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it　have　this　latter　effect；　appears；　amongst　other　instances；　from　the
frequent　operations　of　the　FRENCH　king　on　the　money；　where　it　was
always　found；　that　the　augmenting　of　the　numerary　value　did　not
produce　a　proportional　rise　of　the　prices；　at　least　for　some　time。　In
the　last　year　of　LOUIS　XIV；　money　was　raised　three…sevenths；　but
prices　augmented　only　one。　Corn　in　FRANCE　is　now　sold　at　the　same
price；　or　for　the　same　number　of　livres；　it　was　in　1683；　though　silver
was　then　at　30　livres　the　mark；　and　is　now　at　50。　Not　to　mention　the












great　addition　of　gold　and　silver；　which　may　have　come　into　that
kingdom　since　the　former　period。
　　　　From　the　whole　of　this　reasoning　we　may　conclude；　that　it　is　of　no
manner　of　consequence；　with　regard　to　the　domestic　happiness　of　a
state；　whether　money　be　in　a　greater　or　less　quantity。　The　good　policy
of　the　magistrate　consists　only　in　keeping　it；　if　possible；　still
encreasing；　because；　by　that　means；　he　keeps　alive　a　spirit　of
industry　in　the　nation；　and　encreases　the　stock　of　labour；　in　which
consists　all　real　power　and　riches。　A　nation；　whose　money　decreases；
is　actually；　at　that　time；　weaker　and　more　miserable　than　another
nation；　which　possesses　no　more　money；　but　is　on　the　encreasing　hand。
This　will　be　easily　accounted　for；　if　we　consider；　that　the
alterations　in　the　quantity　of　money；　either　on　one　side　or　the　other；
are　not　immediately　attended　with　proportionable　alterations　in　the
price　of　commodities。　There　is　always　an　interval　before　matters　be
adjusted　to　their　new　situation；　and　this　interval　is　as　pernicious　to
industry；　when　gold　and　silver　are　diminishing；　as　it　is　advantageous
when　these　metals　are　encreasing。　The　workman　has　not　the　same
employment　from　the　manufacturer　and　merchant；　though　he　pays　the　same
price　for　every　thing　in　the　market。　The　farmer　cannot　dispose　of　his
corn　and　cattle；　though　he　must　pay　the　same　rent　to　his　landlord。　The
poverty；　and　beggary；　and　sloth；　which　must　ensue；　are　easily
foreseen。
　　　　II。　The　second　observation　which　I　proposed　to　make　with　regard　to
money；　may　be　explained　after　the　following　manner。　There　are　some
kingdoms；　and　many　provinces　in　EUROPE；　（and　all　of　them　were　once　in
the　same　condition）　where　money　is　so　scarce；　that　the　landlord　can
get　none　at　all　from　his　tenants；　but　is　obliged　to　take　his　rent　in
kind；　and　either　to　consume　it　himself；　or　transport　it　to　places
where　he　may　find　a　market。　In　those　countries；　the　prince　can　levy
few　or　no　taxes；　but　in　the　same　manner：　And　as　he　will　receive　small
benefit　from　impositions　so　paid；　it　is　evident　that　such　a　kingdom
has　little　force　even　at　home；　and　cannot　maintain　fleets　and　armies
to　the　same　extent；　as　if　every　part　of　it　abounded　in　gold　and
silver。　There　is　surely　a　greater　disproportion　between　the　force　of
GERMANY；　at　present；　and　what　it　was　three　centuries　ago；　than　there
is　in　its　industry；　people；　and　manufactures。　The　AUSTRIAN　dominions
in　the　empire　are　in　general　well　peopled　and　well　cultivated；　and　are
of　great　extent；　but　have　not　a　proportionable　weight　in　the　balance
of　EUROPE；　proceeding；　as　is　commonly　supposed；　from　the　scarcity　of
money。　How　do　all　these　facts　agree　with　that　principle　of　reason；
that　the　quantity　of　gold　and　silver　is　in　itself　altogether
indifferent？　According　to　that　principle　wherever　a　sovereign　has
numbers　of　subjects；　and　these　have　plenty　of　commodities；　he　should
of　course　be　great　and　powerful；　and　they　rich　and　happy；　independent
of　the　greater　or　lesser　abundance　of　the　precious　metals。　These　admit
of　divisions　and　subdivisions　to　a　great　extent；　and　where　the　pieces
might　become　so　small　as　to　be　in　danger　of　being　lost；　it　is　easy　to
mix　the　gold　or　silver　with　a　baser　metal；　as　is　practised　in　some
countries　of　EUROPE；　and　by　that　means　raise　the　pieces　to　a　bulk　more
sensible　and　convenient。　They　still　serve　the　same　purposes　of
exchange；　whatever　their　number　may　be；　or　whatever　colour　they　may　be
supposed　to　have。
　　　　To　these　difficulties　I　answer；　that　the　effect；　here　supposed　to
flow　from　scarcity　of　money；　really　arises　from　the　manners　and











customs　of　the　people；　and　that　we　mistake；　as　is　too　usual；　a
collateral　effect　for　a　cause。　The　contradiction　is　only　apparent；　but
it　requires　some　thought　and　reflection　to　discover　the　principles；　by
which　we　can　reconcile　reason　to　experience。
　　　　It　seems　a　maxim　almost　self…evident；　that　the　prices　of　every
thing　depend　on　the　proportion　between　commodities　and　money；　and　that
any　considerable　alteration　on　either　has　the　same　effect；　either　of
heightening　or　lowering　the　price。　Encrease　the　commodities；　they
become　cheaper；　encrease　the　money；　they　rise　in　their　value。　As；　on
the　other　hand；　a　diminution　of　the　former；　and　that　of　the　latter；
have　contrary　tendencies。
　　　　It　is　also　evident；　that　the　prices　do　not　so　much　depend　on　the
absolute　quantity　of　commodities　and　that　of　money；　which　are　in　a
nation；　as　on　that　of　the　commodities；　which　come　or　may　come　to
market；　and　of　the　money　which　circulates。　If　the　coin　be　locked　up　in
chests；　it　is　the　same　thing　with　regard　to　prices；　as　if　it　were
annihilated；　if　the　commodities　be　hoarded　in　magazines　and　granaries；
a　like　effect　follows。　As　the　money　and　commodities；　in　these　cases；
never　meet；　they　cannot　affect　each　other。　Were　we；　at　any　time；　to
form　conjectures　concerning　the　price　of　provisions；　the　corn；　which
the　farmer　must　reserve　for　seed　and　for　the　maintenance　of　himself
and　family；　ought　never　to　enter　into　the　estimation。　It　is　only　the
overplus；　compared　to　the　demand；　that　determines　the　value。
　　　　To　apply　these　principles；　we　must　consider；　that；　in　the　first
and　more　uncultivated　ages　of　any　state；　ere　fancy　has　confounded　her
wants　with　those　of　nature；　men；　content　with　the　produce　of　their　own
fields；　or　with　those　rude　improvements　which　they　themselves　can　work
upon　them；　have　little　occasion　for　exchange；　at　least　for　money；
which；　by　agreement；　is　the　common　measure　of　exchange。　The　wool　of
the　farmer's　own　flock；　spun　in　his　own　family；　and　wrought　by　a
neighbouring　weaver；　who　receives　his　payment　in　corn　or　wool；
suffices　for　furniture　and　cloathing。　The　carpenter；　the　smith；　the
mason；　the　tailor；　are　retained　by　wages　of　a　like　nature；　and　the
landlord　himself；　dwelling　in　the　neighbourhood；　is　content　to　receive
his　rent　in　the　commodities　raised　by　the　farmer。　The　greater　part　of
these　he　consumes　at　home；　in　rustic　hospitality：　The　rest；　perhaps；
he　disposes　of　for　money　to　the　neighbouring　town；　whence　he　draws　the
few　materials　of　his　expence　and　luxury。
　　　　But　after　men　begin　to　refine　on　all　these　enjoyments；　and　live
not　always　at　home；　nor　are　content　with　what　can　be　raised　in　their
neighbourhood；　there　is　more　exchange　and　commerce　of　all　kinds；　and
more　money　enters　into　that　exchange。　The　tradesmen　will　not　be　paid
in　corn；　because　they　want　something　more　than　barely　to　eat。　The
farmer　goes　beyond　his　own　parish　for　the　commodities　he　purchases；
and　cannot　always　carry　his　commodities　to　the　merchant　who　supplies
him。　The　landlord　lives　in　the　capital；　or　in　a　foreign　country；　and
demands　his　rent　in　gold　and　silver；　which　can　easily　be　transported
to　him。　Great　undertakers；　and　manufacturers；　and　merchants；　arise　in
every　commodity；　and　these　can　conveniently　deal　in　nothing　but　in
specie。　And　consequently；　in　this　situation　of　society；　the　coin
enters　into　many　more　contracts；　and　by　that　means　is　much　more
employed　than　in　the　former。
　　　　The　necessary　effect　is；　that；　provided　the　money　encrease　not　in
the　nation；　every　thing　must　become　much　cheaper　in　times　of　industry












and　refinement；　than　in　rude；　uncultivated　ages。　It　is　the　proportion
between　the　circulating　money；　and　the　commodities　in　the　market；
which　determines　the　prices。　Goods；　that　are　consumed　at　home；　or
exchanged　with　other　goods　in　the　neighbourhood；　never　come　to　market；
they　affect　not　in　the　least　the　current　specie；　with　regard　to　it
they　are　as　if　totally　annihilated；　and　consequently　this　method　of
using　them　sinks　the　proportion　on　the　side　of　the　commodities；　and
encreases　the　prices。　But　after　money　enters　into　all　contracts　and
sales；　and　is　every　where　the　measure　of　exchange；　the　same　national
cash　has　a　much　greater　task　to　perform；　all　commodities　are　then　in
the　market；　the　sphere　of　circulation　is　enlarged；　it　is　the　same　case
as　if　that　individual　sum　were　to　serve　a　larger　kingdom；　and
therefore；　the　proportion　being　here　lessened　on　the　side　of　the
money；　every　thing　must　become　cheaper；　and　the　prices　gradually　fall。

　　　　By　the　most　exact　computations；　that　have　been　formed　all　over
EUROPE；　after　making　allowance　for　the　alteration　in　the　numerary
value　or　the　denomination；　it　is　found；　that　the　prices　of　all　things
have　only　risen　three；　or　at　most；　four　times；　since　the　discovery　of
the　WEST　INDIES。　But　will　any　one　assert；　that　there　is　not　much　more
than　four　times　the　coin　in　EUROPE；　that　was　in　the　fifteenth　century；
and　the　centuries　preceding　it？　The　SPANIARDS　and　PORTUGUESE　from
their　mines；　the　ENGLISH；　FRENCH；　and　DUTCH；　by　their　AFRICAN　trade；
and　by　their　interlopers　in　the　WEST　INDIES；　bring　home　about　six
millions　a　year；　of　which　not　above　a　third　goes　to　the　EAST…INDIES。
This　sum　alone；　in　ten　years；　would　probably　double　the　ancient　stock
of　money　in　EUROPE。　And　no　other　satisfactory　reason　can　be　given；　why
all　prices　have　not　risen　to　a　much　more　exorbitant　height；　except
that　which　is　derived　from　a　change　of　customs　and　manners。　Besides
that　more　commodities　are　produced　by　additional　industry；　the　same
commodities　come　more　to　market；　after　men　depart　from　their　ancient
simplicity　of　manners。　And　though　this　encrease　has　not　been　equal　to
that　of　money；　it　has；　however；　been　considerable；　and　has　preserved
the　proportion　between　coin　and　commodities　nearer　the　ancient
standard。
　　　　Were　the　question　proposed；　Which　of　these　methods　of　living　in
the　people；　the　simple　or　refined；　is　the　most　advantageous　to　the
state　or　public？　I　should；　witho