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Of　Money

by　David　Hume（1752）




　　　　Money　is　not；　properly　speaking；　one　of　the　subjects　of　commerce；
but　only　the　instrument　which　men　have　agreed　upon　to　facilitate　the
exchange　of　one　commodity　for　another。　It　is　none　of　the　wheels　of
trade：　It　is　the　oil　which　renders　the　motion　of　the　wheels　more
smooth　and　easy。　If　we　consider　any　one　kingdom　by　itself；　it　is
evident；　that　the　greater　or　less　plenty　of　money　is　of　no
consequence；　since　the　prices　of　commodities　are　always　proportioned
to　the　plenty　of　money；　and　a　crown　in　HARRY　VII's　time　served　the
same　purpose　as　a　pound　does　at　present。　It　is　only　the　public　which
draws　any　advantage　from　the　greater　plenty　of　money；　and　that　only　in
its　wars　and　negociations　with　foreign　states。　And　this　is　the　reason；
why　all　rich　and　trading　countries　from　CARTHAGE　to　GREAT　BRITAIN　and
HOLLAND；　have　employed　mercenary　troops；　which　they　hired　from　their
poorer　neighbours。　Were　they　to　make　use　of　their　native　subjects；
they　would　find　less　advantage　from　their　superior　riches；　and　from
their　great　plenty　of　gold　and　silver；　since　the　pay　of　all　their
servants　must　rise　in　proportion　to　the　public　opulence。　Our　small
army　of　20；000　men　is　maintained　at　as　great　expence　as　a　FRENCH　army
twice　as　numerous。　The　ENGLISH　fleet；　during　the　late　war；　required　as
much　money　to　support　it　as　all　the　ROMAN　legions；　which　kept　the
whole　world　in　subjection；　during　the　time　of　the　emperors。
　　　　The　greater　number　of　people　and　their　greater　industry　are
serviceable　in　all　cases；　at　home　and　abroad；　in　private；　and　in
public。　But　the　greater　plenty　of　money；　is　very　limited　in　its　use；
and　may　even　sometimes　be　a　loss　to　a　nation　in　its　commerce　with
foreigners。
　　　　There　seems　to　be　a　happy　concurrence　of　causes　in　human　affairs；
which　checks　the　growth　of　trade　and　riches；　and　hinders　them　from
being　confined　entirely　to　one　people；　as　might　naturally　at　first　be
dreaded　from　the　advantages　of　an　established　commerce。　Where　one
nation　has　gotten　the　start　of　another　in　trade；　it　is　very　difficult
for　the　latter　to　regain　the　ground　it　has　lost；　because　of　the
superior　industry　and　skill　of　the　former；　and　the　greater　stocks；　of
which　its　merchants　are　possessed；　and　which　enable　them　to　trade　on
so　much　smaller　profits。　But　these　advantages　are　compensated；　in　some
measure；　by　the　low　price　of　labour　in　every　nation　which　has　not　an
extensive　commerce；　and　does　not　much　abound　in　gold　and　silver。
Manufactures；　therefore　gradually　shift　their　places；　leaving　those
countries　and　provinces　which　they　have　already　enriched；　and　flying
to　others；　whither　they　are　allured　by　the　cheapness　of　provisions　and
labour；　till　they　have　enriched　these　also；　and　are　again　banished　by
the　same　causes。　And；　in　general；　we　may　observe；　that　the　dearness　of
every　thing；　from　plenty　of　money；　is　a　disadvantage；　which　attends　an
established　commerce；　and　sets　bounds　to　it　in　every　country；　by
enabling　the　poorer　states　to　undersell　the　richer　in　all　foreign
markets。
　　　　This　has　made　me　entertain　a　doubt　concerning　the　benefit　of　banks
and　paper…credit；　which　are　so　generally　esteemed　advantageous　to
every　nation。　That　provisions　and　labour　should　become　dear　by　the
encrease　of　trade　and　money；　is；　in　many　respects；　an　inconvenience；
but　an　inconvenience　that　is　unavoidable；　and　the　effect　of　that












public　wealth　and　prosperity　which　are　the　end　of　all　our　wishes。　It
is　compensated　by　the　advantages；　which　we　reap　from　the　possession　of
these　precious　metals；　and　the　weight；　which　they　give　the　nation　in
all　foreign　wars　and　negociations。　But　there　appears　no　reason　for
encreasing　that　inconvenience　by　a　counterfeit　money；　which　foreigners
will　not　accept　of　in　any　payment；　and　which　any　great　disorder　in　the
state　will　reduce　to　nothing。　There　are；　it　is　true；　many　people　in
every　rich　state；　who　having　large　sums　of　money；　would　prefer　paper
with　good　security；　as　being　of　more　easy　transport　and　more　safe
custody。　If　the　public　provide　not　a　bank；　private　bankers　will　take
advantage　of　this　circumstance；　as　the　goldsmiths　formerly　did　in
LONDON；　or　as　the　bankers　do　at　present　in　DUBLIN：　And　therefore　it　is
better；　it　may　be　thought；　that　a　public　company　should　enjoy　the
benefit　of　that　paper…credit；　which　always　will　have　place　in　every
opulent　kingdom。　But　to　endeavour　artificially　to　encrease　such　a
credit；　can　never　be　the　interest　of　any　trading　nation；　but　must　lay
them　under　disadvantages；　by　encreasing　money　beyond　its　natural
proportion　to　labour　and　commodities；　and　thereby　heightening　their
price　to　the　merchant　and　manufacturer。　And　in　this　view；　it　must　be
allowed；　that　no　bank　could　be　more　advantageous；　than　such　a　one　as
locked　up　all　the　money　it　received；　and　never　augmented　the
circulating　coin；　as　is　usual；　by　returning　part　of　its　treasure　into
commerce。　A　public　bank；　by　this　expedient；　might　cut　off　much　of　the
dealings　of　private　bankers　and　money…jobbers；　and　though　the　state
bore　the　charge　of　salaries　to　the　directors　and　tellers　of　this　bank
（for；　according　to　the　preceding　supposition；　it　would　have　no　profit
from　its　dealings）；　the　national　advantage；　resulting　from　the　low
price　of　labour　and　the　destruction　of　paper…credit；　would　be　a
sufficient　compensation。　Not　to　mention；　that　so　large　a　sum；　lying
ready　at　command；　would　be　a　convenience　in　times　of　great　public
danger　and　distress；　and　what　part　of　it　was　used　might　be　replaced　at
leisure；　when　peace　and　tranquillity　was　restored　to　the　nation。
　　　　But　of　this　subject　of　paper　credit　we　shall　treat　more　largely
hereafter。　And　I　shall　finish　this　essay　on　money；　by　proposing　and
explaining　two　observations；　which　may；　perhaps；　serve　to　employ　the
thoughts　of　our　speculative　politicians。
　　　　It　was　a　shrewd　observation　of　ANACHARSIS　the　SCYTHIAN；　who　had
never　seen　money　in　his　own　country；　that　gold　and　silver　seemed　to
him　of　no　use　to　the　GREEKS；　but　to　assist　them　in　numeration　and
arithmetic。　It　is　indeed　evident；　that　money　is　nothing　but　the
representation　of　labour　and　commodities；　and　serves　only　as　a　method
of　rating　or　estimating　them。　Where　coin　is　in　greater　plenty；　as　a
greater　quantity　of　it　is　required　to　represent　the　same　quantity　of
goods；　it　can　have　no　effect；　either　good　or　bad；　taking　a　nation
within　itself；　any　more　than　it　would　make　an　alteration　on　a
merchant's　books；　if；　instead　of　the　ARABIAN　method　of　notation；　which
requires　few　characters；　he　should　make　use　of　the　ROMAN；　which
requires　a　great　many。　Nay；　the　greater　quantity　of　money；　like　the
ROMAN　characters；　is　rather　inconvenient；　and　requires　greater　trouble
both　to　keep　and　transport　it。　But　notwithstanding　this　conclusion；
which　must　be　allowed　just；　it　is　certain；　that；　since　the　discovery
of　the　mines　in　AMERICA；　industry　has　encreased　in　all　the　nations　of
EUROPE；　except　in　the　possessors　of　those　mines；　and　this　may　justly
be　ascribed；　amongst　other　reasons；　to　the　encrease　of　gold　and












silver。　Accordingly　we　find；　that；　in　every　kingdom；　into　which　money
begins　to　flow　in　greater　abundance　than　formerly；　every　thing　takes　a
new　face：　labour　and　industry　gain　life；　the　merchant　becomes　more
enterprising；　the　manufacturer　more　diligent　and　skilful；　and　even　the
farmer　follows　his　plough　with　greater　alacrity　and　attention。　This　is
not　easily　to　be　accounted　for；　if　we　consider　only　the　influence
which　a　greater　abundance　of　coin　has　in　the　kingdom　itself；　by
heightening　the　price　of　Commodities；　and　obliging　every　one　to　pay　a
greater　number　of　these　little　yellow　or　white　pieces　for　every　thing
he　purchases。　And　as　to　foreign　trade；　it　appears；　that　great　plenty
of　money　is　rather　disadvantageous；　by　raising　the　price　of　every　kind
of　labour。
　　　　To　account；　then；　for　this　phenomenon；　we　must　consider；　that
though　the　high　price　of　commodities　be　a　necessary　consequence　of　the
encrease　of　gold　and　silver；　yet　it　follows　not　immediately　upon　that
encrease；　but　some　time　is　required　before　the　money　circulates
through　the　whole　state；　and　makes　its　effect　be　felt　on　all　ranks　of
people。　At　first；　no　alteration　is　perceived；　by　degrees　the　price
rises；　first　of　one　commodity；　then　of　another；　till　the　whole　at　last
reaches　a　just　proportion　with　the　new　quantity　of　specie　which　is　in
the　kingdom。　In　my　opinion；　it　is　only　in　this　interval　or
intermediate　situation；　between　the　acquisition　of　money　and　rise　of
prices；　that　the　encreasing　quantity　of　gold　and　silver　is　favourable
to　industry。　When　any　quantity　of　money　is　imported　into　a　nation；　it
is　not　at　first　dispersed　into　many　hands；　but　is　confined　to　the
coffers　of　a　few　persons；　who　immediately　seek　to　employ　it　to
advantage。　Here　are　a　set　of　manufacturers　or　merchants；　we　shall
suppose；　who　have　received　returns　of　gold　and　silver　for　goods　which
they　sent　to　CADIZ。　They　are　thereby　enabled　to　employ　more　workmen
than　formerly；　who　never　dream　of　demanding　higher　wages；　but　are　glad
of　employment　from　such　good　paymasters。　If　workmen　become　scarce；　the
manufacturer　gives　higher　wages；　but　at　first　requires　an　encrease　of
labour；　and　this　is　willingly　submitted　to　by　the　artisan；　who　can　now
eat　and　drink　better；　to　compensate　his　additional　toil　and　fatigue。
He　carries　his　money　to　market；　where　he；　finds　every　thing　at　the
same　price　as　formerly；　but　returns　with　greater　quantity　and　of
better　kinds；　for　the　use　of　his　family。　The　farmer　and　gardener；
finding；　that　all　their　commodities　are　taken　off；　apply　themselves
with　alacrity　to　the　raising　more；　and　at　the　same　time　can　afford　to
take　better　and　more　cloths　from　their　tradesmen；　whose　price　is　the
same　as　formerly；　and　their　industry　only　whetted　by　so　much　new　gain。
It　is　easy　to　trace　the　money　in　its　progress　through　the　whole
commonwealth；　where　we　shall　find；　that　it　must　first　quicken　the
diligence　of　every　individual；　before　it　encrease　the　price　of　labour。

　　　　And　that　the　specie　may　encrease　to　a　considerable　pitch；　before
it　have　this　latter　effect；　appears；　amongst　other　instances；　from　the
frequent　operations　of　t