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of England than first to purchase with that produce the gold of

Portugal; and afterwards to purchase with that gold those

consumable goods。 A direct foreign trade of consumption is always

more advantageous than a round…about one; and to bring the same

value of foreign goods to the home market; requires a much

smaller capital in the one way than in the other。 If a smaller

share of its industry; therefore; had been employed in producing

goods fit for the Portugal market; and a greater in producing

those fit for the other markets; where those consumable goods for

which there is a demand in Great Britain are to be had; it would

have been more for the advantage of England。 To procure both the

gold; which it wants for its own use; and the consumable goods;

would; in this way; employ a much smaller capital than at

present。 There would be a spare capital; therefore; to be

employed for other purposes; in exciting an additional quantity

of industry; and in raising a greater annual produce。

     Though Britain were entirely excluded from the Portugal

trade; it could find very little difficulty in procuring all the

annual supplies of gold which it wants; either for the purposes

of plate; or of coin; or of foreign trade。 Gold; like every other

commodity; is always somewhere or another to be got for its value

by those who have that value to give for it。 The annual surplus

of gold in Portugal; besides; would still be sent abroad; and

though not carried away by Great Britain; would be carried away

by some other nation; which would be glad to sell it again for

its price; in the same manner as Great Britain does at present。

In buying gold of Portugal; indeed; we buy it at the first hand;

whereas; in buying it of any other nation; except Spain; we

should buy it at the second; and might pay somewhat dearer。 This

difference; however; would surely be too insignificant to deserve

the public attention。

     Almost all our gold; it is said; comes from Portugal。 With

other nations the balance of trade is either against us; or not

much in our favour。 But we should remember that the more gold we

import from one country; the less we must necessarily import from

all others。 The effectual demand for gold; like that for every

other commodity; is in every country limited to a certain

quantity。 If nine…tenths of this quantity are imported from one

country; there remains a tenth only to be imported from all

others。 The more gold besides that is annually imported from some

particular countries; over and above what is requisite for plate

and for coin; the more must necessarily be exported to some

others; and the more that most insignificant object of modern

policy; the balance of trade; appears to be in our favour with

some particular countries; the more it must necessarily appear to

be against us with many others。

     It was upon this silly notion; however; that England could

not subsist without the Portugal trade; that; towards the end of

the late war; France and Spain; without pretending either offence

or provocation; required the King of Portugal to exclude all

British ships from his ports; and for the security of this

exclusion; to receive into them French or Spanish garrisons。 Had

the king of Portugal submitted to those ignominious terms which

his brother…in…law the king of Spain proposed to him; Britain

would have been freed from a much greater inconveniency than the

loss of the Portugal trade; the burden of supporting a very weak

ally; so unprovided of everything for his own defence that the

whole power of England; had it been directed to that single

purpose; could scarce perhaps have defended him for another

campaign。 The loss of the Portugal trade would; no doubt; have

occasioned a considerable embarrassment to the merchants at that

time engaged in it; who might not; perhaps; have found out; for a

year or two; any other equally advantageous method of employing

their capitals; and in this would probably have consisted all the

inconveniency which England could have suffered from this notable

piece of commercial policy。

     The great annual importation of gold and silver is neither

for the purpose of plate nor of coin; but of foreign trade。 A

round…about foreign trade of consumption can be carried on more

advantageously by means of these metals than of almost any other

goods。 As they are the universal instruments of commerce; they

are more readily received in return for all commodities than any

other goods; and on account of their small bulk and great value;

it costs less to transport them backward and forward from one

place to another than almost any other sort of merchandise; and

they lose less of their value by being so transported。 Of all the

commodities; therefore; which are bought in one foreign country;

for no other purpose but to be sold or exchanged again for some

other goods in another; there are none so convenient as gold and

silver。 In facilitating all the different round…about foreign

trades of consumption which are carried on in Great Britain

consists the principal advantage of the Portugal trade; and

though it is not a capital advantage; it is no doubt a

considerable one。

     That any annual addition which; it can reasonably be

supposed; is made either to the plate or to the coin of the

kingdom; could require but a very small annual importation of

gold and silver; seems evident enough; and though we had no

direct trade with Portugal; this small quantity could always;

somewhere or another; be very easily got。

     Though the goldsmith's trade be very considerable in Great

Britain; the far。 greater part of the new plate which they

annually sell is made from other old plate melted down; so that

the addition annually made to the whole plate of the kingdom

cannot be very great; and could require but a very small annual

importation。

     It is the same case with the coin。 Nobody imagines; I

believe; that even the greater part of the annual coinage;

amounting; for ten years together; before the late reformation of

the gold coin; to upwards of eight hundred thousand pounds a year

in gold; was an annual addition to the money before current in

the kingdom。 In a country where the expense of the coinage is

defrayed by the government; the value of the coin; even when it

contains its full standard weight of gold and silver; can never

be much greater than that of an equal quantity of those metals

uncoined; because it requires only the trouble of going to the

mint; and the delay perhaps of a few weeks; to procure for any

quantity of uncoined gold and silver an equal quantity of those

metals in coin。 But; in every country; the greater part of the

current coin is almost always more or less worn; or otherwise

degenerated from its standard。 In Great Britain it was; before

the late reformation; a good deal so; the gold being more than

two per cent and the silver more than eight per cent below its

standard weight。 But if forty…four guineas and a half; containing

their full standard weight; a pound weight of gold; could

purchase very little more than a pound weight could of uncoined

gold; forty…four guineas and a half wanting a part of their

weight could not purchase a pound weight; and something was to be

added in order to make up the deficiency。 The current price of

gold bullion at market; therefore; instead of being the same with

the mint price; or L46 14s。 6d。; was then about L47 14s。 and

sometimes about L48。 When the greater part of the coin; however;

was in this degenerate condition; forty…four guineas and a half;

fresh from the mint; would purchase no more goods in the market

than any other ordinary guineas; because when they came into the

coffers of the merchant; being confounded with other money; they

could not afterwards be distinguished without more trouble than

the difference was worth。 Like other guineas they were worth no

more than L46 14s。 6d。 If thrown into the melting pot; however;

they produced; without any sensible loss; a pound weight of

standard gold; which could be sold at any time for between L47

14s。 and L48 either of gold or silver; as fit for all the

purposes of coin as that which had been melted down。 There was an

evident profit; therefore; in melting down new coined money; and

it was done so instantaneously; that no precaution of government

could prevent it。 The operations of the mint were; upon this

account; somewhat like the web of Penelope; the work that was

done in the day was undone in the night。 The mint was employed;

not so much in making daily additions to the coin; as in

replacing the very best part of it which was daily melted down。

     Were the private people; who carry their gold and silver to

the mint; to pay themselves for the coinage; it would add to the

value of those metals in the same manner as the fashion does to

that of plate。 Coined gold and silver would be more valuable than

uncoined。 The seignorage; if it was not exorbitant; would add to

the bullion the whole value of the duty; because; the government

having everywhere the exclusive pr

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