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only company which sends any considerable quantity of bullion to
the mint； and the burden of the annual coinage falls entirely； or
almost entirely； upon it。 If this annual coinage had nothing to
do but to repair the unavoidable losses and necessary wear and
tear of the coin； it could seldom exceed fifty thousand or at
most a hundred thousand pounds。 But when the coin is degraded
below its standard weight； the annual coinage must； besides this；
fill up the large vacuities which exportation and the melting pot
are continually making in the current coin。 It was upon this
account that during the ten or twelve years immediately preceding
the late reformation of the gold coin； the annual coinage
amounted at an average to more than eight hundred and fifty
thousand pounds。 But if there had been a seignorage of four or
five per cent upon the gold coin； it would probably； even in the
state in which things then were； have put an effectual stop to
the business both of exportation and of the melting pot。 The
bank； instead of losing every year about two and a half per cent
upon the bullion which was to be coined into more than eight
hundred and fifty thousand pounds； or incurring an annual loss of
more than twenty…one thousand two hundred and fifty pounds； would
not probably have incurred the tenth part of that loss。
The revenue allotted by Parliament for defraying the expense
of the coinage is but fourteen thousand pounds a year； and the
real expense which it costs the government； or the fees of the
officers of the mint； do not upon ordinary occasions； I am
assured； exceed the half of that sum。 The saving of so very small
a sum； or even the gaining of another which could not well be
much larger； are objects too inconsiderable； it may be thought；
to deserve the serious attention of government。 But the saving of
eighteen or twenty thousand pounds a year in case of an event
which is not improbable； which has frequently happened before；
and which is very likely to happen again； is surely an object
which well deserves the serious attention even of so great a
company as the Bank of England。
Some of the foregoing reasonings and observations might
perhaps have been more properly placed in those chapters of the
first book which treat of the origin and use of money； and of the
difference between the real and the nominal price of commodities。
But as the law for the encouragement of coinage derives its
origin from those vulgar prejudices which have been introduced by
the mercantile system； I judged it more proper to reserve them
for this chapter。 Nothing could be more agreeable to the spirit
of that system than a sort of bounty upon the production of
money； the very thing which； it supposes； constitutes the wealth
of every nation。 It is one of its many admirable expedients for
enriching the country。
CHAPTER VII
Of Colonies
PART 1
Of the Motives for establishing new Colonies
THE interest which occasioned the first settlement of the
different European colonies in America and the West Indies was
not altogether so plain and distinct as that which directed the
establishment of those of ancient Greece and Rome。
All the different states of ancient Greece possessed； each
of them； but a very small territory； and when the people in any
one of them multiplied beyond what that territory could easily
maintain； a part of them were sent in quest of a new habitation
in some remote and distant part of the world； the warlike
neighbours who surrounded them on all sides； rendering it
difficult for any of them to enlarge very much its territory at
home。 The colonies of the Dorians resorted chiefly to Italy and
Sicily； which； in the times preceding the foundation of Rome；
were inhabited by barbarous and uncivilised nations： those of the
Ionians and Aeolians； the two other great tribes of the Greeks；
to Asia Minor and the islands of the Aegean Sea； of which the
inhabitants seem at that time to have been pretty much in the
same state as those of Sicily and Italy。 The mother city； though
she considered the colony as a child； at all times entitled to
great favour and assistance； and owing in return much gratitude
and respect； yet considered it as an emancipated child over whom
she pretended to claim no direct authority or jurisdiction。 The
colony settled its own form of government； enacted its own laws；
elected its own magistrates； and made peace or war with its
neighbours as an independent state； which had no occasion to wait
for the approbation or consent of the mother city。 Nothing can be
more plain and distinct than the interest which directed every
such establishment。
Rome； like most of the other ancient republics； was
originally founded upon an Agrarian law which divided the public
territory in a certain proportion among the different citizens
who composed the state。 The course of human affairs by marriage；
by succession； and by alienation； necessarily deranged this
original division； and frequently threw the lands； which had been
allotted for the maintenance of many different families； into the
possession of a single person。 To remedy this disorder； for such
it was supposed to be； a law was made restricting the quantity of
land which any citizen could possess to five hundred jugera；
about three hundred and fifty English acres。 This law； however；
though we read of its having been executed upon one or two
occasions； was either neglected or evaded； and the inequality of
fortunes went on continually increasing。 The greater part of the
citizens had no land； and without it the manners and customs of
those times rendered it difficult for a freeman to maintain his
independency。 In the present time； though a poor man has no land
of his own； if he has a little stock he may either farm the lands
of another； or he may carry on some little retail trade； and if
he has no stock； he may find employment either as a country
labourer or as an artificer。 But among the ancient Romans the
lands of the rich were all cultivated by slaves； who wrought
under an overseer who was likewise a slave； so that a poor
freeman had little chance of being employed either as a farmer or
as a labourer。 All trades and manufactures too； even the retail
trade； were carried on by the slaves of the rich for the benefit
of their masters； whose wealth； authority； and protection made it
difficult for a poor freeman to maintain the competition against
them。 The citizens； therefore； who had no land； had scarce any
other means of subsistence but the bounties of the candidates at
the annual elections。 The tribunes； when they had a mind to
animate the people against the rich and the great； put them in
mind of the ancient division of lands； and represented that law
which restricted this sort of private property as the fundamental
law of the republic。 The people became clamorous to get land； and
the rich and the great； we may believe； were perfectly determined
not to give them any part of theirs。 To satisfy them in some
measure therefore； they frequently proposed to send out a new
colony。 But conquering Rome was； even upon such occasions； under
no necessity of turning out her citizens to seek their fortune；
if one may say so； through the wide world； without knowing where
they were to settle。 She assigned them lands generally in the
conquered provinces of Italy； where； being within the dominions
of the republic； they could never form an independent state； but
were at best but a sort of corporation； which； though it had the
power of enacting bye…laws for its own government； was at all
times subject to the correction； jurisdiction； and legislative
authority of the mother city。 The sending out a colony of this
kind not only gave some satisfaction to the people； but often
established a sort of garrison； too； in a newly conquered
province； of which the obedience might otherwise have been
doubtful。 A Roman colony therefore； whether we consider the
nature of the establishment itself or the motives for making it；
was altogether different from a Greek one。 The words accordingly；
which in the original languages denote those different
establishments； have very different meanings。 The Latin word
（Colonia） signifies simply a plantation。 The Greek word apoikia；
on the contrary； signifies a separation of dwelling； a departure
from home； a going out of the house。 But； though the Roman
colonies were in many respects different from the Greek ones； the
interest which prompted to establish them was equally plain and
distinct。 Both institutions derived their origin either from
irresistible necessity； or from clear and evident utility。
The establishment of the European colonies in America and
the West Indies arose from no necessity： and though the utility
which has resulted from them has been very great； it is not
altogether so clear and evident。 It was not understood at their
first establishment； and was not the motive either of that
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