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to purchase them。 Mr。 Mun compares this operation of foreign
trade to the seed…time and harvest of agriculture。 〃If we only
behold；〃 says he； 〃the actions of the husbandman in the
seed…time； when he casteth away much good corn into the ground；
we shall account him rather a madman than a husbandman。 But when
we consider his labours in the harvest； which is the end of his
endeavours； we shall find the worth and plentiful increase of his
action。〃
They represented； secondly； that this prohibition could not
hinder the exportation of gold and silver； which； on account of
the smallness of their bulk in proportion to their value； could
easily be smuggled abroad。 That this exportation could only be
prevented by a proper attention to； what they called； the balance
of trade。 That when the country exported to a greater value than
it imported； a balance became due to it from foreign nations；
which was necessarily paid to it in gold and silver； and thereby
increased the quantity of those metals in the kingdom。 But that
when it imported to a greater value than it exported； a contrary
balance became due to foreign nations； which was necessarily paid
to them in the same manner； and thereby diminished that quantity。
That in this case to prohibit the exportation of those metals
could not prevent it； but only； by making it more dangerous；
render it more expensive。 That the exchange was thereby turned
more against the country which owed the balance than it otherwise
might have been； the merchant who purchased a bill upon the
foreign country being obliged to pay the banker who sold it； not
only for the natural risk； trouble； and expense of sending the
money thither； but for the extraordinary risk arising from the
prohibition。 But that the more the exchange was against any
country； the more the balance of trade became necessarily against
it； the money of that country becoming necessarily of so much
less value in comparison with that of the country to which the
balance was due。 That if the exchange between England and
Holland； for example； was five per cent against England； it would
require a hundred and five ounces of silver in England to
purchase a bill for a hundred ounces of silver in Holland： that a
hundred and five ounces of silver in England； therefore； would be
worth only a hundred ounces of silver in Holland； and would
purchase only a proportionable quantity of Dutch goods； but that
a hundred ounces of silver in Holland； on the contrary； would be
worth a hundred and five ounces in England； and would purchase a
proportionable quantity of English goods： that the English goods
which were sold to Holland would be sold so much cheaper； and the
Dutch goods which were sold to England so much dearer by the
difference of the exchange； that the one would draw so much less
Dutch money to England； and the other so much more English money
to Holland； as this difference amounted to： and that the balance
of trade； therefore； would necessarily be so much more against
England； and would require a greater balance of gold and silver
to be exported to Holland。
Those arguments were partly solid and partly sophistical。
They were solid so far as they asserted that the exportation of
gold and silver in trade might frequently be advantageous to the
country。 They were solid； too； in asserting that no prohibition
could prevent their exportation when private people found any
advantage in exporting them。 But they were sophistical in
supposing that either to preserve or to augment the quantity of
those metals required more the attention of government than to
preserve or to augment the quantity of any other useful
commodities； which the freedom of trade； without any such
attention； never fails to supply in the proper quantity。 They
were sophistical too； perhaps； in asserting that the high price
of exchange necessarily increased what they called the
unfavourable balance of trade； or occasioned the exportation of a
greater quantity of gold and silver。 That high price； indeed； was
extremely disadvantageous to the merchants who had any money to
pay in foreign countries。 They paid so much dearer for the bills
which their bankers granted them upon those countries。 But though
the risk arising from the prohibition might occasion some
extraordinary expense to the bankers； it would not necessarily
carry any more money out of the country。 This expense would
generally be all laid out in the country； in smuggling the money
out of it； and could seldom occasion the exportation of a single
sixpence beyond the precise sum drawn for。 The high price of
exchange too would naturally dispose the merchants to endeavour
to make their exports nearly balance their imports； in order that
they might have this high exchange to pay upon as small a sum as
possible。 The high price of exchange； besides； must necessarily
have operated as a tax； in raising the price of foreign goods；
and thereby diminishing their consumption。 It would tend；
therefore； not to increase but to diminish what they called the
unfavourable balance of trade； and consequently the exportation
of gold and silver。
Such as they were； however； those arguments convinced the
people to whom they were addressed。 They were addressed by
merchants to parliaments and to the councils of princes； to
nobles and to country gentlemen； by those who were supposed to
understand trade to those who were conscious to themselves that
they knew nothing about the matter。 That foreign trade enriched
the country； experience demonstrated to the nobles and country
gentlemen as well as to the merchants； but how； or in what
manner； none of them well knew。 The merchants knew perfectly in
what manner it enriched themselves。 It was their business to know
it。 But to know in what manner it enriched the country was no
part of their business。 This subject never came into their
consideration but when they had occasion to apply to their
country for some change in the laws relating to foreign trade。 It
then became necessary to say something about the beneficial
effects of foreign trade； and the manner in which those effects
were obstructed by the laws as they then stood。 To the judges who
were to decide the business it appeared a most satisfactory
account of the matter； when they were told that foreign trade
brought money into the country； but that the laws in question
hindered it from bringing so much as it otherwise would do。 Those
arguments therefore produced the wished…for effect。 The
prohibition of exporting gold and silver was in France and
England confined to the coin of those respective countries。 The
exportation of foreign coin and of bullion was made free。 In
Holland； and in some other places； this liberty was extended even
to the coin of the country。 The attention of government was
turned away from guarding against the exportation of gold and
silver to watch over the balance of trade as the only cause which
could occasion any augmentation or diminution of those metals。
From one fruitless care it was turned away to another care muc