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

Lycurgus　opposed　to　their　entrance　into　Lacedemon。　All　the

sanguinary　laws　of　the　customs　are　not　able　to　prevent　the

importation　of　the　teas　of　the　Dutch　and　Gottenburgh　East　India

Companies；　because　somewhat　cheaper　than　those　of　the　British

company。　A　pound　of　tea；　however；　is　about　a　hundred　times　the

bulk　of　one　of　the　highest　prices；　sixteen　shillings；　that　is

commonly　paid　for　it　in　silver；　and　more　than　two　thousand　times

the　bulk　of　the　same　price　in　gold；　and　consequently　just　so　many

times　more　difficult　to　smuggle。

　　　　　It　is　partly　owing　to　the　easy　transportation　of　gold　and

silver　from　the　places　where　they　abound　to　those　where　they　are

wanted　that　the　price　of　those　metals　does　not　fluctuate

continually　like　that　of　the　greater　part　of　other　commodities；

which　are　hindered　by　their　bulk　from　shifting　their　situation

when　the　market　happens　to　be　either　over　or　under…stocked　with

them。　The。　price　of　those　metals；　indeed；　is　not　altogether

exempted　from　variation；　but　the　changes　to　which　it　is　liable

are　generally　slow；　gradual　and　uniform。　In　Europe；　for　example；

it　is　supposed；　without　much　foundation；　perhaps；　that　during　the

course　of　the　present　and　preceding　century　they　have　been

constantly；　but　gradually；　sinking　in　their　value；　on　account　of

the　continual　importations　from　the　Spanish　West　Indies。　But　to

make　any　sudden　change　in　the　price　of　gold　and　silver；　so　as　to

raise　or　lower　at　once；　sensibly　and　remarkably；　the　money　price

of　all　other　commodities；　requires　such　a　revolution　in　commerce

as　that　occasioned　by　the　discovery　of　America。

　　　　　If；　notwithstanding　all　this；　gold　and　silver　should　at　any

time　fall　short　in　a　country　which　has　wherewithal　to　purchase

them；　there　are　more　expedients　for　supplying　their　place　than

that　of　almost　any　other　commodity。　If　the　materials　of

manufacture　are　wanted；　industry　must　stop。　If　provisions　are

wanted；　the　people　must　starve。　But　if　money　is　wanted；　barter

will　supply　its　place；　though　with　a　good　deal　of　inconveniency。

Buying　and　selling　upon　credit；　and　the　different　dealers

compensating　their　credits　with　one　another；　once　a　month　or　once

a　year；　will　supply　it　with　less　inconveniency。　A　well…regulated

paper　money　will　supply　it；　not　only　without　any　inconveniency；

but；　in　some　cases；　with　some　advantages。　Upon　every　account；

therefore；　the　attention　of　government　never　was　so　unnecessarily

employed　as　when　directed　to　watch　over　the　preservation　or

increase　of　the　quantity　of　money　in　any　country。

　　　　　No　complaint；　however；　is　more　common　than　that　of　a

scarcity　of　money。　Money；　like　wine；　must　always　be　scarce　with

those　who　have　neither　wherewithal　to　buy　it　nor　credit　to　borrow

it。　Those　who　have　either　will　seldom　be　in　want　either　of　the

money　or　of　the　wine　which　they　have　occasion　for。　This

complaint；　however；　of　the　scarcity　of　money　is　not　always

confined　to　improvident　spendthrifts。　It　is　sometimes　general

through　a　whole　mercantile　town　and　the　country　in　its

neighbourhood。　Overtrading　is　the　common　cause　of　it。　Sober　men；

whose　projects　have　been　disproportioned　to　their　capitals；　are

as　likely　to　have　neither　wherewithal　to　buy　money　nor　credit　to

borrow　it；　as　prodigals　whose　expense　has　been　disproportioned　to

their　revenue。　Before　their　projects　can　be　brought　to　bear；

their　stock　is　gone；　and　their　credit　with　it。　They　run　about

everywhere　to　borrow　money；　and　everybody　tells　them　that　they

have　none　to　lend。　Even　such　general　complaints　of　the　scarcity

of　money　do　not　always　prove　that　the　usual　number　of　gold　and

silver　pieces　are　not　circulating　in　the　country；　but　that　many

people　want　those　pieces　who　have　nothing　to　give　for　them。　When

the　profits　of　trade　happen　to　be　greater　than　ordinary；

overtrading　becomes　a　general　error　both　among　great　and　small

dealers。　They　do　not　always　send　more　money　abroad　than　usual；

but　they　buy　upon　credit；　both　at　home　and　abroad；　an　unusual

quantity　of　goods；　which　they　send　to　some　distant　market　in

hopes　that　the　returns　will　come　in　before　the　demand　for

payment。　The　demand　comes　before　the　returns；　and　they　have

nothing　at　hand　with　which　they　can　either　purchase　money；　or

give　solid　security　for　borrowing。　It　is　not　any　scarcity　of　gold

and　silver；　but　the　difficulty　which　such　people　find　in

borrowing；　and　which　their　creditors　find　in　getting　payment；

that　occasions　the　general　complaint　of　the　scarcity　of　money。

　　　　　It　would　be　too　ridiculous　to　go　about　seriously　to　prove

that　wealth　does　not　consist　in　money；　or　in　gold　and　silver；　but

in　what　money　purchases；　and　is　valuable　only　for　purchasing。

Money；　no　doubt；　makes　always　a　part　of　the　national　capital；　but

it　has　already　been　shown　that　it　generally　makes　but　a　small

part；　and　always　the　most　unprofitable　part　of　it。

　　　　　It　is　not　because　wealth　consists　more　essentially　in　money

than　in　goods　that　the　merchant　find　it　generally　more　easy　to

buy　goods　with　money　than　to　buy　money　with　goods；　but　because

money　is　the　known　and　established　instrument　of　commerce；　for

which　everything　is　readily　given　in　exchange；　but　which　is　not

always　with　equal　readiness　to　be　got　in　exchange　for　everything。

The　greater　part　of　goods；　besides；　are　more　perishable　than

money；　and　he　may　frequently　sustain　a　much　greater　loss　by

keeping　them。　When　his　goods　are　upon　hand；　too；　he　is　more

liable　to　such　demands　for　money　as　he　may　not　be　able　to　answer

than　when　he　has　got　their　price　in　his　coffers。　Over　and　above

all　this；　his　profit　arises　more　directly　from　selling　than　from

buying；　and　he　is　upon　all　these　accounts　generally　much　more

anxious　to　exchange　his　goods　for　money　than　his　money　for　goods。

But　though　a　particular　merchant；　with　abundance　of　goods　in　his

warehouse；　may　sometimes　be　ruined　by　not　being　able　to　sell　them

in　time；　a　nation　or　country　is　not　liable　to　the　same　accident。

The　whole　capital　of　a　merchant　frequently　consists　in　perish；

able　goods　destined　for　purchasing　money。　But　it　is　but　a　very

small　part　of　the　annual　produce　of　the　land　and　labour　of　a

country　which　can　ever　be　destined　for　purchasing　gold　and　silver

from　their　neighbours。　The　far　greater　part　is　circulated　and

consumed　among　themselves；　and　even　of　the　surplus　which　is　sent

abroad；　the　greater　part　is　generally　destined　for　the　purchase

of　other　foreign　goods。　Though　gold　and　silver；　therefore；　could

not　be　had　in　exchange　for　the　goods　destined　to　purchase　them；

the　nation　would　not　be　ruined。　It　might；　indeed；　suffer　some

loss　and　inconveniency；　and　be　forced　upon　some　of　those

expedients　which　are　necessary　for　supplying　the　place　of　money。

The　annual　produce　of　its　land　and　labour；　however；　would　be　the

same；　or　very　nearly　the　same；　as　usual；　because　the　same；　or

very　nearly　the　same；　consumable　capital　would　be　employed　in

maintaining　it。　And　though　goods　do　not　always　draw　money　so

readily　as　money　draws　goods；　in　the　long　run　they　draw　it　more

necessarily　than　even　it　draws　them。　Goods　can　serve　many　other

purposes　besides　purchasing　money；　but　money　can　serve　no　other

purpose　besides　purchasing　goods。　Money；　therefore；　necessarily

runs　after　goods；　but　goods　do　not　always　or　necessarily　run

after　money。　The　man　who　buys　does　not　always　mean　to　sell　again；

but　frequently　to　use　or　to　consume；　whereas　he　who　sells　always

means　to　buy　again。　The　one　may　frequently　have　done　the　whole；

but　the　other　can　never　have　done　more　than　the　one…half　of　his

business。　It　is　not　for　its　own　sake　that　men　desire　money；　but

for　the　sake　of　what　they　can　purchase　with　it。

　　　　　Consumable　commodities；　it　is　said；　are　soon　destroyed；

whereas　gold　and　silver　are　of　a　more　durable　nature；　and；　were

it　not　for　this　continual　exportation；　might　be　accumulated　for

ages　together；　to　the　incredible　augmentation　of　the　real　wealth

of　the　country。　Nothing；　therefore；　it　is　pretended；　can　be　more

disadvantageous　to　any　country　than　the　trade　which　consists　in

the　exchange　of　such　lasting　for　such　perishable　commodities。　We

do　not；　however；　reckon　that　trade　disadvantageous　which　consists

in　the　exchange　of　the　hardware　of　England　for　the　wines　of

France；　and　yet　hardware　is　a　very　durable　commodity；　and　were　it

not　for　this　continual　exportation　might；　too；　be　accumulated　for

ages　together；　to　the　incredible　augmentation　of　the　pots　and

pans　of　the　country。　But　it　readily　occurs　that　the　number　of

such　utensils　is　in　every　country　necessarily　limited　by　the　use

which　there　is　for　them；　that　it　would　be　absurd　to　have　more

pots　and　pans　than　were　necessary　for　cooking　the　victuals

usually　consumed　there；　and　that　if　the　quantity　of　victuals　were

to　increase；　the　number　of　pots　and　pans　would　readily　increase

along　with　it；　a　part　of　the　increased　quantity　of　victuals　being

employed　in　purchasing　them；　or　in　maintaining　an　additional

number　of　workmen　whose　business　it　was　to　make　them。　It　should

as　readily　occur　that　the　quantity　of