of the balance of trade-第3章

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provisions　and　labour　still　remain　cheaper　among　them；　than　in　nations
that　are　not　half　so　rich　in　gold　and　silver。　The　advantages　of　this
situation；　in　point　of　trade　as　well　as　in　great　public　emergencies；
are　too　evident　to　be　disputed。
　　　　The　same　fashion　a　few　years　ago　prevailed　in　GENOA；　which　still
has　place　in　ENGLAND　and　HOLLAND；　of　using　services　of　CHINA…ware
instead　of　plate；　but　the　senate；　foreseeing　the　consequence；
prohibited　the　use　of　that　brittle　commodity　beyond　a　certain　extent；
while　the　use　of　silverplate　was　left　unlimited。　And　I　suppose；　in
their　late　distresses；　they　felt　the　good　effect　of　this　ordinance。
Our　tax　on　plate　is；　perhaps；　in　this　view；　somewhat　impolitic。
　　　　Before　the　introduction　of　paper…money　into　our　colonies；　they　had
gold　and　silver　sufficient　for　their　circulation。　Since　the
introduction　of　that　commodity；　the　least　inconveniency　that　has
followed　is　the　total　banishment　of　the　precious　metals。　And　after　the
abolition　of　paper；　can　it　be　doubted　but　money　will　return；　while
these　colonies　possess　manufactures　and　commodities；　the　only　thing
valuable　in　commerce；　and　for　whose　sake　alone　all　men　desire　money。
　　　　What　pity　LYCURGUS　did　not　think　of　paper…credit；　when　he　wanted
to　banish　gold　and　silver　from　SPARTA！　It　would　have　served　his
purpose　better　than　the　lumps　of　iron　he　made　use　of　as　money。　and
would　also　have　prevented　more　effectually　all　commerce　with
strangers；　as　being　of　so　much　less　real　and　intrinsic　value。












　　　　It　must；　however；　be　confessed；　that；　as　all　these　questions　of
trade　and　money　are　extremely　complicated；　there　are　certain　lights；
in　which　this　subject　may　be　placed；　so　as　to　represent　the　advantages
of　paper…credit　and　banks　to　be　superior　to　their　disadvantages。　That
they　banish　specie　and　bullion　from　a　state　is　undoubtedly　true；　and
whoever　looks　no　farther　than　this　circumstance　does　well　to　condemn
them；　but　specie　and　bullion　are　not　of　so　great　consequence　as　not　to
admit　of　a　compensation；　and　even　an　overbalance　from　the　encrease　of
industry　and　of　credit；　which　may　be　promoted　by　the　right　use　of
paper…money。　It　is　well　known　of　what　advantage　it　is　to　a　merchant　to
be　able　to　discount　his　bills　upon　occasion；　and　every　thing　that
facilitates　this　species　of　traffic　is　favourable　to　the　general
commerce　of　a　state。　But　private　bankers　are　enabled　to　give　such
credit　by　the　credit　they　receive　from　the　depositing　of　money　in
their　shops；　and　the　bank　of　ENGLAND　in　the　same　manner；　from　the
liberty　it　has　to　issue　its　notes　in　all　payments。　There　was　an
invention　of　this　kind；　which　was　fallen　upon　some　years　ago　by　the
banks　of　EDINBURGH；　and　which；　as　it　is　one　of　the　most　ingenious
ideas　that　has　been　executed　in　commerce；　has　also　been　thought
advantageous　to　SCOTLAND。　It　is　there　called　a　BANK…CREDIT；　and　is　of
this　nature。　A　man　goes　to　the　bank　and　finds　surety　to　the　amount；　we
shall　suppose；　of　a　thousand　pounds。　This　money；　or　any　part　of　it；　he
has　the　liberty　of　drawing　out　whenever　he　pleases；　and　he　pays　only
the　ordinary　interest　for　it；　while　it　is　in　his　hands。　He　may；　when
he　pleases；　repay　any　sum　so　small　as　twenty　pounds；　and　the　interest
is　discounted　from　the　very　day　of　the　repayment。　The　advantages；
resulting　from　this　contrivance；　are　manifold。　As　a　man　may　find
surety　nearly　to　the　amount　of　his　substance；　and　his　bank…credit　is
equivalent　to　ready　money；　a　merchant　does　hereby　in　a　manner　coin　his
houses；　his　household　furniture；　the　goods　in　his　warehouse；　the
foreign　debts　due　to　him；　his　ships　at　sea；　and　can；　upon　occasion；
employ　them　in　all　payments；　as　if　they　were　the　current　money　of　the
country。　If　a　man　borrow　a　thousand　pounds　from　a　private　hand；
besides　that　it　is　not　always　to　be　found　when　required；　he　pays
interest　for　it；　whether　he　be　using　it　or　not：　His　bank…credit　costs
him　nothing　except　during　the　very　moment；　in　which　it　is　of　service
to　him：　And　this　circumstance　is　of　equal　advantage　as　if　he　had
borrowed　money　at　much　lower　interest。　Merchants；　likewise；　from　this
invention；　acquire　a　great　facility　in　supporting　each　other's　credit；
which　is　a　considerable　security　against　bankruptcies。　A　man；　when　his
own　bank…credit　is　exhausted；　goes　to　any　of　his　neighbours　who　is　not
in　the　same　condition；　and　he　gets　the　money；　which　he　replaces　at　his
convenience。
　　　　After　this　practice　had　taken　place　during　some　years　at
EDINBURGH；　several　companies　of　merchants　at　GLASGOW　carried　the
matter　farther。　They　associated　themselves　into　different　banks；　and
issued　notes　so　low　as　ten　shillings；　which　they　used　in　all　payments
for　goods；　manufactures；　tradesmen's　labour　of　all　kinds；　and　these
notes；　from　the　established　credit　of　the　companies；　passed　as　money
in　all　payments　throughout　the　country。　By　this　means；　a　stock　of　five
thousand　pounds　was　able　to　perform　the　same　operations　as　if　it　were
six　or　seven；　and　merchants　were　thereby　enabled　to　trade　to　a　greater
extent；　and　to　require　less　profit　in　all　their　transactions。　But
whatever　other　advantages　result　from　these　inventions；　it　must　still












be　allowed　that；　besides　giving　too　great　facility　to　credit；　which　is
dangerous；　they　banish　the　precious　metals；　and　nothing　can　be　a　more
evident　proof　of　it；　than　a　comparison　of　the　past　and　present
condition　of　SCOTLAND　in　that　particular。　It　was　found；　upon　the
recoinage　made　after　the　union；　that　there　was　near　a　million　of
specie　in　that　country：　But　notwithstanding　the　great　encrease　of
riches；　commerce　and　manufactures　of　all　kinds；　it　is　thought；　that；
even　where　there　is　no　extraordinary　drain　made　by　ENGLAND；　the
current　specie　will　not　now　amount　to　a　third　of　that　sum。
　　　　But　as　our　projects　of　paper…credit　are　almost　the　only　expedient；
by　which　we　can　sink　money　below　its　level；　so；　in　my　opinion；　the
only　expedient；　by　which　we　can　raise　money　above　it；　is　a　practice
which　we　should　all　exclaim　against　as　destructive；　namely；　the
gathering　of　large　sums　into　a　public　treasure；　locking　them　up；　and
absolutely　preventing　their　circulation。　The　fluid；　not　communicating
with　the　neighbouring　element；　may；　by　such　an　artifice；　be　raised　to
what　height　we　please。　To　prove　this；　we　need　only　return　to　our　first
supposition；　of　annihilating　the　half　or　any　part　of　our　cash；　where
we　found；　that　the　immediate　consequence　of　such　an　event　would　be　the
attraction　of　an　equal　sum　from　all　the　neighbouring　kingdoms。　Nor
does　there　seem　to　be　any　necessary　bounds　set；　by　the　nature　of
things；　to　this　practice　of　hoarding。　A　small　city；　like　GENEVA；
continuing　this　policy　for　ages；　might　engross　nine…tenths　of　the
money　of　EUROPE。　There　seems；　indeed；　in　the　nature　of　man；　an
invincible　obstacle　to　that　immense　growth　of　riches。　A　weak　state；
with　an　enormous　treasure；　will　soon　become　a　prey　to　some　of　its
poorer；　but　more　powerful　neighbours。　A　great　state　would　dissipate
its　wealth　in　dangerous　and　ill…concerted　projects；　and　probably
destroy；　with　it；　what　is　much　more　valuable；　the　industry；　morals；
and　numbers　of　its　people。　The　fluid；　in　this　case；　raised　to　too
great　a　height；　bursts　and　destroys　the　vessel　that　contains　it；　and
mixing　itself　with　the　surrounding　element；　soon　falls　to　its　proper
level。
　　　　So　little　are　we　commonly　acquainted　with　this　principle；　that；
though　all　historians　agree　in　relating　uniformly　so　recent　an　event；
as　the　immense　treasure　amassed　by　HARRY　VII　（which　they　make　amount
to　2；700；000　pounds；）　we　rather　reject　their　concurring　testimony；
than　admit　of　a　fact；　which　agrees　so　ill　with　our　inveterate
prejudices。　It　is　indeed　probable；　that　this　sum　might　be　three…
fourths　of　all　the　money　in　ENGLAND。　But　where　is　the　difficulty　in
conceiving；　that　such　a　sum　might　be　amassed　in　twenty　years；　by　a
cunning；　rapacious；　frugal；　and　almost　absolute　monarch？　Nor　is　it
probable；　that　the　diminution　of　circulating　money　was　ever　sensibly
felt　by　the　people；　or　ever　did　them　any　prejudice。　The　sinking　of　the
prices　of　all　commodities　would　immediately　replace　it；　by　giving
ENGLAND　the　advantage　in　its