An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
In all countries where there is a tolerable security, every man of common
understanding will endeavour to employ whatever stock he can command, in
procuring either present enjoyment or future profit. If it is employed in
procuring present enjoyment, it is a stock reserved for immediate
consumption. If it is employed in procuring future profit, it must procure
this profit either by staying with him, or by going from him. In the one
case it is a fixed, in the other it is a circulating capital. A man must
be perfectly crazy, who, where there is a tolerable security, does not
employ all the stock which he commands, whether it be his own, or borrowed
of other people, in some one or other of those three ways.
In those unfortunate countries, indeed, where men are continually afraid
of the violence of their superiors, they frequently bury or conceal a
great part of their stock, in order to have it always at hand to carry
with them to some place of safety, in case of their being threatened with
any of those disasters to which they consider themselves at all times
exposed. This is said to be a common practice in Turkey, in Indostan, and,
I believe, in most other governments of Asia. It seems to have been a
common practice among our ancestors during the violence of the feudal
government. Treasure-trove was, in those times, considered as no
contemptible part of the revenue of the greatest sovereigns in Europe. It
consisted in such treasure as was found concealed in the earth, and to
which no particular person could prove any right. This was regarded, in
those times, as so important an object, that it was always considered as
belonging to the sovereign, and neither to the finder nor to the
proprietor of the land, unless the right to it had been conveyed to the
latter by an express clause in his charter. It was put upon the same
footing with gold and silver mines, which, without a special clause in the
charter, were never supposed to be comprehended in the general grant of
the lands, though mines of lead, copper, tin, and coal were, as things of
smaller consequence.
CHAPTER II.
OF MONEY, CONSIDERED AS A PARTICULAR
BRANCH OF THE GENERAL STOCK OF THE SOCIETY, OR OF THE EXPENSE OF MAINTAINING
THE NATIONAL CAPITAL.
Public-domain text, read in full here on John Shaqi.
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