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stivers; in order to discourage the multiplicity of small

transactions。 The person who neglects to balance his account

twice in the year forfeits twenty…five guilders。 The person who

orders a transfer for more than is upon his account; is obliged

to pay three per cent for the sum overdrawn; and his order is set

aside into the bargain。 The bank is supposed; too; to make a

considerable profit by the sale of the foreign coin or bullion

which sometimes falls to it by the expiring of receipts; and

which is always kept till it can be sold with advantage。 It makes

a profit likewise by selling bank money at five per cent agio;

and buying it in at four。 These different emoluments amount to a

good deal more than what is necessary for paying the salaries of

officers; and defraying the expense of management。 What is paid

for the keeping of bullion upon receipts is alone supposed to

amount to a neat annual revenue of between one hundred and fifty

thousand and two hundred thousand guilders。 Public utility;

however; and not revenue; was the original object of this

institution。 Its object was to relieve the merchants from the

inconvenience of a disadvantageous exchange。 The revenue which

has arisen from it was unforeseen; and may be considered as

accidental。 But it is now time to return from this long

digression; into which I have been insensibly led in endeavouring

to explain the reasons why the exchange between the countries

which pay in what is called bank money; and those which pay in

common currency; should generally appear to be in favour of the

former and against the latter。 The former pay in a species of

money of which the intrinsic value is always the same; and

exactly agreeable to the standard of their respective mints; the

latter is a species of money of which the intrinsic value is

continually varying; and is almost always more or less below that

standard。

                               PART 2

       Of the Unreasonableness of those extraordinary Restraints

                         upon other Principles 

     IN the foregoing part of this chapter I have endeavoured to

show; even upon the principles of the commercial system; how

unnecessary it is to lay extraordinary restraints upon the

importation of goods from those countries with which the balance

of trade is supposed to be disadvantageous。

     Nothing; however; can be more absurd than this whole

doctrine of the balance of trade; upon which; not only these

restraints; but almost all the other regulations of commerce are

founded。 When two places trade with one another; this doctrine

supposes that; if the balance be even; neither of them either

loses or gains; but if it leans in any degree to one side; that

one of them loses and the other gains in proportion to its

declension from the exact equilibrium。 Both suppositions are

false。 A trade which is forced by means of bounties and

monopolies may be and commonly is disadvantageous to the country

in whose favour it is meant to be established; as I shall

endeavour to show hereafter。 But that trade which; without force

or constraint; is naturally and regularly carried on between any

two places is always advantageous; though not always equally so;

to both。

     By advantage or gain; I understand not the increase of the

quantity of gold and silver; but that of the exchangeable value

of the annual produce of the land and labour of the country; or

the increase of the annual revenue of its inhabitants。

     If the balance be even; and if the trade between the two

places consist altogether in the exchange of their native

commodities; they will; upon most occasions; not only both gain;

but they will gain equally; or very near equally; each will in

this case afford a market for a part of the surplus produce of

the other; each will replace a capital which had been employed in

raising and preparing for the market this part of the surplus

produce of the other; and which had been distributed among; and

given revenue and maintenance to a certain number of its

inhabitants。 Some part of the inhabitants of each; therefore;

will indirectly derive their revenue and maintenance from the

other。 As the commodities exchanged; too; are supposed to be of

equal value; so the two capitals employed in the trade will; upon

most occasions; be equal; or very nearly equal; and both being

employed in raising the native commodities of the two countries;

the revenue and maintenance which their distribution will afford

to the inhabitants of each will be equal; or very nearly equal。

This revenue and maintenance; thus mutually afforded; will be

greater or smaller in proportion to the extent of their dealings。

If these should annually amount to an hundred thousand pounds;

for example; or to a million on each side; each of them would

afford an annual revenue in the one case of an hundred thousand

pounds; in the other of a million; to the inhabitants of the

other。

     If their trade should be of such a nature that one of them

exported to the other nothing but native commodities; while the

returns of that other consisted altogether in foreign goods; the

balance; in this case; would still be supposed even; commodities

being paid for with commodities。 They would; in this case too;

both gain; but they would not gain equally; and the inhabitants

of the country which exported nothing but native commodities

would derive the greatest revenue from the trade。 If England; for

example; should import from France nothing but the native

commodities of that country; and; not having such commodities of

its own as were in demand there; should annually repay them by

sending thither a large quantity of foreign goods; tobacco; we

shall suppose; and East India goods; this trade; though it would

give some revenue to the inhabitants of both countries; would

give more to those of France than to those of England。 The whole

French capital annually employed in it would annually be

distributed among the people of France。 But that part of the

English capital only which was employed in producing the English

commodities with which those foreign goods were purchased would

be annually distributed among the people of England。 The greater

part of it would replace the capitals which had been employed in

Virginia; Indostan; and China; and which had given revenue and

maintenance to the of those distant countries。 If the capitals

were equal; or nearly equal; therefore this employment of the

French capital would augment much more the revenue of the people

of France than that of the English capital would the revenue of

the people of England。 France would in this case carry on a

direct foreign trade of consumption with England; whereas England

would carry on a round…about trade of the same kind with France。

The different effects of a capital employed in the direct and of

one employed in the round…about foreign trade of consumption have

already been fully explained。

     There is not; probably; between any two countries a trade

which consists altogether in the exchange either of native

commodities on both sides; or of native commodities on one side

and of foreign goods on the other。 Almost all countries exchange

with one another partly native and partly foreign goods。 That

country; however; in whose cargoes there is the greatest

proportion of native; and the least of foreign goods; will always

be the principal gainer。

     If it was not with tobacco and East India goods; but with

gold and silver; that England paid for the commodities annually

imported from France; the balance; in this case; would be

supposed uneven; commodities not being paid for with commodities;

but with gold and silver。 The trade; however; would; in this

case; as in the foregoing; give some revenue to the inhabitants

of both countries; but more to those of France than to those of

England。 It would give some revenue to those of England。 The

capital which had been employed in producing the English goods

that purchased this gold and silver; the capital which had been

distributed among; and given revenue to; certain inhabitants of

England; would thereby be replaced and enabled to continue that

employment。 The whole capital of England would no more be

diminished by this exportation of gold and silver than by the

exportation of an equal value of any other goods。 On the

contrary; it would in most cases be augmented。 No goods are sent

abroad but those for which the demand is supposed to be greater

abroad than at home; and of which the returns consequently; it is

expected; will be of more value at home than the commodities

exported。 If the tobacco which; in England; is worth only a

hundred thousand pounds; when sent to France will purchase wine

which is; in England; worth a hundred and ten thousand; this

exchange will equally augment the capital of England by ten

thousand pounds。 If a hundred thousand pounds of English gold; in

the same manner; purchase French wine which; in England; is worth

a hundred and ten thousand; this exchange will equally augment

the capital of England

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