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the misery of that declension。
The quantity of money； on the contrary； must in every
country naturally increase as the value of the annual produce
increases。 The value of the consumable goods annually circulated
within the society being greater will require a greater quantity
of money to circulate them。 A part of the increased produce；
therefore； will naturally be employed in purchasing； wherever it
is to be had； the additional quantity of gold and silver
necessary for circulating the rest。 The increase of those metals
will in this case be the effect； not the cause； of the public
prosperity。 Gold and silver are purchased everywhere in the same
manner。 The food； clothing； and lodging； the revenue and
maintenance of all those whose labour or stock is employed in
bringing them from the mine to the market； is the price paid for
them in Peru as well as in England。 The country which has this
price to pay will never be long without the quantity of those
metals which it has occasion for； and no country will ever long
retain a quantity which it has no occasion for。
Whatever； therefore； we may imagine the real wealth and
revenue of a country to consist in； whether in the value of the
annual produce of its land and labour； as plain reason seems to
dictate； or in the quantity of the precious metals which
circulate within it； as vulgar prejudices suppose； in either view
of the matter； every prodigal appears to be a public enemy； and
every frugal man a public benefactor。
The effects of misconduct are often the same as those of
prodigality。 Every injudicious and unsuccessful project in
agriculture； mines； fisheries； trade； or manufactures； tends in
the same manner to diminish the funds destined for the
maintenance of productive labour。 In every such project； though
the capital is consumed by productive hands only； yet； as by the
injudicious manner in which they are employed they do not
reproduce the full value of their consumption； there must always
be some diminution in what would otherwise have been the
productive funds of the society。
It can seldom happen； indeed； that the circumstances of a
great nation can be much affected either by the prodigality or
misconduct of individuals； the profusion or imprudence of some
being always more than compensated by the frugality and good
conduct of others。
With regard to profusion； the principle which prompts to
expense is the passion for present enjoyment； which； though
sometimes violent and very difficult to be restrained； is in
general only momentary and occasional。 But the principle which
prompts to save is the desire of bettering our condition； a
desire which； though generally calm and dispassionate； comes with
us from the womb； and never leaves us till we go into the grave。
In the whole interval which separates those two moments； there is
scarce perhaps a single instant in which any man is so perfectly
and completely satisfied with his situation as to be without any
wish of alteration or improvement of any kind。 An augmentation of
fortune is the means by which the greater part of men propose and
wish to better their condition。 It is the means the most vulgar
and the most obvious； and the most likely way of augmenting their
fortune is to save and accumulate some part of what they acquire；
either regularly and annually； or upon some extraordinary
occasions。 Though the principle of expense； therefore； prevails
in almost all men upon some occasions； and in some men upon
almost all occasions； yet in the greater part of men； taking the
whole course of their life at an average； the principle of
frugality seems not only to predominate； but to predominate very
greatly。
With regard to misconduct； the number of prudent and
successful undertakings is everywhere much greater than that of
injudicious and unsuccessful ones。 After all our complaints of
the frequency of bankruptcies； the unhappy men who fall into this
misfortune make but a very small part of the whole number engaged
in trade； and all other sorts of business； not much more perhaps
than one in a thousand。 Bankruptcy is perhaps the greatest and
most humiliating calamity which can befall an innocent man。 The
greater part of men； therefore； are sufficiently careful to avoid
it。 Some； indeed； do not avoid it； as some do not avoid the
gallows。
Great nations are never impoverished by private； though they
sometimes are by public prodigality and misconduct。 The whole； or
almost the whole public revenue； is in most countries employed in
maintaining unproductive hands。 Such are the people who compose a
numerous and splendid court； a great ecclesiastical
establishment； great fleets and armies； who in time of peace
produce nothing； and in time of war acquire nothing which can
compensate the expense of maintaining them； even while the war
lasts。 Such people； as they themselves produce nothing； are all
maintained by the produce of other men's labour。 When multiplied；
therefore； to an unnecessary number； they may in a particular
year consume so great a share of this produce； as not to leave a
sufficiency for maintaining the productive labourers； who should
reproduce it next year。 The next year's produce； therefore； will
be less than that of the foregoing； and if the same disorder
should continue； that of the third year will be still less than
that of the second。 Those unproductive hands； who should be
maintained by a part only of the spare revenue of the people； may
consume so great a share of their whole revenue； and thereby
oblige so great a number to encroach upon their capitals； upon
the funds destined for the maintenance of productive labour； that
all the frugality and good conduct of individuals may not be able
to compensate the waste and degradation of produce occasioned by
this violent and forced encroachment。
This frugality and good conduct； however； is upon most
occasions； it appears from experience； sufficient to compensate；
not only the private prodigality and misconduct of individuals；
but the public extravagance of government。 The uniform； constant；
and uninterrupted effort of every man to better his condition；
the principle from which public and national； as well as private
opulence is originally derived； is frequently powerful enough to
maintain the natural progress of things towards improvement； in
spite both of the extravagance of government and of the greatest
errors of administration。 Like the unknown principle of animal
life； it frequently restores health and vigour to the
constitution； in spite； not only of the disease； but of the
absurd prescriptions of the doctor。
The annual produce of the land and labour of any nation can
be increased in its value by no other means but by increasing
either the number of its productive labourers； or the productive
powers of those labourers who had before been employed。 The
number of its productive labourers； it is evident； can never be
much increased； but in consequence of an increase of capital； or
of the funds destined for maintaining them。 The productive powers
of the same number of labourers cannot be increased； but in
consequence either of some addition and improvement to those
machines and instruments which facilitate and abridge labour； or
of a more proper division and distribution of employment。 In
either case an additional capital is almost always required。 It
is by means of an additional capital only that the undertaker of
any work can either provide his workmen with better machinery or
make a more proper distribution of employment among them。 When
the work to be done consists of a number of parts； to keep every
man constantly employed in one way requires a much greater
capital than where every man is occasionally employed in every
different part of the work。 When we compare； therefore； the state
of a nation at two different periods； and find； that the annual
produce of its land and labour is evidently greater at the latter
than at the former； that its lands are better cultivated； its
manufactures more numerous and more flourishing； and its trade
more extensive； we may be assured that its capital must have
increased during the interval between those two periods； and that
more must have been added to it by the good conduct of some than
had been taken from it either by the private misconduct of others
or by the public extravagance of government。 But we shall find
this to have been the case of almost all nations； in all
tolerably quiet and peaceable times； even of those who have not
enjoyed the most prudent and parsimonious governments。 To form a
right judgment of it； indeed； we must compare the state of the
country at periods somewhat distant from one another。 The
progress is frequently so gradual that； at near periods； the
improvement is not only not sensible； but from the declension
either of certain branches of industry； or of certain districts
of the country； things which sometimes happen though the country
in general be in great prosperity； there frequently arises a
sus