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thousand marks upon their debtors in Holland； or else by sending specie to the value of ten thousand marks to Spain。
Hence it follows that when a state has occasion to remit a sum of money to another country； it is indifferent； in the nature of the thing； whether specie be conveyed thither or they take bills of exchange。 The advantage or disadvantage of these two methods solely depends on actual circumstances。 We must inquire which will yield most gros in Holland…money carried thither in specie； or a bill upon Holland for the like sum。＇13＇
When money of the same standard and weight in France yields money of the same standard and weight in Holland； we say that the exchange is at par。 In the actual state of specie＇14＇ the par is nearly at fifty…four gros to the crown。 When the exchange is above fifty…four gros； we say it is high； when beneath； we say it is low。
In order to know the loss and gain of a state in a particular situation of exchange； it must be considered as debtor and creditor； as buyer and seller。 When the exchange is below par； it loses as a debtor； and gains as a creditor； it loses as a buyer and gains as a seller。 It is obvious it loses as debtor； suppose； for example； France owes Holland a certain number of gros； the fewer gros there are in a crown the more crowns she has to pay。 On the contrary； if France is creditor for a certain number of gros； the less number of gros there are in a crown the more crowns she will receive。 The state loses also as buyer； for there must be the same number of gros to purchase the same quantity of merchandise； and while the exchange is low； every French crown is worth fewer gros。 For the same reason the state gains as a seller。 I sell my merchandise in Holland for a certain number of gros； I receive then more crowns in France； when for every fifty gros I receive a crown； than I should do if I received only the same crown for every fifty…four。 The contrary to this takes place in the other state。 If the Dutch are indebted a certain number of crowns to France； they will gain； if this money is owing to them； they will lose； if they sell； they lose； and if they buy； they gain。
It is proper to pursue this somewhat further。 When the exchange is below par； for example； if it be at fifty instead of fifty…four； it should follow that France； on sending bills of exchange to Holland for fifty…four thousand crowns； could buy merchandise only to the value of fifty thousand； and that on the other hand； the Dutch sending the value of fifty thousands crowns to France might buy fifty…four thousand； which makes a difference of 8/54； that is； a loss to France of more than one…seventh； so that France would be obliged to send to Holland one…seventh more in specie or merchandise than she would do were the exchange at par。 And as the mischief must constantly increase； because a debt of this kind would bring the exchange still lower； France would in the end be ruined。 It seems； I say； as if this should certainly follow； and yet it does not； because of the principle which I have elsewhere established；＇15＇ which is that states constantly lean towards a balance； in order to preserve their independency。 Thus they borrow only in proportion to their ability to pay； and measure their buying by what they sell； and taking the example from above； if the exchange falls in France from fifty…four to fifty； the Dutch who buy merchandise in France to the value of a thousand crowns； for which they used to pay fifty…four thousand gros； would now pay only fifty thousand； if the French would consent to it。 But the merchandise of France will rise insensibly； and the profit will be shared between the French and the Dutch； for when a merchant can gain； he easily shares his profit； there arises then a communication of profit between the French and the Dutch。 In the same manner the French； who bought merchandise of Holland for fifty…four thousand gros； and who； when the exchange was at fifty…four； paid for them a thousand crowns； will be obliged to add one…seventh more in French crowns to buy the same merchandise。 But the French merchant； being sensible of the loss he suffers； will take up less of the merchandise of Holland。 The French and the Dutch merchant will then both be losers； the state will insensibly fall into a balance； and the lowering of the exchange will not be attended with all those inconveniences which we had reason to fear。
A merchant may send his stock into a foreign country when the exchange is below par without injuring his fortune； because； when it returns； he recovers what he had lost； but a prince who sends only specie into a foreign country which never can return； is always a loser。
When the merchants have great dealings in any country； the exchange there infallibly rises。 This proceeds from their entering into many engagements； buying great quantities of merchandise； and drawing upon foreign countries to pay for them。
A prince may amass great wealth in his dominions； and yet specie may be really scarce； and relatively common； for instance； if the state is indebted for much merchandise to a foreign country； the exchange will be low； though specie be scarce。
The exchange of all places constantly tends to a certain proportion； and that in the very nature of things。 If the course of exchange from Ireland to England is below par； and that of England to Holland is also under par； that of Ireland to Holland will be still lower； that is； in the compound ratio of that of Ireland to England； and that of England to Holland； for a Dutch merchant who can have his specie indirectly from Ireland； by way of England； will not choose to pay dearer by having it in the direct way。 This； I say； ought naturally to be the case； but； however； it is not exactly so。 There are always circumstances which vary these things； and the different profit of drawing by one place； or of drawing by another； constitutes the particular art and dexterity of the bankers； which does not belong to the present subject。
When a state raises its specie； for instance； when it gives the name of six livres； or two crowns； to what was before called three livres； or one crown； this new denomination； which adds nothing real to the crown； ought not to procure a single gros more by the exchange。 We ought only to have for the two new crowns the same number of gros which we before received for the old one。 If this does not happen； it must not be imputed as an effect of the regulation itself； but to the novelty and suddenness of the affair。 The exchange adheres to what is already established； and is not altered till after a certain time。
When a state； instead of only raising the specie by a law； calls it in； in order to diminish its size； it frequently happens that during the time taken up in passing again through the mint there are two kinds of money the large； which is the old； and the small； which is the new； and as the large is cried down as not to be received as money； and bills of exchange must consequently be paid in the new； one would imagine then that the exchange should be regulated by the new。 If； for example； in France； the ancient crown of three livres； being worth in Holland sixty gros； was reduced one…half； the new crown ought to be valued only at thirty。 On the other hand； it seems as if the exchange ought to be regulated by the old coin； because the banker who has specie； and receives bills； is obliged to carry the old coin to the mint in order to change it for the new； by which he must be a loser。 The exchange then ought to be fixed between the value of the old coin and that of the new。 The value of the old is decreased； if we may call it so； both because there is already some of the new in trade； and because the bankers cannot keep up to the rigour of the law； having an interest in letting loose the old coin from their chests； and being sometimes obliged to make payments with it。 Again； the value of the new specie must rise； because the banker having this finds himself in a situation in which； as we shall immediately prove； he will reap great advantage by procuring the old。 The exchange should then be fixed； as I have already said； between the new and the old coin。 For then the bankers find it to their interest to send the old out of the kingdom； because by this method they procure the same advantage as they could receive from a regular exchange of the old specie； that is； a great many gros in Holland； and in return； a regular exchange a little lower； between the old and the new specie； which would bring many crowns to France。
Suppose that three livres of the old coin yield by the actual exchange forty…five gros； and that by sending this same crown to Holland they receive sixty； but with a bill of forty…five gros； they procure a crown of three livres in France； which being sent in the old specie to Holland； still yields sixty gros； thus all the old specie would be sent out of the kingdom； and the bankers would run away with the whole profit。
To remedy this； new measures must be taken。 The state which coined the new specie would itself be obliged to send great quantities of the old to the nation which regulates the exchange； and； by thus gaining credit there； raise the exchange pretty nearly to as many gros for a crown