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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