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themselves； but by the force of this principle； which makes it
impossible for money to lose its level； and either to rise or sink
beyond the proportion of the labour and commodities which are in each
province？ Did not long experience make people easy on this head； what
a fund of gloomy reflections might calculations afford to a melancholy
YORKSHIREMAN； while he computed and magnified the sums drawn to LONDON
by taxes； absentees； commodities； and found on comparison the opposite
articles so much inferior？ And no doubt； had the Heptarchy subsisted
in ENGLAND； the legislature of each state had been continually alarmed
by the fear of a wrong balance； and as it is probable that the mutual
hatred of these states would have been extremely violent on account of
their close neighbourhood； they would have loaded and oppressed all
commerce； by a jealous and superfluous caution。 Since the union has
removed the barriers between SCOTLAND and ENGLAND； which of these
nations gains from the other by this free commerce？ Or if the former
kingdom has received any encrease of riches； can it reasonably be
accounted for by any thing but the encrease of its art and industry？
It was a common apprehension in ENGLAND； before the union； as we learn
from L'ABBE DU BOS； that SCOTLAND would soon drain them of their
treasure； were an open trade allowed； and on the other side the TWEED
a contrary apprehension prevailed： With what justice in both； time has
shown。
What happens in small portions of mankind； must take place in
greater。 The provinces of the ROMAN empire； no doubt； kept their
balance with each other； and with ITALY； independent of the
legislature； as much as the several counties of GREAT BRITAIN； or the
several parishes of each county。 And any man who travels over EUROPE
at this day； may see； by the prices of commodities； that money； in
spite of the absurd jealousy of princes and states； has brought itself
nearly to a level； and that the difference between one kingdom and
another is not greater in this respect； than it is often between
different provinces of the same kingdom。 Men naturally flock to
capital cities； sea…ports； and navigable rivers。 There we find more
men； more industry； more commodities； and consequently more money； but
still the latter difference holds proportion with the former； and the
level is preserved。
Our jealousy and our hatred of FRANCE are without bounds； and the
former sentiment； at least； must be acknowledged reasonable and well…
grounded。 These passions have occasioned innumerable barriers and
obstructions upon commerce； where we are accused of being commonly the
aggressors。 But what have we gained by the bargain？ We lost the FRENCH
market for our woollen manufactures； and transferred the commerce of
wine to SPAIN and PORTUGAL； where we buy worse liquor at a higher
price。 There are few ENGLISHMEN who would not think their country
absolutely ruined； were FRENCH wines sold in ENGLAND so cheap and in
such abundance as to supplant； in some measure； all ale； and home…
brewed liquors： But would we lay aside prejudice； it would not be
difficult to prove； that nothing could be more innocent； perhaps
advantageous。 Each new acre of vineyard planted in FRANCE； in order to
supply ENGLAND with wine； would make it requisite for the FRENCH to
take the produce of an ENGLISH acre； sown in wheat or barley； in order
to subsist themselves； and it is evident； that we should thereby get
command of the better commodity。
There are many edicts of the FRENCH king； prohibiting the planting
of new vineyards； and ordering all those which are lately planted to
be grubbed up： So sensible are they； in that country； of the superior
value of corn； above every other product。
Mareschal VAUBAN complains often； and with reason； of the absurd
duties which load the entry of those wines of LANGUEDOC； GUIENNE； and
other southern provinces； that are imported into BRITANNY and
NORMANDY； He entertained no doubt but these latter provinces could
preserve their balance； notwithstanding the open commerce which he
recommends。 And it is evident； that a few leagues more navigation to
ENGLAND would make no difference； or if it did； that it must operate
alike on the commodities of both kingdoms。
There is indeed one expedient by which it is possible to sink； and
another by which we may raise money beyond its natural level in any
kingdom； but these cases； when examined； will be found to resolve into
our general theory； and to bring additional authority to it。
I scarcely know any method of sinking money below its level； but
those institutions of banks； funds； and paper…credit； which are so
much practised in this kingdom。 These render paper equivalent to
money； circulate it throughout the whole state； make it supply the
place of gold and silver； raise proportionably the price of labour and
commodities； and by that means either banish a great part of those
precious metals； or prevent their farther encrease。 What can be more
shortsighted than our reasonings on this head？ We fancy； because an
individual would be much richer； were his stock of money doubled； that
the same good effect would follow were the money of every one
encreased； not considering； that this would raise as much the price of
every commodity； and reduce every man； in time； to the same condition
as before。 It is only in our public negociations and transactions with
foreigners； that a greater stock of money is advantageous； and as our
paper is there absolutely insignificant； we feel； by its means； all
the ill effects arising from a great abundance of money； without
reaping any of the advantages。
Suppose that there are l2 millions of paper； which circulate in
the kingdom as money； （for we are not to imagine； that all our
enormous funds are employed in that shape） and suppose the real cash
of the kingdom to be 18 millions： Here is a state which is found by
experience to be able to hold a stock of 30 millions。 I say； if it be
able to hold it； it must of necessity have acquired it in gold and
silver； had we not obstructed the entrance of these metals by this new
invention of paper。 Whence would it have acquired that sum？ From all
the kingdoms of the world。 But why？ Because； if you remove these 12
millions； money in this state is below its level； compared with our
neighbours； and we must immediately draw from all of them； till we be
full and saturate； so to speak； and can hold no more。 By our present
politics； we are as careful to stuff the nation with this fine
commodity of bank…bills and chequer…notes； as if we were afraid of
being overburthened with the precious metals。
It is not to be doubted； but the great plenty of bullion in FRANCE
is； in a great measure； owing to the want of paper…credit。 The FRENCH
have no banks： Merchants bills do not there circulate as with us：
Usury or lending on interest is not directly permitted； so that many
have large sums in their coffers： Great quantities of plate are used
in private houses； and all the churches are full of it。 By this means；
provisions and labour still remain cheaper among them； than in nations
that are not half so rich in gold and silver。 The advantages of this
situation； in point of trade as well as in great public emergencies；
are too evident to be disputed。
The same fashion a few years ago prevailed in GENOA； which still
has place in ENGLAND and HOLLAND； of using services of CHINA…ware
instead of plate； but the senate； foreseeing the consequence；
prohibited the use of that brittle commodity beyond a certain extent；
while the use of silverplate was left unlimited。 And I suppose； in
their late distresses； they felt the good effect of this ordinance。
Our tax on plate is； perhaps； in this view； somewhat impolitic。
Before the introduction of paper…money into our colonies； they had
gold and silver sufficient for their circulation。 Since the
introduction of that commodity； the least inconveniency that has
followed is the total banishment of the precious metals。 And after the
abolition of paper； can it be doubted but money will return； while
these colonies possess manufactures and commodities； the only thing
valuable in commerce； and for whose sake alone all men desire money。
What pity LYCURGUS did not think of paper…credit； when he wanted
to banish gold and silver from SPARTA！ It would have served his
purpose better than the lumps of iron he made use of as money。 and
would also have prevented more effectually all commerce with
strangers； as being of so much less real and intrinsic value。
It must； however； be confessed； that； as all these questions of
trade and money are extremely complicated； there are certain lights；
in which this subject may be placed； so as to represent the advantages
of paper…credit and banks to be superior to their disadvantages。 That
they banish specie and bullion from a state is undoubtedly true； and
whoever looks no farther than this circumstance does well to condemn
them； but specie and bullion are not of so great consequence as not to
admit of a compensation； and even an overbalance from the encrease of
in