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

increase　their　enjoyments。　By　means　of　it　the　narrowness　of　the

home　market　does　not　hinder　the　division　of　labour　in　any

particular　branch　of　art　or　manufacture　from　being　carried　to　the

highest　perfection。　By　opening　a　more　extensive　market　for

whatever　part　of　the　produce　of　their　labour　may　exceed　the　home

consumption；　it　encourages　them　to　improve　its　productive　powers；

and　to　augment　its　annual　produce　to　the　utmost；　and　thereby　to

increase　the　real　revenue　and　wealth　of　the　society。　These　great

and　important　services　foreign　trade　is　continually　occupied　in

performing　to　all　the　different　countries　between　which　it　is

carried　on。　They　all　derive　great　benefit　from　it；　though　that　in

which　the　merchant　resides　generally　derives　the　greatest；　as　he

is　generally　more　employed　in　supplying　the　wants；　and　carrying

out　the　superfluities　of　his　own；　than　of　any　other　particular

country。　To　import　the　gold　and　silver　which　may　be　wanted　into

the　countries　which　have　no　mines　is；　no　doubt；　a　part　of　the

business　of　foreign　commerce。　It　is；　however；　a　most

insignificant　part　of　it。　A　country　which　carried　on　foreign

trade　merely　upon　this　account　could　scarce　have　occasion　to

freight　a　ship　in　a　century。

　　　　　It　is　not　by　the　importation　of　gold　and　silver　that　the

discovery　of　America　has　enriched　Europe。　By　the　abundance　of　the

American　mines；　those　metals　have　become　cheaper。　A　service　of

plate　can　now　be　purchased　for　about　a　third　part　of　the　corn；　or

a　third　part　of　the　labour；　which　it　would　have　cost　in　the

fifteenth　century。　With　the　same　annual　expense　of　labour　and

commodities；　Europe　can　annually　purchase　about　three　times　the

quantity　of　plate　which　it　could　have　purchased　at　that　time。　But

when　a　commodity　comes　to　be　sold　for　a　third　part　of　what　had

been　its　usual　price；　not　only　those　who　purchased　it　before　can

purchase　three　times　their　former　quantity；　but　it　is　brought

down　to　the　level　of　a　much　greater　number　of　purchasers；　perhaps

to　more　than　ten；　perhaps　to　more　than　twenty　times　the　former

number。　So　that　there　may　be　in　Europe　at　present　not　only　more

than　three　times；　but　more　than　twenty　or　thirty　times　the

quantity　of　plate　which　would　have　been　in　it；　even　in　its

present　state　of　improvement；　had　the　discovery　of　the　American

mines　never　been　made。　So　far　Europe　has；　no　doubt；　gained　a　real

conveniency；　though　surely　a　very　trifling　one。　The　cheapness　of

gold　and　silver　renders　those　metals　rather　less　fit　for　the

purposes　of　money　than　they　were　before。　In　order　to　make　the

same　purchases；　we　must　load　ourselves　with　a　greater　quantity　of

them；　and　carry　about　a　shilling　in　our　pocket　where　a　groat

would　have　done　before。　It　is　difficult　to　say　which　is　most

trifling；　this　inconveniency　or　the　opposite　conveniency。　Neither

the　one　nor　the　other　could　have　made　any　very　essential　change

in　the　state　of　Europe。　The　discovery　of　America；　however；

certainly　made　a　most　essential　one。　By　opening　a　new　and

inexhaustible　market　to　all　the　commodities　of　Europe；　it　gave

occasion　to　new　divisions　of　labour　and　improvements　of　art；

which　in　the　narrow　circle　of　the　ancient　commerce；　could　never

have　taken　place　for　want　of　a　market　to　take　off　the　greater

part　of　their　produce。　The　productive　powers　of　labour　were

improved；　and　its　produce　increased　in　all　the　different

countries　of　Europe；　and　together　with　it　the　real　revenue　and

wealth　of　the　inhabitants。　The　commodities　of　Europe　were　almost

all　new　to　America；　and　many　of　those　of　America　were　new　to

Europe。　A　new　set　of　exchanges；　therefore；　began　to　take　place

which　had　never　been　thought　of　before；　and　which　should

naturally　have　proved　as　advantageous　to　the　new；　as　it　certainly

did　to　the　old　continent。　The　savage　injustice　of　the　Europeans

rendered　an　event；　which　ought　to　have　been　beneficial　to　all；

ruinous　and　destructive　to　several　of　those　unfortunate

countries。

　　　　　The　discovery　of　a　passage　to　the　East　Indies　by　the　Cape　of

Good　Hope；　which　happened　much　about　the　same　time；　opened

perhaps　a　still　more　extensive　range　to　foreign　commerce　than

even　that　of　America；　notwithstanding　the　greater　distance。　There

were　but　two　nations　in　America　in　any　respect　superior　to

savages；　and　these　were　destroyed　almost　as　soon　as　discovered。

The　rest　were　mere　savages。　But　the　empires　of　China；　Indostan；

Japan；　as　well　as　several　others　in　the　East　Indies；　without

having　richer　mines　of　gold　or　silver；　were　in　every　other

respect　much　richer；　better　cultivated；　and　more　advanced　in　all

arts　and　manufactures　than　either　Mexico　or　Peru；　even　though　we

should　credit；　what　plainly　deserves　no　credit；　the　exaggerated

accounts　of　the　Spanish　writers　concerning　the　ancient　state　of

those　empires。　But　rich　and　civilised　nations　can　always　exchange

to　a　much　greater　value　with　one　another　than　with　savages　and

barbarians。　Europe；　however；　has　hitherto　derived　much　less

advantage　from　its　commerce　with　the　East　Indies　than　from　that

with　America。　The　Portuguese　monopolized　the　East　India　trade　to

themselves　for　about　a　century；　and　it　was　only　indirectly　and

through　them　that　the　other　nations　of　Europe　could　either　send

out　or　receive　any　goods　from　that　country。　When　the　Dutch；　in

the　beginning　of　the　last　century；　began　to　encroach　upon　them；

they　vested　their　whole　East　India　commerce　in　an　exclusive

company。　The　English；　French；　Swedes；　and　Danes　have　all　followed

their　example；　so　that　no　great　nation　in　Europe　has　ever　yet　had

the　benefit　of　a　free　commerce　to　the　East　Indies。　No　other

reason　need　be　assigned　why　it　has　never　been　so　advantageous　as

the　trade　to　America；　which；　between　almost　every　nation　of

Europe　and　its　own　colonies；　is　free　to　all　its　subjects。　The

exclusive　privileges　of　those　East　India　companies；　their　great

riches；　the　great　favour　and　protection　which　these　have　procured

them　from　their　respective　governments；　have　excited　much　envy

against　them。　This　envy　has　frequently　represented　their　trade　as

altogether　pernicious；　on　account　of　the　great　quantities　of

silver　which　it　every　year　exports　from　the　countries　from　which

it　is　carried　on。　The　parties　concerned　have　replied　that　their

trade；　by　this　continual　exportation　of　silver；　might　indeed　tend

to　impoverish　Europe　in　general；　but　not　the　particular　country

from　which　it　was　carried　on；　because；　by　the　exportation　of　a

part　of　the　returns　to　other　European　countries；　it　annually

brought　home　a　much　greater　quantity　of　that　metal　than　it

carried　out。　Both　the　objection　and　the　reply　are　founded　in　the

popular　notion　which　I　have　been　just　now　examining。　It　is

therefore　unnecessary　to　say　anything　further　about　either。　By

the　annual　exportation　of　silver　to　the　East　Indies；　plate　is

probably　somewhat　dearer　in　Europe　than　it　otherwise　might　have

been；　and　coined　silver　probably　purchases　a　larger　quantity　both

of　labour　and　commodities。　The　former　of　these　two　effects　is　a

very　small　loss；　the　latter　a　very　small　advantage；　both　too

insignificant　to　deserve　any　part　of　the　public　attention。　The

trade　to　the　East　Indies；　by　opening　a　market　to　the　commodities

of　Europe；　or；　what　comes　nearly　to　the　same　thing；　to　the　gold

and　silver　which　is　purchased　with　those　commodities；　must

necessarily　tend　to　increase　the　annual　production　of　European

commodities；　and　consequently　the　real　wealth　and　revenue　of

Europe。　That　it　has　hitherto　increased　them　so　little　is　probably

owing　to　the　restraints　which　it　everywhere　labours　under。

　　　　　I　thought　it　necessary；　though　at　the　hazard　of　being

tedious；　to　examine　at　full　length　this　popular　notion　that

wealth　consists　in　money；　or　in　gold　and　silver。　Money　in　common

language；　as　I　have　already　observed；　frequently　signifies

wealth；　and　this　ambiguity　of　expression　has　rendered　this

popular　notion　so　familiar　to　us　that　even　they　who　are　convinced

of　its　absurdity　are　very　apt　to　forget　their　own　principles；　and

in　the　course　of　their　reasonings　to　take　it　for　granted　as　a

certain　and　undeniable　truth。　Some　of　the　best　English　writers

upon　commerce　set　out　with　observing　that　the　wealth　of　a　country

consists；　not　in　its　gold　and　silver　only；　but　in　its　lands；

houses；　and　consumable　goods　of　all　different　kinds。　In　the

course　of　their　reasonings；　however；　the　lands；　houses；　and

consumable　goods　seem　to　slip　out　of　their　memory；　and　the　strain

of　their　argument　frequently　supposes　that　all　wealth　consists　in

gold　and　silver；　and　that　to　multiply　those　metals　is　the　great

object　of　national　industry　and　commerce。

　　　　　The　two　principles　being　established；　however；　that　wealth

consisted　in　gold　and　silver；　and　that　those　metals　could　be

brought　into　a　country　which　had　no　mines　only　by　the　balance　of

trade；　or　by　exporting　to　a　greater　value　than　it　imported；　it

necessarily　became　the　great　object　of　political　economy　to

diminish　as　much　as　possible　the　importation　of　foreign　goods　for

home　consumption；　and　to　in