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

as readily occur that the quantity of gold and silver is in every

country limited by the use which there is for those metals; that

their use consists in circulating commodities as coin; and in

affording a species of household furniture as plate; that the

quantity of coin in every country is regulated by the value of

the commodities which are to be circulated by it: increase that

value; and immediately a part of it will be sent abroad to

purchase; wherever it is to be had; the additional quantity of

coin requisite for circulating them: that the quantity of plate

is regulated by the number and wealth of those private families

who choose to indulge themselves in that sort of magnificence:

increase the number and wealth of such families; and a part of

this increased wealth will most probably be employed in

purchasing; wherever it is to be found; an additional quantity of

plate: that to attempt to increase the wealth of any country;

either by introducing or by detaining in it an unnecessary

quantity of gold and silver; is as absurd as it would be to

attempt to increase the good cheer of private families by

obliging them to keep an unnecessary number of kitchen utensils。

As the expense of purchasing those unnecessary utensils would

diminish instead of increasing either the quantity of goodness of

the family provisions; so the expense of purchasing an

unnecessary quantity of gold and silver must; in every country;

as necessarily diminish the wealth which feeds; clothes; and

lodges; which maintains and employs the people。 Gold and silver;

whether in the shape of coin or of plate; are utensils; it must

be remembered; as much as the furniture of the kitchen。 Increase

the use for them; increase the consumable commodities which are

to be circulated; managed; and prepared by means of them; and you

will infallibly increase the quantity; but if you attempt; by

extraordinary means; to increase the quantity; you will as

infallibly diminish the use and even the quantity too; which in

those metals can never be greater than what the use requires。

Were they ever to be accumulated beyond this quantity; their

transportation is so easy; and the loss which attends their lying

idle and unemployed so great; that no law could prevent their

being immediately sent out of the country。

     It is not always necessary to accumulate gold and silver in

order to enable a country to carry on foreign wars; and to

maintain fleets and armies in distant countries。 Fleets and

armies are maintained; not with gold and silver; but with

consumable goods。 The nation which; from the annual produce of

its domestic industry; from the annual revenue arising out of its

lands; labour; and consumable stock; has wherewithal to purchase

those consumable goods in distant countries; can maintain foreign

wars there。

     A nation may purchase the pay and provisions of an army in a

distant country three different ways: by sending abroad either;

first; some part of its accumulated gold and silver; or;

secondly; some part of the annual produce of its manufactures;

or; last of all; some part of its annual rude produce。

     The gold and silver which can properly be considered as

accumulated or stored up in any country may be distinguished into

three parts: first; the circulating money; secondly; the plate of

private families; and; last of all; the money which may have been

collected by many years' parsimony; and laid up in the treasury

of the prince。

     It can seldom happen that much can be spared from the

circulating money of the country; because in that there can

seldom be much redundancy。 The value of goods annually bought and

sold in any country requires a certain quantity of money to

circulate and distribute them to their proper consumers; and can

give employment to no more。 The channel of circulation

necessarily draws to itself a sum sufficient to fill it; and

never admits any more。 Something; however; is generally withdrawn

from this channel in the case of foreign war。 By the great number

of people who are maintained abroad; fewer are maintained at

home。 Fewer goods are circulated there; and less money becomes

necessary to circulate them。 An extraordinary quantity of paper

money; of some sort or other; such as exchequer notes; navy

bills; and bank bills in England; is generally issued upon such

occasions; and by supplying the place of circulating gold and

silver; gives an opportunity of sending a greater quantity of it

abroad。 All this; however; could afford but a poor resource for

maintaining a foreign war of great expense and several years

duration。

     The melting down the plate of private families has upon

every occasion been found a still more insignificant one。 The

French; in the beginning of the last war; did not derive so much

advantage from this expedient as to compensate the loss of the

fashion。

     The accumulated treasures of the prince have; in former

times; afforded a much greater and more lasting resource。 In the

present times; if you except the king of Prussia; to accumulate

treasure seems to be no part of the policy of European princes。

     The funds which maintained the foreign wars of the present

century; the most expensive perhaps which history records; seem

to have had little dependency upon the exportation either of the

circulating money; or of the plate of private families; or of the

treasure of the prince。 The last French war cost Great Britain

upwards of ninety millions; including not only the seventy…five

millions of new debt that was contracted; but the additional two

shillings in the pound land…tax; and what was annually borrowed

of the sinking fund。 More than two…thirds of this expense were

laid out in distant countries; in Germany; Portugal; America; in

the ports of the Mediterranean; in the East and West Indies。 The

kings of England had no accumulated treasure。 We never heard of

any extraordinary quantity of plate being melted down。 The

circulating gold and silver of the country had not been supposed

to exceed eighteen millions。 Since the late recoinage of the

gold; however; it is believed to have been a good deal

under…rated。 Let us suppose; therefore; according to the most

exaggerated computation which I remember to have either seen or

heard of; that; gold and silver together; it amounted to thirty

millions。 Had the war been carried on by means of our money; the

whole of it must; even according to this computation; have been

sent out and returned again at least twice in a period of between

six and seven years。 Should this be supposed; it would afford the

most decisive argument to demonstrate how unnecessary it is for

government to watch over the preservation of money; since upon

this supposition the whole money of the country must have gone

from it and returned to it again; two different times in so short

a period; without anybody's knowing anything of the matter。 The

channel of circulation; however; never appeared more empty than

usual during any part of this period。 Few people wanted money who

had wherewithal to pay for it。 The profits of foreign trade;

indeed; were greater than usual during the whole war; but

especially towards the end of it。 This occasioned; what it always

occasions; a general overtrading in all the parts of Great

Britain; and this again occasioned the usual complaint of the

scarcity of money; which always follows overtrading。 Many people

wanted it; who had neither wherewithal to buy it; nor credit to

borrow it; and because the debtors found it difficult to borrow;

the creditors found it difficult to get payment。 Gold and silver;

however; were generally to be had for their value; by those who

had that value to give for them。

     The enormous expense of the late war; therefore; must have

been chiefly defrayed; not by the exportation of gold and silver;

but by that of British commodities of some kind or other。 When

the government; or those who acted under them; contracted with a

merchant for a remittance to some foreign country; he would

naturally endeavour to pay his foreign correspondent; upon whom

he had granted a bill; by sending abroad rather commodities than

gold and silver。 If the commodities of Great Britain were not in

demand in that country; he would endeavour to send them to some

other country; in which he could purchase a bill upon that

country。 The transportation of commodities; when properly suited

to the market; is always attended with a considerable profit;

whereas that of gold and silver is scarce ever attended with any。

When those metals are sent abroad in order to purchase foreign

commodities; the merchant's profit arises; not from the purchase;

but from the sale of the returns。 But when they are sent abroad

merely to pay a debt; he gets no returns; and consequently no

profit。 He naturally; therefore; exerts his invention to find out

a way of paying his foreign debts rather by the exportation of

commodities than by that of gold and silver。 The great quantity

of Briti

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