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everywhere in proportion to wealth。 The richer the individual is；
the less he cares about the actual possession of ready money if
only he is able at any hour to dispose of the ready cash lying in
the safes of other individuals； the poorer； however； the individual
is； and the smaller his power of disposing of the ready money lying
in other people's hands； the more anxiously must he take care to
have in readiness what is required。 The same is the case with
nations which are rich in industry or poor in industry。 If England
cares but little as a rule about how great or how small a quantity
of gold or silver bars are exported out of the country； she is
perfectly well aware that an extraordinary export of precious
metals occasions on the one hand a rise in the value of money and
in discount rates； on the other hand a fall in the prices of
fabrics； and that she can regain through larger exportation of
fabrics or through realisation of foreign stocks and State paper
speedy possession of the ready money required for her trade。
England resembles the rich banker who； without having a thaler in
his pocket； can draw for any sum he pleases on neighbouring or more
distant business connections。 If； however； in the case of merely
agricultural nations extraordinary exports of coin take place； they
are not in the same favourable position； because their means of
procuring the ready money they require are very limited； not merely
on account of the small value in exchange of their products and
agricultural values； but also on account of the hindrances which
foreign laws put in the way of their exportation。 They resemble the
poor man who can draw no bills on his business friends； but who is
drawn upon if the rich man gets into any difficulty； who can；
therefore； not even call what is actually in his hands； his own。
A nation obtains the power of disposition of the amount of
ready money which is always required for its internal trade； mainly
through the possession or the production of those goods and values
whose facility of exchange approaches most nearly to that of the
precious metals。
The diversity of this property of the facility of exchange in
respect to the various articles of commerce and of property； has
been as little taken into consideration by the popular school of
economists in judging of international commerce； as the power of
disposition of the precious metals。 If we consider in this respect
the various articles of value existing in private interchange； we
perceive that many of them are fixed in such a way that their value
is exchangeable only on the spot where they are； and that even
there their exchange is attended with great costs and difficulties。
To that class belong more than three…fourths of all national
property…namely； immovable properties and fixed plant and
instruments。 However large the landed property of an individual may
be； he cannot send his fields and meadows to town in order to
obtain money or goods for them。 He can； indeed； raise mortgages on
such property； but he must first find a lender on them； and the
further from his estate that such an individual resides； the
smaller will be the probability of the borrower's requirements
being satisfied。
Next after property thus fixed to the locality； the greatest
part of agricultural products （excepting colonial produce and a few
less valuable articles） have in regard to international intercourse
the least facility for exchange。 The greatest part of these values；
as e。g。 building materials and wood for fuel； bread stuffs； &c。；
fruit； and cattle； can only be sold within a reasonable distance of
the place where they are produced； and if a great surplus of them
exists they have to be warehoused in order to become realisable。 So
far as such products can be exported to foreign countries their
sale again is limited to certain manufacturing and commercial
nations； and in these also their sale is generally limited by
duties on importation and is affected by the larger or smaller
produce of the purchasing nation's own harvests。 The inland
territories of North America might be completely overstocked with
cattle and products； but it would not be possible for them to
procure through exportation of this excess considerable amounts of
the precious metals from South America； from England； or from the
European continent。 The valuable manufactured goods of common use；
on the other hand； possess incomparably greater facilities for
exchange。 They find at ordinary times a sale in all open markets of
the world； and at extraordinary crises they also find a sale （at
lower prices） in those markets whose protective tariffs are
calculated to operate adversely merely in ordinary times。 The power
of exchange of these articles clearly approaches most nearly to
that of the precious metals； and the experience of England shows
that if in consequence of deficient harvests money crises occur；
the increased exportation of fabrics； and of foreign stocks and
State paper； quickly rectifies the balance。 The latter； the foreign
stocks and State paper； which are evidently the results of former
favourable balances of exchange caused by exportations of fabrics；
constitute in the hands of the nation which is rich in
manufacturing industry so many bills which can be drawn on the
agricultural nation； which at the time of an extraordinary demand
for the precious metals are indeed drawn with loss to the
individual owner of them （like the manufactured goods at the time
of money crises）； but； nevertheless； with immense advantage to the
maintenance of the economical conditions of that nation which is
rich in manufacturing industry。
However much the doctrine of the balance of trade may have been
scorned by the popular school； observations like those above
described encourage us nevertheless to express the opinion that
between large and independent nations something of the nature of a
balance of trade must exist； that it is dangerous for great nations
to remain for a long period at very considerable disadvantage in
respect of this balance； and that a considerable and lasting efflux
of the precious metals must always be followed as a consequence by
important revolutions in the system of credit and in the condition
of prices in the interior of the nation。 We are far from wishing in
these remarks to revive the doctrine of the balance of trade as it
existed under the so…called 'mercantile system；' and to maintain
that the nation ought to impose obstacles in the way of the
exportation of precious metals； or that we must keep a specially
exact account with each individual nation； or that in the commerce
between great nations a few millions difference between the imports
and exports is of great moment。 What we deny is merely this： that
a great and independent nation； as Adam Smith maintains at the
conclusion of his chapter devoted to this subject；（1*） 'may
continually import every year considerably larger values in
products and fabrics than it exports； that the quantities of
precious metals existing in such a nation may decrease considerably
from year to year and be replaced by paper circulation in the
interior； moreover； that such a nation may allow its indebtedness
towards another nation continually to increase and expand； and at
the same time nevertheless make progress from year to year in
prosperity。
This opinion； expressed by Adam Smith and maintained since that
time by his school； is alone that which we here characterise as one
that has been contradicted a hundred times by experience； as one
that is contrary in the very nature of things to common sense； in
one word （to retort upon Adam Smith his own energetic expression）
as 'an absurdity。'
It must be well understood that we are not speaking here of
countries which carry on the production of the precious metals
themselves at a profit； from which therefore the export of these
articles has quite the character of an export of manufactured
goods。 We are also not speaking of that difference in the balance
of trade which must necessarily arise if the nation rates its
exports and imports at those prices which they have in their own
seaport towns。 That in such a case the amount of imports of every
nation must exceed its exports by the total amount of the nation's
own commercial profits （a circumstance which speaks to its
advantage rather than to its disadvantage）； is