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etals or money which are the sign of property are not all in trade at the same time； the price is fixed in the compound ratio of the total of things with the total of signs； and that of the total of things in trade with the total of signs in trade also； and as the things which are not in trade to…day may be in trade to…morrow； and the signs not now in trade may enter into trade at the same time； the establishment of the price of things fundamentally depends on the proportion of the total of things to the total of signs。
Thus the prince or the magistrate can no more ascertain the value of merchandise than he can establish by a decree that the relation 1 has to 10 is equal to that of 1 to 20。 Julian's lowering the price of provisions at Antioch was the cause of a most terrible famine。＇11＇
8。 The same Subject continued。 The Negroes on the coast of Africa have a sign of value without money。 It is a sign merely ideal； founded on the degree of esteem which they fix in their minds for all merchandise； in proportion to the need they have of it。 A certain commodity or merchandise is worth three ma…coutes； another； six macoutes； another； ten macoutes； that is； as if they said simply three； six； and ten。 The price is formed by a comparison of all merchandise with each other。 They have therefore no particular money； but each kind of merchandise is money to the other。
Let us for a moment transfer to ourselves this manner of valuing things； and join it with ours： all the merchandise and goods in the world； or else all the merchandise or manufactures of a state； particularly considered as separate from all others； would be worth a certain number of macoutes； and； dividing the money of this state into as many parts as there are macoutes； one part of this division of money will be the sign of a macoute。
If we suppose the quantity of specie in a state doubled； it will be necessary to double the specie in the macoute； but if in doubling the specie you double also the macoute； the proportion will remain the same as before the doubling of either。
If； since the discovery of the Indies； gold and silver have increased in Europe in the proportion of 1 to 20； the price of provisions and merchandise must have been enhanced in the proportion of 1 to 20。 But if； on the other hand； the quantity of merchandise has increased as 1 to 2 it necessarily follows that the price of this merchandise and provisions； having been raised in proportion of 1 to 20； and fallen in proportion of 1 to 2 it necessarily follows； I say； that the proportion is only as 1 to 10。
The quantity of goods and merchandise increases by an augmentation of commerce； the augmentation of commerce by an augmentation of the specie which successively arrives； and by new communications with freshly…discovered countries and seas； which furnish us with new commodities and new merchandise。
9。 Of the relative Scarcity of Gold and Silver。 Besides the positive plenty and scarcity of gold and silver； there is still a relative abundance and a relative scarcity of one of these metals compared with the other。
The avaricious hoard up their gold and silver； for as they do not care to spend； they are fond of signs that are not subject to decay。 They prefer gold to silver； because as they are always afraid of losing； they can best conceal that which takes up the least room。 Gold therefore disappears when there is plenty of silver； by reason that every one has some to conceal； it appears again when silver is scarce； because they are obliged to draw it from its confinement。
It is then a rule that gold is common when silver is scarce； and gold is scarce when silver is common。 This lets us see the difference between their relative and their real abundance and scarcity； of which I shall presently speak more at large。
10。 Of Exchange。 The relative abundance and scarcity of specie in different countries forms what is called the course of exchange。
Exchange is a fixing of the actual and momentary value of money。
Silver as a metal has value like all other merchandise； and an additional value as it is capable of becoming the sign of other merchandise。 If it were no more than mere merchandise； it would lose much of its value。
Silver； as money； has a value； which the prince in some respects can fix； and in others cannot。
1。 The prince establishes a proportion between a quantity of silver as metal； and the same quantity as money； 2。 He fixes the proportion between the several metals made use of as money。 3。 He establishes the weight and standard of every piece of money。 In fine； 4； he gives to every piece that ideal value of which I have spoken。 I shall call the value of money in these four respects its positive value； because it may be fixed by law。
The coin of every state has； besides this； a relative value； as it is compared with the money of other countries。 This relative value is established by the exchange； and greatly depends on its positive value。 It is fixed by the general opinion of the merchants； never by the decrees of the prince； because it is subject to incessant variations； and depends on a thousand accidents。
The several nations； in fixing this relative value； are chiefly guided by that which has the greatest quantity of specie。 If she has as much specie as all the others together； it is then most proper for the others to regulate theirs by her standard： and the regulation between all the others will pretty nearly agree with the regulation made with this principal nation。
In the actual state of the globe； Holland is the nation we are speaking of。 Let us examine the course of exchange with relation to her。
They have in Holland a piece of money called a florin； worth twenty sous； or forty half…sous or gros。 But； to render our ideas as simple as possible； let us imagine that they have not any such piece of money in Holland as a florin； and that they have no other but the gros： a man who should have a thousand florins should have forty thousand gros； and so of the rest。 Now the exchange with Holland is determined by our knowing how many gros every piece of money in other countries is worth； and as the French commonly reckon by a crown of three livres； the exchange makes it necessary for them to know how many gros are contained in a crown of three livres。 If the course of exchange is at fifty…four； a crown of three livres will be worth fifty…four gros； if it is at sixty； it will be worth sixty gros。 If silver is scarce in France； a crown of three livres will be worth more gros； if plentiful； it will be worth less。
This scarcity or plenty； whence results the mutability of the course of exchange； is not the real； but a relative； scarcity or plenty。 For example； when France has greater occasion for funds in Holland than the Dutch of having funds in France； specie is said to be common in France and scarce in Holland： and vice versa。
Let us suppose that the course of exchange with Holland is at fifty…four。 If France and Holland composed only one city； they would act as we do when we give change for a crown： the Frenchman would take three livres out of his pocket； and the Dutchman fifty…four gros from his。 But as there is some distance between Paris and Amsterdam； it is necessary that he who for a crown of three livres gives me fifty…four gros； which he has in Holland； should give me a bill of exchange for fifty…four gros payable in Holland。 The fifty…four gros is not the thing in question； but a bill for that sum。 Thus； in order to judge of the scarcity or plenty of specie；＇12＇ we must know if there are in France more bills of fifty…four gros drawn upon Holland than there are crowns drawn upon France。 If there are more bills from Holland than there are from France； specie is scarce in France； and common in Holland； it then becomes necessary that the exchange should rise； and that they give for my crown more than fifty…four gros； otherwise I will not part with it； and vice versa。
Thus the various turns in the course of exchange form an account of debtor and creditor； which must be frequently settled； and which the state in debt can no more discharge by exchange than an individual can pay a debt by giving change for a piece of silver。
We will suppose that there are but three states in the world； France； Spain； and Holland； that several individuals in Spain are indebted to France； to the value of one hundred thousand marks of silver； and that several individuals of France owe in Spain one hundred and ten thousand marks： now； if some circumstance both in Spain and France should cause each to withdraw his specie； what will then be the course of exchange？ These two nations will reciprocally acquit each other of a hundred thousand marks； but France will still owe ten thousand marks in Spain； and the Spaniards will still have bills upon France； to the value of ten thousand marks； while France will have none at all upon Spain。
But if Holland was in a contrary situation with respect to France； and in order to balance the account must pay her ten thousand marks； the French would have two ways of paying the Spaniards： either by giving their creditors in Spain bills for ten thousand marks upon their debtors in Holland； or else by sending specie to the value of ten thousan