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Portugal　and　Germany。　Though　the　value　of　the　annual　importations

from　France　would　thereby　be　greatly　augmented；　the　value　of　the

whole　annual　importations　would　be　diminished；　in　proportion　as

the　French　goods　of　the　same　quality　were　cheaper　than　those　of

the　other　two　countries。　This　would　be　the　case；　even　upon　the

supposition　that　the　whole　French　goods　imported　were　to　be

consumed　in　Great　Britain。

　　　　　But；　secondly；　a　great　part　of　them　might　be　re…exported　to

other　countries；　where；　being　sold　with　profit；　they　might　bring

back　a　return　equal　in　value；　perhaps；　to　the　prime　cost　of　the

whole　French　goods　imported。　What　has　frequently　been　said　of　the

East　India　trade　might　possibly　be　true　of　the　French；　that

though　the　greater　part　of　East　India　goods　were　bought　with　gold

and　silver；　the　re…exportation　of　a　part　of　them　to　other

countries　brought　back　more　gold　and　silver　to　that　which　carried

on　the　trade　than　the　prime　cost　of　the　whole　amounted　to。　One　of

the　most　important　branches　of　the　Dutch　trade；　at　present；

consists　in　the　carriage　of　French　goods　to　other　European

countries。　Some　part　even　of　the　French　wine　drank　in　Great

Britain　is　clandestinely　imported　from　Holland　and　Zeeland。　If

there　was　either　a　free　trade　between　France　and　England；　or　if

French　goods　could　be　imported　upon　paying　only　the　same　duties

as　those　of　other　European　nations；　to　be　drawn　back　upon

exportation；　England　might　have　some　share　of　a　trade　which　is

found　so　advantageous　to　Holland。

　　　　　Thirdly；　and　lastly；　there　is　no　certain　criterion　by　which

we　can　determine　on　which　side　what　is　called　the　balance　between

any　two　countries　lies；　or　which　of　them　exports　to　the　greatest

value。　National　prejudice　and　animosity；　prompted　always　by　the

private　interest　of　particular　traders；　are　the　principles　which

generally　direct　our　judgment　upon　all　questions　concerning　it。

There　are　two　criterions；　however；　which　have　frequently　been

appealed　to　upon　such　occasions；　the　customhouse　books　and　the

course　of　exchange。　The　custom…house　books；　I　think；　it　is　now

generally　acknowledged；　are　a　very　uncertain　criterion；　on

account　of　the　inaccuracy　of　the　valuation　at　which　the　greater

part　of　goods　are　rated　in　them。　The　course　of　exchange　is；

perhaps；　almost　equally　so。

　　　　　When　the　exchange　between　two　places；　such　as　London　and

Paris；　is　at　par；　it　is　said　to　be　a　sign　that　the　debts　due　from

London　to　Paris　are　compensated　by　those　due　from　Paris　to

London。　On　the　contrary；　when　a　premium　is　paid　at　London　for　a

bill　upon　Paris；　it　is　said　to　be　a　sign　that　the　debts　due　from

London　to　Paris　are　not　compensated　by　those　due　from　Paris　to

London；　but　that　a　balance　in　money　must　be　sent　out　from　the

latter　place；　for　the　risk；　trouble；　and　expense　of　exporting

which；　the　premium　is　both　demanded　and　given。　But　the　ordinary

state　of　debt　and　credit　between　those　two　cities　must

necessarily　be　regulated；　it　is　said；　by　the　ordinary　course　of

their　dealings　with　one　another。　When　neither　of　them　imports

from　the　other　to　a　greater　amount　than　it　exports　to　that　other；

the　debts　and　credits　of　each　may　compensate　one　another。　But

when　one　of　them　imports　from　the　other　to　a　greater　value　than

it　exports　to　that　other；　the　former　necessarily　becomes　indebted

to　the　latter　in　a　greater　sum　than　the　latter　becomes　indebted

to　it；　the　debts　and　credits　of　each　do　not　compensate　one

another；　and　money　must　be　sent　out　from　that　place　of　which　the

debts　overbalance　the　credits。　The　ordinary　course　of　exchange；

therefore；　being　an　indication　of　the　ordinary　state　of　debt　and

credit　between　two　places；　must　likewise　be　an　indication　of　the

ordinary　course　of　their　exports　and　imports；　as　these

necessarily　regulate　that　state。

　　　　　But　though　the　ordinary　course　of　exchange　should　be　allowed

to　be　a　sufficient　indication　of　the　ordinary　state　of　debt　and

credit　between　any　two　places；　it　would　not　from　thence　follow

that　the　balance　of　trade　was　in　favour　of　that　place　which　had

the　ordinary　state　of　debt　and　credit　in　its　favour。　The　ordinary

state　of　debt　and　credit　between　any　two　places　is　not　always

entirely　regulated　by　the　ordinary　course　of　their　dealings　with

one　another；　but　is　often　influenced　by　that　of　the　dealings　of

either　with　many　other　places。　If　it　is　usual；　for　example；　for

the　merchants　of　England　to　pay　for　the　goods　which　they　buy　of

Hamburg；　Danzig；　Riga；　etc。；　by　bills　upon　Holland；　the　ordinary

state　of　debt　and　credit　between　England　and　Holland　will　not　be

regulated　entirely　by　the　ordinary　course　of　the　dealings　of

those　two　countries　with　one　another；　but　will　be　influenced　by

that　of　the　dealings　of　England　with　those　other　places。　England

may　be　obliged　to　send　out　every　year　money　to　Holland；　though

its　annual　exports　to　that　country　may　exceed　very　much　the

annual　value　of　its　imports　from　thence；　and　though　what　is

called　the　balance　of　trade　may　be　very　much　in　favour　of

England。

　　　　　In　the　way；　besides；　in　which　the　par　of　exchange　has

hitherto　been　computed；　the　ordinary　course　of　exchange　can

afford　no　sufficient　indication　that　the　ordinary　state　of　debt

and　credit　is　in　favour　of　that　country　which　seems　to　have；　or

which　is　supposed　to　have；　the　ordinary　course　of　exchange　in　its

favour：　or；　in　other　words；　the　real　exchange　may　be；　and；　in

fact；　often　is　so　very　different　from　the　computed　one；　that　from

the　course　of　the　latter　no　certain　conclusion　can；　upon　many

occasions；　be　drawn　concerning　that　of　the　former。

　　　　　When　for　a　sum　of　money　paid　in　England；　containing；

according　to　the　standard　of　the　English　mint；　a　certain　number

of　ounces　of　pure　silver；　you　receive　a　bill　for　a　sum　of　money

to　be　paid　in　France；　containing；　according　to　the　standard　of

the　French　mint；　an　equal　number　of　ounces　of　pure　silver；

exchange　is　said　to　be　at　par　between　England　and　France。　When

you　pay　more；　you　are　supposed　to　give　a　premium；　and　exchange　is

said　to　be　against　England　and　in　favour　of　France。　When　you　pay

less；　you　are　supposed　to　get　a　premium；　and　exchange　is　said　to

be　against　France　and　in　favour　of　England。

　　　　　But；　first；　we　cannot　always　judge　of　the　value　of　the

current　money　of　different　countries　by　the　standard　of　their

respective　mints。　In　some　it　is　more；　in　others　it　is　less　worn；

clipt；　and　otherwise　degenerated　from　that　standard。　But　the

value　of　the　current　coin　of　every　country；　compared　with　that　of

any　other　country；　is　in　proportion　not　to　the　quantity　of　pure

silver　which　it　ought　to　contain；　but　to　that　which　it　actually

does　contain。　Before　the　reformation　of　the　silver　coin　in　King

William's　time；　exchange　between　England　and　Holland；　computed　in

the　usual　manner　according　to　the　standard　of　their　respective

mints；　was　five…and…twenty　per　cent　against　England。　But　the

value　of　the　current　coin　of　England；　as　we　learn　from　Mr。

Lowndes；　was　at　that　time　rather　more　than　five…and…twenty　per

cent　below　its　standard　value。　The　real　exchange；　therefore；　may

even　at　that　time　have　been　in　favour　of　England；　notwithstanding

the　computed　exchange　was　so　much　against　it；　a　smaller　number　of

ounces　of　pure　silver　actually　paid　in　England　may　have　purchased

a　bill　for　a　greater　number　of　ounces　of　pure　silver　to　be　paid

in　Holland；　and　the　man　who　was　supposed　to　give　may　in　reality

have　got　the　premium。　The　French　coin　was；　before　the　late

reformation　of　the　English　gold　coin；　much　less　worn　than　the

English；　and　was　perhaps　two　or　three　per　cent　nearer　its

standard。　If　the　computed　exchange　with　France；　therefore；　was

not　more　than　two　or　three　per　cent　against　England；　the　real

exchange　might　have　been　in　its　favour。　Since　the　reformation　of

the　gold　coin；　the　exchange　has　been　constantly　in　favour　of

England；　and　against　France。

　　　　　Secondly；　in　some　countries；　the　expense　of　coinage　is

defrayed　by　the　government；　in　others；　it　is　defrayed　by　the

private　people　who　carry　their　bullion　to　the　mint；　and　the

government　even　derives　some　revenue　from　the　coinage。　In

England；　it　is　defrayed　by　the　government；　and　if　you　carry　a

pound　weight　of　standard　silver　to　the　mint；　you　get　back

sixty…two　shillings；　containing　a　pound　weight　of　the　like

standard　silver。　In　France；　a　duty　of　eight　per　cent　is　deducted

for　the　coinage；　which　not　only　defrays　the　expense　of　it；　but

affords　a　small　revenue　to　the　government。　In　England；　as　the

coinage　costs　nothing；　the　current　coin　can　never　be　much　more

valuable　than　the　quantity　of　bullion　which　it　actually　contains。

In　France；　the　workmanship；　as　you　pay　for　it；　adds　to　the　value

in　the　same　manner　as　to　that　of　wrought　plate。　A　sum　of　French

money；　therefore；　containing　a　certain　weight　of　pure　silver；　is

more　valuable　than　a　sum　of　English　money　containing　an　equal

weight　of　pure　silver；　and　must　require　more　bullion；　or　other

commodities；　to　purchase　it。　Though　the　current　coin　of　the　two

countries；　therefore；　were　equally　near　the　standards　of　their

respective　mints；　a　sum　of　English　money　could　not　well　purchase

a　sum　of　French　money　containing　an　equal　number　of　ounces　of

pure　silver；　nor　consequently　a　bill　upon　France　for　such　a　sum。

If　for　such　a　bill　no　more　additional　money　was　paid　than　what

was　sufficient　to　compensate　the　expense　of　the　French　coinage；

the　real　exchange　might　be　at　par　between　the　two　countries；

their　debts　and　credits　might　mutually　compensate　one　another；

while　the　computed　exchange　was　considerably　in　favour　of　France。

If　less　than　this　was　paid；　the　real　exchange　might　be　in　favour

of　England；　while　the　computed　was　in　favour　of　France。

　　　　　Thirdly；　and　lastly；　in　some　places；　as　at　Amsterdam；

Hamburg；　Venice；　etc。；　foreign　bills　of　exchange　are　paid　in　what

they　call　bank　money；　while　in　others；　as　at　London；　Lisbon；

Antwerp；　Leghorn；　etc。；　they　are　paid　in　the　common　currency　of

the　country。　What　is　called　bank　money　is　always　of　more　value

than　the　same　nominal　sum　of　common　currency。　A　thousand　guilders

in