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something else； which may satisfy a part of their wants； and
increase their enjoyments。 By means of it the narrowness of the
home market does not hinder the division of labour in any
particular branch of art or manufacture from being carried to the
highest perfection。 By opening a more extensive market for
whatever part of the produce of their labour may exceed the home
consumption； it encourages them to improve its productive powers；
and to augment its annual produce to the utmost； and thereby to
increase the real revenue and wealth of the society。 These great
and important services foreign trade is continually occupied in
performing to all the different countries between which it is
carried on。 They all derive great benefit from it； though that in
which the merchant resides generally derives the greatest； as he
is generally more employed in supplying the wants； and carrying
out the superfluities of his own； than of any other particular
country。 To import the gold and silver which may be wanted into
the countries which have no mines is； no doubt； a part of the
business of foreign commerce。 It is； however； a most
insignificant part of it。 A country which carried on foreign
trade merely upon this account could scarce have occasion to
freight a ship in a century。
It is not by the importation of gold and silver that the
discovery of America has enriched Europe。 By the abundance of the
American mines； those metals have become cheaper。 A service of
plate can now be purchased for about a third part of the corn； or
a third part of the labour； which it would have cost in the
fifteenth century。 With the same annual expense of labour and
commodities； Europe can annually purchase about three times the
quantity of plate which it could have purchased at that time。 But
when a commodity comes to be sold for a third part of what had
been its usual price； not only those who purchased it before can
purchase three times their former quantity； but it is brought
down to the level of a much greater number of purchasers； perhaps
to more than ten； perhaps to more than twenty times the former
number。 So that there may be in Europe at present not only more
than three times； but more than twenty or thirty times the
quantity of plate which would have been in it； even in its
present state of improvement； had the discovery of the American
mines never been made。 So far Europe has； no doubt； gained a real
conveniency； though surely a very trifling one。 The cheapness of
gold and silver renders those metals rather less fit for the
purposes of money than they were before。 In order to make the
same purchases； we must load ourselves with a greater quantity of
them； and carry about a shilling in our pocket where a groat
would have done before。 It is difficult to say which is most
trifling； this inconveniency or the opposite conveniency。 Neither
the one nor the other could have made any very essential change
in the state of Europe。 The discovery of America； however；
certainly made a most essential one。 By opening a new and
inexhaustible market to all the commodities of Europe； it gave
occasion to new divisions of labour and improvements of art；
which in the narrow circle of the ancient commerce； could never
have taken place for want of a market to take off the greater
part of their produce。 The productive powers of labour were
improved； and its produce increased in all the different
countries of Europe； and together with it the real revenue and
wealth of the inhabitants。 The commodities of Europe were almost
all new to America； and many of those of America were new to
Europe。 A new set of exchanges； therefore； began to take place
which had never been thought of before； and which should
naturally have proved as advantageous to the new； as it certainly
did to the old continent。 The savage injustice of the Europeans
rendered an event； which ought to have been beneficial to all；
ruinous and destructive to several of those unfortunate
countries。
The discovery of a passage to the East Indies by the Cape of
Good Hope； which happened much about the same time； opened
perhaps a still more extensive range to foreign commerce than
even that of America； notwithstanding the greater distance。 There
were but two nations in America in any respect superior to
savages； and these were destroyed almost as soon as discovered。
The rest were mere savages。 But the empires of China； Indostan；
Japan； as well as several others in the East Indies； without
having richer mines of gold or silver； were in every other
respect much richer； better cultivated； and more advanced in all
arts and manufactures than either Mexico or Peru； even though we
should credit； what plainly deserves no credit； the exaggerated
accounts of the Spanish writers concerning the ancient state of
those empires。 But rich and civilised nations can always exchange
to a much greater value with one another than with savages and
barbarians。 Europe； however； has hitherto derived much less
advantage from its commerce with the East Indies than from that
with America。 The Portuguese monopolized the East India trade to
themselves for about a century； and it was only indirectly and
through them that the other nations of Europe could either send
out or receive any goods from that country。 When the Dutch； in
the beginning of the last century； began to encroach upon them；
they vested their whole East India commerce in an exclusive
company。 The English； French； Swedes； and Danes have all followed
their example； so that no great nation in Europe has ever yet had
the benefit of a free commerce to the East Indies。 No other
reason need be assigned why it has never been so advantageous as
the trade to America； which； between almost every nation of
Europe and its own colonies； is free to all its subjects。 The
exclusive privileges of those East India companies； their great
riches； the great favour and protection which these have procured
them from their respective governments； have excited much envy
against them。 This envy has frequently represented their trade as
altogether pernicious； on account of the great quantities of
silver which it every year exports from the countries from which
it is carried on。 The parties concerned have replied that their
trade； by this continual exportation of silver； might indeed tend
to impoverish Europe in general； but not the particular country
from which it was carried on； because； by the exportation of a
part of the returns to other European countries； it annually
brought home a much greater quantity of that metal than it
carried out。 Both the objection and the reply are founded in the
popular notion which I have been just now examining。 It is
therefore unnecessary to say anything further about either。 By
the annual exportation of silver to the East Indies； plate is
probably somewhat dearer in Europe than it otherwise might have
been； and coined silver probably purchases a larger quantity both
of labour and commodities。 The former of these two effects is a
very small loss； the latter a very small advantage； both too
insignificant to deserve any part of the public attention。 The
trade to the East Indies； by opening a market to the commodities
of Europe； or； what comes nearly to the same thing； to the gold
and silver which is purchased with those commodities； must
necessarily tend to increase the annual production of European
commodities； and consequently the real wealth and revenue of
Europe。 That it has hitherto increased them so little is probably
owing to the restraints which it everywhere labours under。
I thought it necessary； though at the hazard of being
tedious； to examine at full length this popular notion that
wealth consists in money； or in gold and silver。 Money in common
language； as I have already observed； frequently signifies
wealth； and this ambiguity of expression has rendered this
popular notion so familiar to us that even they who are convinced
of its absurdity are very apt to forget their own principles； and
in the course of their reasonings to take it for granted as a
certain and undeniable truth。 Some of the best English writers
upon commerce set out with observing that the wealth of a country
consists； not in its gold and silver only； but in its lands；
houses； and consumable goods of all different kinds。 In the
course of their reasonings； however； the lands； houses； and
consumable goods seem to slip out of their memory； and the strain
of their argument frequently supposes that all wealth consists in
gold and silver； and that to multiply those metals is the great
object of national industry and commerce。
The two principles being established； however； that wealth
consisted in gold and silver； and that those metals could be
brought into a country which had no mines only by the balance of
trade； or by exporting to a greater value than it imported； it
necessarily became the great object of political economy to
diminish as much as possible the importation of foreign goods for
home consumption； and to in