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countries。
The discovery of a passage to the East Indies by the Cape of
Good Hope； which happened much about the same time； opened
perhaps a still more extensive range to foreign commerce than
even that of America； notwithstanding the greater distance。 There
were but two nations in America in any respect superior to
savages； and these were destroyed almost as soon as discovered。
The rest were mere savages。 But the empires of China； Indostan；
Japan； as well as several others in the East Indies； without
having richer mines of gold or silver； were in every other
respect much richer； better cultivated； and more advanced in all
arts and manufactures than either Mexico or Peru； even though we
should credit； what plainly deserves no credit； the exaggerated
accounts of the Spanish writers concerning the ancient state of
those empires。 But rich and civilised nations can always exchange
to a much greater value with one another than with savages and
barbarians。 Europe； however； has hitherto derived much less
advantage from its commerce with the East Indies than from that
with America。 The Portuguese monopolized the East India trade to
themselves for about a century； and it was only indirectly and
through them that the other nations of Europe could either send
out or receive any goods from that country。 When the Dutch； in
the beginning of the last century； began to encroach upon them；
they vested their whole East India commerce in an exclusive
company。 The English； French； Swedes； and Danes have all followed
their example； so that no great nation in Europe has ever yet had
the benefit of a free commerce to the East Indies。 No other
reason need be assigned why it has never been so advantageous as
the trade to America； which； between almost every nation of
Europe and its own colonies； is free to all its subjects。 The
exclusive privileges of those East India companies； their great
riches； the great favour and protection which these have procured
them from their respective governments； have excited much envy
against them。 This envy has frequently represented their trade as
altogether pernicious； on account of the great quantities of
silver which it every year exports from the countries from which
it is carried on。 The parties concerned have replied that their
trade； by this continual exportation of silver； might indeed tend
to impoverish Europe in general； but not the particular country
from which it was carried on； because； by the exportation 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 unnecessary to say anything further about either。 By
the annual exportation of silver to the East Indies； plate is
probably somewhat dearer in Europe than it otherwise might have
been； and coined silver probably purchases a larger quantity both
of labour and commodities。 The former of these two effects is a
very small loss； the latter a very small advantage； both too
insignificant to deserve any part of the public attention。 The
trade to the East Indies； by opening a market to the commodities
of Europe； or； what comes nearly to the same thing； to the gold
and silver which is purchased with those commodities； must
necessarily tend to increase the annual production of European
commodities； and consequently the real wealth and revenue of
Europe。 That it has hitherto increased them so little is probably
owing to the restraints which it everywhere labours under。
I thought it necessary； though at the hazard of being
tedious； to examine at full length this popular notion that
wealth consists in money； or in gold and silver。 Money in common
language； as I have already observed； frequently signifies
wealth； and this ambiguity of expression has rendered this
popular notion so familiar to us that even they who are convinced
of its absurdity are very apt to forget their own principles； and
in the course of their reasonings to take it for granted as a
certain and undeniable truth。 Some of the best English writers
upon commerce set out with observing that the wealth of a country
consists； not in its gold and silver only； but in its lands；
houses； and consumable goods of all different kinds。 In the
course of their reasonings； however； the lands； houses； and
consumable goods seem to slip out of their memory； and the strain
of their argument frequently supposes that all wealth consists in
gold and silver； and that to multiply those metals is the great
object of national industry and commerce。
The two principles being established； however； that wealth
consisted in gold and silver； and that those 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
necessarily became the great object of political economy to
diminish as much as possible the importation of foreign goods for
home consumption； and to increase as much as possible the
exportation of the produce of domestic industry。 Its two great
engines for enriching the country； therefore； were restraints
upon importation； and encouragements to exportation。
The restraints upon importation were of two kinds。
First； restraints upon the importation of such foreign goods
for home consumption as could be produced at home； from whatever
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 consisted sometimes in high
duties； and sometimes in absolute prohibitions。
Exportation was encouraged sometimes by drawbacks； sometimes
by bounties； sometimes by advantageous treaties of commerce with
foreign states； and sometimes by the establishment of colonies in
distant countries。
Drawbacks were given upon two different occasions。 When the
home manufactures were subject 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 sometimes given back upon such exportation。
Bounties were given for the encouragement either of some
beginning manufactures； or of such sorts of industry of other
kinds as supposed to deserve particular favour。
By advantageous treaties of commerce； particular privileges
were procured in some foreign state for the goods and merchants
of the country； beyond what were granted to those other
countries。
By established establishment of colonies in distant
countries； not only particular privileges； but a monopoly was
frequently procured for the goods and merchants of the country
which established them。
The two sorts of restraints upon importation
above…mentioned； together with these four encouragements