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their way thither； and draining from that immense treasure？ What other
reason； indeed； is there； why all nations； at present； gain in their
trade with SPAIN and PORTUGAL； but because it is impossible to heap up
money； more than any fluid； beyond its proper level？ The sovereigns of
these countries have shown； that they wanted not inclination to keep
their gold and silver to themselves； had it been in any degree
practicable。
But as any body of water may be raised above the level of the
surrounding element； if the former has no communication with the
later； so in money； if the communication be cut off； by any material
or physical impediment； （for all laws alone are ineffectual） there
may； in such a case； be a very great inequality of money。 Thus the
immense distance of CHINA； together with the monopolies of our INDIA
companies； obstructing the communication； preserve in EUROPE the gold
and silver； especially the latter； in much greater plenty than they
are found in that kingdom。 But； notwithstanding this great
obstruction； the force of the causes abovementioned is still evident。
The skill and ingenuity of EUROPE in general surpasses perhaps that of
CHINA； with regard to manual arts and manufactures； yet are we never
able to trade thither without great disadvantage。 And were it not for
the continual recruits； which we receive from AMERICA； money would
soon sink in EUROPE； and rise in CHINA； till it came nearly to a level
in both places。 Nor can any reasonable man doubt； but that industrious
nation； were they as near us as POLAND or BARBARY； would drain us of
the overplus of our specie； and draw to themselves a larger share of
the WEST INDIAN treasures。 We need not have recourse to a physical
attraction； in order to explain the necessity of this operation。 There
is a moral attraction； arising from the interests and passions of men；
which is full as potent and infallible。
How is the balance kept in the provinces of every kingdom among
themselves； but by the force of this principle； which makes it
impossible for money to lose its level； and either to rise or sink
beyond the proportion of the labour and commodities which are in each
province？ Did not long experience make people easy on this head； what
a fund of gloomy reflections might calculations afford to a melancholy
YORKSHIREMAN； while he computed and magnified the sums drawn to LONDON
by taxes； absentees； commodities； and found on comparison the opposite
articles so much inferior？ And no doubt； had the Heptarchy subsisted
in ENGLAND； the legislature of each state had been continually alarmed
by the fear of a wrong balance； and as it is probable that the mutual
hatred of these states would have been extremely violent on account of
their close neighbourhood； they would have loaded and oppressed all
commerce； by a jealous and superfluous caution。 Since the union has
removed the barriers between SCOTLAND and ENGLAND； which of these
nations gains from the other by this free commerce？ Or if the former
kingdom has received any encrease of riches； can it reasonably be
accounted for by any thing but the encrease of its art and industry？
It was a common apprehension in ENGLAND； before the union； as we learn
from L'ABBE DU BOS； that SCOTLAND would soon drain them of their
treasure； were an open trade allowed； and on the other side the TWEED
a contrary apprehension prevailed： With what justice in both； time has
shown。
What happens in small portions of mankind； must take place in
greater。 The provinces of the ROMAN empire； no doubt； kept their
balance with each other； and with ITALY； independent of the
legislature； as much as the several counties of GREAT BRITAIN； or the
several parishes of each county。 And any man who travels over EUROPE
at this day； may see； by the prices of commodities； that money； in
spite of the absurd jealousy of princes and states； has brought itself
nearly to a level； and that the difference between one kingdom and
another is not greater in this respect； than it is often between
different provinces of the same kingdom。 Men naturally flock to
capital cities； sea…ports； and navigable rivers。 There we find more
men； more industry； more commodities； and consequently more money； but
still the latter difference holds proportion with the former； and the
level is preserved。
Our jealousy and our hatred of FRANCE are without bounds； and the
former sentiment； at least； must be acknowledged reasonable and well…
grounded。 These passions have occasioned innumerable barriers and
obstructions upon commerce； where we are accused of being commonly the
aggressors。 But what have we gained by the bargain？ We lost the FRENCH
market for our woollen manufactures； and transferred the commerce of
wine to SPAIN and PORTUGAL； where we buy worse liquor at a higher
price。 There are few ENGLISHMEN who would not think their country
absolutely ruined； were FRENCH wines sold in ENGLAND so cheap and in
such abundance as to supplant； in some measure； all ale； and home…
brewed liquors： But would we lay aside prejudice； it would not be
difficult to prove； that nothing could be more innocent； perhaps
advantageous。 Each new acre of vineyard planted in FRANCE； in order to
supply ENGLAND with wine； would make it requisite for the FRENCH to
take the produce of an ENGLISH acre； sown in wheat or barley； in order
to subsist themselves； and it is evident； that we should thereby get
command of the better commodity。
There are many edicts of the FRENCH king； prohibiting the planting
of new vineyards； and ordering all those which are lately planted to
be grubbed up： So sensible are they； in that country； of the superior
value of corn； above every other product。
Mareschal VAUBAN complains often； and with reason； of the absurd
duties which load the entry of those wines of LANGUEDOC； GUIENNE； and
other southern provinces； that are imported into BRITANNY and
NORMANDY； He entertained no doubt but these latter provinces could
preserve their balance； notwithstanding the open commerce which he
recommends。 And it is evident； that a few leagues more navigation to
ENGLAND would make no difference； or if it did； that it must operate
alike on the commodities of both kingdoms。
There is indeed one expedient by which it is possible to sink； and
another by which we may raise money beyond its natural level in any
kingdom； but these cases； when examined； will be found to resolve into
our general theory； and to bring additional authority to it。
I scarcely know any method of sinking money below its level； but
those institutions of banks； funds； and paper…credit； which are so
much practised in this kingdom。 These render paper equivalent to
money； circulate it throughout the whole state； make it supply the
place of gold and silver； raise proportionably the price of labour and
commodities； and by that means either banish a great part of those
precious metals； or prevent their farther encrease。 What can be more
shortsighted than our reasonings on this head？ We fancy； because an
individual would be much richer； were his stock of money doubled； that
the same good e