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depressions from a glut in the market。'〃 of course they must mean
in the foreign market； and then the words express the opinion
which they are endeavouring to controvert； viz。 that when goods
cannot be sent out so advantageously as money； money will be
exported； … which is another way of saying that money will never
be exported； unless it is relatively redundant with commodities；
as compared with other counties。 Yet immediately after they
contend； that the exportation of the 〃precious metals is the
effect of a balance of trade； originating in causes which may
exist without any relation whatever to redundancy or deficiency
of currency。〃 These opinions appear to me directly contradictory。
If however the precious metals can be exported from a country in
exchange for commodities； although they should be as dear in the
exporting as in the importing country； what are the effects which
will follow from such improvident exportation？
〃A comparative deficiency in one country； and redundancy in
the other；〃 say the Reviewers； p。 343。 〃and this state of things
could not fail to have a speedy effect in changing the direction
of the balance of payments； and in restoring that equilibrium of
the precious metals； which had been for a time disturbed by the
naturally unequal wants and necessities of the counties which
tade with each other。〃 Now it would have been well if the
Reviewers had told us at what point this re…action would
commence； … as at the first view it appears that the same law
which will permit money to be exported from a country； when it is
no cheaper than in the importing country； may also allow it to be
exported when it is actually dearer。 It is self…interest which
regulates all the speculations of trade； and where that can be
clearly and satisfactorily ascertined； we should not know where
to stop if we admitted any other rule of action。 They should have
explained to us therefore； why； if the demand for the commodity
imported should continue； the country importing might not be
entirely exhausted of its coin and bullion。 What is under such
circumstances to check the exportation of the currency？ The
Reviewers say； because 〃a country with a diminished quantity of
bullion would evidently soon be limited in its powers of paying
with the precious metals。〃 Why soon？ Is it not admitted 〃that
excess and deficiency of currency are only relative terms； that
the circulation of a county can never be superabundant；〃 （and
therefore can never be deficient；） 〃except in relation to other
countries。〃 Does it not follow from these admissions； that if the
balance of trade may become unfavourable to a country； though its
currency be not relatively superabundant； that there is no check
against the exportation of its coin； whilst any amount of money
remains in circulation； as the diminished sum； （by acquiring a
new value；） will as readily and as effectually make the required
payments as the larger sum did before？ A succession of bad
harvests might； on this principle； drin a country of its money；
whatever might be its amount； although it consisted exclusively
of the precious metals。 The observation that its diminished value
in the importing county； and its increasing value in the
exporting country； would make it revert again to the old channel；
does not answer the objection。 When will this happen？ and in
exchange for what will it be returned？ The answer is obvious …
for commodities。 The ultimate result then of all this exportation
and importation of money； is that one county will have imported
one commodity in exchange for another； and the coin and bullion
will in both countries have regined their natural level。 Is it to
be contended that these results would not be foreseen； and the
expence and trouble attending these needless operations
effectually prevented； in a country where capital is abundant；
where every possible economy in tade is practised； and where
competition is pushed to its utmost limits？ Is it conceivable
that money should be sent abroad for the purpose merely of
rendering it dear in this country and cheap in another； and by
such means to ensure its return to us？
It is particularly worthy of observation that so deep…rooted
is the prejudice which considers coin and bullion as things
essentially differing in all their operations from other
commodities； that writers greatly enlightened upon the general
truth of political economy seldom fail； after having requested
their readers to consider money and bullion merely as commodities
subject to 〃the same general principle of supply and demand which
are unquestionably the foundation on which the whole
superstucture of political economy is built；〃 to forget this
recommendation themselves； and to argue upon the subject of
money； and the laws which regulate its export and import； as
quite distinct and different from those which regulate the export
and import of other commodities。 Thus the Reviewers； if they had
been speaking of coffee or of sugar； would have denied the
possibility of those articles being exported from England to the
continent； unless they were dearer there than here。 It would have
been in vain to have urged to them； that our harvest had been
bad； and that we were in want of corn； they would confidently and
undeniably have proved that to whatever degree the scarcity of
corn might have existed； it would not have been possible for
England to send； or for France （for example） to be willing to
receive； coffee or sugar in return for corn； whilst coffee or
sugar cost more money in England than in France。 What！ they would
have said； do you believe it possible for us to send a parcel of
coffee to France to sell there for 100 l。 when that coffee cost
here 105 l。 … when by sending 100 l。 of the 105 l。 we should
equally discharge the debt contracted for the imported corn？ And；
I say； do you believe it possible that we shall agree to send； or
France agree to receive （if the transaction is on her account）
100 l。 in money； when 95 l。 invested in coffee and exported will
be equally valuable as the 100 l。 when it arrives in France？ But
coffee is not wanted in France； there is a glut of it； … allowed；
but money is wanted still less； and the proof is； that a hundred
pounds worth of coffee will sell for more than a hundred pounds
worth of money。 The only proof which we can possess of the
relative cheapness of money in two places； is by comparing it
with commodities。 Commodities measure the value of money in the
same manner as money measures the value of commodities。 If then
commo