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equal value in both countries； for all commodities； money
included； and corn alone excepted； the returns would be made so
as to preserve the relative amount and the relative value of
their respective currencies。
If the circulating medium of England consisted wholly of the
precious metals； and were a fiftieth part of the value of the
commodities which it circulated； the whole amount of money which
would under the circumstances supposed be exported in exchange
for corn； would be a fiftieth part of the value of such corn： for
the rest we should export commodities； and thus would the
proportion between money and commodities be equally preserved in
both countries。 England； in consequence of a bad harvest； would
come under the case mentioned at page ＇53＇ of this work； of a
country having been deprived of a part of its commodities； and
therefore requiring a diminished amount of circulating medium。
The currency which was before equal to her payments would now
become superabundant and relatively cheap； in the proportion of
one fiftieth part of her diminished production； the exportation
of this sum； therefore； would restore the value of her currency
to the value of the currencies of other countries。 Thus it
appears to be satisfactorily proved that a bad harvest operates
on the exchange in no other way than by causing the currency
which was before at its just level to become redundant； and thus
is the principle that an unfavourable exchange may always be
traced to a relatively redundant currency most fully exemplified。
If we can suppose that after an unfavourable harvest； when
England has occasion for an unusual importation of corn； another
nation is possessed of a superabundance of that article； 〃but has
no wants for any commodity whatever；〃 it would unquestionably
follow that such nation would not export its corn in exchange for
commodities： but neither would it export corn for money； as that
is a commodity which no nation ever wants absolutely； but
relatively； as is expressly admitted by the Reviewers。 The case
is； however； impossible； because a nation possessed of every
commodity necessary for the consumption and enjoyment of all its
inhabitants who have wherewithal to purchase them； will not let
the corn which it has over and above what it can consume rot in
its granaries。 Whilst the desire of accumulation is not
extinguished in the breast of man； he will be desirous to realise
the excess of his productions； above his own consumption； into
the form of capital。 This he can only do by employing； himself；
or by loans to others； enabling them to employ； an additional
number of labourers； as it is by labour only that revenue is
realized into capital。 If his revenue be corn； he will be
disposed to exchange it for fuel； meat； butter； cheese； and other
commodities in which the wages of labour are usually expended；
or； which is the same thing； he will sell his corn for money； pay
the wages of his labourers in money； and thereby create a demand
for those commodities which may be obtained from other countries
in exchange for the superfluous corn。 Thus will be reproduced to
him articles more valuable； which he may again employ in the same
manner； adding to his own riches； and augmenting the wealth and
resources of his country。
No mistake can be greater than to suppose that a nation can
ever be without wants for commodities of some sort。 It may
possess too much of one or more commodities for which it may not
find a market at home。 It may have more sugar； coffee； tallow；
than it can either consume or dispose of； but no county ever
possessed a general glut of all commodities。 It is evidently
impossible。 If a county possesses every thing necessary for the
maintenance and comfort of man； and these articles be divided in
the proportions in which they are usually consumed； they are
sure； however abundant； to find a market to take them off。 It
follows therefore； that whilst a county is in possession of a
commodity for which there is no demand at home； it will be
desirous of exchanging it for other commodities in the proportion
in which they are consumed。
No nation grows corn； or any other commodity； with a view to
realise its value in money； （the case supposed； or involved in
the case supposed； by the Reviewers）； as this would be the most
unprofitable object to which the labour of man could be devoted。
Money is precisely that article which till it is re…exchanged
never adds to the wealth of a county： accordingly we find； that
to increase its amount is never the voluntary act of any county
any more than it is that of any individual。 Money is forced upon
them only in consequence of the relatively less value which it
possesses in those counties with which they have intercourse。
Whilst a country employs the precious metals for money； and
has no mines of its own； it is a conceivable case that it may
greatly augment the amount of the productions of its land and
labour without adding to its wealth； because at the same time
those counties which are in possessIon of the mines may possibly
have obtained so enormous a supply of the precious metals as to
have forced an increase of currency on the industious county；
equal in value to the whole of its increased productions。 But by
so doing the augmented currency； added to that which was before
employed； will be of no more real value than the original amount
of currency。 Thus then will this industrious nation become
tributary to those nations which are in possession of the mines；
and will carry on a trade in which it gains nothing and loses
every thing。
That the exchange is in a constant state of fluctuation with
all counties I am not disposed to deny； but it does not generally
vary to those limits at which remittances can be more
advantageously made by means of bullion than by the purchase of
bills。 Whilst this is the case； it cannot be disputed that
imports are balanced by exports。 The varying demands of all
countries may be supplied； and the exchanges of all deviate in
some degree from par； if the currency of any one of them is
either redundant or deficient； as compared with the rest。 Suppose
England to send goods to Holland； and not to find there any
commodities which suit the English market； or； which is the same
thing； suppose that we can purchase those commodities cheaper in
France。 In this case we confine our operation to the sale of
goods in Holland； and the purchase of other goods in France。 The
currency of England is not disturbed by either transaction； as we
shall pay France by a bill on Holland； and there will neither be
an excess of imports nor of exports。 The exchange may； however；
be favourable to us with Holland； and unfavourable with France；
and will be so； if the account be not balanced by the importation
into France of goods from Holland； or from some country indebted
to Holland。 If there be no such importation； it can arise only
from a relative redundancy of the circulation of Holland； as
compared with that of France； and in payment of the bill it will
suit both those counties that bullion should be transmitted。 If
the balance be settled by the transmission of goods； the exchange
between all the three countries will be at par。 If by bullion；
the exchange between Holland and England will be as much above
par； as that between France and England will be below the par；
and the difference will be equal to the expenses attending the
passage of bullion from Holland to France。 It will make no
difference in the result； if every nation of the world were
concerned in the transaction。 England having bought goods from
France and sold goods to Holland； France might have purchased to
the same amount from Italy； Italy may have done the same from
Russia； Russia from Germany； and Germany within 100；000 l。 of the
same amount from Holland； Germany might require this amount of
bullion either to supply a deficient currency； or for the
fabrication of plate。 All these various tansactions would be
settled by bills of exchange； with the exception of the 100；000
l。 which would be either transmitted from an existing redundancy
of coin or bullion in Holland； or it would be collected by
Holland from the different currencies of Europe。 It is not
contended； as the Reviewers infer； 〃that a bad harvest； or the
necessity of paying a subsidy in one county； should be
immediately and invar