I.

this, however, could afford but a poor refource CHAP. for maintaining a foreign war, of great expence and several years duration.

THE melting down the plate of private families, has upon every occafion been found a ftill more infignificant one. The French, in the beginning of the laft war, did not derive fo much advantage from this expedient as to compenfate the lofs of the fashion.

THE accumulated treafures of the prince have, in former times, afforded a much greater and more lafting refource. In the prefent times, if you except the king of Pruffia, to accumulate treasure seems to be no part of the policy of European princes.

THE funds which maintained the foreign wars of the present century, the most expensive perhaps which hiftory records, feem to have had little dependency upon the exportation either of the circulating money, or of the plate of private families, or of the treasure of the prince. The laft French war coft Great Britain upwards of ninety millions, including not only the feventyfive millions of new debt that was contracted, but the additional two fhillings in the pound land tax, and what was annually borrowed of the finking fund. More than two-thirds of this expence were laid out in diftant countries; in Germany, Portugal, America, in the ports of the Mediterranean, in the Eaft and Weft Indies. The kings of England had no accumulated treafure. We never heard of any extraordinary quantity of plate being melted down. The cir

culating

IV.

BOOK fome part of the annual produ
factures; or laft of all, fome
rude produce.

THE gold and filver w
confidered as accumulated
country, may be distingu
firft, the circulating me
of private families; a
which may have beat
parfimony, and lai
prince.

Ir can feldom
from the circul

cause in that t
dancy. The

fold in any

of money

ment to

y had not s. Since wever, it is under-rated. g to the most remember to gold and filver millions. Had

s of our money, rding to this comd returned again between fix and

uppofed, it would ment to demonstrate government to watch A money, fince upon this my of the country must

their prope

The

ned to it again, two a period, without any g of the matter. however, never appeared during any part of this wanted money who had The profits of foreign greater than usual during pecially towards the end of what it always occafions, in all the ports of Great n occafioned the ufual comof money, which always.

crty of

Many people wanted

ether wherewithal to buy it, nor

so decrow it; and because the debtors

found

1.

orrow, the creditors found CHA P. payment. Gold and filver, enerally to be had for their ho had that value to give for

us expence of the late war, thereave been chiefly defrayed, not by on of gold and filver, but by that commodities of fome kind or other. government, or those who acted under ontracted with a merchant for a remito fome foreign country, he would natundeavour to pay his foreign correfpondent, whom he had granted a bill, by fending ad rather commodities than gold and filver. the commodities of Great Britain were not in Jemand in that country, he would endeavour to fend them to fome other country, in which he could purchase a bill upon that country. The transportation of commodities, when properly fuited to the market, is always attended with a confiderable profit; whereas that of gold and filver is scarce ever attended with any. When those metals are sent abroad in order to purchase foreign commodities, the merchant's profit arifes, not from the purchase, but from the fale of the returns. But when they are fent abroad merely to pay a debt, he gets no returns, and consequently no profit. He naturally, therefore, exerts his invention to find out a way of paying his foreign debts, rather by the exportation of commodities than by that of gold and filver. The great quantity of British goods exported VOL. II. during

M

IV.

BOOK culating gold and filver of the country had not
been supposed to exceed eighteen millions. Since
the late recoinage of the gold, however, it is
believed to have been a good deal under-rated.
Let us fuppofe, therefore, according to the most
exaggerated computation which I remember to
have either feen or heard of, that, gold and filver
together, it amounted to thirty millions. Had
the war been carried on, by means of our money,
the whole of it muft, even according to this com-
putation, have been fent out and returned again
at leaft twice, in a period of between fix and
seven years. Should this be fuppofed, it would
afford the most decifive argument to demonftrate
how unneceffary it is for government to watch
over the prefervation of money, fince upon this
fuppofition the whole money of the country muft
have gone from it and returned to it again, two
different times in fo fhort a period, without any
body's knowing any thing of the matter.
channel of circulation, however, never appeared
more empty than ufual during any part of this
period. Few people wanted money who had
wherewithal to pay for it. The profits of foreign
trade, indeed, were greater than usual during
the whole war; but especially towards the end of

The

it. This occafioned, what it always occafions, a general over-trading in all the ports of Great Britain; and this again occafioned the usual complaint of the scarcity of money, which always. follows over-trading. Many people wanted it, who had neither wherewithal to buy it, nor: credit to borrow it; and because the debtors

9

found

1.

found it difficult to borrow, the creditors found CHA P. it difficult to get payment. Gold and filver, however, were generally to be had for their value, by those who had that value to give for them.

THE enormous expence of the late war, therefore, must have been chiefly defrayed, not by the exportation of gold and filver, but by that of British commodities of fome kind or other. When the government, or those who acted under them, contracted with a merchant for a remittance to fome foreign country, he would naturally endeavour to pay his foreign correfpondent, upon whom he had granted a bill, by sending abroad rather commodities than gold and filver. If the commodities of Great Britain were not in demand in that country, he would endeavour to fend them to fome other country, in which he could purchase a bill upon that country. The transportation of commodities, when properly fuited to the market, is always attended with a confiderable profit; whereas that of gold and filver is scarce ever attended with any. When thofe metals are fent abroad in order to purchase foreign commodities, the merchant's profit arifes, not from the purchase, but from the fale of the returns. But when they are fent abroad merely to pay a debt, he gets no returns, and confequently no profit. He naturally, therefore, exerts his invention to find out a way of paying his foreign debts, rather by the exportation of commodities than by that of gold and filver. The great quantity of British goods exported VOL. II. during

M