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a way of paying his foreign debts rather by the exportation of
commodities than by that of gold and silver。 The great quantity
of British goods exported during the course of the late war；
without bringing back any returns； is accordingly remarked by the
author of The Present State of the Nation。
Besides the three sorts of gold and silver above mentioned；
there is in all great commercial countries a good deal of bullion
alternately imported and exported for the purposes of foreign
trade。 This bullion； as it circulates among different commercial
countries in the same manner as the national coin circulates in
every particular country； may be considered as the money of the
great mercantile republic。 The national coin receives its
movement and direction from the commodities circulated within the
precincts of each particular country： the money of the mercantile
republic； from those circulated between different countries。 Both
are employed in facilitating exchanges； the one between different
individuals of the same； the other between those of different
nations。 Part of this money of the great mercantile republic may
have been； and probably was； employed in carrying on the late
war。 In time of a general war； it is natural to suppose that a
movement and direction should be impressed upon it； different
from what it usually follows in profound peace； that it should
circulate more about the seat of the war； and be more employed in
purchasing there； and in the neighbouring countries； the pay and
provisions of the different armies。 But whatever part of this
money of the mercantile republic Great Britain may have annually
employed in this manner； it must have been annually purchased；
either with British commodities； or with something else that had
been purchased with them； which still brings us back to
commodities； to the annual produce of the land and labour of the
country； as the ultimate resources which enabled us to carry on
the war。 It is natural indeed to suppose that so great an annual
expense must have been defrayed from a great annual produce。 The
expense of 1761； for example； amounted to more than nineteen
millions。 No accumulation could have supported so great an annual
profusion。 There is no annual produce even of gold and silver
which could have supported it。 The whole gold and silver annually
imported into both Spain and Portugal； according to the best
accounts； does not commonly much exceed six millions sterling；
which； in some years； would scarce have paid four month's expense
of the late war。
The commodities most proper for being transported to distant
countries； in order to purchase there either the pay and
provisions of an army； or some part of the money of the
mercantile republic to be employed in purchasing them； seem to be
the finer and more improved manufactures； such as contain a great
value in a small bulk； and can； therefore； be exported to a great
distance at little expense。 A country whose industry produces a
great annual surplus of such manufactures； which are usually
exported to foreign countries； may carry on for many years a very
expensive foreign war without either exporting any considerable
quantity of gold and silver； or even having any such quantity to
export。 A considerable part of the annual surplus of its
manufactures must； indeed； in this case be exported without
bringing back any returns to the country； though it does to the
merchant； the government purchasing of the merchant his bills
upon foreign countries； in order to purchase there the pay and
provisions of an army。 Some part of this surplus； however； may
still continue to bring back a return。 The manufacturers； during
the war； will have a double demand upon them； and be called upon；
first； to work up goods to be sent abroad； for paying the bills
drawn upon foreign countries for the pay and provisions of the
army； and； secondly； to work up such as are necessary for
purchasing the common returns that had usually been consumed in
the country。 In the midst of the most destructive foreign war；
therefore； the greater part of manufactures may frequently
flourish greatly； and； on the contrary； they may decline on the
return of the peace。 They may flourish amidst the ruin of their
country； and begin to decay upon the return of its prosperity。
The different state of many different branches of the British
manufactures during the late war； and for some time after the
peace； may serve as an illustration of what has been just now
said。
No foreign war of great expense or duration could
conveniently be carried on by the exportation of the rude produce
of the soil。 The expense of sending such a quantity of it to a
foreign country as might purchase the pay and provisions of an
army would be too great。 Few countries produce much more rude
produce than what is sufficient for the subsistence of their own
inhabitants。 To send abroad any great quantity of it； therefore；
would be to send abroad a part of the necessary subsistence of
the people。 It is otherwise with the exportation of manufactures。
The maintenance of the people employed in them is kept at home；
and only the surplus part of their work is exported。 Mr。 Hume
frequently takes notice of the inability of the ancient kings of
England to carry on； without interruption； any foreign war of
long duration。 The English； in those days； had nothing
wherewithal to purchase the pay and provisions of their armies in
foreign countries； but either the rude produce of the soil； of
which no considerable part could be spared from the home
consumption； or a few manufactures of the coarsest kind； of
which； as well as of the rude produce； the transportation was too
expensive。 This inability did not arise from the want of money；
but of the finer and more improved manufactures。 Buying and
selling was transacted by means of money in England then as well
as now。 The quantity of circulating money must have borne the
same proportion to the number and value of purchases and sales
usually transacted at that time； which it does to those
transacted at present； or rather it must have borne a greater
proportion； because there was then no paper； which now occupies a
great part of the employment of gold and silver。 Among nations to
whom commerce and manufactures are little known； the sovereign；
upon extraordinary occasions； can seldom draw any considerable
aid from his subjects； for reasons which shall be explained
hereafter。 It is in such countries； therefore； that he generally
endeavours to accumulate a treasure； as the only resource against
such emergencies。 Independent of this necessity； he is in such a
situation naturally disposed to the parsimony requisite for
accumulation。 In that simple state； the expense even of a
sovereign is not directed by the vanity which delights in the
gaudy finery of a court； but is employed in bounty to his
tenants； and hospitality to his retainers。 But bounty and
hospitality very seldom lead to extravagance； though vanity
almost always does。 Every Tartar chief； accordingly； has a
treasure。 The treasures of Mazepa； chief of the Cossacs in the
Ukraine； the famous ally of Charles the XII； are said to have
been very great。 The French kings of the Merovingian race all had
treasures。 When they divided their kingdom among their different
children； they divided their treasure too。 The Saxon princes； and
the first kings after the Conquest； seem likewise to have
accumulated treasures。 The first exploit of every new reign was
commonly to seize the treasure of the preceding king； as the most
essential measure for securing the succession。 The sovereigns of
improved and commercial countries are not under the same
necessity of accumulating treasures； because they can generally
draw from their subjects extraordinary aids upon extraordinary
occasions。 They are likewise less disposed to do so。 They
naturally； perhaps necessarily； follow the mode of the times； and
their expense comes to be regulated by the same extravagant
vanity which directs that of all the other great proprietors in
their dominions。 The insignificant pageantry of their court
becomes every day more brilliant； and the expense of it not only
prevents accumulation； but frequently encroaches upon the funds
destined for more necessary expenses。 What Dercyllidas said of
the court of Persia may be applied to that of several European
princes； that he saw there much splendour but little strength；
and many servants but few soldiers。
The importation of gold and silver is not the principal；
much less the sole benefit which a nation derives from its
foreign trade。 Between whatever places foreign trade is carried
on； they all of them derive two distinct benefits from it。 It
carries out that surplus part of the produce of their land and
labour for which there is no demand among them； and brings back
in return for it something else for which there is a demand。 It
gives a value to their superfluities； by exchanging them for
something else； which may satisfy a part of their wants； and