of the balance of trade-第3章
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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 which arose from it。 Where the seat of
government is transferred； where expensive armies are maintained at a
distance； where great funds are possessed by foreigners； there
naturally follows from these causes a diminution of the specie。 But
these； we may observe； are violent and forcible methods of carrying
away money； and are in time commonly attended with the transport of
people and industry。 But where these remain； and the drain is not
continued； the money always finds its way back again； by a hundred
canals； of which we have no notion or suspicion。 What immense
treasures have been spent； by so many nations； in FLANDERS； since the
revolution； in the course of three long wars？ More money perhaps than
the half of what is at present in EUROPE。 But what has now become of
it？ Is it in the narrow compass of the AUSTRIAN provinces？ No； surely：
It has most of it returned to the several countries whence it came；
and has followed that art and industry； by which at first it was
acquired。 For above a thousand years； the money of EUROPE has been
flowing to ROME； by an open and sensible current； but it has been
emptied by many secret and insensible canals： And the want of industry
and commerce renders at present the papal dominions the poorest
territory in all ITALY。
In short； a government has great reason to preserve with care its
people and its manufactures。 Its money； it may safely trust to the
course of human affairs； without fear or jealousy。 Or if it ever give
attention to this latter circumstance； it ought only to be so far as
it affects the former。
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the End
