of the balance of trade-第3部分

快捷操作: 按键盘上方向键 ← 或 → 可快速上下翻页 按键盘上的 Enter 键可回到本书目录页 按键盘上方向键 ↑ 可回到本页顶部! 如果本书没有阅读完，想下次继续接着阅读，可使用上方 "收藏到我的浏览器" 功能 和 "加入书签" 功能！


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　commerce　with　the　neighbouring　kingdoms。
　　　　Have　we　not　an　instance；　in　the　small　republic　of　ATHENS　with　its
allies；　who；　in　about　fifty　years；　between　the　MEDIAN　and
PELOPONNESIAN　wars；　amassed　a　sum　not　much　inferior　to　that　of　HARRY
VII？　For　all　the　GREEK　historians　and　orators　agree；　that　the
ATHENIANS　collected　in　the　citadel　more　than　10；000　talents；　which
they　afterwards　dissipated　to　their　own　ruin；　in　rash　and　imprudent
enterprizes。　But　when　this　money　was　set　a　running；　and　began　to
communicate　with　the　surrounding　fluid；　what　was　the　consequence？　Did












it　remain　in　the　state？　No。　For　we　find；　by　the　memorable　census
mentioned　by　DEMOSTHENES　and　POLYBIUS；　that；　in　about　fifty　years
afterwards；　the　whole　value　of　the　republic；　comprehending　lands；
houses；　commodities；　slaves；　and　money；　was　less　than　6000　talents。
　　　　What　an　ambitious　high…spirited　people　was　this；　to　collect　and
keep　in　their　treasury；　with　a　view　to　conquests；　a　sum；　which　it　was
every　day　in　the　power　of　the　citizens；　by　a　single　vote；　to
distribute　among　themselves；　and　which　would　have　gone　near　to　triple
the　riches　of　every　individual！　For　we　must　observe；　that　the　numbers
and　private　riches　of　the　ATHENIANS　are　said；　by　ancient　writers；　to
have　been　no　greater　at　the　beginning　of　the　PELOPONNESIAN　war；　than
at　the　beginning　of　the　MACEDONIAN。
　　　　Money　was　little　more　plentiful　in　GREECE　during　the　age　of　PHILIP
and　PERSEUS；　than　in　ENGLAND　during　that　of　HARRY　VII：　Yet　these　two
monarchs　in　thirty　years　collected　from　the　small　kingdom　of　MACEDON；
a　larger　treasure　than　that　of　the　ENGLISH　monarch。　PAULUS　AEMILIUS
brought　to　ROME　about　1；700；000　pounds　Sterling。　PLINY　says；
2；400；000。　And　that　was　but　a　part　of　the　MACEDONIAN　treasure。　The
rest　was　dissipated　by　the　resistance　and　flight　of　PERSEUS。
　　　　We　may　learn　from　STANIAN；　that　the　canton　of　BERNE　had　300；000
pounds　lent　at　interest；　and　had　above　six　times　as　much　in　their
treasury。　Here　then　is　a　sum　hoarded　of　1；800；000　pounds　Sterling；
which　is　at　least　quadruple　what　should　naturally　circulate　in　such　a
petty　state；　and　yet　no　one；　who　travels　in　the　PAIS　DE　VAUX；　or　any
part　of　that　canton；　observes　any　want　of　money　more　than　could　be
supposed　in　a　country　of　that　extent；　soil；　and　situation。　On　the
contrary；　there　are　scarce　any　inland　provinces　in　the　continent　of
FRANCE　or　GERMANY；　where　the　inhabitants　are　at　this　time　so　opulent；
though　that　canton　has　vastly　encreased　its　treasure　since　1714；　the
time　when　STANIAN　wrote　his　judicious　account　of　SWITZERLAND。
　　　　The　account　given　by　APPIAN　of　the　treasure　of　the　PTOLEMIES；　is
so　prodigious；　that　one　cannot　admit　of　it；　and　so　much　the　less；
because　the　historian　says；　that　the　other　successors　of　ALEXANDER
were　also　frugal；　and　had　many　of　them　treasures　not　much　inferior。
For　this　saving　humour　of　the　neighbouring　princes　must　necessarily
have　checked　the　frugality　of　the　EGYPTIAN　monarchs；　according　to　the
foregoing　theory。　The　sum　he　mentions　is　740；000　talents；　or
191；166；666　pounds　13　shillings　and　4　pence；　according　to　Dr。
ARBUTHNOT'S　computation。　And　yet　APPIAN　says；　that　he　extracted　his
account　from　the　public　records；　and　he　was　himself　a　native　of
ALEXANDRIA。
　　　　From　these　principles　we　may　learn　what　judgment　we　ought　to　form
of　those　numberless　bars；　obstructions；　and　imposts；　which　all　nations
of　EUROPE；　and　none　more　than　ENGLAND；　have　put　upon　trade；　from　an
exorbitant　desire　of　amassing　money；　which　never　will　heap　up　beyond
its　level；　while　it　circulates；　or　from　an　ill…grounded　apprehension
of　losing　their　specie；　which　never　will　sink　below　it。　Could　any
thing　scatter　our　riches；　it　would　be　such　impolitic　contrivances。　But
this　general　ill　effect；　however；　results　from　them；　that　they　deprive
neighbouring　nations　of　that　free　communication　and　exchange　which　the
Author　of　the　world　has　intended；　by　giving　them　soils；　climates；　and
geniuses；　so　different　from　each　other。
　　　　Our　modern　politics　embrace　the　only　method　of　banishing　money；
the　using　of　paper…credit；　they　reject　the　only　method　of　amassing　it；












the　practice　of　hoarding；　and　they　adopt　a　hundred　contrivances；　which
serve　to　no　purpose　but　to　check　industry；　and　rob　ourselves　and　our
neighbours　of　the　common　benefits　of　art　and　nature。
　　　　All　taxes；　however；　upon　foreign　commodities；　are　not　to　be
regarded　as　prejudicial　or　useless；　but　those　only　which　are　founded
on　the　jealousy　above…mentioned。　A　tax　on　GERMAN　linen　encourages　home
manufactures；　and　thereby　multiplies　our　people　and　industry。　A　tax　on
brandy　encreases　the　sale　of　rum；　and　supports　our　southern　colonies。
And　as　it　is　necessary；　that　imposts　should　be　levied；　for　the　support
of　government；　it　may　be　thought　more　convenient　to　lay　them　on
foreign　commodities；　which　can　easily　be　intercepted　at　the　port；　and
subjected　to　the　impost。　We　ought；　however；　always　to　remember　the
maxim　of　Dr。　SWIFT；　That；　in　the　arithmetic　of　the　customs；　two　and
two　make　not　four；　but　often　make　only　one。　It　can　scarcely　be
doubted；　but　if　the　duties　on　wine　were　lowered　to　a　third；　they　would
yield　much　more　to　the　government　than　at　present：　Our　people　might
thereby　afford　to　drink　commonly　a　better　and　more　wholesome　liquor；
and　no　prejudice　would　ensue　to　the　balance　of　trade；　of　which　we　are
so　jealous。　The　manufacture　of　ale　beyond　the　agriculture　is　but
inconsiderable；　and　gives　employment　to　few　hands。　The　transport　of
wine　and　corn　would　not　be　much　inferior。
　　　　But　are　there　not　frequent　instances；　you　will　say；　of　states　and
kingdoms；　which　were　formerly　rich　and　opulent；　and　are　now　poor　and
beggarly？　Has　not　the　money　left　them；　with　which　they　formerly
abounded？　I　answer；　If　they　lose　their　trade；　industry；　and　people；
they　cannot　expect　to　keep　their　gold　and　silver：　For　these　precious
metals　will　hold　proportion　to　the　former　advantages。　When　LISBON　and
AMSTERDAM　got　the　EAST…INDIA　trade　from　VENICE　and　GENOA；　they　also
got　the　profits　and　money　w