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flow from scarcity of money； really arises from the manners and
customs of the people； and that we mistake； as is too usual； a
collateral effect for a cause。 The contradiction is only apparent； but
it requires some thought and reflection to discover the principles； by
which we can reconcile reason to experience。
It seems a maxim almost self…evident； that the prices of every
thing depend on the proportion between commodities and money； and that
any considerable alteration on either has the same effect； either of
heightening or lowering the price。 Encrease the commodities； they
become cheaper； encrease the money； they rise in their value。 As； on
the other hand； a diminution of the former； and that of the latter；
have contrary tendencies。
It is also evident； that the prices do not so much depend on the
absolute quantity of commodities and that of money； which are in a
nation； as on that of the commodities； which come or may come to
market； and of the money which circulates。 If the coin be locked up in
chests； it is the same thing with regard to prices； as if it were
annihilated； if the commodities be hoarded in magazines and granaries；
a like effect follows。 As the money and commodities； in these cases；
never meet； they cannot affect each other。 Were we； at any time； to
form conjectures concerning the price of provisions； the corn； which
the farmer must reserve for seed and for the maintenance of himself
and family； ought never to enter into the estimation。 It is only the
overplus； compared to the demand； that determines the value。
To apply these principles； we must consider； that； in the first
and more uncultivated ages of any state； ere fancy has confounded her
wants with those of nature； men； content with the produce of their own
fields； or with those rude improvements which they themselves can work
upon them； have little occasion for exchange； at least for money；
which； by agreement； is the common measure of exchange。 The wool of
the farmer's own flock； spun in his own family； and wrought by a
neighbouring weaver； who receives his payment in corn or wool；
suffices for furniture and cloathing。 The carpenter； the smith； the
mason； the tailor； are retained by wages of a like nature； and the
landlord himself； dwelling in the neighbourhood； is content to receive
his rent in the commodities raised by the farmer。 The greater part of
these he consumes at home； in rustic hospitality： The rest； perhaps；
he disposes of for money to the neighbouring town； whence he draws the
few materials of his expence and luxury。
But after men begin to refine on all these enjoyments； and live
not always at home； nor are content with what can be raised in their
neighbourhood； there is more exchange and commerce of all kinds； and
more money enters into that exchange。 The tradesmen will not be paid
in corn； because they want something more than barely to eat。 The
farmer goes beyond his own parish for the commodities he purchases；
and cannot always carry his commodities to the merchant who supplies
him。 The landlord lives in the capital； or in a foreign country； and
demands his rent in gold and silver； which can easily be transported
to him。 Great undertakers； and manufacturers； and merchants； arise in
every commodity； and these can conveniently deal in nothing but in
specie。 And consequently； in this situation of society； the coin
enters into many more contracts； and by that means is much more
employed than in the former。
The necessary effect is； that； provided the money encrease not in
the nation； every thing must become much cheaper in times of industry
and refinement； than in rude； uncultivated ages。 It is the proportion
between the circulating money； and the commodities in the market；
which determines the prices。 Goods； that are consumed at home； or
exchanged with other goods in the neighbourhood； never come to market；
they affect not in the least the current specie； with regard to it
they are as if totally annihilated； and consequently this method of
using them sinks the proportion on the side of the commodities； and
encreases the prices。 But after money enters into all contracts and
sales； and is every where the measure of exchange； the same national
cash has a much greater task to perform； all commodities are then in
the market； the sphere of circulation is enlarged； it is the same case
as if that individual sum were to serve a larger kingdom； and
therefore； the proportion being here lessened on the side of the
money； every thing must become cheaper； and the prices gradually fall。
By the most exact computations； that have been formed all over
EUROPE； after making allowance for the alteration in the numerary
value or the denomination； it is found； that the prices of all things
have only risen three； or at most； four times； since the discovery of
the WEST INDIES。 But will any one assert； that there is not much more
than four times the coin in EUROPE； that was in the fifteenth century；
and the centuries preceding it？ The SPANIARDS and PORTUGUESE from
their mines； the ENGLISH； FRENCH； and DUTCH； by their AFRICAN trade；
and by their interlopers in the WEST INDIES； bring home about six
millions a year； of which not above a third goes to the EAST…INDIES。
This sum alone； in ten years； would probably double the ancient stock
of money in EUROPE。 And no other satisfactory reason can be given； why
all prices have not risen to a much more exorbitant height； except
that which is derived from a change of customs and manners。 Besides
that more commodities are produced by additional industry； the same
commodities come more to market； after men depart from their ancient
simplicity of manners。 And though this encrease has not been equal to
that of money； it has； however； been considerable； and has preserved
the proportion between coin and commodities nearer the ancient
standard。
Were the question proposed； Which of these methods of living in
the people； the simple or refined； is the most advantageous to the
state or public？ I should； without much scruple； prefer the latter； in
a view to politics at least； and should produce this as an additional
reason for the encouragement of trade and manufactures。
While men live in the ancient simple manner； and supply all their
necessaries from domestic industry or from the neighbourhood； the
sovereign can levy no taxes in money from a considerable part of his
subjects； and if he will impose on them any burthens； he must take
payment in commodities； with which alone they abound； a method
attended with such great and obvious inconveniencies； that they need
not here be insisted on。 All the money he can pretend to raise； must
be from his principal cities； where alone it circulates； and these； it
is evident； cannot afford him so much as the whole state could； did
gold and silver circulate throughout the whole。 But besides this
obvious diminution of the revenue； there is another cause of the
poverty of the public in such a situation。 Not only the sovereign
receives less money； but the same money goes not so far as in times of
industry and general commerce