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could occasion any augmentation or diminution of those metals。
From one fruitless care it was turned away to another care much
more intricate； much more embarrassing； and just equally
fruitless。 The title of Mun's book； England's Treasure in Foreign
Trade； became a fundamental maxim in the political economy； not
of England only； but of all other commercial countries。 The
inland or home trade； the most important of all； the trade in
which an equal capital affords the greatest revenue； and creates
the greatest employment to the people of the country； was
considered as subsidiary only to foreign trade。 It neither
brought money into the country； it was said； nor carried any out
of it。 The country； therefore； could never become either richer
or poorer by means of it； except so far as its prosperity or
decay might indirectly influence the state of foreign trade。
A country that has no mines of its own must undoubtedly draw
its gold and silver from foreign countries in the same manner as
one that has no vineyards of its own must draw its wines。 It does
not seem necessary； however； that the attention of government
should be more turned towards the one than towards the other
object。 A country that has wherewithal to buy wine will always
get the wine which it has occasion for； and a country that has
wherewithal to buy gold and silver will never be in want of those
metals。 They are to be bought for a certain price like all other
commodities； and as they are the price of all other commodities；
so all other commodities are the price of those metals。 We trust
with perfect security that the freedom of trade； without any
attention of government； will always supply us with the wine
which we have occasion for： and we may trust with equal security
that it will always supply us with all the gold and silver which
we can afford to purchase or to employ； either in circulating our
commodities； or in other uses。
The quantity of every commodity which human industry can
either purchase or produce naturally regulates itself in every
country according to the effectual demand； or according to the
demand of those who are willing to pay the whole rent； labour；
and profits which must be paid in order to prepare and bring it
to market。 But no commodities regulate themselves more easily or
more exactly according to this effectual demand than gold and
silver； because； on account of the small bulk and great value of
those metals； no commodities can be more easily transported from
one place to another； from the places where they are cheap to
those where they are dear； from the places where they exceed to
those where they fall short of this effectual demand。 If there
were in England； for example； an effectual demand for an
additional quantity of gold； a packet…boat could bring from
Lisbon； or from wherever else it was to be had； fifty tons of
gold； which could be coined into more than five millions of
guineas。 But if there were an effectual demand for grain to the
same value； to import it would require； at five guineas a ton； a
million of tons of shipping； or a thousand ships of a thousand
tons each。 The navy of England would not be sufficient。
When the quantity of gold and silver imported into any
country exceeds the effectual demand； no vigilance of government
can prevent their exportation。 All the sanguinary laws of Spain
and Portugal are not able to keep their gold and silver at home。
The continual importations from Peru and Brazil exceed the
effectual demand of those countries； and sink the price of those
metals there below that in the neighbouring countries。 If； on the
contrary； in any particular country their quantity fell short of
the effectual demand； so as to raise their price above that of
the neighbouring countries； the government would have no occasion
to take any pains to import them。 If it were even to take pains
to prevent their importation； it would not be able to effectuate
it。 Those metals； when the Spartans had got wherewithal to
purchase them； broke through all the barriers which the laws of
Lycurgus opposed to their entrance into Lacedemon。 All the
sanguinary laws of the customs are not able to prevent the
importation of the teas of the Dutch and Gottenburgh East India
Companies； because somewhat cheaper than those of the British
company。 A pound of tea； however； is about a hundred times the
bulk of one of the highest prices； sixteen shillings； that is
commonly paid for it in silver； and more than two thousand times
the bulk of the same price in gold； and consequently just so many
times more difficult to smuggle。
It is partly owing to the easy transportation of gold and
silver from the places where they abound to those where they are
wanted that the price of those metals does not fluctuate
continually like that of the greater part of other commodities；
which are hindered by their bulk from shifting their situation
when the market happens to be either over or under…stocked with
them。 The。 price of those metals； indeed； is not altogether
exempted from variation； but the changes to which it is liable
are generally slow； gradual and uniform。 In Europe； for example；
it is supposed； without much foundation； perhaps； that during the
course of the present and preceding century they have been
constantly； but gradually； sinking in their value； on account of
the continual importations from the Spanish West Indies。 But to
make any sudden change in the price of gold and silver； so as to
raise or lower at once； sensibly and remarkably； the money price
of all other commodities； requires such a revolution in commerce
as that occasioned by the discovery of America。
If； notwithstanding all this； gold and silver should at any
time fall short in a country which has wherewithal to purchase
them； there are more expedients for supplying their place than
that of almost any other commodity。 If the materials of
manufacture are wanted； industry must stop。 If provisions are
wanted； the people must starve。 But if money is wanted； barter
will supply its place； though with a good deal of inconveniency。
Buying and selling upon credit； and the different dealers
compensating their credits with one another； once a month or once
a year； will supply it with less inconveniency。 A well…regulated
paper money will supply it； not only without any inconveniency；
but； in some cases； with some advantages。 Upon every account；
therefore； the attention of government never was so unnecessarily
employed as when directed to watch over the preservation or
increase of the quantity of money in any country。
No complaint； however； is more common than that of a
scarcity of money。 Money； like wine； must always be scarce with
those who have neither wherewithal to buy it nor credit to borrow
it。 Those who have either will seldom be in want either of the
money or of the wine which they have occasion for。 This
complaint； however； of the scarcity of money is not always
confined to improvident spendthrifts。 It is sometimes general
through a whole mercantile to