of the balance of trade-第3部分

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admit　of　a　compensation；　and　even　an　overbalance　from　the　encrease　of
industry　and　of　credit；　which　may　be　promoted　by　the　right　use　of
paper…money。　It　is　well　known　of　what　advantage　it　is　to　a　merchant　to
be　able　to　discount　his　bills　upon　occasion；　and　every　thing　that
facilitates　this　species　of　traffic　is　favourable　to　the　general
commerce　of　a　state。　But　private　bankers　are　enabled　to　give　such
credit　by　the　credit　they　receive　from　the　depositing　of　money　in
their　shops；　and　the　bank　of　ENGLAND　in　the　same　manner；　from　the
liberty　it　has　to　issue　its　notes　in　all　payments。　There　was　an
invention　of　this　kind；　which　was　fallen　upon　some　years　ago　by　the
banks　of　EDINBURGH；　and　which；　as　it　is　one　of　the　most　ingenious
ideas　that　has　been　executed　in　commerce；　has　also　been　thought
advantageous　to　SCOTLAND。　It　is　there　called　a　BANK…CREDIT；　and　is　of
this　nature。　A　man　goes　to　the　bank　and　finds　surety　to　the　amount；　we
shall　suppose；　of　a　thousand　pounds。　This　money；　or　any　part　of　it；　he
has　the　liberty　of　drawing　out　whenever　he　pleases；　and　he　pays　only
the　ordinary　interest　for　it；　while　it　is　in　his　hands。　He　may；　when
he　pleases；　repay　any　sum　so　small　as　twenty　pounds；　and　the　interest
is　discounted　from　the　very　day　of　the　repayment。　The　advantages；
resulting　from　this　contrivance；　are　manifold。　As　a　man　may　find
surety　nearly　to　the　amount　of　his　substance；　and　his　bank…credit　is
equivalent　to　ready　money；　a　merchant　does　hereby　in　a　manner　coin　his
houses；　his　household　furniture；　the　goods　in　his　warehouse；　the
foreign　debts　due　to　him；　his　ships　at　sea；　and　can；　upon　occasion；
employ　them　in　all　payments；　as　if　they　were　the　current　money　of　the
country。　If　a　man　borrow　a　thousand　pounds　from　a　private　hand；
besides　that　it　is　not　always　to　be　found　when　required；　he　pays
interest　for　it；　whether　he　be　using　it　or　not：　His　bank…credit　costs
him　nothing　except　during　the　very　moment；　in　which　it　is　of　service
to　him：　And　this　circumstance　is　of　equal　advantage　as　if　he　had
borrowed　money　at　much　lower　interest。　Merchants；　likewise；　from　this
invention；　acquire　a　great　facility　in　supporting　each　other's　credit；
which　is　a　considerable　security　against　bankruptcies。　A　man；　when　his
own　bank…credit　is　exhausted；　goes　to　any　of　his　neighbours　who　is　not
in　the　same　condition；　and　he　gets　the　money；　which　he　replaces　at　his
convenience。
　　　　After　this　practice　had　taken　place　during　some　years　at
EDINBURGH；　several　companies　of　merchants　at　GLASGOW　carried　the
matter　farther。　They　associated　themselves　into　different　banks；　and
issued　notes　so　low　as　ten　shillings；　which　they　used　in　all　payments
for　goods；　manufactures；　tradesmen's　labour　of　all　kinds；　and　these
notes；　from　the　established　credit　of　the　companies；　passed　as　money
in　all　payments　throughout　the　country。　By　this　means；　a　stock　of　five
thousand　pounds　was　able　to　perform　the　same　operations　as　if　it　were
six　or　seven；　and　merchants　were　thereby　enabled　to　trade　to　a　greater
extent；　and　to　require　less　profit　in　all　their　transactions。　But
whatever　other　advantages　result　from　these　inventions；　it　must　still












be　allowed　that；　besides　giving　too　great　facility　to　credit；　which　is
dangerous；　they　banish　the　precious　metals；　and　nothing　can　be　a　more
evident　proof　of　it；　than　a　comparison　of　the　past　and　present
condition　of　SCOTLAND　in　that　particular。　It　was　found；　upon　the
recoinage　made　after　the　union；　that　there　was　near　a　million　of
specie　in　that　country：　But　notwithstanding　the　great　encrease　of
riches；　commerce　and　manufactures　of　all　kinds；　it　is　thought；　that；
even　where　there　is　no　extraordinary　drain　made　by　ENGLAND；　the
current　specie　will　not　now　amount　to　a　third　of　that　sum。
　　　　But　as　our　projects　of　paper…credit　are　almost　the　only　expedient；
by　which　we　can　sink　money　below　its　level；　so；　in　my　opinion；　the
only　expedient；　by　which　we　can　raise　money　above　it；　is　a　practice
which　we　should　all　exclaim　against　as　destructive；　namely；　the
gathering　of　large　sums　into　a　public　treasure；　locking　them　up；　and
absolutely　preventing　their　circulation。　The　fluid；　not　communicating
with　the　neighbouring　element；　may；　by　such　an　artifice；　be　raised　to
what　height　we　please。　To　prove　this；　we　need　only　return　to　our　first
supposition；　of　annihilating　the　half　or　any　part　of　our　cash；　where
we　found；　that　the　immediate　consequence　of　such　an　event　would　be　the
attraction　of　an　equal　sum　from　all　the　neighbouring　kingdoms。　Nor
does　there　seem　to　be　any　necessary　bounds　set；　by　the　nature　of
things；　to　this　practice　of　hoarding。　A　small　city；　like　GENEVA；
continuing　this　policy　for　ages；　might　engross　nine…tenths　of　the
money　of　EUROPE。　There　seems；　indeed；　in　the　nature　of　man；　an
invincible　obstacle　to　that　immense　growth　of　riches。　A　weak　state；
with　an　enormous　treasure；　will　soon　become　a　prey　to　some　of　its
poorer；　but　more　powerful　neighbours。　A　great　state　would　dissipate
its　wealth　in　dangerous　and　ill…concerted　projects；　and　probably
destroy；　with　it；　what　is　much　more　valuable；　the　industry；　morals；
and　numbers　of　its　people。　The　fluid；　in　this　case；　raised　to　too
great　a　height；　bursts　and　destroys　the　vessel　that　contains　it；　and
mixing　itself　with　the　surrounding　element；　soon　falls　to　its　proper
level。
　　　　So　little　are　we　commonly　acquainted　with　this　principle；　that；
though　all　historians　agree　in　relating　uniformly　so　recent　an　event；
as　the　immense　treasure　amassed　by　HARRY　VII　（which　they　make　amount
to　2；700；000　pounds；）　we　rather　reject　their　concurring　testimony；
than　admit　of　a　fact；　which　agrees　so　ill　with　our　inveterate
prejudices。　It　is　indeed　probable；　that　this　sum　might　be　three…
fourths　of　all　the　money　in　ENGLAND。　But　where　is　the　difficulty　in
conceiving；　that　such　a　sum　might　be　amassed　in　twenty　years；　by　a
cunning；　rapacious；　frugal；　and　almost　absolute　monarch？　Nor　is　it
probable；　that　the　diminution　of　circulating　money　was　ever　sensibly
felt　by　the　people；　or　ever　did　them　any　prejudice。　The　sinking　of　the
prices　of　all　commodities　would　immediately　replace　it；　by　giving
ENGLAND　the　advantage　in　its　commerce　with　the　neighbouring　kingdoms。
　　　　Have　we　not　an　instance；　in　the　small　republic　of　ATHENS　with　its
allies；　who；　in　about　fifty　years；　between　the　MEDIAN　and
PELOPONNESIAN　wars；　amassed　a　sum　not　much　inferior　to　that　of　HARRY
VII？　For　all　the　GREEK　historians　and　orators　agree；　that　the
ATHENIANS　collected　in　the　citadel　more　than　10；000　talents；　which
they　afterwards　dissipated　to　their　own　ruin；　in　rash　and　imprudent
enterprizes。　But　when　this　money　was　set　a　running；　and　began　to
communicate　with　the　surrounding　fluid；　what　was　the　consequence？　Did












it　remain　in　the　state？　No。　For　we　find；　by　the　memorable　census
mentioned　by　DEMOSTHENES　and　POLYBIUS；　that；　in　about　fifty　years
afterwards；　the　whole　value　of　the　republic；　comprehending　lands；
houses；　commodities；　slaves；　and　money；　was　less　than　6000　talents。
　　　　What　an　ambitious　high…spirited　people　was　this；　to　collect　and
keep　in　their　treasury；　with　a　view　to　conquests；　a　sum；　which　it　was
every　day　in　the　power　of　the　citizens；　by　a　single　vote；　to
distribute　among　themselves；　and　which　would　have　gone　near　to　triple
the　riches　of　every　individual！　For　we　must　observe；　that　the　numbers
and　private　riches　of　the　ATHENIANS　are　said；　by　ancient　writers；　to
have　been　no　greater　at　the　beginning　of　the　PELOPONNESIAN　war；　than
at　the　beginning　of　the　MACEDONIAN。
　　　　Money　was　little　more　plentiful　in　GREECE　during　the　age　of　PHILIP
and　PERSEUS；　than　in　ENGLAND　during　that　of　HARRY　VII：　Yet　these　two
monarchs　in　thirty　years　collected　from　the　small　kingdom　of　MACEDON；
a　larger　treasure　than　that　of　the　ENGLISH　monarch。　PAULUS　AEMILIUS
brought　to　ROME　about　1；700；000　pounds　Sterling。　PLINY　says；
2；400；000。　And　that　was　but　a　part　of　the　MACEDONIAN　treasure。　The
rest　was　dissipated　by　the　resistance　and　flight　of　PERSEUS。
　　　　We　may　learn　from　STANIAN；　that　the　canton　of　BERNE　had　300；000
pounds　lent　at　interest；　and　had　above　six　times　as　much　in　their
treasury。　Here　then　is　a　sum　hoarded　of　1；800；000　pounds　Sterling；
which　is　at　least　quadruple　what　should　naturally　circulate　in　such　a
petty　state；　and　yet　no　one；　who　travels　in　the　PAIS　DE　VAUX；　or　any
part　of　that　canton；　observes　any　want　of　money　more　than　could　be
supposed　in　a　country　of　that　extent；　soil；　and　situation。　On　the
contrary；　there　are　scarce　any　inland　provinces　in　the　continent　of
FRANCE　or　GERMANY；　where　the　inhabitants　are　at　this　time　so　opulent；
though　that　canton　has　vastly　encreased　its　treasure　since　1714；　the
time　when　STANIAN　wrote　his　judicious　account　of　SWITZERLAND。
　　　　The　account　given　by　APPIAN　of　the　treasure　of　the　PTOLEMIES；　is
so　prodigious；　that　one　cannot　admit　of　it；　and　so　much　the　less；
because　the　historian　says；　that　the　other　successors　of　ALEXANDER
were　also　frugal；　and　had　many　of　them　treasures　not　much　inferior。
For　this　saving　humour　of　the　neighbouring　princes　must　necessarily
have　checked　the　frugality　of　the　EGYPTIAN　monarchs；　according　to　the
foregoing　theory。　The　sum　he　men