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

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

of　British　goods　exported　during　the　course　of　the　late　war；

without　bringing　back　any　returns；　is　accordingly　remarked　by　the

author　of　The　Present　State　of　the　Nation。

　　　　　Besides　the　three　sorts　of　gold　and　silver　above　mentioned；

there　is　in　all　great　commercial　countries　a　good　deal　of　bullion

alternately　imported　and　exported　for　the　purposes　of　foreign

trade。　This　bullion；　as　it　circulates　among　different　commercial

countries　in　the　same　manner　as　the　national　coin　circulates　in

every　particular　country；　may　be　considered　as　the　money　of　the

great　mercantile　republic。　The　national　coin　receives　its

movement　and　direction　from　the　commodities　circulated　within　the

precincts　of　each　particular　country：　the　money　of　the　mercantile

republic；　from　those　circulated　between　different　countries。　Both

are　employed　in　facilitating　exchanges；　the　one　between　different

individuals　of　the　same；　the　other　between　those　of　different

nations。　Part　of　this　money　of　the　great　mercantile　republic　may

have　been；　and　probably　was；　employed　in　carrying　on　the　late

war。　In　time　of　a　general　war；　it　is　natural　to　suppose　that　a

movement　and　direction　should　be　impressed　upon　it；　different

from　what　it　usually　follows　in　profound　peace；　that　it　should

circulate　more　about　the　seat　of　the　war；　and　be　more　employed　in

purchasing　there；　and　in　the　neighbouring　countries；　the　pay　and

provisions　of　the　different　armies。　But　whatever　part　of　this

money　of　the　mercantile　republic　Great　Britain　may　have　annually

employed　in　this　manner；　it　must　have　been　annually　purchased；

either　with　British　commodities；　or　with　something　else　that　had

been　purchased　with　them；　which　still　brings　us　back　to

commodities；　to　the　annual　produce　of　the　land　and　labour　of　the

country；　as　the　ultimate　resources　which　enabled　us　to　carry　on

the　war。　It　is　natural　indeed　to　suppose　that　so　great　an　annual

expense　must　have　been　defrayed　from　a　great　annual　produce。　The

expense　of　1761；　for　example；　amounted　to　more　than　nineteen

millions。　No　accumulation　could　have　supported　so　great　an　annual

profusion。　There　is　no　annual　produce　even　of　gold　and　silver

which　could　have　supported　it。　The　whole　gold　and　silver　annually

imported　into　both　Spain　and　Portugal；　according　to　the　best

accounts；　does　not　commonly　much　exceed　six　millions　sterling；

which；　in　some　years；　would　scarce　have　paid　four　month's　expense

of　the　late　war。

　　　　　The　commodities　most　proper　for　being　transported　to　distant

countries；　in　order　to　purchase　there　either　the　pay　and

provisions　of　an　army；　or　some　part　of　the　money　of　the

mercantile　republic　to　be　employed　in　purchasing　them；　seem　to　be

the　finer　and　more　improved　manufactures；　such　as　contain　a　great

value　in　a　small　bulk；　and　can；　therefore；　be　exported　to　a　great

distance　at　little　expense。　A　country　whose　industry　produces　a

great　annual　surplus　of　such　manufactures；　which　are　usually

exported　to　foreign　countries；　may　carry　on　for　many　years　a　very

expensive　foreign　war　without　either　exporting　any　considerable

quantity　of　gold　and　silver；　or　even　having　any　such　quantity　to

export。　A　considerable　part　of　the　annual　surplus　of　its

manufactures　must；　indeed；　in　this　case　be　exported　without

bringing　back　any　returns　to　the　country；　though　it　does　to　the

merchant；　the　government　purchasing　of　the　merchant　his　bills

upon　foreign　countries；　in　order　to　purchase　there　the　pay　and

provisions　of　an　army。　Some　part　of　this　surplus；　however；　may

still　continue　to　bring　back　a　return。　The　manufacturers；　during

the　war；　will　have　a　double　demand　upon　them；　and　be　called　upon；

first；　to　work　up　goods　to　be　sent　abroad；　for　paying　the　bills

drawn　upon　foreign　countries　for　the　pay　and　provisions　of　the

army；　and；　secondly；　to　work　up　such　as　are　necessary　for

purchasing　the　common　returns　that　had　usually　been　consumed　in

the　country。　In　the　midst　of　the　most　destructive　foreign　war；

therefore；　the　greater　part　of　manufactures　may　frequently

flourish　greatly；　and；　on　the　contrary；　they　may　decline　on　the

return　of　the　peace。　They　may　flourish　amidst　the　ruin　of　their

country；　and　begin　to　decay　upon　the　return　of　its　prosperity。

The　different　state　of　many　different　branches　of　the　British

manufactures　during　the　late　war；　and　for　some　time　after　the

peace；　may　serve　as　an　illustration　of　what　has　been　just　now

said。

　　　　　No　foreign　war　of　great　expense　or　duration　could

conveniently　be　carried　on　by　the　exportation　of　the　rude　produce

of　the　soil。　The　expense　of　sending　such　a　quantity　of　it　to　a

foreign　country　as　might　purchase　the　pay　and　provisions　of　an

army　would　be　too　great。　Few　countries　produce　much　more　rude

produce　than　what　is　sufficient　for　the　subsistence　of　their　own

inhabitants。　To　send　abroad　any　great　quantity　of　it；　therefore；

would　be　to　send　abroad　a　part　of　the　necessary　subsistence　of

the　people。　It　is　otherwise　with　the　exportation　of　manufactures。

The　maintenance　of　the　people　employed　in　them　is　kept　at　home；

and　only　the　surplus　part　of　their　work　is　exported。　Mr。　Hume

frequently　takes　notice　of　the　inability　of　the　ancient　kings　of

England　to　carry　on；　without　interruption；　any　foreign　war　of

long　duration。　The　English；　in　those　days；　had　nothing

wherewithal　to　purchase　the　pay　and　provisions　of　their　armies　in

foreign　countries；　but　either　the　rude　produce　of　the　soil；　of

which　no　considerable　part　could　be　spared　from　the　home

consumption；　or　a　few　manufactures　of　the　coarsest　kind；　of

which；　as　well　as　of　the　rude　produce；　the　transportation　was　too

expensive。　This　inability　did　not　arise　from　the　want　of　money；

but　of　the　finer　and　more　improved　manufactures。　Buying　and

selling　was　transacted　by　means　of　money　in　England　then　as　well

as　now。　The　quantity　of　circulating　money　must　have　borne　the

same　proportion　to　the　number　and　value　of　purchases　and　sales

usually　transacted　at　that　time；　which　it　does　to　those

transacted　at　present；　or　rather　it　must　have　borne　a　greater

proportion；　because　there　was　then　no　paper；　which　now　occupies　a

great　part　of　the　employment　of　gold　and　silver。　Among　nations　to

whom　commerce　and　manufactures　are　little　known；　the　sovereign；

upon　extraordinary　occasions；　can　seldom　draw　any　considerable

aid　from　his　subjects；　for　reasons　which　shall　be　explained

hereafter。　It　is　in　such　countries；　therefore；　that　he　generally

endeavours　to　accumulate　a　treasure；　as　the　only　resource　against

such　emergencies。　Independent　of　this　necessity；　he　is　in　such　a

situation　naturally　disposed　to　the　parsimony　requisite　for

accumulation。　In　that　simple　state；　the　expense　even　of　a

sovereign　is　not　directed　by　the　vanity　which　delights　in　the

gaudy　finery　of　a　court；　but　is　employed　in　bounty　to　his

tenants；　and　hospitality　to　his　retainers。　But　bounty　and

hospitality　very　seldom　lead　to　extravagance；　though　vanity

almost　always　does。　Every　Tartar　chief；　accordingly；　has　a

treasure。　The　treasures　of　Mazepa；　chief　of　the　Cossacs　in　the

Ukraine；　the　famous　ally　of　Charles　the　XII；　are　said　to　have

been　very　great。　The　French　kings　of　the　Merovingian　race　all　had

treasures。　When　they　divided　their　kingdom　among　their　different

children；　they　divided　their　treasure　too。　The　Saxon　princes；　and

the　first　kings　after　the　Conquest；　seem　likewise　to　have

accumulated　treasures。　The　first　exploit　of　every　new　reign　was

commonly　to　seize　the　treasure　of　the　preceding　king；　as　the　most

essential　measure　for　securing　the　succession。　The　sovereigns　of

improved　and　commercial　countries　are　not　under　the　same

necessity　of　accumulating　treasures；　because　they　can　generally

draw　from　their　subjects　extraordinary　aids　upon　extraordinary

occasions。　They　are　likewise　less　disposed　to　do　so。　They

naturally；　perhaps　necessarily；　follow　the　mode　of　the　times；　and

their　expense　comes　to　be　regulated　by　the　same　extravagant

vanity　which　directs　that　of　all　the　other　great　proprietors　in

their　dominions。　The　insignificant　pageantry　of　their　court

becomes　every　day　more　brilliant；　and　the　expense　of　it　not　only

prevents　accumulation；　but　frequently　encroaches　upon　the　funds

destined　for　more　necessary　expenses。　What　Dercyllidas　said　of

the　court　of　Persia　may　be　applied　to　that　of　several　European

princes；　that　he　saw　there　much　splendour　but　little　strength；

and　many　servants　but　few　soldiers。

　　　　　The　importation　of　gold　and　silver　is　not　the　principal；

much　less　the　sole　benefit　which　a　nation　derives　from　its

foreign　trade。　Between　whatever　places　foreign　trade　is　carried

on；　they　all　of　them　derive　two　distinct　benefits　from　it。　It

carries　out　that　surplus　part　of　the　produce　of　their　land　and

labour　for　which　there　is　no　demand　among　them；　and　brings　back

in　return　for　it　something　else　for　which　there　is　a　demand。　It

gives　a　value　to　their　superfluities；　by　exchanging　them　for

something　else；　which　may　satisfy　a　part　of　their　wants；　and