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silver。 Accordingly we find； that； in every kingdom； into which money
begins to flow in greater abundance than formerly； every thing takes a
new face： labour and industry gain life； the merchant becomes more
enterprising； the manufacturer more diligent and skilful； and even the
farmer follows his plough with greater alacrity and attention。 This is
not easily to be accounted for； if we consider only the influence
which a greater abundance of coin has in the kingdom itself； by
heightening the price of Commodities； and obliging every one to pay a
greater number of these little yellow or white pieces for every thing
he purchases。 And as to foreign trade； it appears； that great plenty
of money is rather disadvantageous； by raising the price of every kind
of labour。
To account； then； for this phenomenon； we must consider； that
though the high price of commodities be a necessary consequence of the
encrease of gold and silver； yet it follows not immediately upon that
encrease； but some time is required before the money circulates
through the whole state； and makes its effect be felt on all ranks of
people。 At first； no alteration is perceived； by degrees the price
rises； first of one commodity； then of another； till the whole at last
reaches a just proportion with the new quantity of specie which is in
the kingdom。 In my opinion； it is only in this interval or
intermediate situation； between the acquisition of money and rise of
prices； that the encreasing quantity of gold and silver is favourable
to industry。 When any quantity of money is imported into a nation； it
is not at first dispersed into many hands； but is confined to the
coffers of a few persons； who immediately seek to employ it to
advantage。 Here are a set of manufacturers or merchants； we shall
suppose； who have received returns of gold and silver for goods which
they sent to CADIZ。 They are thereby enabled to employ more workmen
than formerly； who never dream of demanding higher wages； but are glad
of employment from such good paymasters。 If workmen become scarce； the
manufacturer gives higher wages； but at first requires an encrease of
labour； and this is willingly submitted to by the artisan； who can now
eat and drink better； to compensate his additional toil and fatigue。
He carries his money to market； where he； finds every thing at the
same price as formerly； but returns with greater quantity and of
better kinds； for the use of his family。 The farmer and gardener；
finding； that all their commodities are taken off； apply themselves
with alacrity to the raising more； and at the same time can afford to
take better and more cloths from their tradesmen； whose price is the
same as formerly； and their industry only whetted by so much new gain。
It is easy to trace the money in its progress through the whole
commonwealth； where we shall find； that it must first quicken the
diligence of every individual； before it encrease the price of labour。
And that the specie may encrease to a considerable pitch； before
it have this latter effect； appears； amongst other instances； from the
frequent operations of the FRENCH king on the money； where it was
always found； that the augmenting of the numerary value did not
produce a proportional rise of the prices； at least for some time。 In
the last year of LOUIS XIV； money was raised three…sevenths； but
prices augmented only one。 Corn in FRANCE is now sold at the same
price； or for the same number of livres； it was in 1683； though silver
was then at 30 livres the mark； and is now at 50。 Not to mention the
great addition of gold and silver； which may have come into that
kingdom since the former period。
From the whole of this reasoning we may conclude； that it is of no
manner of consequence； with regard to the domestic happiness of a
state； whether money be in a greater or less quantity。 The good policy
of the magistrate consists only in keeping it； if possible； still
encreasing； because； by that means； he keeps alive a spirit of
industry in the nation； and encreases the stock of labour； in which
consists all real power and riches。 A nation； whose money decreases；
is actually； at that time； weaker and more miserable than another
nation； which possesses no more money； but is on the encreasing hand。
This will be easily accounted for； if we consider； that the
alterations in the quantity of money； either on one side or the other；
are not immediately attended with proportionable alterations in the
price of commodities。 There is always an interval before matters be
adjusted to their new situation； and this interval is as pernicious to
industry； when gold and silver are diminishing； as it is advantageous
when these metals are encreasing。 The workman has not the same
employment from the manufacturer and merchant； though he pays the same
price for every thing in the market。 The farmer cannot dispose of his
corn and cattle； though he must pay the same rent to his landlord。 The
poverty； and beggary； and sloth； which must ensue； are easily
foreseen。
II。 The second observation which I proposed to make with regard to
money； may be explained after the following manner。 There are some
kingdoms； and many provinces in EUROPE； （and all of them were once in
the same condition） where money is so scarce； that the landlord can
get none at all from his tenants； but is obliged to take his rent in
kind； and either to consume it himself； or transport it to places
where he may find a market。 In those countries； the prince can levy
few or no taxes； but in the same manner： And as he will receive small
benefit from impositions so paid； it is evident that such a kingdom
has little force even at home； and cannot maintain fleets and armies
to the same extent； as if every part of it abounded in gold and
silver。 There is surely a greater disproportion between the force of
GERMANY； at present； and what it was three centuries ago； than there
is in its industry； people； and manufactures。 The AUSTRIAN dominions
in the empire are in general well peopled and well cultivated； and are
of great extent； but have not a proportionable weight in the balance
of EUROPE； proceeding； as is commonly supposed； from the scarcity of
money。 How do all these facts agree with that principle of reason；
that the quantity of gold and silver is in itself altogether
indifferent？ According to that principle wherever a sovereign has
numbers of subjects； and these have plenty of commodities； he should
of course be great and powerful； and they rich and happy； independent
of the greater or lesser abundance of the precious metals。 These admit
of divisions and subdivisions to a great extent； and where the pieces
might become so small as to be in danger of being lost； it is easy to
mix the gold or silver with a baser metal； as is practised in some
countries of EUROPE； and by that means raise the pieces to a bulk more
sensible and convenient。 They still serve the same purposes of
exchange； whatever their number may be； or whatever colour they may be
supposed to have。
To these difficulties I answer； that the effect； here supposed to
flow from scarcity of money； re