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cent　only　instead　of　two　per　cent。　Wherever　money　is　received　by

tale；　therefore；　and　not　by　weight；　a　seignorage　is　the　most

effectual　preventative　of　the　melting　down　of　the　coin；　and；　for

the　same　reason；　of　its　exportation。　It　is　the　best　and　heaviest

pieces　that　are　commonly　either　melted　down　or　exported；　because

it　is　upon　such　that　the　largest　profits　are　made。

　　　　　The　law　for　encouragement　of　the　coinage；　by　rendering　it

duty…free；　was　first　enacted　during　the　reign　of　Charles　II　for　a

limited　time；　and　afterwards　continued；　by　different

prolongations；　till　1769；　when　it　was　rendered　perpetual。　The

Bank　of　England；　in　order　to　replenish　their　coffers　with　money；

are　frequently　obliged　to　carry　bullion　to　the　mint；　and　it　was

more　for　their　interest；　they　probably　imagined；　that　the　coinage

should　be　at　the　expense　of　the　government　than　at　their　own。　It

was　probably　out　of　complaisance　to　this　great　company　that　the

government　agreed　to　render　this　law　perpetual。　Should　the　custom

of　weighing　gold；　however；　come　to　be　disused；　as　it　is　very

likely　to　be　on　account　of　its　inconveniency；　should　the　gold

coin　of　England　come　to　be　received　by　tale；　as　it　was　before　the

late　recoinage；　this　great　company　may；　perhaps；　find　that　they

have　upon　this；　as　upon　some　other　occasions；　mistaken　their　own

interest　not　a　little。

　　　　　Before　the　late　recoinage；　when　the　gold　currency　of　England

was　two　per　cent　below　its　standard　weight；　as　there　was　no

seignorage；　it　was　two　per　cent　below　the　value　of　that　quantity

of　standard　gold　bullion　which　it　ought　to　have　contained。　When

this　great　company；　therefore；　bought　gold　bullion　in　order　to

have　it　coined；　they　were　obliged　to　pay　for　it　two　per　cent　more

than　it　was　worth　after　coinage。　But　if　there　had　been　a

seignorage　of　two　per　cent　upon　the　coinage；　the　common　gold

currency；　though　two　per　cent　below　its　standard　weight；　would

notwithstanding　have　been　equal　in　value　to　the　quantity　of

standard　gold　which　it　ought　to　have　contained；　the　value　of　the

fashion　compensating　in　this　case　the　diminution　of　the　weight。

They　would　indeed　have　had　the　seignorage　to　pay；　which　being　two

per　cent；　their　loss　upon　the　whole　transaction　would　have　been

two　per　cent　exactly　the　same；　but　no　greater　than　it　actually

was。

　　　　　If　the　seignorage　had　been　five　per　cent；　and　the　gold

currency　only　two　per　cent　below　its　standard　weight；　the　bank

would　in　this　case　have　gained　three　per　cent　upon　the　price　of

the　bullion；　but　as　they　would　have　had　a　seignorage　of　five　per

cent　to　pay　upon　the　coinage；　their　loss　upon　the　whole

transaction　would；　in　the　same　manner；　have　been　exactly　two　per

cent。

　　　　　If　the　seignorage　had　been　only　one　per　cent　and　the　gold

currency　two　per　cent　below　its　standard　weight；　the　bank　would

in　this　case　have　lost　only　one　per　cent　upon　the　price　of　the

bullion；　but　as　they　would　likewise　have　had　a　seignorage　of　one

per　cent　to　pay；　their　loss　upon　the　whole　transaction　would　have

been　exactly　two　per　cent　in　the　same　manner　as　in　all　other

cases。

　　　　　If　there　was　a　reasonable　seignorage；　while　at　the　same　time

the　coin　contained　its　full　standard　weight；　as　it　has　done　very

nearly　since　the　last　recoinage；　whatever　the　bank　might　lose　by

the　seignorage；　they　would　gain　upon　the　price　of　the　bullion；

and　whatever　they　might　gain　upon　the　price　of　the　bullion；　they

would　lose　by　the　seignorage。　They　would　neither　lose　nor　gain；

therefore；　upon　the　whole　transaction；　and　they　would　in　this；　as

in　all　the　foregoing　cases；　be　exactly　in　the　same　situation　as

if　there　was　no　seignorage。

　　　　　When　the　tax　upon　a　commodity　is　so　moderate　as　not　to

encourage　smuggling；　the　merchant　who　deals　in　it；　though　he

advances；　does　not　properly　pay　the　tax；　as　he　gets　it　back　in

the　price　of　the　commodity。　The　tax　is　finally　paid　by　the　last

purchaser　or　consumer。　But　money　is　a　commodity　with　regard　to

which　every　man　is　a　merchant。　Nobody　buys　it　but　in　order　to

sell　it　again；　and　with　regard　to　it　there　is　in　ordinary　cases

no　last　purchaser　or　consumer。　When　the　tax　upon　coinage；

therefore；　is　so　moderate　as　not　to　encourage　false　coining；

though　everybody　advances　the　tax；　nobody　finally　pays　it；

because　everybody　gets　it　back　in　the　advanced　value　of　the　coin。

　　　　　A　moderate　seignorage；　therefore；　would　not　in　any　case

augment　the　expense　of　the　bank；　or　of　any　other　private　persons

who　carry　their　bullion　to　the　mint　in　order　to　be　coined；　and

the　want　of　a　moderate　seignorage　does　not　in　any　case　diminish

it。　Whether　there　is　or　is　not　a　seignorage；　if　the　currency

contains　its　full　standard　weight；　the　coinage　costs　nothing　to

anybody；　and　if　it　is　short　of　that　weight；　the　coinage　must

always　cost　the　difference　between　the　quantity　of　bullion　which

ought　to　be　contained　in　it；　and　that　which　actually　is　contained

in　it。

　　　　　The　government；　therefore；　when　it　defrays　the　expense　of

coinage；　not　only　incurs　some　small　expense；　but　loses　some　small

revenue　which　it　might　get　by　a　proper　duty；　and　neither　the　bank

nor　any　other　private　persons　are　in　the　smallest　degree

benefited　by　this　useless　piece　of　public　generosity。

　　　　　The　directors　of　the　bank；　however；　would　probably　be

unwilling　to　agree　to　the　imposition　of　a　seignorage　upon　the

authority　of　a　speculation　which　promises　them　no　gain；　but　only

pretends　to　insure　them　from　any　loss。　In　the　present　state　of

the　gold　coin；　and　as　long　as　it　continues　to　be　received　by

weight；　they　certainly　would　gain　nothing　by　such　a　change。　But

if　the　custom　of　weighing　the　gold　coin　should　ever　go　into

misuse；　as　it　is　very　likely　to　do；　and　if　the　gold　coin　should

ever　fall　into　the　same　state　of　degradation　in　which　it　was

before　the　late　recoinage；　the　gain；　or　more　properly　the　savings

of　the　bank；　in　consequence　of　the　imposition　of　a　seignorage；

would　probably　be　very　considerable。　The　Bank　of　England　is　the

only　company　which　sends　any　considerable　quantity　of　bullion　to

the　mint；　and　the　burden　of　the　annual　coinage　falls　entirely；　or

almost　entirely；　upon　it。　If　this　annual　coinage　had　nothing　to

do　but　to　repair　the　unavoidable　losses　and　necessary　wear　and

tear　of　the　coin；　it　could　seldom　exceed　fifty　thousand　or　at

most　a　hundred　thousand　pounds。　But　when　the　coin　is　degraded

below　its　standard　weight；　the　annual　coinage　must；　besides　this；

fill　up　the　large　vacuities　which　exportation　and　the　melting　pot

are　continually　making　in　the　current　coin。　It　was　upon　this

account　that　during　the　ten　or　twelve　years　immediately　preceding

the　late　reformation　of　the　gold　coin；　the　annual　coinage

amounted　at　an　average　to　more　than　eight　hundred　and　fifty

thousand　pounds。　But　if　there　had　been　a　seignorage　of　four　or

five　per　cent　upon　the　gold　coin；　it　would　probably；　even　in　the

state　in　which　things　then　were；　have　put　an　effectual　stop　to

the　business　both　of　exportation　and　of　the　melting　pot。　The

bank；　instead　of　losing　every　year　about　two　and　a　half　per　cent

upon　the　bullion　which　was　to　be　coined　into　more　than　eight

hundred　and　fifty　thousand　pounds；　or　incurring　an　annual　loss　of

more　than　twenty…one　thousand　two　hundred　and　fifty　pounds；　would

not　probably　have　incurred　the　tenth　part　of　that　loss。

　　　　　The　revenue　allotted　by　Parliament　for　defraying　the　expense

of　the　coinage　is　but　fourteen　thousand　pounds　a　year；　and　the

real　expense　which　it　costs　the　government；　or　the　fees　of　the

officers　of　the　mint；　do　not　upon　ordinary　occasions；　I　am

assured；　exceed　the　half　of　that　sum。　The　saving　of　so　very　small

a　sum；　or　even　the　gaining　of　another　which　could　not　well　be

much　larger；　are　objects　too　inconsiderable；　it　may　be　thought；

to　deserve　the　serious　attention　of　government。　But　the　saving　of

eighteen　or　twenty　thousand　pounds　a　year　in　case　of　an　event

which　is　not　improbable；　which　has　frequently　happened　before；

and　which　is　very　likely　to　happen　again；　is　surely　an　object

which　well　deserves　the　serious　attention　even　of　so　great　a

company　as　the　Bank　of　England。

　　　　　Some　of　the　foregoing　reasonings　and　observations　might

perhaps　have　been　more　properly　placed　in　those　chapters　of　the

first　book　which　treat　of　the　origin　and　use　of　money；　and　of　the

difference　between　the　real　and　the　nominal　price　of　commodities。

But　as　the　law　for　the　encouragement　of　coinage　derives　its

origin　from　those　vulgar　prejudices　which　have　been　introduced　by

the　mercantile　system；　I　judged　it　more　proper　to　reserve　them

for　this　chapter。　Nothing　could　be　more　agreeable　to　the　spirit

of　that　system　than　a　sort　of　bounty　upon　the　production　of

money；　the　very　thing　which；　it　supposes；　constitutes　the　wealth

of　every　nation。　It　is　one　of　its　many　admirable　expedients　for

enriching　the　country。



　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　VII



　　　　　　　　　　　　　　　　　　　　　　　　　Of　Colonies　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　PART　1

　　　　　　　　　Of　the　Motives　for　establishing　new　Colonies　



　　　　　THE　interest　which　occasioned　the　first　settlement　of　the

different　European　colonies　in　America　and　the　West　Indies　was

not　altogether　so　plain　and　distinct　as　that　which　directed　the

establishment　of　those　of　ancient　Greece　and　Rome。

　　　　　All　the　different　states　of　ancient　Greece　possessed；　each

of　them；　but　a　very　small　territory；　and　when　the　people　in　any

one　of　them　multiplied　beyond　what　that　territory　could　easily

maintain；　a　part　of　them　were　sent　in　quest　of　a　new　habitation

in　some　remote　and　distant　part　of　the　world；　the　warlike

neighbours　who　surrounded　them　on　all　sides；　rendering　it

difficult　for　any　of　them　to　enlarge　very　much　its　territory　at

home。　The　colonies　of　the　Dorians　resorted　chiefly　to　Italy　and

Sicily；　which；　in　the　times　preceding　the　foundation　of　Rome；

were　inhabited　by　barbarous　and　uncivilised　nations：　those　of　the

Ionians　and　Aeolians；　the　two　other　great　tribes　of　the　Greeks；

to　Asia　Minor　and　the　islands　of　the　Aegean　Sea；　of　which　the

inhabitants　seem　at　that　time　to　have　been　pretty　much　in　the

same　state