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Silver as a metal has value like all other merchandise； and an additional value as it is capable of becoming the sign of other merchandise。 If it were no more than mere merchandise； it would lose much of its value。
Silver； as money； has a value； which the prince in some respects can fix； and in others cannot。
1。 The prince establishes a proportion between a quantity of silver as metal； and the same quantity as money； 2。 He fixes the proportion between the several metals made use of as money。 3。 He establishes the weight and standard of every piece of money。 In fine； 4； he gives to every piece that ideal value of which I have spoken。 I shall call the value of money in these four respects its positive value； because it may be fixed by law。
The coin of every state has； besides this； a relative value； as it is compared with the money of other countries。 This relative value is established by the exchange； and greatly depends on its positive value。 It is fixed by the general opinion of the merchants； never by the decrees of the prince； because it is subject to incessant variations； and depends on a thousand accidents。
The several nations； in fixing this relative value； are chiefly guided by that which has the greatest quantity of specie。 If she has as much specie as all the others together； it is then most proper for the others to regulate theirs by her standard： and the regulation between all the others will pretty nearly agree with the regulation made with this principal nation。
In the actual state of the globe； Holland is the nation we are speaking of。 Let us examine the course of exchange with relation to her。
They have in Holland a piece of money called a florin； worth twenty sous； or forty half…sous or gros。 But； to render our ideas as simple as possible； let us imagine that they have not any such piece of money in Holland as a florin； and that they have no other but the gros： a man who should have a thousand florins should have forty thousand gros； and so of the rest。 Now the exchange with Holland is determined by our knowing how many gros every piece of money in other countries is worth； and as the French commonly reckon by a crown of three livres； the exchange makes it necessary for them to know how many gros are contained in a crown of three livres。 If the course of exchange is at fifty…four； a crown of three livres will be worth fifty…four gros； if it is at sixty； it will be worth sixty gros。 If silver is scarce in France； a crown of three livres will be worth more gros； if plentiful； it will be worth less。
This scarcity or plenty； whence results the mutability of the course of exchange； is not the real； but a relative； scarcity or plenty。 For example； when France has greater occasion for funds in Holland than the Dutch of having funds in France； specie is said to be common in France and scarce in Holland： and vice versa。
Let us suppose that the course of exchange with Holland is at fifty…four。 If France and Holland composed only one city； they would act as we do when we give change for a crown： the Frenchman would take three livres out of his pocket； and the Dutchman fifty…four gros from his。 But as there is some distance between Paris and Amsterdam； it is necessary that he who for a crown of three livres gives me fifty…four gros； which he has in Holland； should give me a bill of exchange for fifty…four gros payable in Holland。 The fifty…four gros is not the thing in question； but a bill for that sum。 Thus； in order to judge of the scarcity or plenty of specie；＇12＇ we must know if there are in France more bills of fifty…four gros drawn upon Holland than there are crowns drawn upon France。 If there are more bills from Holland than there are from France； specie is scarce in France； and common in Holland； it then becomes necessary that the exchange should rise； and that they give for my crown more than fifty…four gros； otherwise I will not part with it； and vice versa。
Thus the various turns in the course of exchange form an account of debtor and creditor； which must be frequently settled； and which the state in debt can no more discharge by exchange than an individual can pay a debt by giving change for a piece of silver。
We will suppose that there are but three states in the world； France； Spain； and Holland； that several individuals in Spain are indebted to France； to the value of one hundred thousand marks of silver； and that several individuals of France owe in Spain one hundred and ten thousand marks： now； if some circumstance both in Spain and France should cause each to withdraw his specie； what will then be the course of exchange？ These two nations will reciprocally acquit each other of a hundred thousand marks； but France will still owe ten thousand marks in Spain； and the Spaniards will still have bills upon France； to the value of ten thousand marks； while France will have none at all upon Spain。
But if Holland was in a contrary situation with respect to France； and in order to balance the account must pay her ten thousand marks； the French would have two ways of paying the Spaniards： either by giving their creditors in Spain bills for ten thousand marks upon their debtors in Holland； or else by sending specie to the value of ten thousand marks to Spain。
Hence it follows that when a state has occasion to remit a sum of money to another country； it is indifferent； in the nature of the thing； whether specie be conveyed thither or they take bills of exchange。 The advantage or disadvantage of these two methods solely depends on actual circumstances。 We must inquire which will yield most gros in Holland…money carried thither in specie； or a bill upon Holland for the like sum。＇13＇
When money of the same standard and weight in France yields money of the same standard and weight in Holland； we say that the exchange is at par。 In the actual state of specie＇14＇ the par is nearly at fifty…four gros to the crown。 When the exchange is above fifty…four gros； we say it is high； when beneath； we say it is low。
In order to know the loss and gain of a state in a particular situation of exchange； it must be considered as debtor and creditor； as buyer and seller。 When the exchange is below par； it loses as a debtor； and gains as a creditor； it loses as a buyer and gains as a seller。 It is obvious it loses as debtor； suppose； for example； France owes Holland a certain number of gros； the fewer gros there are in a crown the more crowns she has to pay。 On the contrary； if France is creditor for a certain number of gros； the less number of gros there are in a crown the more crowns she will receive。 The state loses also as buyer； for there must be the same number of gros to purchase the same quantity of merchandise； and while the exchange is low； every French crown is worth fewer gros。 For the same reason the state gains as a seller。 I sell my merchandise in Holland for a certain number of gros； I receive then more crowns in France； when for every fifty gros I receive a crown； than I should do if I received only the same crown for every fifty…four。 The contrary to this takes place in the other state。 If the Dutch are indebted a certain number of crowns to France； they will gain； if this money is o