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their　peculiar　situation；　if　they　did　not　aggravate　its

disadvantages　by　their　political　institutions。

　　　　　Spain　by　taxing；　and　Portugal　by　prohibiting　the　exportation

of　gold　and　silver；　load　that　exportation　with　the　expense　of

smuggling；　and　raise　the　value　of　those　metals　in　other　countries

so　much　more　above　what　it　is　in　their　own　by　the　whole　amount　of

this　expense。　When　you　dam　up　a　stream　of　water；　as　soon　as　the

dam　is　full　as　much　water　must　run　over　the　dam…head　as　if　there

was　no　dam　at　all。　The　prohibition　of　exportation　cannot　detain　a

greater　quantity　of　gold　and　silver　in　Spain　and　Portugal　than

what　they　can　afford　to　employ；　than　what　the　annual　produce　of

their　land　and　labour　will　allow　them　to　employ；　in　coin；　plate；

gilding；　and　other　ornaments　of　gold　and　silver。　When　they　have

got　this　quantity　the　dam　is　full；　and　the　whole　stream　which

flows　in　afterwards　must　run　over。　The　annual　exportation　of　gold

and　silver　from　Spain　and　Portugal　accordingly　is；　by　all

accounts；　notwithstanding　these　restraints；　very　near　equal　to

the　whole　annual　importation。　As　the　water；　however；　must　always

be　deeper　behind　the　dam…head　than　before　it；　so　the　quantity　of

gold　and　silver　which　these　restraints　detain　in　Spain　and

Portugal　must；　in　proportion　to　the　annual　produce　of　their　land

and　labour；　be　greater　than　what　is　to　be　found　in　other

countries。　The　higher　and　stronger　the　dam…head；　the　greater　must

be　the　difference　in　the　depth　of　water　behind　and　before　it。　The

higher　the　tax；　the　higher　the　penalties　with　which　the

prohibition　is　guarded；　the　more　vigilant　and　severe　the　police

which　looks　after　the　execution　of　the　law；　the　greater　must　be

the　difference　in　the　proportion　of　gold　and　silver　to　the　annual

produce　of　the　land　and　labour　of　Spain　and　Portugal；　and　to　that

of　other　countries。　It　is　said　accordingly　to　be　very

considerable；　and　that　you　frequently　find　there　a　profusion　of

plate　in　houses　where　there　is　nothing　else　which　would；　in　other

countries；　be　thought　suitable　or　correspondent　to　this　sort　of

magnificence。　The　cheapness　of　gold　and　silver；　or　what　is　the

same　thing；　the　dearness　of　all　commodities；　which　is　the

necessary　effect　of　this　redundancy　of　the　precious　metals；

discourages　both　the　agriculture　and　manufactures　of　Spain　and

Portugal；　and　enables　foreign　nations　to　supply　them　with　many

sorts　of　rude；　and　with　almost　all　sorts　of　manufactured　produce；

for　a　smaller　quantity　of　gold　and　silver　than　what　they

themselves　can　either　raise　or　make　them　for　at　home。　The　tax　and

prohibition　operate　in　two　different　ways。　They　not　only　lower

very　much　the　value　of　the　precious　metals　in　Spain　and　Portugal；

but　by　detaining　there　a　certain　quantity　of　those　metals　which

would　otherwise　flow　over　other　countries；　they　keep　up　their

value　in　those　other　countries　somewhat　above　what　it　otherwise

would　be；　and　thereby　give　those　countries　a　double　advantage　in

their　commerce　with　Spain　and　Portugal。　Open　the　flood…gates；　and

there　will　presently　be　less　water　above；　and　more　below；　the

dam…head；　and　it　will　soon　come　to　a　level　in　both　places。　Remove

the　tax　and　the　prohibition；　and　as　the　quantity　of　gold　and

silver　will　diminish　considerably　in　Spain　and　Portugal；　so　it

will　increase　somewhat　in　other　countries；　and　the　value　of　those

metals；　their　proportion　to　the　annual　produce　of　land　and

labour；　will　soon　come　to　a　level；　or　very　near　to　a　level；　in

all。　The　loss　which　Spain　and　Portugal　could　sustain　by　this

exportation　of　their　gold　and　silver　would　be　altogether　nominal

and　imaginary。　The　nominal　value　of　their　goods；　and　of　the

annual　produce　of　their　land　and　labour；　would　fall；　and　would　be

expressed　or　represented　by　a　smaller　quantity　of　silver　than

before；　but　their　real　value　would　be　the　same　as　before；　and

would　be　sufficient　to　maintain；　command；　and　employ；　the　same

quantity　of　labour。　As　the　nominal　value　of　their　goods　would

fall；　the　real　value　of　what　remained　of　their　gold　and　silver

would　rise；　and　a　smaller　quantity　of　those　metals　would　answer

all　the　same　purposes　of　commerce　and　circulation　which　had

employed　a　greater　quantity　before。　The　gold　and　silver　which

would　go　abroad　would　not　go　abroad　for　nothing；　but　would　bring

back　an　equal　value　of　goods　of　some　kind　or　another。　Those

goods；　too；　would　not　be　all　matters　of　mere　luxury　and　expense；

to　be　consumed　by　idle　people　who　produce　nothing　in　return　for

their　consumption。　As　the　real　wealth　and　revenue　of　idle　people

would　not　be　augmented　by　this　extraordinary　exportation　of　gold

and　silver；　so　neither　would　their　consumption　be　much　augmented

by　it。　Those　goods　would；　probably；　the　greater　part　of　them；　and

certainly　some　part　of　them；　consist　in　materials；　tools；　and

provisions；　for　the　employment　and　maintenance　of　industrious

people；　who　would　reproduce；　with　a　profit；　the　full　value　of

their　consumption。　A　part　of　the　dead　stock　of　the　society　would

thus　be　turned　into　active　stock；　and　would　put　into　motion　a

greater　quantity　of　industry　than　had　been　employed　before。　The

annual　produce　of　their　land　and　labour　would　immediately　be

augmented　a　little；　and　in　a　few　years　would；　probably；　be

augmented　a　great　deal；　their　industry　being　thus　relieved　from

one　of　the　most　oppressive　burdens　which　it　at　present　labours

under。

　　　　　The　bounty　upon　the　exportation　of　corn　necessarily　operates

exactly　in　the　same　way　as　this　absurd　policy　of　Spain　and

Portugal。　Whatever　be　the　actual　state　of　tillage；　it　renders　our

corn　somewhat　dearer　in　the　home　market　than　it　otherwise　would

be　in　that　state；　and　somewhat　cheaper　in　the　foreign；　and　as　the

average　money　price　of　corn　regulates　more　or　less　that　of　all

other　commodities；　it　lowers　the　value　of　silver　considerably　in

the　one；　and　tends　to　raise　it　a　little　in　the　other。　It　enables

foreigners；　the　Dutch　in　particular；　not　only　to　eat　our　corn

cheaper　than　they　otherwise　could　do；　but　sometimes　to　eat　it

cheaper　than　even　our　own　people　can　do　upon　the　same　occasions；

as　we　are　assured　by　an　excellent　authority；　that　of　Sir　Matthew

Decker。　It　hinders　our　own　workmen　from　furnishing　their　goods

for　so　small　a　quantity　of　silver　as　they　otherwise　might　do；　and

enables　the　Dutch　to　furnish　theirs　for　a　smaller。　It　tends　to

render　our　manufactures　somewhat　dearer　in　every　market；　and

theirs　somewhat　cheaper　than　they　otherwise　would　be；　and

consequently　to　give　their　industry　a　double　advantage　over　our

own。

　　　　　The　bounty；　as　it　raises　in　the　home　market　not　so　much　the

real　as　the　nominal　price　of　our　corn；　as　it　augments；　not　the

quantity　of　labour　which　a　certain　quantity　of　corn　can　maintain

and　employ　but　only　the　quantity　of　silver　which　it　will　exchange

for；　it　discourages　our　manufactures；　without　rendering　any

considerable　service　either　to　our　farmers　or　country　gentlemen。

It　puts；　indeed；　a　little　more　money　into　the　pockets　of　both；

and　it　will　perhaps　be　somewhat　difficult　to　persuade　the　greater

part　of　them　that　this　is　not　rendering　them　a　very　considerable

service。　But　if　this　money　sinks　in　its　value；　in　the　quantity　of

labour；　provisions；　and　homemade　commodities　of　all　different

kinds　which　it　is　capable　of　purchasing　as　much　as　it　rises　in

its　quantity；　the　service　will　be　little　more　than　nominal　and

imaginary。

　　　　　There　is；　perhaps；　but　one　set　of　men　in　the　whole

commonwealth　to　whom　the　bounty　either　was　or　could　be

essentially　serviceable。　These　were　the　corn　merchants；　the

exporters　and　importers　of　corn。　In　years　of　plenty　the　bounty

necessarily　occasioned　a　greater　exportation　than　would　otherwise

have　taken　place；　and　by　hindering　the　plenty　of　one　year　from

relieving　the　scarcity　of　another；　it　occasioned　in　years　of

scarcity　a　greater　importation　than　would　otherwise　have　been

necessary。　It　increased　the　business　of　the　corn　merchant　in

both；　and　in　years　of　scarcity；　it　not　only　enabled　him　to　import

a　greater　quantity；　but　to　sell　it　for　a　better　price；　and

consequently　with　a　greater　profit　than　he　could　otherwise　have

made；　if　the　plenty　of　one　year　had　not　been　more　or　less

hindered　from　relieving　the　scarcity　of　another。　It　is　in　this

set　of　men；　accordingly；　that　I　have　observed　the　greatest　zeal

for　the　continuance　or　renewal　of　the　bounty。

　　　　　Our　country　gentlemen；　when　they　imposed　the　high　duties

upon　the　importation　of　foreign　corn；　which　in　times　of　moderate

plenty　amount　to　a　prohibition；　and　when　they　established　the

bounty；　seem　to　have　imitated　the　conduct　of　our　manufacturers。

By　the　one　institution；　they　secured　to　themselves　the　monopoly

of　the　home　market；　and　by　the　other　they　endeavoured　to　prevent

that　market　from　ever　being　overstocked　with　their　commodity。　By

both　they　endeavoured　to　raise　its　real　value；　in　the　same　manner

as　our　manufacturers　had；　by　the　like　institutions；　raised　the

real　value　of　many　different　sorts　of　manufactured　goods。　They

did　not　perhaps　attend　to　the　great　and　essential　difference

which　nature　has　established　between　corn　and　almost　every　other

sort　of　goods。　When；　either　by　the　monopoly　of　the　home　market；

or　by　a　bounty　upon　exportation；　you　enable　our　woollen　or　linen

manufacturers　to　sell　their　goods　for　somewhat　a　better　price

than　they　otherwise　could　get　for　them；　you　raise；　not　only　the

nominal；　but　the　real　price　of　those　goods。　You　render　them

equivalent　to　a　greater　quantity　of　labour　and　subsistence；　you

increase　not　only　the　nominal；　but　the　real　profit；　the　real

wealth　and　revenue　of　those　manufacturers；　and　you　enable　them

either　to　live　better　themselves；　or　to　employ　a　greater　quantity

of　labour　in　those　particular　manufactures。　You　really　encourage

those　manufactures；　and　direct　towards　them　a　greater　quantity　of

the　industry　of　the　country　than　what　would　probably　go　to　them

of　its　own　accord。　But　when　by　the　like　institutions　you　raise

the　nominal　or　money…price　of　corn；　you　do　not　raise　its　real

value。　You　do　not　increase　the　real　wealth；　the　real　r