Most goods sent from Scotland are such as foreigners won’t want, tho’ they payed 10 or 20 per cent more for them. we have an example of this in the wooll. during the prohibition, wooll sold in Holland and France for double the first cost, now it has fallen to 30 or 40 per cent profit. prices are given for goods, according to their first cost, charges, and usual profit; where prohibitions are, the hazard of exporting contrair to law is valued. wooll is of less value now in Holland than in time of peace, because the vent of their woollen manufacture is less; but tho’ wooll were as valuable in Holland as before, and tho’ a Dutch manufacturer would give 200 lib. for wooll that cost only a 100 lib. in Scotland, rather than want it: yet as he knows the prohibition is taken off, and that the Scots merchants can afford to sell cheaper; he won’t buy unless he can have it at a reasonable profit. so either the Scots merchants bring down the price, by under-selling one another; or the Dutch merchant commissions it himself. if a duty were put on such goods whose value abroad would bear it, the merchant would gain the same, ’tis the foreigner pays the duty. Besides, lowering the money may not lower the prices abroad. for, as when money was raised, goods may have rose in proportion, or have been made worse; so as a 100 lib. after the money is lower’d will have 33 crowns and 1/8 more silver in it, than a 100 lib. had before; so a greater quantity of goods may be bought with a 100 lib. than before, or the goods may be made better: especially the linen-cloth, since the material would be imported for less. but, allowing that upon the lowering the money, goods sold in Scotland as before, and were made no better; and allowing that one third or more of the goods exported, could not be raised in their prices abroad; because foreigners might be served cheaper with the same kind of goods from other places, or might supply the use of them with goods of another kind; or might consume less of them; yet, that ought not to hinder such a regulation of the money and exchange; for a draw-back might be given upon the export of such goods, whose prices abroad were not great enough to yield a reasonable profit. But lest such an alteration in the exchange, or undervaluing foreign money, should lessen the export of goods: it may not be adviseable, unless a fund were given, out of which draw-backs might be payed to encourage export, and an addition be made to the money, whereby the people may be set to work. for without some addition to the money, ’tis not to be supposed next year’s export can be equal to the last: it will lessen as money has lessened; a part of the people then imployed being now idle; not for want of inclination to work, or for want of imployers, but for want of money to imploy them with. CHAP. III. _Of the different measures which have been used to preserve and increase money. and of banks._