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balance　was　due。　That　if　the　exchange　between　England　and

Holland；　for　example；　was　five　per　cent　against　England；　it　would

require　a　hundred　and　five　ounces　of　silver　in　England　to

purchase　a　bill　for　a　hundred　ounces　of　silver　in　Holland：　that　a

hundred　and　five　ounces　of　silver　in　England；　therefore；　would　be

worth　only　a　hundred　ounces　of　silver　in　Holland；　and　would

purchase　only　a　proportionable　quantity　of　Dutch　goods；　but　that

a　hundred　ounces　of　silver　in　Holland；　on　the　contrary；　would　be

worth　a　hundred　and　five　ounces　in　England；　and　would　purchase　a

proportionable　quantity　of　English　goods：　that　the　English　goods

which　were　sold　to　Holland　would　be　sold　so　much　cheaper；　and　the

Dutch　goods　which　were　sold　to　England　so　much　dearer　by　the

difference　of　the　exchange；　that　the　one　would　draw　so　much　less

Dutch　money　to　England；　and　the　other　so　much　more　English　money

to　Holland；　as　this　difference　amounted　to：　and　that　the　balance

of　trade；　therefore；　would　necessarily　be　so　much　more　against

England；　and　would　require　a　greater　balance　of　gold　and　silver

to　be　exported　to　Holland。

　　　　　Those　arguments　were　partly　solid　and　partly　sophistical。

They　were　solid　so　far　as　they　asserted　that　the　exportation　of

gold　and　silver　in　trade　might　frequently　be　advantageous　to　the

country。　They　were　solid；　too；　in　asserting　that　no　prohibition

could　prevent　their　exportation　when　private　people　found　any

advantage　in　exporting　them。　But　they　were　sophistical　in

supposing　that　either　to　preserve　or　to　augment　the　quantity　of

those　metals　required　more　the　attention　of　government　than　to

preserve　or　to　augment　the　quantity　of　any　other　useful

commodities；　which　the　freedom　of　trade；　without　any　such

attention；　never　fails　to　supply　in　the　proper　quantity。　They

were　sophistical　too；　perhaps；　in　asserting　that　the　high　price

of　exchange　necessarily　increased　what　they　called　the

unfavourable　balance　of　trade；　or　occasioned　the　exportation　of　a

greater　quantity　of　gold　and　silver。　That　high　price；　indeed；　was

extremely　disadvantageous　to　the　merchants　who　had　any　money　to

pay　in　foreign　countries。　They　paid　so　much　dearer　for　the　bills

which　their　bankers　granted　them　upon　those　countries。　But　though

the　risk　arising　from　the　prohibition　might　occasion　some

extraordinary　expense　to　the　bankers；　it　would　not　necessarily

carry　any　more　money　out　of　the　country。　This　expense　would

generally　be　all　laid　out　in　the　country；　in　smuggling　the　money

out　of　it；　and　could　seldom　occasion　the　exportation　of　a　single

sixpence　beyond　the　precise　sum　drawn　for。　The　high　price　of

exchange　too　would　naturally　dispose　the　merchants　to　endeavour

to　make　their　exports　nearly　balance　their　imports；　in　order　that

they　might　have　this　high　exchange　to　pay　upon　as　small　a　sum　as

possible。　The　high　price　of　exchange；　besides；　must　necessarily

have　operated　as　a　tax；　in　raising　the　price　of　foreign　goods；

and　thereby　diminishing　their　consumption。　It　would　tend；

therefore；　not　to　increase　but　to　diminish　what　they　called　the

unfavourable　balance　of　trade；　and　consequently　the　exportation

of　gold　and　silver。

　　　　　Such　as　they　were；　however；　those　arguments　convinced　the

people　to　whom　they　were　addressed。　They　were　addressed　by

merchants　to　parliaments　and　to　the　councils　of　princes；　to

nobles　and　to　country　gentlemen；　by　those　who　were　supposed　to

understand　trade　to　those　who　were　conscious　to　themselves　that

they　knew　nothing　about　the　matter。　That　foreign　trade　enriched

the　country；　experience　demonstrated　to　the　nobles　and　country

gentlemen　as　well　as　to　the　merchants；　but　how；　or　in　what

manner；　none　of　them　well　knew。　The　merchants　knew　perfectly　in

what　manner　it　enriched　themselves。　It　was　their　business　to　know

it。　But　to　know　in　what　manner　it　enriched　the　country　was　no

part　of　their　business。　This　subject　never　came　into　their

consideration　but　when　they　had　occasion　to　apply　to　their

country　for　some　change　in　the　laws　relating　to　foreign　trade。　It

then　became　necessary　to　say　something　about　the　beneficial

effects　of　foreign　trade；　and　the　manner　in　which　those　effects

were　obstructed　by　the　laws　as　they　then　stood。　To　the　judges　who

were　to　decide　the　business　it　appeared　a　most　satisfactory

account　of　the　matter；　when　they　were　told　that　foreign　trade

brought　money　into　the　country；　but　that　the　laws　in　question

hindered　it　from　bringing　so　much　as　it　otherwise　would　do。　Those

arguments　therefore　produced　the　wished…for　effect。　The

prohibition　of　exporting　gold　and　silver　was　in　France　and

England　confined　to　the　coin　of　those　respective　countries。　The

exportation　of　foreign　coin　and　of　bullion　was　made　free。　In

Holland；　and　in　some　other　places；　this　liberty　was　extended　even

to　the　coin　of　the　country。　The　attention　of　government　was

turned　away　from　guarding　against　the　exportation　of　gold　and

silver　to　watch　over　the　balance　of　trade　as　the　only　cause　which

could　occasion　any　augmentation　or　diminution　of　those　metals。

From　one　fruitless　care　it　was　turned　away　to　another　care　much

more　intricate；　much　more　embarrassing；　and　just　equally

fruitless。　The　title　of　Mun's　book；　England's　Treasure　in　Foreign

Trade；　became　a　fundamental　maxim　in　the　political　economy；　not

of　England　only；　but　of　all　other　commercial　countries。　The

inland　or　home　trade；　the　most　important　of　all；　the　trade　in

which　an　equal　capital　affords　the　greatest　revenue；　and　creates

the　greatest　employment　to　the　people　of　the　country；　was

considered　as　subsidiary　only　to　foreign　trade。　It　neither

brought　money　into　the　country；　it　was　said；　nor　carried　any　out

of　it。　The　country；　therefore；　could　never　become　either　richer

or　poorer　by　means　of　it；　except　so　far　as　its　prosperity　or

decay　might　indirectly　influence　the　state　of　foreign　trade。

　　　　　A　country　that　has　no　mines　of　its　own　must　undoubtedly　draw

its　gold　and　silver　from　foreign　countries　in　the　same　manner　as

one　that　has　no　vineyards　of　its　own　must　draw　its　wines。　It　does

not　seem　necessary；　however；　that　the　attention　of　government

should　be　more　turned　towards　the　one　than　towards　the　other

object。　A　country　that　has　wherewithal　to　buy　wine　will　always

get　the　wine　which　it　has　occasion　for；　and　a　country　that　has

wherewithal　to　buy　gold　and　silver　will　never　be　in　want　of　those

metals。　They　are　to　be　bought　for　a　certain　price　like　all　other

commodities；　and　as　they　are　the　price　of　all　other　commodities；

so　all　other　commodities　are　the　price　of　those　metals。　We　trust

with　perfect　security　that　the　freedom　of　trade；　without　any

attention　of　government；　will　always　supply　us　with　the　wine

which　we　have　occasion　for：　and　we　may　trust　with　equal　security

that　it　will　always　supply　us　with　all　the　gold　and　silver　which

we　can　afford　to　purchase　or　to　employ；　either　in　circulating　our

commodities；　or　in　other　uses。

　　　　　The　quantity　of　every　commodity　which　human　industry　can

either　purchase　or　produce　naturally　regulates　itself　in　every

country　according　to　the　effectual　demand；　or　according　to　the

demand　of　those　who　are　willing　to　pay　the　whole　rent；　labour；

and　profits　which　must　be　paid　in　order　to　prepare　and　bring　it

to　market。　But　no　commodities　regulate　themselves　more　easily　or

more　exactly　according　to　this　effectual　demand　than　gold　and

silver；　because；　on　account　of　the　small　bulk　and　great　value　of

those　metals；　no　commodities　can　be　more　easily　transported　from

one　place　to　another；　from　the　places　where　they　are　cheap　to

those　where　they　are　dear；　from　the　places　where　they　exceed　to

those　where　they　fall　short　of　this　effectual　demand。　If　there

were　in　England；　for　example；　an　effectual　demand　for　an

additional　quantity　of　gold；　a　packet…boat　could　bring　from

Lisbon；　or　from　wherever　else　it　was　to　be　had；　fifty　tons　of

gold；　which　could　be　coined　into　more　than　five　millions　of

guineas。　But　if　there　were　an　effectual　demand　for　grain　to　the

same　value；　to　import　it　would　require；　at　five　guineas　a　ton；　a

million　of　tons　of　shipping；　or　a　thousand　ships　of　a　thousand

tons　each。　The　navy　of　England　would　not　be　sufficient。

　　　　　When　the　quantity　of　gold　and　silver　imported　into　any

country　exceeds　the　effectual　demand；　no　vigilance　of　government

can　prevent　their　exportation。　All　the　sanguinary　laws　of　Spain

and　Portugal　are　not　able　to　keep　their　gold　and　silver　at　home。

The　continual　importations　from　Peru　and　Brazil　exceed　the

effectual　demand　of　those　countries；　and　sink　the　price　of　those

metals　there　below　that　in　the　neighbouring　countries。　If；　on　the

contrary；　in　any　particular　country　their　quantity　fell　short　of

the　effectual　demand；　so　as　to　raise　their　price　above　that　of

the　neighbouring　countries；　the　government　would　have　no　occasion

to　take　any　pains　to　import　them。　If　it　were　even　to　take　pains

to　prevent　their　importation；　it　would　not　be　able　to　effectuate

it。　Those　metals；　when　the　Spartans　had　got　wherewithal　to

purchase　them；　broke　through　all　the　barriers　which　the　laws　of

Lycurgus　opposed　to　the