But as any body of water may be raised above the level of the
surrounding element, if the former has no communication with the
latter, so in money, if the communication be cut off by any material
or physical impediment (for all laws alone are ineffectual), there
may, in such a case, be a very great inequality of money. Thus the
immense distance of China, together with the monopolies of our India
companies, obstructing the communication, preserve in Europe
the gold and silver, especially the latter, in much greater plenty
than they are found in that kingdom. But, notwithstanding this great
obstruction, the force of the causes above-mentioned is still evident.
The skill and ingenuity of Europe in general surpasses perhaps that of
China with regard to manual arts and manufactures, yet are we never
able to trade thither without great disadvantage; and were it not for
the continual recruits which we receive from America, money would very
soon sink in Europe and rise in China, till it came nearly to a level
in both places. Nor can any reasonable man doubt but that industrious
nation, were they as near us as Poland or Barbary, would drain us of
the overplus of our specie, and draw to themselves a larger share of
the West Indian treasures. We need have no recourse to a physical
attraction to explain the necessity of this operation; there is a moral
attraction arising from the interests and passions of men which is full
as potent and infallible.
How is the balance kept in the provinces of every kingdom among
themselves but by the force of this principle, which makes it
impossible for money to lose its level, and either to rise or sink
beyond the proportion of the labour and commodities which is in each
province? Did not long experience make people easy on this head, what
a fund of gloomy reflections might calculations afford a melancholy
Yorkshireman while he computed and magnified the sums drawn to London
by taxes, absentees, commodities, and found on comparison the opposite
articles so much inferior? And no doubt, had the Heptarchy subsisted in
England, the legislature of each state had been continually alarmed by
the fear of a wrong balance; and it is probable that the mutual hatred
of these states would have been extremely violent on account of their
close neighbourhood; they would have loaded and oppressed all commerce
by a jealous and superfluous caution. Since the Union has removed the
barriers between Scotland and England, which of these nations gains
from the other by this free commerce? Or if the former kingdom
has received any increase of riches, can it be reasonably accounted for
by anything but the increase of its art and industry? It was a common
apprehension in England before the Union, as we learn from L’Abbe du
Bos, that Scotland would soon drain them of their treasure were an
open trade allowed; and on the other side of the Tweed a contrary
apprehension prevailed—with what justice in both time has shown.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account