As to the reduction of interest which has followed in England, France, and other kingdoms of Europe that have no mines, it has been gradual, and has not proceeded from the increase of money, considered merely in itself, but from the increase of industry, which is the natural effect of the former increase, in that interval, before it raises the price of labour and provisions. For to return to the foregoing supposition, if the industry of England had risen as much from other causes (and that rise might easily have happened though the stock of money had remained the same), must not all the same consequences have followed which we observe at present? The same people would, in that case, be found in the kingdom, the same commodities, the same industry, manufactures, and commerce, and consequently the same merchants with the same stocks—that is, with the same command over labour and commodities, only represented by a smaller number of white or yellow pieces, which, being a circumstance of no moment, would only affect the waggoner, porter, and trunk-maker. Luxury, therefore, manufactures, arts, industry, frugality flourishing equally as at present, it is evident that interest must also have been as low, since that is the necessary result of all these circumstances, so far as they determine the profits of commerce and the proportion between the borrowers and lenders in any state. NOTE, OF INTEREST. [16] Price for a meal. OF THE BALANCE OF TRADE. It is very usual in nations ignorant of the nature of commerce to prohibit the exportation of commodities, and to preserve among themselves whatever they think valuable and useful. They consider not that in this prohibition they act directly contrary to their intention, and that the more is exported of any commodity the more will be raised at home, of which they themselves will always have the first offer. It is well known to the learned that the ancient laws of Athens rendered the exportation of figs criminal, that being supposed a species of fruit so excellent in Attica that the Athenians esteemed it too delicious for the palate of any foreigner; and in this ridiculous prohibition they were so much in earnest that informers were thence called “sycophants” among them, from two Greek words which signify figs and discoverer. There are proofs in many old Acts of Parliament of the same ignorance in the nature of commerce, particularly in the reign of Edward III.; and to this day in France the exportation of corn is almost always prohibited—in order, as they say, to prevent famines, though it is evident that nothing contributes more to the frequent famines which so much distress that fertile country. The same jealous fear with regard to money has also prevailed among several nations, and it required both reason and experience to convince any people that these prohibitions serve to no other purpose than to raise the exchange against them and produce a still greater exportation.