is circulated and
consumed among themselves； and even of the surplus which is sent
abroad； the greater part is generally destined for the purchase
of other foreign goods。 Though gold and silver； therefore； could
not be had in exchange for the goods destined to purchase them；
the nation would not be ruined。 It might； indeed； suffer some
loss and inconveniency； and be forced upon some of those
expedients which are necessary for supplying the place of money。
The annual produce of its land and labour； however； would be the
same； or very nearly the same； as usual； because the same； or
very nearly the same； consumable capital would be employed in
maintaining it。 And though goods do not always draw money so
readily as money draws goods； in the long run they draw it more
necessarily than even it draws them。 Goods can serve many other
purposes besides purchasing money； but money can serve no other
purpose besides purchasing goods。 Money； therefore； necessarily
runs after goods； but goods do not always or necessarily run
after money。 The man who buys does not always mean to sell again；
but frequently to use or to consume； whereas he who sells always
means to buy again。 The one may frequently have done the whole；
but the other can never have done more than the one…half of his
business。 It is not for its own sake that men desire money； but
for the sake of what they can purchase with it。
Consumable commodities； it is said； are soon destroyed；
whereas gold and silver are of a more durable nature； and； were
it not for this continual exportation； might be accumulated for
ages together； to the incredible augmentation of the real wealth
of the country。 Nothing； therefore； it is pretended； can be more
disadvantageous to any country than the trade which consists in
the exchange of such lasting for such perishable commodities。 We
do not； however； reckon that trade disadvantageous which consists
in the exchange of the hardware of England for the wines of
France； and yet hardware is a very durable commodity； and were it
not for this continual exportation might； too； be accumulated for
ages together； to the incredible augmentation of the pots and
pans of the country。 But it readily occurs that the number of
such utensils is in every country necessarily limited by the use
which there is for them； that it would be absurd to have more
pots and pans than were necessary for cooking the victuals
usually consumed there； and that if the quantity of victuals were
to increase； the number of pots and pans would readily increase
along with it； a part of the increased quantity of victuals being
employed in purchasing them； or in maintaining an additional
number of workmen whose business it was to make them。 It should
as readily occur that the quantity of