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distant　country　three　different　ways：　by　sending　abroad　either；

first；　some　part　of　its　accumulated　gold　and　silver；　or；

secondly；　some　part　of　the　annual　produce　of　its　manufactures；

or；　last　of　all；　some　part　of　its　annual　rude　produce。

　　　　　The　gold　and　silver　which　can　properly　be　considered　as

accumulated　or　stored　up　in　any　country　may　be　distinguished　into

three　parts：　first；　the　circulating　money；　secondly；　the　plate　of

private　families；　and；　last　of　all；　the　money　which　may　have　been

collected　by　many　years'　parsimony；　and　laid　up　in　the　treasury

of　the　prince。

　　　　　It　can　seldom　happen　that　much　can　be　spared　from　the

circulating　money　of　the　country；　because　in　that　there　can

seldom　be　much　redundancy。　The　value　of　goods　annually　bought　and

sold　in　any　country　requires　a　certain　quantity　of　money　to

circulate　and　distribute　them　to　their　proper　consumers；　and　can

give　employment　to　no　more。　The　channel　of　circulation

necessarily　draws　to　itself　a　sum　sufficient　to　fill　it；　and

never　admits　any　more。　Something；　however；　is　generally　withdrawn

from　this　channel　in　the　case　of　foreign　war。　By　the　great　number

of　people　who　are　maintained　abroad；　fewer　are　maintained　at

home。　Fewer　goods　are　circulated　there；　and　less　money　becomes

necessary　to　circulate　them。　An　extraordinary　quantity　of　paper

money；　of　some　sort　or　other；　such　as　exchequer　notes；　navy

bills；　and　bank　bills　in　England；　is　generally　issued　upon　such

occasions；　and　by　supplying　the　place　of　circulating　gold　and

silver；　gives　an　opportunity　of　sending　a　greater　quantity　of　it

abroad。　All　this；　however；　could　afford　but　a　poor　resource　for

maintaining　a　foreign　war　of　great　expense　and　several　years

duration。

　　　　　The　melting　down　the　plate　of　private　families　has　upon

every　occasion　been　found　a　still　more　insignificant　one。　The

French；　in　the　beginning　of　the　last　war；　did　not　derive　so　much

advantage　from　this　expedient　as　to　compensate　the　loss　of　the

fashion。

　　　　　The　accumulated　treasures　of　the　prince　have；　in　former

times；　afforded　a　much　greater　and　more　lasting　resource。　In　the

present　times；　if　you　except　the　king　of　Prussia；　to　accumulate

treasure　seems　to　be　no　part　of　the　policy　of　European　princes。

　　　　　The　funds　which　maintained　the　foreign　wars　of　the　present

century；　the　most　expensive　perhaps　which　history　records；　seem

to　have　had　little　dependency　upon　the　exportation　either　of　the

circulating　money；　or　of　the　plate　of　private　families；　or　of　the

treasure　of　the　prince。　The　last　French　war　cost　Great　Britain

upwards　of　ninety　millions；　including　not　only　the　seventy…five

millions　of　new　debt　that　was　contracted；　but　the　additional　two

shillings　in　the　pound　land…tax；　and　what　was　annually　borrowed

of　the　sinking　fund。　More　than　two…thirds　of　this　expense　were

laid　out　in　distant　countries；　in　Germany；　Portugal；　America；　in

the　ports　of　the　Mediterranean；　in　the　East　and　West　Indies。　The

kings　of　England　had　no　accumulated　treasure。　We　never　heard　of

any　extraordinary　quantity　of　plate　being　melted　down。　The

circulating　gold　and　silver　of　the　country　had　not　been　supposed

to　exceed　eighteen　millions。　Since　the　late　recoinage　of　the

gold；　however；　it　is　believed　to　have　been　a　good　deal

under…rated。　Let　us　suppose；　therefore；　according　to　the　most

exaggerated　computation　which　I　remember　to　have　either　seen　or

heard　of；　that；　gold　and　silver　together；　it　amounted　to　thirty

millions。　Had　the　war　been　carried　on　by　means　of　our　money；　the

whole　of　it　must；　even　according　to　this　computation；　have　been

sent　out　and　returned　again　at　least　twice　in　a　period　of　between

six　and　seven　years。　Should　this　be　supposed；　it　would　afford　the

most　decisive　argument　to　demonstrate　how　unnecessary　it　is　for

government　to　watch　over　the　preservation　of　money；　since　upon

this　supposition　the　whole　money　of　the　country　must　have　gone

from　it　and　returned　to　it　again；　two　different　times　in　so　short

a　period；　without　anybody's　knowing　anything　of　the　matter。　The

channel　of　circulation；　however；　never　appeared　more　empty　than

usual　during　any　part　of　this　period。　Few　people　wanted　money　who

had　wherewithal　to　pay　for　it。　The　profits　of　foreign　trade；

indeed；　were　greater　than　usual　during　the　whole　war；　but

especially　towards　the　end　of　it。　This　occasioned；　what　it　always

occasions；　a　general　overtrading　in　all　the　parts　of　Great

Britain；　and　this　again　occasioned　the　usual　complaint　of　the

scarcity　of　money；　which　always　follows　overtrading。　Many　people

wanted　it；　who　had　neither　wherewithal　to　buy　it；　nor　credit　to

borrow　it；　and　because　the　debtors　found　it　difficult　to　borrow；

the　creditors　found　it　difficult　to　get　payment。　Gold　and　silver；

however；　were　generally　to　be　had　for　their　value；　by　those　who

had　that　value　to　give　for　them。

　　　　　The　enormous　expense　of　the　late　war；　therefore；　must　have

been　chiefly　defrayed；　not　by　the　exportation　of　gold　and　silver；

but　by　that　of　British　commodities　of　some　kind　or　other。　When

the　government；　or　those　who　acted　under　them；　contracted　with　a

merchant　for　a　remittance　to　some　foreign　country；　he　would

naturally　endeavour　to　pay　his　foreign　correspondent；　upon　whom

he　had　granted　a　bill；　by　sending　abroad　rather　commodities　than

gold　and　silver。　If　the　commodities　of　Great　Britain　were　not　in

demand　in　that　country；　he　would　endeavour　to　send　them　to　some

other　country；　in　which　he　could　purchase　a　bill　upon　that

country。　The　transportation　of　commodities；　when　properly　suited

to　the　market；　is　always　attended　with　a　considerable　profit；

whereas　that　of　gold　and　silver　is　scarce　ever　attended　with　any。

When　those　metals　are　sent　abroad　in　order　to　purchase　foreign

commodities；　the　merchant's　profit　arises；　not　from　the　purchase；

but　from　the　sale　of　the　returns。　But　when　they　are　sent　abroad

merely　to　pay　a　debt；　he　gets　no　returns；　and　consequently　no

profit。　He　naturally；　therefore；　exerts　his　invention　to　find　out

a　way　of　paying　his　foreign　debts　rather　by　the　exportation　of

commodities　than　by　that　of　gold　and　silver。　The　great　quantity

of　British　goods　exported　during　the　course　of　the　late　war；

without　bringing　back　any　returns；　is　accordingly　remarked　by　the

author　of　The　Present　State　of　the　Nation。

　　　　　Besides　the　three　sorts　of　gold　and　silver　above　mentioned；

there　is　in　all　great　commercial　countries　a　good　deal　of　bullion

alternately　imported　and　exported　for　the　purposes　of　foreign

trade。　This　bullion；　as　it　circulates　among　different　commercial

countries　in　the　same　manner　as　the　national　coin　circulates　in

every　particular　country；　may　be　considered　as　the　money　of　the

great　mercantile　republic。　The　national　coin　receives　its

movement　and　direction　from　the　commodities　circulated　within　the

precincts　of　each　particular　country：　the　money　of　the　mercantile

republic；　from　those　circulated　between　different　countries。　Both

are　employed　in　facilitating　exchanges；　the　one　between　different

individuals　of　the　same；　the　other　between　those　of　different

nations。　Part　of　this　money　of　the　great　mercantile　republic　may

have　been；　and　probably　was；　employed　in　carrying　on　the　late

war。　In　time　of　a　general　war；　it　is　natural　to　suppose　that　a

movement　and　direction　should　be　impressed　upon　it；　different

from　what　it　usually　follows　in　profound　peace；　that　it　should

circulate　more　about　the　seat　of　the　war；　and　be　more　employed　in

purchasing　there；　and　in　the　neighbouring　countries；　the　pay　and

provisions　of　the　different　armies。　But　whatever　part　of　this

money　of　the　mercantile　republic　Great　Britain　may　have　annually

employed　in　this　manner；　it　must　have　been　annually　purchased；

either　with　British　commodities；　or　with　something　else　that　had

been　purchased　with　them；　which　still　brings　us　back　to

commodities；　to　the　annual　produce　of　the　land　and　labour　of　the

country；　as　the　ultimate　resources　which　enabled　us　to　carry　on

the　war。　It　is　natural　indeed　to　suppose　that　so　great　an　annual

expense　must　have　been　defrayed　from　a　great　annual　produce。　The

expense　of　1761；　for　example；　amounted　to　more　than　nineteen

millions。　No　accumulation　could　have　supported　so　great　an　annual

profusion。　There　is　no　annual　produce　even　of　gold　and　silver

which　could　have　supported　it。　The　whole　gold　and　silver　annually

imported　into　both　Spain　and　Portugal；　according　to　the　best

accounts；　does　not　commonly　much　exceed　six　millions　sterling；

which；　in　some　years；　would　scarce　have　paid　four　month's　expense

of　the　late　war。

　　　　　The　commodities　most　proper　for　being　transported　to　distant

countries；　in　order　to　purchase　there　either　the　pay　and

provisions　of　an　army；　or　some　part　of　the　money　of　the

mercantile　republic　to　be　employed　in　purchasing　them；　seem　to　be

the　finer　and　more　improved　manufactures；　such　as　contain　a　great

value　in　a　small　bulk；　and　can；　therefore；　be　exported　to　a　great

distance　at　little　expense。　A　country　whose　industry　produces　a

great　annual　surplus　of　such　manufactures；　which　are　usually

exported　to　foreign　countries；　may　carry　on　for　many　years　a　very

expensive　foreign　war　without　either　exporting　any　considerable

quantity　of　gold　and　silver；　or　even　having　any　such　quantity　to

export。　A　considerable　part　of　the　annual　surplus　of　its

manufactures　must；　indeed；　in　this　case　be　exported　without

bringing　back　any　returns　to　the　country；　though　it　does　to　the

merchant；　the　government　purchasing　of　the　merchant　his　bills

upon　foreign　countries；　in　order　to　purchase　there　the　pay　and

provisions　of　an　army。　Some　part　of　this　surplus；　however；　may

still　continue　to　bring　back　a　return。　The　manufacturers；　during

the　war；　will　have　a　double　demand　upon　them；　and　be　called　upon；

first；　to　work　up　goods　to　be　sent　abroad；　for　paying　the　bills

drawn　upon　foreign　countries　for　the　pay　and　provisions　of　the

army；　and；　secondly；　to　work　up　such　as　are　necessary　for

purchasing　the　common　returns　that　had　usually　been　consumed　in

the　country。　In　the　midst　of　the　most　destructive　foreign　war；

therefore；　the