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IV.

BOOK ation of a part of the returns to other European countries, it annually brought home a much greater quantity of that metal than it carried out. Both the objection and the reply are founded in the popular notion which I have been just now examining. It is, therefore, unneceffary to say any thing further about either. By the annual exportation of filver to the Eaft Indies, plate is probably somewhat dearer in Europe than it otherwise might have been; and coined filver probably purchases a larger quantity both of labour and commodities. The former of these two effects is a very fmall lofs, the latter a very fmall advantage; both too infignificant to deserve any part of the public attention. The trade to the Eaft Indies, by opening a market to the commodities of Europe, or, what comes nearly to the fame thing, to the gold and filver which is purchased with thofe commodities, muft neceffarily tend to increase the annual production of European commodities, and consequently the real wealth and revenue of Europe. That it has hitherto increased them fo little, is probably owing to the restraints which it every-where labours under.

I THOUGHT it neceffary, though at the hazard of being tedious, to examine at full length this popular notion that wealth confifts in money, or in gold and filver. Money in common language, as I have already obferved, frequently fignifies wealth; and this ambiguity of expreffion has rendered this popular notion fo familiar to us, that even they, who are convinced of its ab, furdity,

I.

furdity, are very apt to forget their own princi- c H A P. ples, and in the course of their reasonings to take it for granted as a certain and undeniable truth. Some of the beft English writers upon commerce set out with obferving, that the wealth of a country confifts, not in its gold and filver only, but in its lands, houfes, and consumable goods of all different kinds. In the courfe of their reasonings, however, the lands, houses, and confumable goods feem to flip out of their memory, and the ftrain of their argument fre quently fuppofes that all wealth confifts in gold and filver, and that to multiply those metals is the great object of national industry and com

merce.

THE two principles being established, however, that wealth confifted in gold and filver, and that thofe metals could be brought into a country which had no mines only by the balance of trade, or by exporting to a greater value than it imported; it neceffarily became the great object of political economy to diminish as much as poffible the importation of foreign goods for home confumption, and to increafe as much as poffible the exportation of the produce of domeftic industry. Its two great engines for enriching the country, therefore, were reftraints upon importation, and encouragements to exportation.

THE reftraints upon importation were of two kinds.

FIRST, Restraints upon the importation of fuch foreign goods for home confumption as

could

BOOK could be produced at home, from whatever

IV.

country they were imported.

SECONDLY, Restraints upon the importation of goods of almost all kinds from those particular countries with which the balance of trade was supposed to be disadvantageous.

THOSE different restraints confifted fometimes in high duties, and fometimes in abfolute prohibitions.

EXPORTATION was encouraged fometimes by drawbacks, fometimes by bounties, fometimes by advantageous treaties of commerce with foreign ftates, and sometimes by the establishment of colonies in diftant countries.

DRAWBACKS were given upon two different occafions. When the home-manufactures were fubject to any duty or excise, either the whole or a part of it was frequently drawn back upon their exportation; and when foreign goods liable to a duty were imported in order to be exported again, either the whole or a part of this duty was fometimes given back upon fuch export

ation.

'BOUNTIES were given for the encouragement either of fome beginning manufactures, or of fuch forts of industry of other kinds as were fuppofed to deferve particular favour.

By advantageous treaties of commerce, particular privileges were procured in fome foreign ftate for the goods and merchants of the country, beyond what were granted to those of other

countries.

Br

I.

By the establishment of colonies in diftant C HA P. countries, not only particular privileges, but a monopoly was frequently procured for the goods and merchants of the country which established them.

THE two forts of restraints upon importation. above-mentioned, together with thefe four encouragements to exportation, conftitute the fix principal means by which the commercial system proposes to increase the quantity of gold and filver in any country by turning the balance of` trade in its favour. I fhall confider each of them in a particular chapter, and without taking much further notice of their fuppofed tendency to bring money into the country, I fhall examine chiefly what are likely to be the effects of each of them upon the annual produce of its industry. According as they tend either to increase or diminish the value of this annual produce, they must evidently tend either to increase or diminish the real wealth and revenue of the country.

BOOK

IV.

CHA P. II.

Of Reftraints upon the Importation from foreign
Countries of fuch Goods as can be produced at
Home.

BY

Y reftraining, either by high duties, or by abfolute prohibitions, the importation of fuch goods from foreign countries as can be produced at home, the monopoly of the homemarket is more or lefs fecured to the domestic industry employed in producing them. Thus the prohibition of importing either live cattle or falt provifions from foreign countries fecures to the graziers of Great Britain the monopoly of the home-market for butcher's-meat. The high duties upon the importation of corn, which in times of moderate plenty amount to a prohibition, give a like advantage to the growers of that commodity. The prohibition of the importation of foreign woollens is equally favourable to the woollen manufacturers. The filk manufacture, though altogether employed upon foreign materials, has lately obtained the fame advantage. The linen manufacture has not yet obtained it, but is making great ftrides towards it. Many other forts of manufactures have, in the fame manner, obtained in Great Britain, either altogether, or very nearly a monopoly against their countrymen. The variety of goods of which the importation into Great Britain is prohibited,

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