"The distance of China is a physical impediment to the communication, by reducing our commerce to a few commodities; and by heightening the price of these commodities, on account of the long voyage, the monopolies, and the taxes. A Chinese works for three-halfpence a-day, and is very industrious; were he as near us as France or Spain, every thing we used would be Chinese, till money and prices came to a level; that is, to such a level as is proportioned to the numbers of people, industry, and commodities of both countries. "A part of our public funds serve in place of money; for our merchants, but still more our bankers, keep less cash by them when they have stock, because they can dispose of that upon any sudden demand. This is not the case with the French funds. The _rentes_ of the Hotel de Ville are not transferable, but are most of them entailed in the families. At least, I know there is a great difference in this respect betwixt them and the _actions_ of the Indian Company. "That the industry and people of Spain, after the discovery of the West Indies, at first increased more than is commonly imagined, is a very curious fact; and I doubt not but you say so upon good authority, though I have not met with that observation in any author. "Beside the bad effects of the paper credit in our colonies, as it was a cheat, it must also be allowed that it banished gold and silver, by supplying their place. On the whole, my intention in the Essay was to remove people's terrors, who are apt, from chimerical calculations, to imagine they are losing their specie, though they can show in no instance that either their people or industry diminish; and also to expose the absurdity of guarding money otherwise than by watching over the people and their industry, and preserving or increasing them. To prohibit the exportation of money, or the importation of commodities, is mistaken policy; and I have the pleasure of seeing you agree with me. "I have no more to say, but compliments; and therefore shall conclude. I am," &c.[304:1] "_Ninewells, 1st November, 1750._" In 1750 there was published in Edinburgh, an edition of Montesquieu's "Esprit des Loix; avec les dernieres corrections et illustrations de l'Auteur."[304:2] That Hume was instrumental to this publication, is shown by the letters addressed to him by Montesquieu between the years 1749 and 1753, printed in the appendix. It appears, that, as he there intimates, the author sent over a copy of his corrections and illustrations; but the work must have been partly printed before their arrival, for, in the advertisement to the reader, it is stated that a few of the earliest sheets, where the more important amendments occurred, had to be reprinted, while some minor alterations are supplied by a list of corrections.