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of　England　than　first　to　purchase　with　that　produce　the　gold　of

Portugal；　and　afterwards　to　purchase　with　that　gold　those

consumable　goods。　A　direct　foreign　trade　of　consumption　is　always

more　advantageous　than　a　round…about　one；　and　to　bring　the　same

value　of　foreign　goods　to　the　home　market；　requires　a　much

smaller　capital　in　the　one　way　than　in　the　other。　If　a　smaller

share　of　its　industry；　therefore；　had　been　employed　in　producing

goods　fit　for　the　Portugal　market；　and　a　greater　in　producing

those　fit　for　the　other　markets；　where　those　consumable　goods　for

which　there　is　a　demand　in　Great　Britain　are　to　be　had；　it　would

have　been　more　for　the　advantage　of　England。　To　procure　both　the

gold；　which　it　wants　for　its　own　use；　and　the　consumable　goods；

would；　in　this　way；　employ　a　much　smaller　capital　than　at

present。　There　would　be　a　spare　capital；　therefore；　to　be

employed　for　other　purposes；　in　exciting　an　additional　quantity

of　industry；　and　in　raising　a　greater　annual　produce。

　　　　　Though　Britain　were　entirely　excluded　from　the　Portugal

trade；　it　could　find　very　little　difficulty　in　procuring　all　the

annual　supplies　of　gold　which　it　wants；　either　for　the　purposes

of　plate；　or　of　coin；　or　of　foreign　trade。　Gold；　like　every　other

commodity；　is　always　somewhere　or　another　to　be　got　for　its　value

by　those　who　have　that　value　to　give　for　it。　The　annual　surplus

of　gold　in　Portugal；　besides；　would　still　be　sent　abroad；　and

though　not　carried　away　by　Great　Britain；　would　be　carried　away

by　some　other　nation；　which　would　be　glad　to　sell　it　again　for

its　price；　in　the　same　manner　as　Great　Britain　does　at　present。

In　buying　gold　of　Portugal；　indeed；　we　buy　it　at　the　first　hand；

whereas；　in　buying　it　of　any　other　nation；　except　Spain；　we

should　buy　it　at　the　second；　and　might　pay　somewhat　dearer。　This

difference；　however；　would　surely　be　too　insignificant　to　deserve

the　public　attention。

　　　　　Almost　all　our　gold；　it　is　said；　comes　from　Portugal。　With

other　nations　the　balance　of　trade　is　either　against　us；　or　not

much　in　our　favour。　But　we　should　remember　that　the　more　gold　we

import　from　one　country；　the　less　we　must　necessarily　import　from

all　others。　The　effectual　demand　for　gold；　like　that　for　every

other　commodity；　is　in　every　country　limited　to　a　certain

quantity。　If　nine…tenths　of　this　quantity　are　imported　from　one

country；　there　remains　a　tenth　only　to　be　imported　from　all

others。　The　more　gold　besides　that　is　annually　imported　from　some

particular　countries；　over　and　above　what　is　requisite　for　plate

and　for　coin；　the　more　must　necessarily　be　exported　to　some

others；　and　the　more　that　most　insignificant　object　of　modern

policy；　the　balance　of　trade；　appears　to　be　in　our　favour　with

some　particular　countries；　the　more　it　must　necessarily　appear　to

be　against　us　with　many　others。

　　　　　It　was　upon　this　silly　notion；　however；　that　England　could

not　subsist　without　the　Portugal　trade；　that；　towards　the　end　of

the　late　war；　France　and　Spain；　without　pretending　either　offence

or　provocation；　required　the　King　of　Portugal　to　exclude　all

British　ships　from　his　ports；　and　for　the　security　of　this

exclusion；　to　receive　into　them　French　or　Spanish　garrisons。　Had

the　king　of　Portugal　submitted　to　those　ignominious　terms　which

his　brother…in…law　the　king　of　Spain　proposed　to　him；　Britain

would　have　been　freed　from　a　much　greater　inconveniency　than　the

loss　of　the　Portugal　trade；　the　burden　of　supporting　a　very　weak

ally；　so　unprovided　of　everything　for　his　own　defence　that　the

whole　power　of　England；　had　it　been　directed　to　that　single

purpose；　could　scarce　perhaps　have　defended　him　for　another

campaign。　The　loss　of　the　Portugal　trade　would；　no　doubt；　have

occasioned　a　considerable　embarrassment　to　the　merchants　at　that

time　engaged　in　it；　who　might　not；　perhaps；　have　found　out；　for　a

year　or　two；　any　other　equally　advantageous　method　of　employing

their　capitals；　and　in　this　would　probably　have　consisted　all　the

inconveniency　which　England　could　have　suffered　from　this　notable

piece　of　commercial　policy。

　　　　　The　great　annual　importation　of　gold　and　silver　is　neither

for　the　purpose　of　plate　nor　of　coin；　but　of　foreign　trade。　A

round…about　foreign　trade　of　consumption　can　be　carried　on　more

advantageously　by　means　of　these　metals　than　of　almost　any　other

goods。　As　they　are　the　universal　instruments　of　commerce；　they

are　more　readily　received　in　return　for　all　commodities　than　any

other　goods；　and　on　account　of　their　small　bulk　and　great　value；

it　costs　less　to　transport　them　backward　and　forward　from　one

place　to　another　than　almost　any　other　sort　of　merchandise；　and

they　lose　less　of　their　value　by　being　so　transported。　Of　all　the

commodities；　therefore；　which　are　bought　in　one　foreign　country；

for　no　other　purpose　but　to　be　sold　or　exchanged　again　for　some

other　goods　in　another；　there　are　none　so　convenient　as　gold　and

silver。　In　facilitating　all　the　different　round…about　foreign

trades　of　consumption　which　are　carried　on　in　Great　Britain

consists　the　principal　advantage　of　the　Portugal　trade；　and

though　it　is　not　a　capital　advantage；　it　is　no　doubt　a

considerable　one。

　　　　　That　any　annual　addition　which；　it　can　reasonably　be

supposed；　is　made　either　to　the　plate　or　to　the　coin　of　the

kingdom；　could　require　but　a　very　small　annual　importation　of

gold　and　silver；　seems　evident　enough；　and　though　we　had　no

direct　trade　with　Portugal；　this　small　quantity　could　always；

somewhere　or　another；　be　very　easily　got。

　　　　　Though　the　goldsmith's　trade　be　very　considerable　in　Great

Britain；　the　far。　greater　part　of　the　new　plate　which　they

annually　sell　is　made　from　other　old　plate　melted　down；　so　that

the　addition　annually　made　to　the　whole　plate　of　the　kingdom

cannot　be　very　great；　and　could　require　but　a　very　small　annual

importation。

　　　　　It　is　the　same　case　with　the　coin。　Nobody　imagines；　I

believe；　that　even　the　greater　part　of　the　annual　coinage；

amounting；　for　ten　years　together；　before　the　late　reformation　of

the　gold　coin；　to　upwards　of　eight　hundred　thousand　pounds　a　year

in　gold；　was　an　annual　addition　to　the　money　before　current　in

the　kingdom。　In　a　country　where　the　expense　of　the　coinage　is

defrayed　by　the　government；　the　value　of　the　coin；　even　when　it

contains　its　full　standard　weight　of　gold　and　silver；　can　never

be　much　greater　than　that　of　an　equal　quantity　of　those　metals

uncoined；　because　it　requires　only　the　trouble　of　going　to　the

mint；　and　the　delay　perhaps　of　a　few　weeks；　to　procure　for　any

quantity　of　uncoined　gold　and　silver　an　equal　quantity　of　those

metals　in　coin。　But；　in　every　country；　the　greater　part　of　the

current　coin　is　almost　always　more　or　less　worn；　or　otherwise

degenerated　from　its　standard。　In　Great　Britain　it　was；　before

the　late　reformation；　a　good　deal　so；　the　gold　being　more　than

two　per　cent　and　the　silver　more　than　eight　per　cent　below　its

standard　weight。　But　if　forty…four　guineas　and　a　half；　containing

their　full　standard　weight；　a　pound　weight　of　gold；　could

purchase　very　little　more　than　a　pound　weight　could　of　uncoined

gold；　forty…four　guineas　and　a　half　wanting　a　part　of　their

weight　could　not　purchase　a　pound　weight；　and　something　was　to　be

added　in　order　to　make　up　the　deficiency。　The　current　price　of

gold　bullion　at　market；　therefore；　instead　of　being　the　same　with

the　mint　price；　or　L46　14s。　6d。；　was　then　about　L47　14s。　and

sometimes　about　L48。　When　the　greater　part　of　the　coin；　however；

was　in　this　degenerate　condition；　forty…four　guineas　and　a　half；

fresh　from　the　mint；　would　purchase　no　more　goods　in　the　market

than　any　other　ordinary　guineas；　because　when　they　came　into　the

coffers　of　the　merchant；　being　confounded　with　other　money；　they

could　not　afterwards　be　distinguished　without　more　trouble　than

the　difference　was　worth。　Like　other　guineas　they　were　worth　no

more　than　L46　14s。　6d。　If　thrown　into　the　melting　pot；　however；

they　produced；　without　any　sensible　loss；　a　pound　weight　of

standard　gold；　which　could　be　sold　at　any　time　for　between　L47

14s。　and　L48　either　of　gold　or　silver；　as　fit　for　all　the

purposes　of　coin　as　that　which　had　been　melted　down。　There　was　an

evident　profit；　therefore；　in　melting　down　new　coined　money；　and

it　was　done　so　instantaneously；　that　no　precaution　of　government

could　prevent　it。　The　operations　of　the　mint　were；　upon　this

account；　somewhat　like　the　web　of　Penelope；　the　work　that　was

done　in　the　day　was　undone　in　the　night。　The　mint　was　employed；

not　so　much　in　making　daily　additions　to　the　coin；　as　in

replacing　the　very　best　part　of　it　which　was　daily　melted　down。

　　　　　Were　the　private　people；　who　carry　their　gold　and　silver　to

the　mint；　to　pay　themselves　for　the　coinage；　it　would　add　to　the

value　of　those　metals　in　the　same　manner　as　the　fashion　does　to

that　of　plate。　Coined　gold　and　silver　would　be　more　valuable　than

uncoined。　The　seignorage；　if　it　was　not　exorbitant；　would　add　to

the　bullion　the　whole　value　of　the　duty；　because；　the　government

having　everywhere　the　exclusive　pr