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Of the Balance of Trade
by David Hume
It is very usual； in nations ignorant of the nature of commerce；
to prohibit the exportation of commodities； and to preserve among
themselves whatever they think valuable and useful。 They do not
consider； that； in this prohibition； they act directly contrary to
their intention； and that the more is exported of any commodity； the
more will be raised at home； of which they themselves will always have
the first offer。
It is well known to the learned； that the ancient laws of ATHENS
rendered the exportation of figs criminal； that being supposed a
species of fruit so excellent in ATTICA； that the ATHENIANS deemed it
too delicious for the palate of any foreigner。 And in this ridiculous
prohibition they were so much in earnest； that informers were thence
called sycophants among them； from two GREEK words； which signify figs
and discoverer。 There are proofs in many old acts of parliament of the
same ignorance in the nature of commerce； particularly in the reign of
EDWARD III And to this day； in FRANCE； the exportation of corn is
almost always prohibited； in order； as they say； to prevent famines；
though it is evident； that nothing contributes more to the frequent
famines； which so much distress that fertile country。
The same jealous fear； with regard to money； has also prevailed
among several nations； and it required both reason and experience to
convince any people； that these prohibitions serve to no other purpose
than to raise the exchange against them； and produce a still greater
exportation。
These errors； one may say； are gross and palpable： But there still
prevails； even in nations well acquainted with commerce； a strong
jealousy with regard to the balance of trade； and a fear； that all
their gold and silver may be leaving them。 This seems to me； almost in
every case； a groundless apprehension； and I should as soon dread；
that all our springs and rivers should be exhausted； as that money
should abandon a kingdom where there are people and industry。 Let us
carefully preserve these latter advantages； and we need never be
apprehensive of losing the former。
It is easy to observe； that all calculations concerning the
balance of trade are founded on very uncertain facts and suppositions。
The custom…house books are allowed to be an insufficient ground of
reasoning； nor is the rate of exchange much better； unless we consider
it with all nations； and know also the proportions of the several sums
remitted； which one may safely pronounce impossible。 Every man； who
has ever reasoned on this subject； has always proved his theory；
whatever it was； by facts and calculations； and by an enumeration of
all the commodities sent to all foreign kingdoms。
The writings of Mr GEE struck the nation with an universal panic；
when they saw it plainly demonstrated； by a detail of particulars；
that the balance was against them for so considerable a sum as must
leave them without a single shilling in five or six years。 But
luckily； twenty years have since elapsed； with an expensive foreign
war； yet is it commonly supposed； that money is still more plentiful
among us than in any former period。
Nothing can be more entertaining on this head than Dr。 SWIFT； an
author so quick in discerning the mistakes and absurdities of others。
He says； in his short view of the state of IRELAND； that the whole
cash of that kingdom formerly amounted but to 500；000 l。； that out of
this the IRISH remitted every year a neat million to ENGLAND； and had
scarcely any other source from which they could compensate themselves；
and little other foreign trade than the importation of FRENCH wines；
for which they paid ready money。 The consequence of this situation；
which must be owned to be disadvantageous； was； that； in a course of
three years； the current money of IRELAND； from 500；000 l。 was reduced
to less than two。 And at present； I suppose； in a course of 30 years
it is absolutely nothing。 Yet I know not how； that opinion of the
advance of riches in IRELAND； which gave the Doctor so much
indignation； seems still to continue； and gain ground with every body。
In short； this apprehension of the wrong balance of trade； appears
of such a nature； that it discovers itself； wherever one is out of
humour with the ministry； or is in low spirits； and as it can never be
refuted by a particular detail of all the exports； which
counterbalance the imports； it may here be proper to form a general
argument； that may prove the impossibility of this event； as long as
we preserve our people and our industry。
Suppose four…fifths of all the money in GREAT BRITAIN to be
annihilated in one night； and the nation reduced to the same
condition； with regard to specie； as in the reigns of the HARRYS and
EDWARDS； what would be the consequence？ Must not the price of all
labour and commodities sink in proportion； and every thing be sold as
cheap as they were in those ages？ What nation could then dispute with
us in any foreign market； or pretend to navigate or to sell
manufactures at the same price； which to us would afford sufficient
profit？ In how little time； therefore； must this bring back the money
which we had lost； and raise us to the level of all the neighbouring
nations？ Where； after we have arrived； we immediately lose the
advantage of the cheapness of labour and commodities； and the farther
flowing in of money is stopped by our fulness and repletion。
Again； suppose； that all the money of GREAT BRITAIN were
multiplied fivefold in a night； must not the contrary effect follow？
Must not all labour and commodities rise to such an exorbitant height；
that no neighbouring nations could afford to buy from us； while their
commodities； on the other hand； became comparatively。 so cheap； that；
in spite of all the laws which could be formed； they would be run in
upon us； and our money flow out； till we fall to a level with
foreigners； and lose that great superiority of riches； which had laid
us under such disadvantages？
Now； it is evident； that the same causes； which would correct
these exorbitant inequalities； were they to happen miraculously； must
prevent their happening in the common course of nature； and must for
ever； in all neighbouring nations； preserve money nearly
proportionable to the art and industry of each nation。 All water；
wherever it communicates； remains always at a level。 Ask naturalists
the reason； they tell you； that； were it to be raised in any one
place； the superior gravity of that part not being balanced； must
depress it； till it meet a counterpoise； and that the same cause；
which redresses the inequality when it happens； must for ever prevent
it； without some violent external operation。
Can one imagine； that it had ever been possible； by any laws； or
even by any art or industry； to have kept all the money in SPAIN；
which the galleons have brought from the INDIES？ Or that all
commodities could be sold in FRANCE for a tenth of the price which
they would yield on the other side of the PYRENEES； without finding
their way thither； and draining from that immense treasure？ What other
reason； indeed； is there； why all nations； at present； gain in their
trade with SPAIN and PORTUGAL； but because it is impossible to heap up
money； more than any fluid； beyond its proper level？ The sovereigns of
these countries have shown； that they wanted not inclination to keep
their gold and silver to themselves； had it been in any degree
practicable。
But as any body of water may be raised above the level of the
surrounding element； if the former has no communication with the
later； so in money； if the communication be cut off； by any material
or physical impediment； （for all laws alone are ineffectual） there
may； in such a case； be a very great inequality of money。 Thus the
immense distance of CHINA； together with the monopolies of our INDIA
companies； obstructing the communication； preserve in EUROPE the gold
and silver； especially the latter； in much greater plenty than they
are found in that kingdom。 But； notwithstanding this great
obstruction； the force of the causes abovementioned is still evident。
The skill and ingenuity of EUROPE in general surpasses perhaps that of
CHINA； with regard to manual arts and manufactures； yet are we never
able to trade thither without great disadvantage。 And were it not for
the continual recruits； which we receive from AMERICA； money would
soon sink in EUROPE； and rise in CHINA； till it came nearly to a level
in both places。 Nor can any reasonable man doubt； but that industrious
nation； were they as near us as POLAND or BARBARY； would drain us of
the overplus of our specie； and draw to themselves a larger share of
the WEST INDIAN treasures。 We need not have recourse to a physical
attraction； in order to explain the necessity of this operation。 There
is a moral attraction； arising from the interests and passions of men；
which is full as potent and infallible。
How is the balance kept in the provinces of every kingdom among
themselves； but by the force of this principle； which makes it
impossible for money to