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number of workmen whose business it was to make them。 It should
as readily occur that the quantity of gold and silver is in every
country limited by the use which there is for those metals； that
their use consists in circulating commodities as coin； and in
affording a species of household furniture as plate； that the
quantity of coin in every country is regulated by the value of
the commodities which are to be circulated by it： increase that
value； and immediately a part of it will be sent abroad to
purchase； wherever it is to be had； the additional quantity of
coin requisite for circulating them： that the quantity of plate
is regulated by the number and wealth of those private families
who choose to indulge themselves in that sort of magnificence：
increase the number and wealth of such families； and a part of
this increased wealth will most probably be employed in
purchasing； wherever it is to be found； an additional quantity of
plate： that to attempt to increase the wealth of any country；
either by introducing or by detaining in it an unnecessary
quantity of gold and silver； is as absurd as it would be to
attempt to increase the good cheer of private families by
obliging them to keep an unnecessary number of kitchen utensils。
As the expense of purchasing those unnecessary utensils would
diminish instead of increasing either the quantity of goodness of
the family provisions； so the expense of purchasing an
unnecessary quantity of gold and silver must； in every country；
as necessarily diminish the wealth which feeds； clothes； and
lodges； which maintains and employs the people。 Gold and silver；
whether in the shape of coin or of plate； are utensils； it must
be remembered； as much as the furniture of the kitchen。 Increase
the use for them； increase the consumable commodities which are
to be circulated； managed； and prepared by means of them； and you
will infallibly increase the quantity； but if you attempt； by
extraordinary means； to increase the quantity； you will as
infallibly diminish the use and even the quantity too； which in
those metals can never be greater than what the use requires。
Were they ever to be accumulated beyond this quantity； their
transportation is so easy； and the loss which attends their lying
idle and unemployed so great； that no law could prevent their
being immediately sent out of the country。
It is not always necessary to accumulate gold and silver in
order to enable a country to carry on foreign wars； and to
maintain fleets and armies in distant countries。 Fleets and
armies are maintained； not with gold and silver； but with
consumable goods。 The nation which； from the annual produce of
its domestic industry； from the annual revenue arising out of its
lands； labour； and consumable stock； has wherewithal to purchase
those consumable goods in distant countries； can maintain foreign
wars there。
A nation may purchase the pay and provisions of an army in a
distant country three different ways： by sending abroad either；
first； some part of its accumulated gold and silver； or；
secondly； some part of the annual produce of its manufactures；
or； last of all； some part of its annual rude produce。
The gold and silver which can properly be considered as
accumulated or stored up in any country may be distinguished into
three parts： first； the circulating money； secondly； the plate of
private families； and； last of all； the money which may have been
collected by many years' parsimony； and laid up in the treasury
of the prince。
It can seldom happen that much can be spared from the
circulating money of the country； because in that there can
seldom be much redundancy。 The value of goods annually bought and
sold in any country requires a certain quantity of money to
circulate and distribute them to their proper consumers； and can
give employment to no more。 The channel of circulation
necessarily draws to itself a sum sufficient to fill it； and
never admits any more。 Something； however； is generally withdrawn
from this channel in the case of foreign war。 By the great number
of people who are maintained abroad； fewer are maintained at
home。 Fewer goods are circulated there； and less money becomes
necessary to circulate them。 An extraordinary quantity of paper
money； of some sort or other； such as exchequer notes； navy
bills； and bank bills in England； is generally issued upon such
occasions； and by supplying the place of circulating gold and
silver； gives an opportunity of sending a greater quantity of it
abroad。 All this； however； could afford but a poor resource for
maintaining a foreign war of great expense and several years
duration。
The melting down the plate of private families has upon
every occasion been found a still more insignificant one。 The
French； in the beginning of the last war； did not derive so much
advantage from this expedient as to compensate the loss of the
fashion。
The accumulated treasures of the prince have； in former
times； afforded a much greater and more lasting resource。 In the
present times； if you except the king of Prussia； to accumulate
treasure seems to be no part of the policy of European princes。
The funds which maintained the foreign wars of the present
century； the most expensive perhaps which history records； seem
to have had little dependency upon the exportation either of the
circulating money； or of the plate of private families； or of the
treasure of the prince。 The last French war cost Great Britain
upwards of ninety millions； including not only the seventy…five
millions of new debt that was contracted； but the additional two
shillings in the pound land…tax； and what was annually borrowed
of the sinking fund。 More than two…thirds of this expense were
laid out in distant countries； in Germany； Portugal； America； in
the ports of the Mediterranean； in the East and West Indies。 The
kings of England had no accumulated treasure。 We never heard of
any extraordinary quantity of plate being melted down。 The
circulating gold and silver of the country had not been supposed
to exceed eighteen millions。 Since the late recoinage of the
gold； however； it is believed to have been a good deal
under…rated。 Let us suppose； therefore； according to the most
exaggerated computation which I remember to have either seen or
heard of； that； gold and silver together； it amounted to thirty
millions。 Had the war been carried on by means of our money； the
whole of it must； even according to this computation； have been
sent out and returned again at least twice in a period of between
six and seven years。 Should this be supposed； it would afford the
most decisive argument to demonstrate how unnecessary it is for
government to watch over the preservation of money； since upon
this supposition the whole money of the country must have gone
from it and returned to it again； two different times in so short
a period； without anybody's knowing anything of the matter。 The
channel of circulation； however； never appeared more empty than
usual during any part of this period。 Few people wanted money who
had wherewithal to pay for it。 The profits of foreign trade；
indeed； were greater than usual during the whole war； but
especially towards the end of it。 This occasioned； what it always
occasions； a general overtrading in all the parts of Great
Britain； and this again occasioned the usual complaint of the
scarcity of money； which always follows overtrading。 Many people
wanted it； who had neither wherewithal to buy it； nor credit to
borrow it； and because the debtors found it difficult to borrow；
the creditors found it difficult to get payment。 Gold and silver；
however； were generally to be had for their value； by those who
had that value to give for them。
The enormous expense of the late war； therefore； must have
been chiefly defrayed； not by the exportation of gold and silver；
but by that of British commodities of some kind or other。 When
the government； or those who acted under them； contracted with a
merchant for a remittance to some foreign country； he would
naturally endeavour to pay his foreign correspondent； upon whom
he had granted a bill； by sending abroad rather commodities than
gold and silver。 If the commodities of Great Britain were not in
demand in that country； he would endeavour to send them to some
other country； in which he could purchase a bill upon that
country。 The transportation of commodities； when properly suited
to the market； is always attended with a considerable profit；
whereas that of gold and silver is scarce ever attended with any。
When those metals are sent abroad in order to purchase foreign
commodities； the merchant's profit arises； not from the purchase；
but from the sale of the returns。 But when they are sent abroad
merely to pay a debt； he gets no returns； and consequently no
profit。 He naturally； therefore； exerts his invention to find out
a way of paying his foreign debts rather by the exportation of
commodities than by that of gold and silver。 The great quantity
of Briti