wealbk04-第3章

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either　purchase　or　produce　naturally　regulates　itself　in　every

country　according　to　the　effectual　demand；　or　according　to　the

demand　of　those　who　are　willing　to　pay　the　whole　rent；　labour；

and　profits　which　must　be　paid　in　order　to　prepare　and　bring　it

to　market。　But　no　commodities　regulate　themselves　more　easily　or

more　exactly　according　to　this　effectual　demand　than　gold　and

silver；　because；　on　account　of　the　small　bulk　and　great　value　of

those　metals；　no　commodities　can　be　more　easily　transported　from

one　place　to　another；　from　the　places　where　they　are　cheap　to

those　where　they　are　dear；　from　the　places　where　they　exceed　to

those　where　they　fall　short　of　this　effectual　demand。　If　there

were　in　England；　for　example；　an　effectual　demand　for　an

additional　quantity　of　gold；　a　packet…boat　could　bring　from

Lisbon；　or　from　wherever　else　it　was　to　be　had；　fifty　tons　of

gold；　which　could　be　coined　into　more　than　five　millions　of

guineas。　But　if　there　were　an　effectual　demand　for　grain　to　the

same　value；　to　import　it　would　require；　at　five　guineas　a　ton；　a

million　of　tons　of　shipping；　or　a　thousand　ships　of　a　thousand

tons　each。　The　navy　of　England　would　not　be　sufficient。

　　　　　When　the　quantity　of　gold　and　silver　imported　into　any

country　exceeds　the　effectual　demand；　no　vigilance　of　government

can　prevent　their　exportation。　All　the　sanguinary　laws　of　Spain

and　Portugal　are　not　able　to　keep　their　gold　and　silver　at　home。

The　continual　importations　from　Peru　and　Brazil　exceed　the

effectual　demand　of　those　countries；　and　sink　the　price　of　those

metals　there　below　that　in　the　neighbouring　countries。　If；　on　the

contrary；　in　any　particular　country　their　quantity　fell　short　of

the　effectual　demand；　so　as　to　raise　their　price　above　that　of

the　neighbouring　countries；　the　government　would　have　no　occasion

to　take　any　pains　to　import　them。　If　it　were　even　to　take　pains

to　prevent　their　importation；　it　would　not　be　able　to　effectuate

it。　Those　metals；　when　the　Spartans　had　got　wherewithal　to

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；

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