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maintenance and comfort of man； and these articles be divided in
the proportions in which they are usually consumed； they are
sure； however abundant； to find a market to take them off。 It
follows therefore； that whilst a county is in possession of a
commodity for which there is no demand at home； it will be
desirous of exchanging it for other commodities in the proportion
in which they are consumed。
No nation grows corn； or any other commodity； with a view to
realise its value in money； （the case supposed； or involved in
the case supposed； by the Reviewers）； as this would be the most
unprofitable object to which the labour of man could be devoted。
Money is precisely that article which till it is re…exchanged
never adds to the wealth of a county： accordingly we find； that
to increase its amount is never the voluntary act of any county
any more than it is that of any individual。 Money is forced upon
them only in consequence of the relatively less value which it
possesses in those counties with which they have intercourse。
Whilst a country employs the precious metals for money； and
has no mines of its own； it is a conceivable case that it may
greatly augment the amount of the productions of its land and
labour without adding to its wealth； because at the same time
those counties which are in possessIon of the mines may possibly
have obtained so enormous a supply of the precious metals as to
have forced an increase of currency on the industious county；
equal in value to the whole of its increased productions。 But by
so doing the augmented currency； added to that which was before
employed； will be of no more real value than the original amount
of currency。 Thus then will this industrious nation become
tributary to those nations which are in possession of the mines；
and will carry on a trade in which it gains nothing and loses
every thing。
That the exchange is in a constant state of fluctuation with
all counties I am not disposed to deny； but it does not generally
vary to those limits at which remittances can be more
advantageously made by means of bullion than by the purchase of
bills。 Whilst this is the case； it cannot be disputed that
imports are balanced by exports。 The varying demands of all
countries may be supplied； and the exchanges of all deviate in
some degree from par； if the currency of any one of them is
either redundant or deficient； as compared with the rest。 Suppose
England to send goods to Holland； and not to find there any
commodities which suit the English market； or； which is the same
thing； suppose that we can purchase those commodities cheaper in
France。 In this case we confine our operation to the sale of
goods in Holland； and the purchase of other goods in France。 The
currency of England is not disturbed by either transaction； as we
shall pay France by a bill on Holland； and there will neither be
an excess of imports nor of exports。 The exchange may； however；
be favourable to us with Holland； and unfavourable with France；
and will be so； if the account be not balanced by the importation
into France of goods from Holland； or from some country indebted
to Holland。 If there be no such importation； it can arise only
from a relative redundancy of the circulation of Holland； as
compared with that of France； and in payment of the bill it will
suit both those counties that bullion should be transmitted。 If
the balance be settled by the transmission of goods； the exchange
between all the three countries will be at par。 If by bullion；
the exchange between Holland and England will be as much above
par； as that between France and England will be below the par；
and the difference will be equal to the expenses attending the
passage of bullion from Holland to France。 It will make no
difference in the result； if every nation of the world were
concerned in the transaction。 England having bought goods from
France and sold goods to Holland； France might have purchased to
the same amount from Italy； Italy may have done the same from
Russia； Russia from Germany； and Germany within 100；000 l。 of the
same amount from Holland； Germany might require this amount of
bullion either to supply a deficient currency； or for the
fabrication of plate。 All these various tansactions would be
settled by bills of exchange； with the exception of the 100；000
l。 which would be either transmitted from an existing redundancy
of coin or bullion in Holland； or it would be collected by
Holland from the different currencies of Europe。 It is not
contended； as the Reviewers infer； 〃that a bad harvest； or the
necessity of paying a subsidy in one county； should be
immediately and invariably accompanied by an unusual demand for
muslins； hardware； and colonial produce；〃 as the same effects
would be produced if the country paying the subsidy； or suffering
from a bad harvest； were to import less of other commodities than
it had before been accustomed to do。
The Reviewers observe； page 345； 〃The same kind of error
which we have here noticed pervades other parts of Mr Ricardo's
pamphlet； particularly the opening of his subject。 He seems to
think that when once the precious metals have been divided among
the different countries of the earth； according to their relative
wealth and commerce； that each having an equal necessity for the
quantity actually in use； no temptation would be offered for
their importation or exportation； till either a new mine or a new
bank was opened； or till some marked change had taken place in
their relative prosperity。〃 And afterwards at page 361； 〃We have
already adverted to the error （confined； however； principally to
Mr Ricardo； and from which the Report is entirely free） of
denying the existence of a balance of trade or of payments not
connected with some original redundancy or deficiency of
currency。〃 〃But there is another point in which almost all the
writers on this side of the question concur； where；
notwithstanding； we cannot agree with them； and feel more
inclined to the mercantile view of the subject。 Though they
acknowledge that bullion occasionally passes from one county to
another from causes connected with the exchange； yet they
represent these transactions as quite inconsiderable in degree。
Mr Huskisson observes 'that the operations in the trade of
bullion originate almost entirely in the fresh supplies which are
yearly poured in from the mines of the New World； and are chiefly
confined to the distribution of those supplies through the
different parts of Europe。 If this supply were to