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at all。 And almost the whole expense of the farmer; and the far

greater part even of that of the landlord; is in homemade

commodities。

     That degradation in the value of silver which is the effect

of the fertility of the mines; and which operates equally; or

very near equally; through the greater part of the commercial

world; is a matter of very little consequence to any particular

country。 The consequent rise of all money prices; though it does

not make those who receive them really richer; does make them

really poorer。 A service of plate becomes really cheaper; and

everything else remains precisely of the same real value as

before。

     But that degradation in the value of silver which; being the

effect either of the peculiar situation or of the political

institutions of a particular country; takes place only in that

country; is a matter of very great consequence; which; far from

tending to make anybody really richer; tends to make everybody

really poorer。 The rise in the money price of all commodities;

which is in this case peculiar to that country; tends to

discourage more or less every sort of industry which is carried

on within it; and to enable foreign nations; by furnishing almost

all sorts of goods for a smaller quantity of silver than its own

workmen can afford to do; to undersell them; not only in the

foreign; but even in the home market。

     It is the peculiar situation of Spain and Portugal as

proprietors of the mines to be the distributors of gold and

silver to all the other countries of Europe。 Those metals ought

naturally; therefore; to be somewhat cheaper in Spain and

Portugal than in any other part of Europe。 The difference;

however; should be no more than the amount of the freight and

insurance; and; on account of the great value and small bulk of

those metals; their freight is no great matter; and their

insurance is the same as that of any other goods of equal value。

Spain and Portugal; therefore; could suffer very little from

their peculiar situation; if they did not aggravate its

disadvantages by their political institutions。

     Spain by taxing; and Portugal by prohibiting the exportation

of gold and silver; load that exportation with the expense of

smuggling; and raise the value of those metals in other countries

so much more above what it is in their own by the whole amount of

this expense。 When you dam up a stream of water; as soon as the

dam is full as much water must run over the dam…head as if there

was no dam at all。 The prohibition of exportation cannot detain a

greater quantity of gold and silver in Spain and Portugal than

what they can afford to employ; than what the annual produce of

their land and labour will allow them to employ; in coin; plate;

gilding; and other ornaments of gold and silver。 When they have

got this quantity the dam is full; and the whole stream which

flows in afterwards must run over。 The annual exportation of gold

and silver from Spain and Portugal accordingly is; by all

accounts; notwithstanding these restraints; very near equal to

the whole annual importation。 As the water; however; must always

be deeper behind the dam…head than before it; so the quantity of

gold and silver which these restraints detain in Spain and

Portugal must; in proportion to the annual produce of their land

and labour; be greater than what is to be found in other

countries。 The higher and stronger the dam…head; the greater must

be the difference in the depth of water behind and before it。 The

higher the tax; the higher the penalties with which the

prohibition is guarded; the more vigilant and severe the police

which looks after the execution of the law; the greater must be

the difference in the proportion of gold and silver to the annual

produce of the land and labour of Spain and Portugal; and to that

of other countries。 It is said accordingly to be very

considerable; and that you frequently find there a profusion of

plate in houses where there is nothing else which would; in other

countries; be thought suitable or correspondent to this sort of

magnificence。 The cheapness of gold and silver; or what is the

same thing; the dearness of all commodities; which is the

necessary effect of this redundancy of the precious metals;

discourages both the agriculture and manufactures of Spain and

Portugal; and enables foreign nations to supply them with many

sorts of rude; and with almost all sorts of manufactured produce;

for a smaller quantity of gold and silver than what they

themselves can either raise or make them for at home。 The tax and

prohibition operate in two different ways。 They not only lower

very much the value of the precious metals in Spain and Portugal;

but by detaining there a certain quantity of those metals which

would otherwise flow over other countries; they keep up their

value in those other countries somewhat above what it otherwise

would be; and thereby give those countries a double advantage in

their commerce with Spain and Portugal。 Open the flood…gates; and

there will presently be less water above; and more below; the

dam…head; and it will soon come to a level in both places。 Remove

the tax and the prohibition; and as the quantity of gold and

silver will diminish considerably in Spain and Portugal; so it

will increase somewhat in other countries; and the value of those

metals; their proportion to the annual produce of land and

labour; will soon come to a level; or very near to a level; in

all。 The loss which Spain and Portugal could sustain by this

exportation of their gold and silver would be altogether nominal

and imaginary。 The nominal value of their goods; and of the

annual produce of their land and labour; would fall; and would be

expressed or represented by a smaller quantity of silver than

before; but their real value would be the same as before; and

would be sufficient to maintain; command; and employ; the same

quantity of labour。 As the nominal value of their goods would

fall; the real value of what remained of their gold and silver

would rise; and a smaller quantity of those metals would answer

all the same purposes of commerce and circulation which had

employed a greater quantity before。 The gold and silver which

would go abroad would not go abroad for nothing; but would bring

back an equal value of goods of some kind or another。 Those

goods; too; would not be all matters of mere luxury and expense;

to be consumed by idle people who produce nothing in return for

their consumption。 As the real wealth and revenue of idle people

would not be augmented by this extraordinary exportation of gold

and silver; so neither would their consumption be much augmented

by it。 Those goods would; probably; the greater part of them; and

certainly some part of them; consist in materials; tools; and

provisions; for the employment and maintenance of industrious

people; who would reproduce; with a profit; the full value of

their consumption。 A part of the dead stock of the society would

thus be turned into active stock; and would put into motion a

greater quantity of industry than had been employed before。 The

annual produce of their land and labour would immediately be

augmented a little; and in a few years would; probably; be

augmented a great deal; their industry being thus relieved from

one of the most oppressive burdens which it at present labours

under。

     The bounty upon the exportation of corn necessarily operates

exactly in the same way as this absurd policy of Spain and

Portugal。 Whatever be the actual state of tillage; it renders our

corn somewhat dearer in the home market than it otherwise would

be in that state; and somewhat cheaper in the foreign; and as the

average money price of corn regulates more or less that of all

other commodities; it lowers the value of silver considerably in

the one; and tends to raise it a little in the other。 It enables

foreigners; the Dutch in particular; not only to eat our corn

cheaper than they otherwise could do; but sometimes to eat it

cheaper than even our own people can do upon the same occasions;

as we are assured by an excellent authority; that of Sir Matthew

Decker。 It hinders our own workmen from furnishing their goods

for so small a quantity of silver as they otherwise might do; and

enables the Dutch to furnish theirs for a smaller。 It tends to

render our manufactures somewhat dearer in every market; and

theirs somewhat cheaper than they otherwise would be; and

consequently to give their industry a double advantage over our

own。

     The bounty; as it raises in the home market not so much the

real as the nominal price of our corn; as it augments; not the

quantity of labour which a certain quantity of corn can maintain

and employ but only the quantity of silver which it will exchange

for; it discourages our manufactures; without rendering any

considerable service either to our farmers or country gentlemen。

It puts; indeed; a little more money into the pockets of both;

and it will perhaps be somewhat difficult to persuade the greater

part of them that this i

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