Those who have asserted that the plenty of money was the cause of low interest seem to have taken a collateral effect for a cause, since the same industry which sinks the interest does commonly acquire great abundance of the precious metals. A variety of fine manufactures, with vigilant, enterprising merchants, will soon draw money to a state if it be anywhere to be found in the world. The same cause, by multiplying the conveniences of life and increasing industry, collects great riches into the hands of persons who are not proprietors of land, and produces by that means a lowness of interest. But though both these effects—plenty of money and low interest—naturally arise from commerce and industry, they are altogether independent of each other. For suppose a nation removed into the Pacific Ocean, without any foreign commerce, or any knowledge of navigation: suppose that this nation possesses always the same stock of coin, but is continually increasing in its numbers and industry: it is evident that the price of every commodity must gradually diminish in that kingdom, since it is the proportion between money and any species of goods which fixes their mutual value; and, under the present supposition, the conveniences of life become every day more abundant, without any alteration on the current specie. A less quantity of money, therefore, amongst this people will make a rich man, during the times of industry, than would serve to that purpose in ignorant and slothful ages. Less money will build a house, portion a daughter, buy an estate, support a manufactory, or maintain a family and equipage. These are the uses for which men borrow money, and therefore the greater or less quantity of it in a state has no influence on the interest. But it is evident that the greater or less stock of labour and commodities must have a great influence, since we really and in effect borrow these when we take money upon interest. It is true, when commerce is extended all over the globe the most industrious nations always abound most with the precious metals; so that low interest and plenty of money are in fact almost inseparable. But still it is of consequence to know the principle whence any phenomenon arises, and to distinguish between a cause and a concomitant effect. Besides that the speculation is curious, it may frequently be of use in the conduct of public affairs. At least, it must be owned that nothing can be of more use than to improve, by practice, the method of reasoning on these subjects, which of all others are the most important; though they are commonly treated in the loosest and most careless manner.