調書をとる／予約する Four, 一時期／支部s I-VI

• Introduction
  
• I. Of the 原則 of the 商業の, or 商業の System
  
• II. Of 抑制s upon the 輸入 from foreign Countries of such Goods as can be produced at Home
  
• III. Of the 驚くべき／特命の／臨時の 抑制s upon the 輸入 of Goods of almost all 肉親，親類d, from those Countries with which the Balance is supposed to be disadvantageous
  
• IV. Of Drawbacks
  
• V. Of Bounties
  
• Digression 関心ing the Corn 貿易（する） and Corn 法律s
  
• VI. Of 条約s of 商業

Introduction

The different 進歩 of opulence in different ages and nations has given occasion to two different systems of political economy with regard to 濃厚にするing the people. The one may be called the system of 商業, the other that of 農業. I shall endeavour to explain both as fully and distinctly as I can, and shall begin with the system of 商業. It is the modern system, and is best understood in our own country and in our own times.

一時期／支部 I
Of the 原則 of the 商業の, or 商業の System

A rich country, in the same manner as a rich man, is supposed to be a country abounding in money; and to heap up gold and saver in any country is supposed to be the readiest way to 濃厚にする it. For some time after the 発見 of America, the first 調査 of the Spaniards, when they arrived upon an unknown coast, used to be, if there was any gold or silver to be 設立する in the neighbourhood. By the （警察などへの）密告，告訴（状） which they received, they 裁判官d whether it was 価値（がある） while to make a 解決／入植地 there, or if the country was 価値（がある） the 征服する／打ち勝つing. Plano Carpino, a 修道士, sent 外交官／大使 from the King of フラン to one of the sons of the famous Genghis 旅宿泊所, says that the Tartars used frequently to ask him if there was plenty of sheep and oxen in the kingdom of フラン. Their 調査 had the same 反対する with that of the Spaniards. They 手配中の，お尋ね者 to know if the country was rich enough to be 価値（がある） the 征服する／打ち勝つing. の中で the Tartars, as の中で all other nations of shepherds, who are 一般に ignorant of the use of money, cattle are the 器具s of 商業 and the 対策 of value. Wealth, therefore, によれば them, consisted in cattle, as によれば the Spaniards it consisted in gold and silver. Of the two, the Tartar notion, perhaps, was the nearest to the truth.

Mr. Locke 発言／述べるs a distinction between money and other movable goods. All other movable goods, he says, are of so consumable a nature that the wealth which consists in them cannot be much depended on, and a nation which abounds in them one year may, without any exportation, but 単に their own waste and extravagance, be in 広大な／多数の／重要な want of them the next. Money, on the contrary, is a 安定した friend, which, though it may travel about from 手渡す to 手渡す, yet if it can be kept from going out of the country, is not very liable to be wasted and 消費するd. Gold and silver, therefore, are, によれば him, the most solid and 相当な part of the movable wealth of a nation, and to multiply those metals ought, he thinks, upon that account, to be the 広大な／多数の／重要な 反対する of its political economy.

Others 収容する／認める that if a nation could be separated from all the world, it would be of no consequence how much, or how little money 循環させるd in it. The consumable goods which were 循環させるd by means of this money would only be 交流d for a greater or a smaller number of pieces; but the real wealth or poverty of the country, they 許す, would depend altogether upon the 豊富 or scarcity of those consumable goods. But it is さもなければ, they think, with countries which have 関係s with foreign nations, and which are 強いるd to carry on foreign wars, and to 持続する (n)艦隊／(a)素早いs and armies in distant countries. This, they say, cannot be done but by sending abroad money to 支払う／賃金 them with; and a nation cannot send much money abroad unless it has a good 取引，協定 at home. Every such nation, therefore, must endeavour in time of peace to 蓄積する gold and silver that, when occasion 要求するs, it may have wherewithal to carry on foreign wars.

In consequence of these popular notions, all the different nations of Europe have 熟考する／考慮するd, though to little 目的, every possible means of 蓄積するing gold and silver in their 各々の countries. Spain and Portugal, the proprietors of the 主要な／長／主犯 地雷s which 供給（する） Europe with those metals, have either 禁じるd their exportation under the severest 刑罰，罰則s, or 支配するd it to a かなりの 義務. The like 禁止 seems anciently to have made a part of the 政策 of most other European nations. It is even to be 設立する, where we should least of all 推定する／予想する to find it, in some old Scotch 行為／法令／行動するs of 議会, which forbid under 激しい 刑罰，罰則s the carrying gold or silver 前へ／外へ of the kingdom. The like 政策 anciently took place both in フラン and England.

When those countries became 商業の, the merchants 設立する this 禁止, upon many occasions, 極端に inconvenient. They could frequently buy more advantageously with gold and silver than with any other 商品／必需品 the foreign goods which they 手配中の，お尋ね者, either to 輸入する into their own, or to carry to some other foreign country. They remonstrated, therefore, against this 禁止 as hurtful to 貿易（する）.

They 代表するd, first, that the exportation of gold and silver ーするために 購入（する） foreign goods, did not always 減らす the 量 of those metals in the kingdom. That, on the contrary, it might frequently 増加する that 量; because, if the 消費 of foreign goods was not その為に 増加するd in the country, those goods might be re-輸出（する）d to foreign countries, and, 存在 there sold for a large 利益（をあげる）, might bring 支援する much more treasure than was 初めは sent out to 購入（する） them. Mr. Mun compares this 操作／手術 of foreign 貿易（する） to the seed-time and 収穫 of 農業. "If we only behold," says he, "the 活動／戦闘s of the husbandman in the seed-time, when he casteth away much good corn into the ground, we shall account him rather a madman than a husbandman. But when we consider his 労働s in the 収穫, which is the end of his endeavours, we shall find the 価値（がある） and plentiful 増加する of his 活動／戦闘."

They 代表するd, secondly, that this 禁止 could not 妨げる the exportation of gold and silver, which, on account of the smallness of their 本体，大部分／ばら積みの in 割合 to their value, could easily be 密輸するd abroad. That this exportation could only be 妨げるd by a proper attention to, what they called, the balance of 貿易（する）. That when the country 輸出（する）d to a greater value than it 輸入するd, a balance became 予定 to it from foreign nations, which was やむを得ず paid to it in gold and silver, and その為に 増加するd the 量 of those metals in the kingdom. But that when it 輸入するd to a greater value than it 輸出（する）d, a contrary balance became 予定 to foreign nations, which was やむを得ず paid to them in the same manner, and その為に 減らすd that 量. That in this 事例／患者 to 禁じる the exportation of those metals could not 妨げる it, but only, by making it more dangerous, （判決などを）下す it more expensive. That the 交流 was その為に turned more against the country which 借りがあるd the balance than it さもなければ might have been; the merchant who 購入（する）d a 法案 upon the foreign country 存在 強いるd to 支払う／賃金 the 銀行業者 who sold it, not only for the natural 危険, trouble, and expense of sending the money thither, but for the 驚くべき／特命の／臨時の 危険 arising from the 禁止. But that the more the 交流 was against any country, the more the balance of 貿易（する） became やむを得ず against it; the money of that country becoming やむを得ず of so much いっそう少なく value in comparison with that of the country to which the balance was 予定. That if the 交流 between England and Holland, for example, was five per cent against England, it would 要求する a hundred and five ounces of silver in England to 購入（する） a 法案 for a hundred ounces of silver in Holland: that a hundred and five ounces of silver in England, therefore, would be 価値（がある） only a hundred ounces of silver in Holland, and would 購入（する） only a proportionable 量 of Dutch goods; but that a hundred ounces of silver in Holland, on the contrary, would be 価値（がある） a hundred and five ounces in England, and would 購入（する） a proportionable 量 of English goods: that the English goods which were sold to Holland would be sold so much cheaper; and the Dutch goods which were sold to England so much dearer by the difference of the 交流; that the one would draw so much いっそう少なく Dutch money to England, and the other so much more English money to Holland, as this difference 量d to: and that the balance of 貿易（する）, therefore, would やむを得ず be so much more against England, and would 要求する a greater balance of gold and silver to be 輸出（する）d to Holland.

Those arguments were partly solid and partly sophistical. They were solid so far as they 主張するd that the exportation of gold and silver in 貿易（する） might frequently be advantageous to the country. They were solid, too, in 主張するing that no 禁止 could 妨げる their exportation when 私的な people 設立する any advantage in 輸出（する）ing them. But they were sophistical in supposing that either to 保存する or to augment the 量 of those metals 要求するd more the attention of 政府 than to 保存する or to augment the 量 of any other useful 商品／必需品s, which the freedom of 貿易（する）, without any such attention, never fails to 供給（する） in the proper 量. They were sophistical too, perhaps, in 主張するing that the high price of 交流 やむを得ず 増加するd what they called the unfavourable balance of 貿易（する）, or occasioned the exportation of a greater 量 of gold and silver. That high price, indeed, was 極端に disadvantageous to the merchants who had any money to 支払う／賃金 in foreign countries. They paid so much dearer for the 法案s which their 銀行業者s 認めるd them upon those countries. But though the 危険 arising from the 禁止 might occasion some 驚くべき／特命の／臨時の expense to the 銀行業者s, it would not やむを得ず carry any more money out of the country. This expense would 一般に be all laid out in the country, in 密輸するing the money out of it, and could seldom occasion the exportation of a 選び出す／独身 sixpence beyond the 正確な sum drawn for. The high price of 交流 too would 自然に 配置する／処分する／したい気持ちにさせる the merchants to endeavour to make their 輸出（する）s nearly balance their 輸入するs, in order that they might have this high 交流 to 支払う／賃金 upon as small a sum as possible. The high price of 交流, besides, must やむを得ず have operated as a 税金, in raising the price of foreign goods, and その為に 減らすing their 消費. It would tend, therefore, not to 増加する but to 減らす what they called the unfavourable balance of 貿易（する）, and その結果 the exportation of gold and silver.

Such as they were, however, those arguments 納得させるd the people to whom they were 演説（する）／住所d. They were 演説（する）／住所d by merchants to 議会s and to the 会議s of princes, to nobles and to country gentlemen, by those who were supposed to understand 貿易（する） to those who were conscious to themselves that they knew nothing about the 事柄. That foreign 貿易（する） 濃厚にするd the country, experience 論証するd to the nobles and country gentlemen 同様に as to the merchants; but how, or in what manner, 非，不，無 of them 井戸／弁護士席 knew. The merchants knew perfectly in what manner it 濃厚にするd themselves. It was their 商売／仕事 to know it. But to know in what manner it 濃厚にするd the country was no part of their 商売／仕事. This 支配する never （機の）カム into their consideration but when they had occasion to 適用する to their country for some change in the 法律s relating to foreign 貿易（する）. It then became necessary to say something about the 有益な 影響s of foreign 貿易（する）, and the manner in which those 影響s were 妨害するd by the 法律s as they then stood. To the 裁判官s who were to decide the 商売／仕事 it appeared a most 満足な account of the 事柄, when they were told that foreign 貿易（する） brought money into the country, but that the 法律s in question 妨げるd it from bringing so much as it さもなければ would do. Those arguments therefore produced the wished-for 影響. The 禁止 of 輸出（する）ing gold and silver was in フラン and England 限定するd to the coin of those 各々の countries. The exportation of foreign coin and of bullion was made 解放する／自由な. In Holland, and in some other places, this liberty was 延長するd even to the coin of the country. The attention of 政府 was turned away from guarding against the exportation of gold and silver to watch over the balance of 貿易（する） as the only 原因（となる） which could occasion any augmentation or diminution of those metals. From one fruitless care it was turned away to another care much more intricate, much more embarrassing, and just 平等に fruitless. The 肩書を与える of Mun's 調書をとる／予約する, England's Treasure in Forei gn 貿易（する）, became a 根底となる maxim in the political economy, not of England only, but of all other 商業の countries. The inland or home 貿易（する）, the most important of all, the 貿易（する） in which an equal 資本／首都 affords the greatest 歳入, and creates the greatest 雇用 to the people of the country, was considered as 子会社 only to foreign 貿易（する）. It neither brought money into the country, it was said, nor carried any out of it. The country, therefore, could never become either richer or poorer by means of it, except so far as its 繁栄 or decay might 間接に 影響（力） the 明言する／公表する of foreign 貿易（する）.

A country that has no 地雷s of its own must undoubtedly draw its gold and silver from foreign countries in the same manner as one that has no vineyards of its own must draw its ワインs. It does not seem necessary, however, that the attention of 政府 should be more turned に向かって the one than に向かって the other 反対する. A country that has wherewithal to buy ワイン will always get the ワイン which it has occasion for; and a country that has wherewithal to buy gold and silver will never be in want of those metals. They are to be bought for a 確かな price like all other 商品／必需品s, and as they are the price of all other 商品／必需品s, so all other 商品／必需品s are the price of those metals. We 信用 with perfect 安全 that the freedom of 貿易（する）, without any attention of 政府, will always 供給（する） us with the ワイン which we have occasion for: and we may 信用 with equal 安全 that it will always 供給（する） us with all the gold and silver which we can afford to 購入（する） or to 雇う, either in 広まる our 商品／必需品s, or in other uses.

The 量 of every 商品／必需品 which human 産業 can either 購入（する） or produce 自然に 規制するs itself in every country によれば the effectual 需要・要求する, or によれば the 需要・要求する of those who are willing to 支払う／賃金 the whole rent, 労働, and 利益（をあげる）s which must be paid ーするために 準備する and bring it to market. But no 商品／必需品s 規制する themselves more easily or more 正確に／まさに によれば this effectual 需要・要求する than gold and silver; because, on account of the small 本体，大部分／ばら積みの and 広大な／多数の／重要な value of those metals, no 商品／必需品s can be more easily 輸送（する）d from one place to another, from the places where they are cheap to those where they are dear, from the places where they 越える to those where they 落ちる short of this effectual 需要・要求する. If there were in England, for example, an effectual 需要・要求する for an 付加 量 of gold, a packet-boat could bring from Lisbon, or from wherever else it was to be had, fifty トンs of gold, which could be coined into more than five millions of guineas. But if there were an effectual 需要・要求する for 穀物 to the same value, to 輸入する it would 要求する, at five guineas a トン, a million of トンs of shipping, or a thousand ships of a thousand トンs each. The 海軍 of England would not be 十分な.

When the 量 of gold and silver 輸入するd into any country 越えるs the effectual 需要・要求する, no vigilance of 政府 can 妨げる their exportation. All the sanguinary 法律s of Spain and Portugal are not able to keep their gold and silver at home. The continual 輸入s from Peru and Brazil 越える the effectual 需要・要求する of those countries, and 沈む the price of those metals there below that in the 隣人ing countries. If, on the contrary, in any particular country their 量 fell short of the effectual 需要・要求する, so as to raise their price above that of the 隣人ing countries, the 政府 would have no occasion to take any 苦痛s to 輸入する them. If it were even to take 苦痛s to 妨げる their 輸入, it would not be able to effectuate it. Those metals, when the Spartans had got wherewithal to 購入（する） them, broke through all the 障壁s which the 法律s of Lycurgus …に反対するd to their 入り口 into Lacedemon. All the sanguinary 法律s of the customs are not able to 妨げる the 輸入 of the teas of the Dutch and Gottenburgh East India Companies, because somewhat cheaper than those of the British company. A 続けざまに猛撃する of tea, however, is about a hundred times the 本体，大部分／ばら積みの of one of the highest prices, sixteen shillings, that is 一般的に paid for it in silver, and more than two thousand times the 本体，大部分／ばら積みの of the same price in gold, and その結果 just so many times more difficult to 密輸する.

It is partly 借りがあるing to the 平易な transportation of gold and silver from the places where they abound to those where they are 手配中の，お尋ね者 that the price of those metals does not fluctuate continually like that of the greater part of other 商品／必需品s, which are 妨げるd by their 本体，大部分／ばら積みの from 転換ing their 状況／情勢 when the market happens to be either over or under-在庫／株d with them. The. price of those metals, indeed, is not altogether 免除されたd from variation, but the changes to which it is liable are 一般に slow, 漸進的な and uniform. In Europe, for example, it is supposed, without much 創立／基礎, perhaps, that during the course of the 現在の and 先行する century they have been 絶えず, but 徐々に, 沈むing in their value, on account of the continual 輸入s from the Spanish West Indies. But to make any sudden change in the price of gold and silver, so as to raise or lower at once, sensibly and remarkably, the money price of all other 商品／必需品s, 要求するs such a 革命 in 商業 as that occasioned by the 発見 of America.

If, notwithstanding all this, gold and silver should at any time 落ちる short in a country which has wherewithal to 購入（する） them, there are more expedients for 供給（する）ing their place than that of almost any other 商品／必需品. If the 構成要素s of 製造（する） are 手配中の，お尋ね者, 産業 must stop. If 準備／条項s are 手配中の，お尋ね者, the people must 餓死する. But if money is 手配中の，お尋ね者, 物々交換する will 供給（する） its place, though with a good 取引，協定 of inconveniency. Buying and selling upon credit, and the different 売買業者s 補償するing their credits with one another, once a month or once a year, will 供給（する） it with いっそう少なく inconveniency. A 井戸／弁護士席-規制するd paper money will 供給（する） it, not only without any inconveniency, but, in some 事例／患者s, with some advantages. Upon every account, therefore, the attention of 政府 never was so unnecessarily 雇うd as when directed to watch over the 保護 or 増加する of the 量 of money in any country.

No （民事の）告訴, however, is more ありふれた than that of a scarcity of money. Money, like ワイン, must always be 不十分な with those who have neither wherewithal to buy it nor credit to borrow it. Those who have either will seldom be in want either of the money or of the ワイン which they have occasion for. This （民事の）告訴, however, of the scarcity of money is not always 限定するd to improvident spendthrifts. It is いつかs general through a whole 商業の town and the country in its neighbourhood. Overtrading is the ありふれた 原因（となる） of it. Sober men, whose 事業／計画（する）s have been disproportioned to their 資本／首都s, are as likely to have neither wherewithal to buy money nor credit to borrow it, as prodigals whose expense has been disproportioned to their 歳入. Before their 事業／計画（する）s can be brought to 耐える, their 在庫／株 is gone, and their credit with it. They run about everywhere to borrow money, and everybody tells them that they have 非，不，無 to lend. Even such general （民事の）告訴s of the scarcity of money do not always 証明する that the usual number of gold and silver pieces are not 広まる in the country, but that many people want those pieces who have nothing to give for them. When the 利益（をあげる）s of 貿易（する） happen to be greater than ordinary, overtrading becomes a general error both の中で 広大な／多数の／重要な and small 売買業者s. They do not always send more money abroad than usual, but they buy upon credit, both at home and abroad, an unusual 量 of goods, which they send to some distant market in hopes that the returns will come in before the 需要・要求する for 支払い（額）. The 需要・要求する comes before the returns, and they have nothing at 手渡す with which they can either 購入（する） money, or give solid 安全 for borrowing. It is not any scarcity of gold and silver, but the difficulty which such people find in borrowing, and which their creditors find in getting 支払い（額）, that occasions the general （民事の）告訴 of the scarcity of money.

It would be too ridiculous to go about 本気で to 証明する that wealth does not consist in money, or in gold and silver; but in what money 購入（する）s, and is 価値のある only for 購入（する）ing. Money, no 疑問, makes always a part of the 国家の 資本／首都; but it has already been shown that it 一般に makes but a small part, and always the most 無益な part of it.

It is not because wealth consists more essentially in money than in goods that the merchant find it 一般に more 平易な to buy goods with money than to buy money with goods; but because money is the known and 設立するd 器具 of 商業, for which everything is readily given in 交流, but which is not always with equal 準備完了 to be got in 交流 for everything. The greater part of goods, besides, are more perishable than money, and he may frequently 支える a much greater loss by keeping them. When his goods are upon 手渡す, too, he is more liable to such 需要・要求するs for money as he may not be able to answer than when he has got their price in his coffers. Over and above all this, his 利益（をあげる） arises more 直接／まっすぐに from selling than from buying, and he is upon all these accounts 一般に much more anxious to 交流 his goods for money than his money for goods. But though a particular merchant, with 豊富 of goods in his 倉庫／問屋, may いつかs be 廃虚d by not 存在 able to sell them in time, a nation or country is not liable to the same 事故. The whole 資本／首都 of a merchant frequently consists in 死なせる／死ぬ, able goods 運命にあるd for 購入（する）ing money. But it is but a very small part of the 年次の produce of the land and 労働 of a country which can ever be 運命にあるd for 購入（する）ing gold and silver from their 隣人s. The far greater part is 循環させるd and 消費するd の中で themselves; and even of the 黒字／過剰 which is sent abroad, the greater part is 一般に 運命にあるd for the 購入（する） of other foreign goods. Though gold and silver, therefore, could not be had in 交流 for the goods 運命にあるd to 購入（する） them, the nation would not be 廃虚d. It might, indeed, 苦しむ some loss and inconveniency, and be 軍隊d upon some of those expedients which are necessary for 供給（する）ing the place of money. The 年次の produce of its land and 労働, however, would be the same, or very nearly the same, as usual, because the same, or very nearly the same, consumable 資本／首都 would be 雇うd in 持続するing it. And tho ugh goods do not always draw money so readily as money draws goods, in the long run they draw it more やむを得ず than even it draws them. Goods can serve many other 目的s besides 購入（する）ing money, but money can serve no other 目的 besides 購入（する）ing goods. Money, therefore, やむを得ず runs after goods, but goods do not always or やむを得ず run after money. The man who buys does not always mean to sell again, but frequently to use or to 消費する; 反して he who sells always means to buy again. The one may frequently have done the whole, but the other can never have done more than the one-half of his 商売／仕事. It is not for its own sake that men 願望（する） money, but for the sake of what they can 購入（する） with it.

Consumable 商品／必需品s, it is said, are soon destroyed; 反して gold and silver are of a more 持続する nature, and, were it not for this continual exportation, might be 蓄積するd for ages together, to the incredible augmentation of the real wealth of the country. Nothing, therefore, it is pretended, can be more disadvantageous to any country than the 貿易（する） which consists in the 交流 of such 継続している for such perishable 商品／必需品s. We do not, however, reckon that 貿易（する） disadvantageous which consists in the 交流 of the 金物類／武器類 of England for the ワインs of フラン; and yet 金物類／武器類 is a very 持続する 商品／必需品, and were it not for this continual exportation might, too, be 蓄積するd for ages together, to the incredible augmentation of the マリファナs and pans of the country. But it readily occurs that the number of such utensils is in every country やむを得ず 限られた／立憲的な by the use which there is for them; that it would be absurd to have more マリファナs and pans than were necessary for cooking the victuals usually 消費するd there; and that if the 量 of victuals were to 増加する, the number of マリファナs and pans would readily 増加する along with it, a part of the 増加するd 量 of victuals 存在 雇うd in 購入（する）ing them, or in 持続するing an 付加 number of workmen whose 商売／仕事 it was to make them. It should as readily occur that the 量 of gold and silver is in every country 限られた／立憲的な by the use which there is for those metals; that their use consists in 広まる 商品／必需品s as coin, and in affording a 種類 of 世帯 furniture as plate; that the 量 of coin in every country is 規制するd by the value of the 商品／必需品s which are to be 循環させるd by it: 増加する that value, and すぐに a part of it will be sent abroad to 購入（する）, wherever it is to be had, the 付加 量 of coin requisite for 広まる them: that the 量 of plate is 規制するd by the number and wealth of those 私的な families who choose to indulge themselves in that sort of magnificence: 増加する the number and wealth of such families, and a part of this 増加するd wealth will most probably be 雇うd in 購入（する）ing, wherever it is to be 設立する, an 付加 量 of plate: that to 試みる／企てる to 増加する the wealth of any country, either by introducing or by 拘留するing in it an unnecessary 量 of gold and silver, is as absurd as it would be to 試みる／企てる to 増加する the good 元気づける of 私的な families by 強いるing them to keep an unnecessary number of kitchen utensils. As the expense of 購入（する）ing those unnecessary utensils would 減らす instead of 増加するing either the 量 of goodness of the family 準備／条項s, so the expense of 購入（する）ing an unnecessary 量 of gold and silver must, in every country, as やむを得ず 減らす the wealth which 料金d, 着せる／賦与するs, and 宿泊するs, which 持続するs and 雇うs the people. Gold and silver, whether in the 形態／調整 of coin or of plate, are utensils, it must be remembered, as much as the furniture of the kitchen. 増加する the use for them, 増加する the consumable 商品／必需品s which are to be 循環させるd, managed, and 用意が出来ている by means of them, and you will infallibly 増加する the 量; but if you 試みる／企てる, by 驚くべき／特命の／臨時の means, to 増加する the 量, you will as infallibly 減らす the use and even the 量 too, which in those metals can never be greater than what the use 要求するs. Were they ever to be 蓄積するd beyond this 量, their transportation is so 平易な, and the loss which …に出席するs their lying idle and 失業した so 広大な／多数の／重要な, that no 法律 could 妨げる their 存在 すぐに sent out of the country.

It is not always necessary to 蓄積する gold and silver ーするために enable a country to carry on foreign wars, and to 持続する (n)艦隊／(a)素早いs and armies in distant countries. (n)艦隊／(a)素早いs and armies are 持続するd, not with gold and silver, but with consumable goods. The nation which, from the 年次の produce of its 国内の 産業, from the 年次の 歳入 arising out of its lands, 労働, and consumable 在庫／株, has wherewithal to 購入（する） those consumable goods in distant countries, can 持続する foreign wars there.

A nation may 購入（する） the 支払う／賃金 and 準備／条項s of an army in a distant country three different ways: by sending abroad either, first, some part of its 蓄積するd gold and silver, or, secondly, some part of the 年次の produce of its 製造（する）s; or, last of all, some part of its 年次の rude produce.

The gold and silver which can 適切に be considered as 蓄積するd or 蓄える／店d up in any country may be distinguished into three parts: first, the 広まる money; secondly, the plate of 私的な families; and, last of all, the money which may have been collected by many years' parsimony, and laid up in the 財務省 of the prince.

It can seldom happen that much can be spared from the 広まる money of the country; because in that there can seldom be much redundancy. The value of goods 毎年 bought and sold in any country 要求するs a 確かな 量 of money to 循環させる and 分配する them to their proper 消費者s, and can give 雇用 to no more. The channel of 循環／発行部数 やむを得ず draws to itself a sum 十分な to fill it, and never 収容する／認めるs any more. Something, however, is 一般に 孤立した from this channel in the 事例／患者 of foreign war. By the 広大な／多数の／重要な number of people who are 持続するd abroad, より小数の are 持続するd at home. より小数の goods are 循環させるd there, and いっそう少なく money becomes necessary to 循環させる them. An 驚くべき／特命の／臨時の 量 of paper money, of some sort or other, such as exchequer 公式文書，認めるs, 海軍 法案s, and bank 法案s in England, is 一般に 問題／発行するd upon such occasions, and by 供給（する）ing the place of 広まる gold and silver, gives an 適切な時期 of sending a greater 量 of it abroad. All this, however, could afford but a poor 資源 for 持続するing a foreign war of 広大な／多数の／重要な expense and several years duration.

The melting 負かす／撃墜する the plate of 私的な families has upon every occasion been 設立する a still more insignificant one. The French, in the beginning of the last war, did not derive so much advantage from this expedient as to 補償する the loss of the fashion.

The 蓄積するd treasures of the prince have, in former times, afforded a much greater and more 継続している 資源. In the 現在の times, if you except the king of Prussia, to 蓄積する treasure seems to be no part of the 政策 of European princes.

The 基金s which 持続するd the foreign wars of the 現在の century, the most expensive perhaps which history 記録，記録的な／記録するs, seem to have had little dependency upon the exportation either of the 広まる money, or of the plate of 私的な families, or of the treasure of the prince. The last French war cost 広大な／多数の／重要な Britain 上向きs of ninety millions, 含むing not only the seventy-five millions of new 負債 that was 契約d, but the 付加 two shillings in the 続けざまに猛撃する land-税金, and what was 毎年 borrowed of the 沈むing 基金. More than two-thirds of this expense were laid out in distant countries; in Germany, Portugal, America, in the ports of the Mediterranean, in the East and West Indies. The kings of England had no 蓄積するd treasure. We never heard of any 驚くべき／特命の／臨時の 量 of plate 存在 melted 負かす／撃墜する. The 広まる gold and silver of the country had not been supposed to 越える eighteen millions. Since the late recoinage of the gold, however, it is believed to have been a good 取引，協定 under-率d. Let us suppose, therefore, によれば the most 誇張するd computation which I remember to have either seen or heard of, that, gold and silver together, it 量d to thirty millions. Had the war been carried on by means of our money, the whole of it must, even によれば this computation, have been sent out and returned again at least twice in a period of between six and seven years. Should this be supposed, it would afford the most 決定的な argument to 論証する how unnecessary it is for 政府 to watch over the 保護 of money, since upon this supposition the whole money of the country must have gone from it and returned to it again, two different times in so short a period, without anybody's knowing anything of the 事柄. The channel of 循環／発行部数, however, never appeared more empty than usual during any part of this period. Few people 手配中の，お尋ね者 money who had wherewithal to 支払う／賃金 for it. The 利益（をあげる）s of foreign 貿易（する）, indeed, were greater than usual during the whole war; but 特に に向かって t he end of it. This occasioned, what it always occasions, a general overtrading in all the parts of 広大な／多数の／重要な Britain; and this again occasioned the usual （民事の）告訴 of the scarcity of money, which always follows overtrading. Many people 手配中の，お尋ね者 it, who had neither wherewithal to buy it, nor credit to borrow it; and because the debtors 設立する it difficult to borrow, the creditors 設立する it difficult to get 支払い（額）. Gold and silver, however, were 一般に to be had for their value, by those who had that value to give for them.

The enormous expense of the late war, therefore, must have been 主として defrayed, not by the exportation of gold and silver, but by that of British 商品／必需品s of some 肉親，親類d or other. When the 政府, or those who 行為／法令／行動するd under them, 契約d with a merchant for a remittance to some foreign country, he would 自然に endeavour to 支払う／賃金 his foreign 特派員, upon whom he had 認めるd a 法案, by sending abroad rather 商品／必需品s than gold and silver. If the 商品／必需品s of 広大な／多数の／重要な Britain were not in 需要・要求する in that country, he would endeavour to send them to some other country, in which he could 購入（する） a 法案 upon that country. The transportation of 商品／必需品s, when 適切に ふさわしい to the market, is always …に出席するd with a かなりの 利益（をあげる）; 反して that of gold and silver is 不十分な ever …に出席するd with any. When those metals are sent abroad ーするために 購入（する） foreign 商品／必需品s, the merchant's 利益（をあげる） arises, not from the 購入（する）, but from the sale of the returns. But when they are sent abroad 単に to 支払う／賃金 a 負債, he gets no returns, and その結果 no 利益（をあげる）. He 自然に, therefore, 発揮するs his 発明 to find out a way of 支払う／賃金ing his foreign 負債s rather by the exportation of 商品／必需品s than by that of gold and silver. The 広大な／多数の／重要な 量 of British goods 輸出（する）d during the course of the late war, without bringing 支援する any returns, is accordingly 発言／述べるd by the author of The 現在の 明言する／公表する of the Nation.

Besides the three sorts of gold and silver above について言及するd, there is in all 広大な／多数の／重要な 商業の countries a good 取引，協定 of bullion alternately 輸入するd and 輸出（する）d for the 目的s of foreign 貿易（する）. This bullion, as it 循環させるs の中で different 商業の countries in the same manner as the 国家の coin 循環させるs in every particular country, may be considered as the money of the 広大な／多数の／重要な 商業の 共和国. The 国家の coin receives its movement and direction from the 商品／必需品s 循環させるd within the 管区s of each particular country: the money of the 商業の 共和国, from those 循環させるd between different countries. Both are 雇うd in 容易にするing 交流s, the one between different individuals of the same, the other between those of different nations. Part of this money of the 広大な／多数の／重要な 商業の 共和国 may have been, and probably was, 雇うd in carrying on the late war. In time of a general war, it is natural to suppose that a movement and direction should be impressed upon it, different from what it usually follows in 深遠な peace; that it should 循環させる more about the seat of the war, and be more 雇うd in 購入（する）ing there, and in the 隣人ing countries, the 支払う／賃金 and 準備／条項s of the different armies. But whatever part of this money of the 商業の 共和国 広大な／多数の／重要な Britain may have 毎年 雇うd in this manner, it must have been 毎年 購入（する）d, either with British 商品／必需品s, or with something else that had been 購入（する）d with them; which still brings us 支援する to 商品／必需品s, to the 年次の produce of the land and 労働 of the country, as the ultimate 資源s which enabled us to carry on the war. It is natural indeed to suppose that so 広大な／多数の／重要な an 年次の expense must have been defrayed from a 広大な／多数の／重要な 年次の produce. The expense of 1761, for example, 量d to more than nineteen millions. No accumulation could have supported so 広大な／多数の／重要な an 年次の profusion. There is no 年次の produce even of gold and silver which could have supported it. The whole gold and silver 毎年 輸入するd in to both Spain and Portugal, によれば the best accounts, does not 一般的に much 越える six millions 英貨の／純銀の, which, in some years, would 不十分な have paid four month's expense of the late war.

The 商品／必需品s most proper for 存在 輸送（する）d to distant countries, ーするために 購入（する） there either the 支払う／賃金 and 準備／条項s of an army, or some part of the money of the 商業の 共和国 to be 雇うd in 購入（する）ing them, seem to be the finer and more 改善するd 製造（する）s; such as 含む／封じ込める a 広大な／多数の／重要な value in a small 本体，大部分／ばら積みの, and can, therefore, be 輸出（する）d to a 広大な／多数の／重要な distance at little expense. A country whose 産業 produces a 広大な／多数の／重要な 年次の 黒字／過剰 of such 製造（する）s, which are usually 輸出（する）d to foreign countries, may carry on for many years a very expensive foreign war without either 輸出（する）ing any かなりの 量 of gold and silver, or even having any such 量 to 輸出（する）. A かなりの part of the 年次の 黒字／過剰 of its 製造（する）s must, indeed, in this 事例／患者 be 輸出（する）d without bringing 支援する any returns to the country, though it does to the merchant; the 政府 購入（する）ing of the merchant his 法案s upon foreign countries, ーするために 購入（する） there the 支払う／賃金 and 準備／条項s of an army. Some part of this 黒字／過剰, however, may still continue to bring 支援する a return. The 製造業者s, during the war, will have a 二塁打 需要・要求する upon them, and be called upon, first, to work up goods to be sent abroad, for 支払う／賃金ing the 法案s drawn upon foreign countries for the 支払う／賃金 and 準備／条項s of the army; and, secondly, to work up such as are necessary for 購入（する）ing the ありふれた returns that had usually been 消費するd in the country. In the 中央 of the most destructive foreign war, therefore, the greater part of 製造（する）s may frequently 繁栄する 大いに; and, on the contrary, they may 拒絶する／低下する on the return of the peace. They may 繁栄する まっただ中に the 廃虚 of their country, and begin to decay upon the return of its 繁栄. The different 明言する／公表する of many different 支店s of the British 製造（する）s during the late war, and for some time after the peace, may serve as an illustration of what has been just now said.

No foreign war of 広大な／多数の／重要な expense or duration could conveniently be carried on by the exportation of the rude produce of the 国／地域. The expense of sending such a 量 of it to a foreign country as might 購入（する） the 支払う／賃金 and 準備／条項s of an army would be too 広大な／多数の／重要な. Few countries produce much more rude produce than what is 十分な for the subsistence of their own inhabitants. To send abroad any 広大な／多数の／重要な 量 of it, therefore, would be to send abroad a part of the necessary subsistence of the people. It is さもなければ with the exportation of 製造（する）s. The 維持／整備 of the people 雇うd in them is kept at home, and only the 黒字／過剰 part of their work is 輸出（する）d. Mr. Hume frequently takes notice of the 無（不）能 of the 古代の kings of England to carry on, without interruption, any foreign war of long duration. The English, in those days, had nothing wherewithal to 購入（する） the 支払う／賃金 and 準備／条項s of their armies in foreign countries, but either the rude produce of the 国／地域, of which no かなりの part could be spared from the home 消費, or a few 製造（する）s of the coarsest 肉親，親類d, of which, 同様に as of the rude produce, the transportation was too expensive. This 無（不）能 did not arise from the want of money, but of the finer and more 改善するd 製造（する）s. Buying and selling was transacted by means of money in England then 同様に as now. The 量 of 広まる money must have borne the same 割合 to the number and value of 購入（する）s and sales usually transacted at that time, which it does to those transacted at 現在の; or rather it must have borne a greater 割合, because there was then no paper, which now 占領するs a 広大な／多数の／重要な part of the 雇用 of gold and silver. の中で nations to whom 商業 and 製造（する）s are little known, the 君主, upon 驚くべき／特命の／臨時の occasions, can seldom draw any かなりの 援助（する） from his 支配するs, for 推論する／理由s which shall be explained hereafter. It is in such countries, therefore, that he 一般に endeavours to 蓄積する a treasure, as the only 資源 against such 緊急s. 独立した・無所属 of this necessity, he is in such a 状況／情勢 自然に 性質の／したい気がして to the parsimony requisite for accumulation. In that simple 明言する／公表する, the expense even of a 君主 is not directed by the vanity which delights in the gaudy finery of a 法廷，裁判所, but is 雇うd in bounty to his tenants, and 歓待 to his retainers. But bounty and 歓待 very seldom lead to extravagance; though vanity almost always does. Every Tartar 長，指導者, accordingly, has a treasure. The treasures of Mazepa, 長，指導者 of the Cossacs in the ウクライナ共和国, the famous 同盟（する） of Charles the XII, are said to have been very 広大な／多数の／重要な. The French kings of the Merovingian race all had treasures. When they divided their kingdom の中で their different children, they divided their treasure too. The Saxon princes, and the first kings after the Conquest, seem likewise to have 蓄積するd treasures. The first 偉業／利用する of every new 統治する was 一般的に to 掴む the treasure of the 先行する king, as the most 必須の 手段 for 安全な・保証するing the succession. The 君主s of 改善するd and 商業の countries are not under the same necessity of 蓄積するing treasures, because they can 一般に draw from their 支配するs 驚くべき／特命の／臨時の 援助（する）s upon 驚くべき／特命の／臨時の occasions. They are likewise いっそう少なく 性質の／したい気がして to do so. They 自然に, perhaps やむを得ず, follow the 方式 of the times, and their expense comes to be 規制するd by the same extravagant vanity which directs that of all the other 広大な／多数の／重要な proprietors in their dominions. The insignificant pageantry of their 法廷，裁判所 becomes every day more brilliant, and the expense of it not only 妨げるs accumulation, but frequently encroaches upon the 基金s 運命にあるd for more necessary expenses. What Dercyllidas said of the 法廷，裁判所 of Persia may be 適用するd to that of several European princes, that he saw there much splendour but little strength, and many servants but few 兵士s.

The 輸入 of gold and silver is not the 主要な／長／主犯, much いっそう少なく the 単独の 利益 which a nation derives from its foreign 貿易（する）. Between whatever places foreign 貿易（する） is carried on, they all of them derive two 際立った 利益s from it. It carries out that 黒字／過剰 part of the produce of their land and 労働 for which there is no 需要・要求する の中で them, and brings 支援する in return for it something else for which there is a 需要・要求する. It gives a value to their superfluities, by 交流ing them for something else, which may 満足させる a part of their wants, and 増加する their enjoyments. By means of it the narrowness of the home market does not 妨げる the 分割 of 労働 in any particular 支店 of art or 製造（する） from 存在 carried to the highest perfection. By 開始 a more 広範囲にわたる market for whatever part of the produce of their 労働 may 越える the home 消費, it encourages them to 改善する its 生産力のある 力／強力にするs, and to augment its 年次の produce to the 最大の, and その為に to 増加する the real 歳入 and wealth of the society. These 広大な／多数の／重要な and important services foreign 貿易（する） is continually 占領するd in 成し遂げるing to all the different countries between which it is carried on. They all derive 広大な／多数の／重要な 利益 from it, though that in which the merchant resides 一般に derives the greatest, as he is 一般に more 雇うd in 供給（する）ing the wants, and carrying out the superfluities of his own, than of any other particular country. To 輸入する the gold and silver which may be 手配中の，お尋ね者 into the countries which have no 地雷s is, no 疑問, a part of the 商売／仕事 of foreign 商業. It is, however, a most insignificant part of it. A country which carried on foreign 貿易（する） 単に upon this account could 不十分な have occasion to freight a ship in a century.

It is not by the 輸入 of gold and silver that the 発見 of America has 濃厚にするd Europe. By the 豊富 of the American 地雷s, those metals have become cheaper. A service of plate can now be 購入（する）d for about a third part of the corn, or a third part of the 労働, which it would have cost in the fifteenth century. With the same 年次の expense of 労働 and 商品／必需品s, Europe can 毎年 購入（する） about three times the 量 of plate which it could have 購入（する）d at that time. But when a 商品／必需品 comes to be sold for a third part of what had been its usual price, not only those who 購入（する）d it before can 購入（する） three times their former 量, but it is brought 負かす／撃墜する to the level of a much greater number of purchasers, perhaps to more than ten, perhaps to more than twenty times the former number. So that there may be in Europe at 現在の not only more than three times, but more than twenty or thirty times the 量 of plate which would have been in it, even in its 現在の 明言する／公表する of 改良, had the 発見 of the American 地雷s never been made. So far Europe has, no 疑問, 伸び（る）d a real conveniency, though surely a very trifling one. The cheapness of gold and silver （判決などを）下すs those metals rather いっそう少なく fit for the 目的s of money than they were before. ーするために make the same 購入（する）s, we must 負担 ourselves with a greater 量 of them, and carry about a shilling in our pocket where a groat would have done before. It is difficult to say which is most trifling, this inconveniency or the opposite conveniency. Neither the one nor the other could have made any very 必須の change in the 明言する／公表する of Europe. The 発見 of America, however, certainly made a most 必須の one. By 開始 a new and inexhaustible market to all the 商品／必需品s of Europe, it gave occasion to new 分割s of 労働 and 改良s of art, which in the 狭くする circle of the 古代の 商業, could never have taken place for want of a market to take off the greater part of their produce. The 生産力のある p owers of 労働 were 改善するd, and its produce 増加するd in all the different countries of Europe, and together with it the real 歳入 and wealth of the inhabitants. The 商品／必需品s of Europe were almost all new to America, and many of those of America were new to Europe. A new 始める，決める of 交流s, therefore, began to take place which had never been thought of before, and which should 自然に have 証明するd as advantageous to the new, as it certainly did to the old continent. The savage 不正 of the Europeans （判決などを）下すd an event, which せねばならない have been 有益な to all, ruinous and destructive to several of those unfortunate countries.

The 発見 of a passage to the East Indies by the Cape of Good Hope, which happened much about the same time, opened perhaps a still more 広範囲にわたる 範囲 to foreign 商業 than even that of America, notwithstanding the greater distance. There were but two nations in America in any 尊敬（する）・点 superior to savages, and these were destroyed almost as soon as discovered. The 残り／休憩（する） were mere savages. But the empires of 中国, Indostan, Japan, 同様に as several others in the East Indies, without having richer 地雷s of gold or silver, were in every other 尊敬（する）・点 much richer, better cultivated, and more 前進するd in all arts and 製造（する）s than either Mexico or Peru, even though we should credit, what plainly deserves no credit, the 誇張するd accounts of the Spanish writers 関心ing the 古代の 明言する／公表する of those empires. But rich and civilised nations can always 交流 to a much greater value with one another than with savages and barbarians. Europe, however, has hitherto derived much いっそう少なく advantage from its 商業 with the East Indies than from that with America. The Portuguese 独占するd the East India 貿易（する） to themselves for about a century, and it was only 間接に and through them that the other nations of Europe could either send out or receive any goods from that country. When the Dutch, in the beginning of the last century, began to encroach upon them, they vested their whole East India 商業 in an 排除的 company. The English, French, Swedes, and Danes have all followed their example, so that no 広大な／多数の／重要な nation in Europe has ever yet had the 利益 of a 解放する／自由な 商業 to the East Indies. No other 推論する／理由 need be 割り当てるd why it has never been so advantageous as the 貿易（する） to America, which, between almost every nation of Europe and its own 植民地s, is 解放する／自由な to all its 支配するs. The 排除的 特権s of those East India companies, their 広大な／多数の／重要な riches, the 広大な／多数の／重要な favour and 保護 which these have procured them from their 各々の 政府s, have excited much envy against them. This envy has fr equently 代表するd their 貿易（する） as altogether pernicious, on account of the 広大な／多数の／重要な 量s of silver which it every year 輸出（する）s from the countries from which it is carried on. The parties 関心d have replied that their 貿易（する）, by this continual exportation of silver, might indeed tend to impoverish Europe in general, but not the particular country from which it was carried on; because, by the exportation of a part of the returns to other European countries, it 毎年 brought home a much greater 量 of that metal than it carried out. Both the 反対 and the reply are 設立するd in the popular notion which I have been just now 診察するing. It is therefore unnecessary to say anything その上の about either. By the 年次の exportation of silver to the East Indies, plate is probably somewhat dearer in Europe than it さもなければ might have been; and coined silver probably 購入（する）s a larger 量 both of 労働 and 商品／必需品s. The former of these two 影響s is a very small loss, the latter a very small advantage; both too insignificant to deserve any part of the public attention. The 貿易（する） to the East Indies, by 開始 a market to the 商品／必需品s of Europe, or, what comes nearly to the same thing, to the gold and silver which is 購入（する）d with those 商品／必需品s, must やむを得ず tend to 増加する the 年次の 生産／産物 of European 商品／必需品s, and その結果 the real wealth and 歳入 of Europe. That it has hitherto 増加するd them so little is probably 借りがあるing to the 抑制s which it everywhere 労働s under.

I thought it necessary, though at the hazard of 存在 tedious, to 診察する at 十分な length this popular notion that wealth consists in money, or in gold and silver. Money in ありふれた language, as I have already 観察するd, frequently signifies wealth, and this ambiguity of 表現 has （判決などを）下すd this popular notion so familiar to us that even they who are 納得させるd of its absurdity are very apt to forget their own 原則s, and in the course of their reasonings to take it for 認めるd as a 確かな and 否定できない truth. Some of the best English writers upon 商業 始める，決める out with 観察するing that the wealth of a country consists, not in its gold and silver only, but in its lands, houses, and consumable goods of all different 肉親，親類d. In the course of their reasonings, however, the lands, houses, and consumable goods seem to slip out of their memory, and the 緊張する of their argument frequently supposes that all wealth consists in gold and silver, and that to multiply those metals is the 広大な／多数の／重要な 反対する of 国家の 産業 and 商業.

The two 原則s 存在 設立するd, however, that wealth consisted in gold and silver, and that those metals could be brought into a country which had no 地雷s only by the balance of 貿易（する）, or by 輸出（する）ing to a greater value than it 輸入するd, it やむを得ず became the 広大な／多数の／重要な 反対する of political economy to 減らす as much as possible the 輸入 of foreign goods for home 消費, and to 増加する as much as possible the exportation of the produce of 国内の 産業. Its two 広大な／多数の／重要な engines for 濃厚にするing the country, therefore, were 抑制s upon 輸入, and 激励s to exportation.

The 抑制s upon 輸入 were of two 肉親，親類d.

First, 抑制s upon the 輸入 of such foreign goods for home 消費 as could be produced at home, from whatever country they were 輸入するd.

Secondly, 抑制s upon the 輸入 of goods of almost all 肉親，親類d from those particular countries with which the balance of 貿易（する） was supposed to be disadvantageous.

Those different 抑制s consisted いつかs in high 義務s, and いつかs in 絶対の 禁止s.

Exportation was encouraged いつかs by drawbacks, いつかs by bounties, いつかs by advantageous 条約s of 商業 with foreign 明言する／公表するs, and いつかs by the 設立 of 植民地s in distant countries.

Drawbacks were given upon two different occasions. When the home 製造（する）s were 支配する to any 義務 or excise, either the whole or a part of it was frequently drawn 支援する upon their exportation; and when foreign goods liable to a 義務 were 輸入するd ーするために be 輸出（する）d again, either the whole or a part of this 義務 was いつかs given 支援する upon such exportation.

Bounties were given for the 激励 either of some beginning 製造（する）s, or of such sorts of 産業 of other 肉親，親類d as supposed to deserve particular favour.

By advantageous 条約s of 商業, particular 特権s were procured in some foreign 明言する／公表する for the goods and merchants of the country, beyond what were 認めるd to those other countries.

By 設立するd 設立 of 植民地s in distant countries, not only particular 特権s, but a monopoly was frequently procured for the goods and merchants of the country which 設立するd them.

The two sorts of 抑制s upon 輸入 above-について言及するd, together with these four 激励s to exportation, 構成する the six 主要な／長／主犯 means by which the 商業の system 提案するs to 増加する the 量 of gold and silver in any country by turning the balance of 貿易（する） in its favour. I shall consider each of them in a particular 一時期／支部, and without taking much その上の notice of their supposed 傾向 to bring money into the country, I shall 診察する 主として what are likely to be the 影響s of each of them upon the 年次の produce of its 産業. （許可，名誉などを）与えるing as they tend either to 増加する or 減らす the value of this 年次の produce, they must evidently tend either to 増加する or 減らす the real wealth and 歳入 of the country.

一時期／支部 II
Of 抑制s upon the 輸入 from Foreign Countries
of such Goods as can be produced at Home

That this monopoly of the home market frequently gives 広大な／多数の／重要な 激励 to that particular 種類 of 産業 which enjoys it, and frequently turns に向かって that 雇用 a greater 株 of both the 労働 and 在庫／株 of the society than would さもなければ have gone to it, cannot be 疑問d. But whether it tends either to 増加する the general 産業 of the society, or to give it the most advantageous direction, is not, perhaps, altogether so evident.

The general 産業 of the society never can 越える what the 資本／首都 of the society can 雇う. As the number of workmen that can be kept in 雇用 by any particular person must 耐える a 確かな 割合 to his 資本／首都, so the number of those that can be continually 雇うd by all the members of a 広大な／多数の／重要な society must 耐える a 確かな 割合 to the whole 資本／首都 of that society, and never can 越える that 割合. No 規則 of 商業 can 増加する the 量 of 産業 in any society beyond what its 資本／首都 can 持続する. It can only コースを変える a part of it into a direction into which it might not さもなければ have gone; and it is by no means 確かな that this 人工的な direction is likely to be more advantageous to the society than that into which it would have gone of its own （許可，名誉などを）与える.

Every individual is continually 発揮するing himself to find out the most advantageous 雇用 for whatever 資本／首都 he can 命令（する）. It is his own advantage, indeed, and not that of the society, which he has in 見解（をとる）. But the 熟考する／考慮する of his own advantage 自然に, or rather やむを得ず, leads him to prefer that 雇用 which is most advantageous to the society.

First, every individual endeavours to 雇う his 資本／首都 as 近づく home as he can, and その結果 as much as he can in the support of 国内の 産業; 供給するd always that he can その為に 得る the ordinary, or not a 広大な／多数の／重要な 取引，協定 いっそう少なく than the ordinary 利益（をあげる）s of 在庫／株.

Thus, upon equal or nearly equal 利益（をあげる）s, every 卸売 merchant 自然に prefers the home 貿易（する） to the foreign 貿易（する） of 消費, and the foreign 貿易（する） of 消費 to the carrying 貿易（する）. In the home 貿易（する） his 資本／首都 is never so long out of his sight as it frequently is in the foreign 貿易（する） of 消費. He can know better the character and 状況／情勢 of the persons whom he 信用s, and if he should happen to be deceived, he knows better the 法律s of the country from which he must 捜し出す 是正する. In the carrying 貿易（する）, the 資本／首都 of the merchant is, as it were, divided between two foreign countries, and no part of it is ever やむを得ず brought home, or placed under his own 即座の 見解（をとる） and 命令（する）. The 資本／首都 which an Amsterdam merchant 雇うs in carrying corn from Konigsberg to Lisbon, and fruit and ワイン from Lisbon to Konigsberg, must 一般に be the one half of it at Konigsberg and the other half at Lisbon. No part of it need ever come to Amsterdam. The natural 住居 of such a merchant should either be at Konigsberg or Lisbon, and it can only be some very particular circumstances which can make him prefer the 住居 of Amsterdam. The uneasiness, however, which he feels at 存在 separated so far from his 資本／首都 一般に 決定するs him to bring part both of the Konigsberg goods which he 運命にあるs for the market of Lisbon, and of the Lisbon goods which he 運命にあるs for that of Konigsberg, to Amsterdam: and though this やむを得ず 支配するs him to a 二塁打 告発（する），告訴（する）／料金 of 負担ing and 荷を降ろすing, 同様に as to the 支払い（額） of some 義務s and customs, yet for the sake of having some part of his 資本／首都 always under his own 見解（をとる） and 命令（する）, he willingly 服従させる／提出するs to this 驚くべき／特命の／臨時の 告発（する），告訴（する）／料金; and it is in this manner that every country which has any かなりの 株 of the carrying 貿易（する） becomes always the emporium, or general market, for the goods of all the different countries whose 貿易（する） it carries on. The merchant, ーするために save a second 負担ing and 荷を降ろすing, endeavours always to sell in the hom e market as much of the goods of all those different countries as he can, and thus, so far as he can, to 変える his carrying 貿易（する） into a foreign 貿易（する） of 消費. A merchant, in the same manner, who is engaged in the foreign 貿易（する） of 消費, when he collects goods for foreign markets, will always be glad, upon equal or nearly equal 利益（をあげる）s, to sell as 広大な／多数の／重要な a part of them at home as he can. He saves himself the 危険 and trouble of exportation, when, so far as he can, he thus 変えるs his foreign 貿易（する） of 消費 into a home 貿易（する）. Home is in this manner the centre, if I may say so, 一連の会議、交渉／完成する which the 資本／首都s of the inhabitants of every country are continually 広まる, and に向かって which they are always tending, though by particular 原因（となる）s they may いつかs be driven off and repelled from it に向かって more distant 雇用s. But a 資本／首都 雇うd in the home 貿易（する）, it has already been shown, やむを得ず puts into 動議 a greater 量 of 国内の 産業, and gives 歳入 and 雇用 to a greater number of the inhabitants of the country, than an equal 資本／首都 雇うd in the foreign 貿易（する） of 消費: and one 雇うd in the foreign 貿易（する） of 消費 has the same advantage over an equal 資本／首都 雇うd in the carrying 貿易（する）. Upon equal, or only nearly equal 利益（をあげる）s, therefore, every individual 自然に inclines to 雇う his 資本／首都 in the manner in which it is likely to afford the greatest support to 国内の 産業, and to give 歳入 and 雇用 to the greatest number of people of his own country.

Secondly, every individual who 雇うs his 資本／首都 in the support of 国内の 産業, やむを得ず endeavours so to direct that 産業 that its produce may be of the greatest possible value.

The produce of 産業 is what it 追加するs to the 支配する or 構成要素s upon which it is 雇うd. In 割合 as the value of this produce is 広大な／多数の／重要な or small, so will likewise be the 利益（をあげる）s of the 雇用者. But it is only for the sake of 利益（をあげる） that any man 雇うs a 資本／首都 in the support of 産業; and he will always, therefore, endeavour to 雇う it in the support of that 産業 of which the produce is likely to be of the greatest value, or to 交流 for the greatest 量 either of money or of other goods.

But the 年次の 歳入 of every society is always 正確に equal to the exchangeable value of the whole 年次の produce of its 産業, or rather is 正確に the same thing with that exchangeable value. As every individual, therefore, endeavours as much as he can both to 雇う his 資本／首都 in the support of 国内の 産業, and so to direct that 産業 that its produce may be of the greatest value; every individual やむを得ず 労働s to （判決などを）下す the 年次の 歳入 of the society as 広大な／多数の／重要な as he can. He 一般に, indeed, neither ーするつもりであるs to 促進する the public 利益／興味, nor knows how much he is 促進するing it. By preferring the support of 国内の to that of foreign 産業, he ーするつもりであるs only his own 安全; and by directing that 産業 in such a manner as its produce may be of the greatest value, he ーするつもりであるs only his own 伸び（る）, and he is in this, as in many other 事例／患者s, led by an invisible 手渡す to 促進する an end which was no part of his 意向. Nor is it always the worse for the society that it was no part of it. By 追求するing his own 利益／興味 he frequently 促進するs that of the society more effectually than when he really ーするつもりであるs to 促進する it. I have never known much good done by those who 影響する／感情d to 貿易（する） for the public good. It is an affectation, indeed, not very ありふれた の中で merchants, and very few words need be 雇うd in dissuading them from it.

What is the 種類 of 国内の 産業 which his 資本／首都 can 雇う, and of which the produce is likely to be of the greatest value, every individual, it is evident, can, in his 地元の 状況／情勢, 裁判官 much better than any 政治家 or lawgiver can do for him. The 政治家 who should 試みる／企てる to direct 私的な people in what manner they せねばならない 雇う their 資本／首都s would not only 負担 himself with a most unnecessary attention, but assume an 当局 which could 安全に be 信用d, not only to no 選び出す／独身 person, but to no 会議 or 上院 whatever, and which would nowhere be so dangerous as in the 手渡すs of a man who had folly and presumption enough to fancy himself fit to 演習 it.

To give the monopoly of the home market to the produce of 国内の 産業, in any particular art or 製造（する）, is in some 手段 to direct 私的な people in what manner they せねばならない 雇う their 資本／首都s, and must, in almost all 事例／患者s, be either a useless or a hurtful 規則. If the produce of 国内の can be brought there as cheap as that of foreign 産業, the 規則 is evidently useless. If it cannot, it must 一般に be hurtful. It is the maxim of every 慎重な master of a family never to 試みる／企てる to make at home what it will cost him more to make than to buy. The tailor does not 試みる／企てる to make his own shoes, but buys them of the shoemaker. The shoemaker does not 試みる／企てる to make his own 着せる／賦与するs, but 雇うs a tailor. The 農業者 試みる／企てるs to make neither the one nor the other, but 雇うs those different artificers. All of them find it for their 利益／興味 to 雇う their whole 産業 in a way in which they have some advantage over their 隣人s, and to 購入（する） with a part of its produce, or what is the same thing, with the price of a part of it, whatever else they have occasion for.

What is prudence in the 行為／行う of every 私的な family can 不十分な be folly in that of a 広大な／多数の／重要な kingdom. If a foreign country can 供給（する） us with a 商品／必需品 cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own 産業 雇うd in a way in which we have some advantage. The general 産業 of the country, 存在 always in 割合 to the 資本／首都 which 雇うs it, will not その為に be 減らすd, no more than that of the above-について言及するd artificers; but only left to find out the way in which it can be 雇うd with the greatest advantage. It is certainly not 雇うd to the greatest advantage when it is thus directed に向かって an 反対する which it can buy cheaper than it can make. The value of its 年次の produce is certainly more or いっそう少なく 減らすd when it is thus turned away from producing 商品／必需品s evidently of more value than the 商品／必需品 which it is directed to produce. によれば the supposition, that 商品／必需品 could be 購入（する）d from foreign countries cheaper than it can be made at home. It could, therefore, have been 購入（する）d with a part only of the 商品／必需品s, or, what is the same thing, with a part only of the price of the 商品／必需品s, which the 産業 雇うd by an equal 資本／首都 would have produced at home, had it been left to follow its natural course. The 産業 of the country, therefore, is thus turned away from a more to a いっそう少なく advantageous 雇用, and the exchangeable value of its 年次の produce, instead of 存在 増加するd, によれば the 意向 of the lawgiver, must やむを得ず be 減らすd by every such 規則.

By means of such 規則s, indeed, a particular 製造（する） may いつかs be acquired sooner than it could have been さもなければ, and after a 確かな time may be made at home as cheap or cheaper than in the foreign country. But though the 産業 of the society may be thus carried with advantage into a particular channel sooner than it could have been さもなければ, it will by no means follow that the sum total, either of its 産業, or of its 歳入, can ever be augmented by any such 規則. The 産業 of the society can augment only in 割合 as its 資本／首都 augments, and its 資本／首都 can augment only in 割合 to what can be 徐々に saved out of its 歳入. But the 即座の 影響 of every such 規則 is to 減らす its 歳入, and what 減らすs its 歳入 is certainly not very likely to augment its 資本／首都 faster than it would have augmented of its own （許可，名誉などを）与える had both 資本／首都 and 産業 been left to find out their natural 雇用s.

Though for want of such 規則s the society should never acquire the 提案するd 製造（する）, it would not, upon that account, やむを得ず be the poorer in any one period of its duration. In every period of its duration its whole 資本／首都 and 産業 might still have been 雇うd, though upon different 反対するs, in the manner that was most advantageous at the time. In every period its 歳入 might have been the greatest which its 資本／首都 could afford, and both 資本／首都 and 歳入 might have been augmented with the greatest possible rapidity.

The natural advantages which one country has over another in producing particular 商品／必需品s are いつかs so 広大な／多数の／重要な that it is 定評のある by all the world to be in vain to struggle with them. By means of glasses, hotbeds, and hot 塀で囲むs, very good grapes can be raised in Scotland, and very good ワイン too can be made of them at about thirty times the expense for which at least 平等に good can be brought from foreign countries. Would it be a reasonable 法律 to 禁じる the 輸入 of all foreign ワインs 単に to encourage the making of claret and burgundy in Scotland? But if there would be a manifest absurdity in turning に向かって any 雇用 thirty times more of the 資本／首都 and 産業 of the country than would be necessary to 購入（する） from foreign countries an equal 量 of the 商品／必需品s 手配中の，お尋ね者, there must be an absurdity, though not altogether so glaring, yet 正確に／まさに of the same 肉親，親類d, in turning に向かって any such 雇用 a thirtieth, or even a three-hundredth part more of either. Whether the advantages which one country has over another be natural or acquired is in this 尊敬（する）・点 of no consequence. As long as the one country has those advantages, and the other wants them, it will always be more advantageous for the latter rather to buy of the former than to make. It is an acquired advantage only, which one artificer has over his 隣人, who 演習s another 貿易（する）; and yet they both find it more advantageous to buy of one another than to make what does not belong to their particular 貿易（する）s.

Merchants and 製造業者s are the people who derive the greatest advantage from this monopoly of the home market. The 禁止 of the 輸入 of foreign cattle, and of salt 準備／条項s, together with the high 義務s upon foreign corn, which in times of 穏健な plenty 量 to a 禁止, are not 近づく so advantageous to the graziers and 農業者s of 広大な／多数の／重要な Britain as other 規則s of the same 肉親，親類d are to its merchants and 製造業者s. 製造（する）s, those of the finer 肉親，親類d 特に, are more easily 輸送（する）d from one country to another than corn or cattle. It is in the fetching and carrying 製造（する）s, accordingly, that foreign 貿易（する） is 主として 雇うd. In 製造（する）s, a very small advantage will enable foreigners to undersell our own workmen, even in the home market. It will 要求する a very 広大な／多数の／重要な one to enable them to do so in the rude produce of the 国／地域. If the 解放する／自由な 輸入 of foreign 製造（する）s were permitted, several of the home 製造（する）s would probably 苦しむ, and some of them, perhaps, go to 廃虚 altogether, and a かなりの part of the 在庫／株 and 産業 at 現在の 雇うd in them would be 軍隊d to find out some other 雇用. But the freest 輸入 of the rude produce of the 国／地域 could have no such 影響 upon the 農業 of the country.

If the 輸入 of foreign cattle, for example, were made ever so 解放する／自由な, so few could be 輸入するd that the grazing 貿易（する） of 広大な／多数の／重要な Britain could be little 影響する／感情d by it. Live cattle are, perhaps, the only 商品／必需品 of which the transportation is more expensive by sea than by land. By land they carry themselves to market. By sea, not only the cattle, but their food and their water too, must be carried at no small expense and inconveniency. The short sea between Ireland and 広大な／多数の／重要な Britain, indeed, （判決などを）下すs the 輸入 of Irish cattle more 平易な. But though the 解放する／自由な 輸入 of them, which was lately permitted only for a 限られた／立憲的な time, were （判決などを）下すd perpetual, it could have no かなりの 影響 upon the 利益／興味 of the graziers of 広大な／多数の／重要な Britain. Those parts of 広大な／多数の／重要な Britain which 国境 upon the Irish Sea are all grazing countries. Irish cattle could never be 輸入するd for their use, but must be driven through those very 広範囲にわたる countries, at no small expense and inconveniency, before they could arrive at their proper market. Fat cattle could not be driven so far. Lean cattle, therefore, only could be 輸入するd, and such 輸入 could 干渉する, not with the 利益／興味 of the feeding or fattening countries, to which, by 減ずるing the price of lean cattle, it would rather be advantageous, but with that of the 産む／飼育するing countries only. The small number of Irish cattle 輸入するd since their 輸入 was permitted, together with the good price at which lean cattle still continue to sell, seem to 論証する that even the 産む／飼育するing countries of 広大な／多数の／重要な Britain are never likely to be much 影響する／感情d by the 解放する／自由な 輸入 of Irish cattle. The ありふれた people of Ireland, indeed, are said to have いつかs …に反対するd with 暴力／激しさ the exportation of their cattle. But if the 輸出業者s had 設立する any 広大な／多数の／重要な advantage in continuing the 貿易（する）, they could easily, when the 法律 was on their 味方する, have 征服する／打ち勝つd this mobbish 対立.

Feeding and fattening countries, besides, must always be 高度に 改善するd, 反して 産む／飼育するing countries are 一般に uncultivated. The high price of lean cattle, by augmenting the value of uncultivated land, is like a bounty against 改良. To any country which was 高度に 改善するd throughout, it would be more advantageous to 輸入する its lean cattle than to 産む／飼育する them. The 州 of Holland, accordingly, is said to follow this maxim at 現在の. The mountains of Scotland, むちの跡s, and Northumberland, indeed, are countries not 有能な of much 改良, and seem 運命にあるd by nature to be the 産む／飼育するing countries of 広大な／多数の／重要な Britain. The freest 輸入 of foreign cattle could have no other 影響 than to 妨げる those 産む／飼育するing countries from taking advantage of the 増加するing 全住民 and 改良 of the 残り／休憩（する） of the kingdom, from raising their price to an exorbitant 高さ, and from laying a real 税金 upon all the more 改善するd and cultivated parts of the country.

The freest 輸入 of salt 準備／条項s, in the same manner, could have as little 影響 upon the 利益／興味 of the graziers of 広大な／多数の／重要な Britain as that of live cattle. Salt 準備／条項s are not only a very bulky 商品／必需品, but when compared with fresh meat, they are a 商品／必需品 both of worse 質, and as they cost more 労働 and expense, of higher price. They could never, therefore, come into 競争 with the fresh meat, though they might with the salt 準備／条項s of the country. They might be used for victualling ships for distant voyages and such like uses, but could never make any かなりの part of the food of the people. The small 量 of salt 準備／条項s 輸入するd from Ireland since their 輸入 was （判決などを）下すd 解放する／自由な is an 実験の proof that our graziers have nothing to apprehend from it. It does not appear that the price of butcher's meat has ever been sensibly 影響する／感情d by it.

Even the 解放する／自由な 輸入 of foreign corn could very little 影響する／感情 the 利益／興味 of the 農業者s of 広大な／多数の／重要な Britain. Corn is a much more bulky 商品／必需品 than butcher's meat. A 続けざまに猛撃する of wheat at a penny is as dear as a 続けざまに猛撃する of butcher's meat at fourpence. The small 量 of foreign corn 輸入するd even in times of the greatest scarcity may 満足させる our 農業者s that they can have nothing to 恐れる from the freest 輸入. The 普通の／平均（する） 量 輸入するd, one year with another, 量s only, によれば the very 井戸／弁護士席 知らせるd author of the tracts upon the corn 貿易（する）, to twenty-three thousand seven hundred and twenty-eight ４半期/4分の1s of all sorts of 穀物, and does not 越える the five hundred and seventy-first part of the 年次の 消費. But as the bounty upon corn occasions a greater exportation in years of plenty, so it must of consequence occasion a greater 輸入 in years of scarcity than in the actual 明言する／公表する of tillage would さもなければ take place. By means of it the plenty of one year does not 補償する the scarcity of another, and as the 普通の／平均（する） 量 輸出（する）d is やむを得ず augmented by it, so must likewise, in the actual 明言する／公表する of tillage, the 普通の／平均（する） 量 輸入するd. If there were no bounty, as いっそう少なく corn would be 輸出（する）d, so it is probable that, one year with another, いっそう少なく would be 輸入するd than at 現在の. The corn-merchants, the fetchers and 運送／保菌者s of corn between 広大な／多数の／重要な Britain and foreign countries would have much いっそう少なく 雇用, and might 苦しむ かなり; but the country gentlemen and 農業者s could 苦しむ very little. It is in the corn merchants accordingly, rather than in the country gentlemen and 農業者s, that I have 観察するd the greatest 苦悩 for the 再開 and 延長／続編 of the bounty.

Country gentlemen and 農業者s are, to their 広大な／多数の／重要な honour, of all people, the least 支配する to the wretched spirit of monopoly. The undertaker of a 広大な／多数の／重要な manufactory is いつかs alarmed if another work of the same 肉親，親類d is 設立するd within twenty miles of him. The Dutch undertaker of the woollen 製造（する） at Abbeville 規定するd that no work of the same 肉親，親類d should be 設立するd within thirty leagues of that city. 農業者s and country gentlemen, on the contrary, are 一般に 性質の／したい気がして rather to 促進する than to 妨害する the cultivation and 改良 of their 隣人s' farms and 広い地所s. They have no secrets such as those of the greater part of 製造業者s, but are 一般に rather fond of communicating to their 隣人s and of 延長するing as far as possible any new practice which they have 設立する to be advantageous. Pius Questus, says old Cato, stabilissimusque, minimeque invidiosus; minimeque male cogitantes sunt, qui in eo studio occupati sunt. Country gentlemen and 農業者s, 分散させるd in different parts of the country, cannot so easily 連合させる as merchants and 製造業者s, who, 存在 collected into towns, and accustomed to that 排除的 会社／団体 spirit which 勝つ／広く一帯に広がるs in them, 自然に endeavour to 得る against all their countrymen the same 排除的 特権 which they 一般に 所有する against the inhabitants of their 各々の towns. They accordingly seem to have been the 初めの inventors of those 抑制s upon the 輸入 of foreign goods which 安全な・保証する to them the monopoly of the home market. It was probably in imitation of them, and to put themselves upon a level with those who, they 設立する, were 性質の／したい気がして to 抑圧する them, that the country gentlemen and 農業者s of 広大な／多数の／重要な Britain in so far forgot the generosity which is natural to their 駅／配置する as to 需要・要求する the 排除的 特権 of 供給（する）ing their countrymen with corn and butcher's meat. They did not perhaps take time to consider how much いっそう少なく their 利益／興味 could be 影響する／感情d by the freedom of 貿易（する） than that of the people whose exam ple they followed.

To 禁じる by a perpetual 法律 the 輸入 of foreign corn and cattle is in reality to 制定する that the 全住民 and 産業 of the country shall at no time 越える what the rude produce of its own 国／地域 can 持続する.

There seem, however, to be two 事例／患者s in which it will 一般に be advantageous to lay some 重荷（を負わせる） upon foreign for the 激励 of 国内の 産業.

The first is, when some particular sort of 産業 is necessary for the defence of the country. The defence of 広大な／多数の／重要な Britain, for example, depends very much upon the number of its sailors and shipping. The 行為／法令／行動する of 航海, therefore, very 適切に endeavours to give the sailors and shipping of 広大な／多数の／重要な Britain the monopoly of the 貿易（する） of their own country in some 事例／患者s by 絶対の 禁止s and in others by 激しい 重荷（を負わせる）s upon the shipping of foreign countries. The に引き続いて are the 主要な／長／主犯 dispositions of this 行為／法令／行動する.

First, all ships, of which the owners and three-fourths of the 水夫s are not British 支配するs, are 禁じるd, upon 苦痛 of 没収されるing ship and 貨物, from 貿易（する）ing to the British 解決／入植地s and 農園s, or from 存在 雇うd in the coasting 貿易（する） of 広大な／多数の／重要な Britain.

Secondly, a 広大な／多数の／重要な variety of the most bulky articles of 輸入 can be brought into 広大な／多数の／重要な Britain only, either in such ships as are above 述べるd, or in ships of the country where those goods are 購入（する）d, and of which the owners, masters, and three-fourths of the 水夫s are of that particular country; and when 輸入するd even in ships of this latter 肉親，親類d, they are 支配する to 二塁打 外国人s' 義務. If 輸入するd in ships of any other country, the 刑罰，罰則 is 没収 of ship and goods. When this 行為／法令／行動する was made, the Dutch were, what they still are, the 広大な／多数の／重要な 運送／保菌者s of Europe, and by this 規則 they were 完全に 除外するd from 存在 the 運送／保菌者s to 広大な／多数の／重要な Britain, or from 輸入するing to us the goods of any other European country.

Thirdly, a 広大な／多数の／重要な variety of the most bulky articles of 輸入 are 禁じるd from 存在 輸入するd, even in British ships, from any country but that in which they are produced, under 苦痛s of 没収されるing ship and 貨物. This 規則, too, was probably ーするつもりであるd against the Dutch. Holland was then, as now, the 広大な／多数の／重要な emporium for all European goods, and by this 規則 British ships were 妨げるd from 負担ing in Holland the goods of any other European country.

Fourthly, salt fish of all 肉親，親類d, 鯨-fins, 鯨-bone, oil, and blubber, not caught by and cured on board British 大型船s, when 輸入するd into 広大な／多数の／重要な Britain, are 支配するd to 二塁打 外国人s' 義務. The Dutch, as they are they the 主要な／長／主犯, were then the only fishers in Europe that 試みる／企てるd to 供給（する） foreign nations with fish. By this 規則, a very 激しい 重荷（を負わせる） was laid upon their 供給（する）ing 広大な／多数の／重要な Britain.

When the 行為／法令／行動する of 航海 was made, though England and Holland were not 現実に at war, the most violent animosity subsisted between the two nations. It had begun during the 政府 of the Long 議会, which first でっちあげる，人を罪に陥れるd this 行為／法令／行動する, and it broke out soon after in the Dutch wars during that of the Protector and of Charles the Second. It is not impossible, therefore, that some of the 規則s of this famous 行為／法令／行動する may have proceeded from 国家の animosity. They are as wise, however, as if they had all been dictated by the most 審議する／熟考する 知恵. 国家の animosity at that particular time 目的（とする）d at the very same 反対する which the most 審議する／熟考する 知恵 would have recommended, the diminution of the 海軍の 力／強力にする of Holland, the only 海軍の 力／強力にする which could 危うくする the 安全 of England.

The 行為／法令／行動する of 航海 is not favourable to foreign 商業, or to the growth of that opulence which can arise from it. The 利益／興味 of a nation in its 商業の relations to foreign nations is, like that of a merchant with regard to the different people with whom he 取引，協定s, to buy as cheap and to sell as dear as possible. But it will be most likely to buy cheap, when by the most perfect freedom of 貿易（する） it encourages all nations to bring to it the goods which it has occasion to 購入（する）; and, for the same 推論する／理由, it will be most likely to sell dear, when its markets are thus filled with the greatest number of 買い手s. The 行為／法令／行動する of 航海, it is true, lays no 重荷（を負わせる） upon foreign ships that come to 輸出（する） the produce of British 産業. Even the 古代の 外国人s' 義務, which used to be paid upon all goods 輸出（する）d 同様に as 輸入するd, has, by several その後の 行為／法令／行動するs, been taken off from the greater part of the articles of exportation. But if foreigners, either by 禁止s or high 義務s, are 妨げるd from coming to sell, they cannot always afford to come to buy; because coming without a 貨物, they must lose the freight from their own country to 広大な／多数の／重要な Britain. By 減らすing the number of 販売人s, therefore, we やむを得ず 減らす that of 買い手s, and are thus likely not only to buy foreign goods dearer, but to sell our own cheaper, than if there was a more perfect freedom of 貿易（する）. As defence, however it is of much more importance than opulence, the 行為／法令／行動する of 航海 is, perhaps, the wisest of all the 商業の 規則s of England.

The second 事例／患者, in which it will 一般に be advantageous to lay some 重荷（を負わせる） upon foreign for the 激励 of 国内の 産業 is, when some 税金 is 課すd at home upon the produce of the latter. In this 事例／患者, it seems reasonable that an equal 税金 should be 課すd upon the like produce of the former. This would not give the monopoly of the home market to 国内の 産業, nor turn に向かって a particular 雇用 a greater 株 of the 在庫／株 and 労働 of the country than what would 自然に go to it. It would only 妨げる any part of what would 自然に go to it from 存在 turned away by the 税金 into a いっそう少なく natural direction, and would leave the 競争 between foreign and 国内の 産業, after the 税金, as nearly as possible upon the same 地盤 as before it. In 広大な／多数の／重要な Britain, when any such 税金 is laid upon the produce of 国内の 産業, it is usual at the same time, ーするために stop the clamorous （民事の）告訴s of our merchants and 製造業者s that they will be undersold at home, to lay a much heavier 義務 upon the 輸入 of all foreign goods of the same 肉親，親類d.

This second 制限 of the freedom of 貿易（する） によれば some people should, upon some occasions, be 延長するd much さらに先に than to the 正確な foreign 商品／必需品s which could come into 競争 with those which had been 税金d at home. When the necessaries of life have been 税金d any country, it becomes proper, they pretend, to 税金 not only the like necessaries of life 輸入するd from other countries, but all sorts of foreign goods which can come into 競争 with anything that is the produce of 国内の 産業. Subsistence, they say, becomes やむを得ず dearer in consequence of such 税金s; and the price of 労働 must always rise with the price of the labourers' subsistence. Every 商品／必需品, therefore, which is the produce of 国内の 産業, though not すぐに 税金d itself, becomes dearer in consequence of such 税金s, because the 労働 which produces it becomes so. Such 税金s, therefore, are really 同等（の）, they say, to a 税金 upon every particular 商品／必需品 produced at home. ーするために put 国内の upon the same 地盤 with foreign 産業, therefore, it becomes necessary, they think, to lay some 義務 upon every foreign 商品／必需品 equal to this enhancement of the price of the home 商品／必需品s with which it can come into 競争.

Whether 税金s upon the necessaries of life, such as those in 広大な／多数の／重要な Britain upon soap, salt, leather, candles, etc., やむを得ず raise the price of 労働, and その結果 that of all other 商品／必需品s, I shall consider hereafter when I come to 扱う／治療する of 税金s. Supposing, however, in the 合間, that they have this 影響, and they have it undoubtedly, this general enhancement of the price of all 商品／必需品s, in consequence of that of 労働, is a 事例／患者 which 異なるs in the two に引き続いて 尊敬（する）・点s from that of a particular 商品／必需品 of which the price was 高めるd by a particular 税金 すぐに 課すd upon it.

First, it might always be known with 広大な／多数の／重要な exactness how far the price of such a 商品／必需品 could be 高めるd by such a 税金: but how far the general enhancement of the price of 労働 might 影響する／感情 that of every different 商品／必需品 about which 労働 was 雇うd could never be known with any tolerable exactness. It would be impossible, therefore, to 割合 with any tolerable exactness the 税金 upon every foreign to this enhancement of the price of every home 商品／必需品.

Secondly, 税金s upon the necessaries of life have nearly the same 影響 upon the circumstances of the people as a poor 国／地域 and a bad 気候. 準備／条項s are その為に （判決などを）下すd dearer in the same manner as if it 要求するd 驚くべき／特命の／臨時の 労働 and expense to raise them. As in the natural scarcity arising from 国／地域 and 気候 it would be absurd to direct the people in what manner they せねばならない 雇う their 資本／首都s and 産業, so is it likewise in the 人工的な scarcity arising from such 税金s. To be left to 融通する, 同様に as they could, their 産業 to their 状況／情勢, and to find out those 雇用s in which, notwithstanding their unfavourable circumstances, they might have some advantage either in the home or in the foreign market, is what in both 事例／患者s would evidently be most for their advantage. To lay a new 税金 upon them, because they are already overburdened with 税金s, and because they already 支払う／賃金 too dear for the necessaries of life, to make them likewise 支払う／賃金 too dear for the greater part of other 商品／必需品s, is certainly a most absurd way of making 修正するs.

Such 税金s, when they have grown up to a 確かな 高さ, are a 悪口を言う／悪態 equal to the barrenness of the earth and the inclemency of the heavens; and yet it is in the richest and most industrious countries that they have been most 一般に 課すd. No other countries could support so 広大な／多数の／重要な a disorder. As the strongest 団体／死体s only can live and enjoy health under an unwholesome regimen, so the nations only that in every sort of 産業 have the greatest natural and acquired advantages can subsist and 栄える under such 税金s. Holland is the country in Europe in which they abound most, and which from peculiar circumstances continues to 栄える, not by means of them, as has been most absurdly supposed, but in spite of them.

As there are two 事例／患者s in which it will 一般に be advantageous to lay some 重荷（を負わせる） upon foreign for the 激励 of 国内の 産業, so there are two others in which it may いつかs be a 事柄 of 審議; in the one, how far it is proper to continue the 解放する／自由な 輸入 of 確かな foreign goods; and in the other, how far, or in what manner, it may be proper to 回復する that 解放する／自由な 輸入 after it has been for some time interrupted.

The 事例／患者 in which it may いつかs be a 事柄 of 審議 how far it is proper to continue the 解放する／自由な 輸入 of 確かな foreign goods is, when some foreign nation 抑制するs by high 義務s or 禁止s the 輸入 of some of our 製造（する）s into their country. 復讐 in this 事例／患者 自然に dictates 報復, and that we should 課す the like 義務s and 禁止s upon the 輸入 of some or all of their 製造（する）s into ours. Nations, accordingly, seldom fail to 報復する in this manner. The French have been 特に 今後 to favour their own 製造（する）s by 抑制するing the 輸入 of such foreign goods as could come into 競争 with them. In this consisted a 広大な／多数の／重要な part of the 政策 of Mr. Colbert, who, notwithstanding his 広大な／多数の／重要な abilities, seems in this 事例／患者 to have been 課すd upon by the sophistry of merchants and 製造業者s, who are always 需要・要求するing a monopoly against their countrymen. It is at 現在の the opinion of the most intelligent men in フラン that his 操作／手術s of this 肉親，親類d have not been 有益な to his country. That 大臣, by the 関税 of 1667, 課すd very high 義務s upon a 広大な／多数の／重要な number of foreign 製造（する）s. Upon his 辞退するing to 穏健な them in favour of the Dutch, they in 1671 禁じるd the 輸入 of the ワインs, brandies, and 製造（する）s of フラン. The war of 1672 seems to have been in part occasioned by this 商業の 論争. The peace of Nimeguen put an end to it in 1678 by 穏健なing some of those 義務s in favour of the Dutch, who in consequence took off their 禁止. It was about the same time that the French and English began 相互に to 抑圧する each other's 産業 by the like 義務s and 禁止s, of which the French, however, seem to have 始める，決める the first example. The spirit of 敵意 which has subsisted between the two nations ever since has hitherto 妨げるd them from 存在 穏健なd on either 味方する. In 1697 the English 禁じるd the 輸入 of bonelace, the 製造（する） of Flanders. The 政府 of that co untry, at that time under the dominion of Spain, 禁じるd in return the 輸入 of English woollens. In 1700, the 禁止 of 輸入するing bonelace into England was taken off upon 条件 that the importance of English woollens into Flanders should be put on the same 地盤 as before.

There may be good 政策 in 報復s of this 肉親，親類d, when there is a probability that they will procure the 廃止する of the high 義務s or 禁止s complained of. The 回復 of a 広大な／多数の／重要な foreign market will 一般に more than 補償する the transitory inconveniency of 支払う／賃金ing dearer during a short time for some sorts of goods. To 裁判官 whether such 報復s are likely to produce such an 影響 does not, perhaps, belong so much to the science of a 立法議員, whose 審議s せねばならない be 治める／統治するd by general 原則s which are always the same, as to the 技術 of that insidious and crafty animal, vulgarly called a 政治家 or 政治家，政治屋, whose 会議s are directed by the momentary fluctuations of 事件／事情／状勢s. When there is no probability that any such 廃止する can be procured, it seems a bad method of 補償するing the 傷害 done to 確かな classes of our people to do another 傷害 ourselves, not only to those classes, but to almost all the other classes of them. When our 隣人s 禁じる some 製造（する） of ours, we 一般に 禁じる, not only the same, for that alone would seldom 影響する／感情 them かなり, but some other 製造（する） of theirs. This may no 疑問 give 激励 to some particular class of workmen の中で ourselves, and by 除外するing some of their 競争相手s, may enable them to raise their price in the home market. Those workmen, however, who 苦しむd by our 隣人s' 禁止 will not be 利益d by ours. On the contrary, they and almost all the other classes of our 国民s will その為に be 強いるd to 支払う／賃金 dearer than before for 確かな goods. Every such 法律, therefore, 課すs a real 税金 upon the whole country, not in favour of that particular class of workmen who were 負傷させるd by our 隣人s' 禁止, but of some other class.

The 事例／患者 in which it may いつかs be a 事柄 of 審議, how far, or in what manner, it is proper to 回復する the 解放する／自由な 輸入 of foreign goods, after it has been for some time interrupted, is, when particular 製造（する）s, by means of high 義務s or 禁止s upon all foreign goods which can come into 競争 with them, have been so far 延長するd as to 雇う a 広大な／多数の／重要な multitude of 手渡すs. Humanity may in this 事例／患者 要求する that the freedom of 貿易（する） should be 回復するd only by slow gradations, and with a good 取引，協定 of reserve and circumspection. Were those high 義務s and 禁止s taken away all at once, cheaper foreign goods of the same 肉親，親類d might be 注ぐd so 急速な／放蕩な into the home market as to 奪う all at once many thousands of our people of their ordinary 雇用 and means of subsistence. The disorder which this would occasion might no 疑問 be very かなりの. It would in all probability, however, be much いっそう少なく than is 一般的に imagined, for the two に引き続いて 推論する／理由s:-

First, all those 製造（する）s, of which any part is 一般的に 輸出（する）d to other European countries without a bounty, could be very little 影響する／感情d by the freest 輸入 of foreign goods. Such 製造（する）s must be sold as cheap abroad as any other foreign goods of the same 質 and 肉親，親類d, and その結果 must be sold cheaper at home. They would still, therefore, keep 所有／入手 of the home market, and though a capricious man of fashion might いつかs prefer foreign wares, 単に because they were foreign, to cheaper and better goods of the same 肉親，親類d that were made at home, this folly could, from the nature of things, 延長する to so few that it could make no sensible impression upon the general 雇用 of the people. But a 広大な／多数の／重要な part of all the different 支店s of our woollen 製造（する）, of our tanned leather, and of our 金物類／武器類, are 毎年 輸出（する）d to other European countries without any bounty, and these are the 製造（する）s which 雇う the greatest number of 手渡すs. The silk, perhaps, is the 製造（する） which would 苦しむ the most by this freedom of 貿易（する）, and after it the linen, though the latter much いっそう少なく than the former.

Secondly, though a 広大な／多数の／重要な number of people should, by thus 回復するing the freedom of 貿易（する）, be thrown all at once out of their ordinary 雇用 and ありふれた method of subsistence, it would by no means follow that they would その為に be 奪うd either of 雇用 or subsistence. By the 削減 of the army and 海軍 at the end of the late war, more than a hundred thousand 兵士s and seamen, a number equal to what is 雇うd in the greatest 製造（する）s, were all at once thrown out of their ordinary 雇用; but, though they no 疑問 苦しむd some inconveniency, they were not その為に 奪うd of all 雇用 and subsistence. The greater part of the seamen, it is probable, 徐々に betook themselves to the merchant-service as they could find occasion, and in the 合間 both they and the 兵士s were 吸収するd in the 広大な／多数の／重要な 集まり of the people, and 雇うd in a 広大な／多数の／重要な variety of 占領／職業s. Not only no 広大な／多数の／重要な convulsion, but no sensible disorder arose from so 広大な／多数の／重要な a change in the 状況／情勢 of more than a hundred thousand men, all accustomed to the use of 武器, and many of them to rapine and plunder. The number of 浮浪者s was 不十分な anywhere sensibly 増加するd by it, even the 給料 of 労働 were not 減ずるd by it in any 占領／職業, so far as I have been able to learn, except in that of seamen in the merchant service. But if we compare together the habits of a 兵士 and of any sort of 製造業者, we shall find that those of the latter do not tend so much to disqualify him from 存在 雇うd in a new 貿易（する）, as those of the former from 存在 雇うd in any. The 製造業者 has always been accustomed to look for his subsistence from his 労働 only: the 兵士 to 推定する／予想する it from his 支払う／賃金. 使用／適用 and 産業 have been familiar to the one; idleness and dissipation to the other. But it is surely much easier to change the direction of 産業 from one sort of 労働 to another than to turn idleness and dissipation to any. To the greater part of 製造（する）s besides, it has already been 観察するd, the re are other collateral 製造（する）s of so 類似の a nature that a workman can easily 移転 his 産業 from one of them to another. The greater part of such workmen too are occasionally 雇うd in country 労働. The 在庫／株 which 雇うd them in a particular 製造（する） before will still remain in the country to 雇う an equal number of people in some other way. The 資本／首都 of the country remaining the same, the 需要・要求する for 労働 will likewise be the same, or very nearly the same, though it may be 発揮するd in different places and for different 占領／職業s. 兵士s and seamen, indeed, when 発射する／解雇するd from the king's service, are at liberty to 演習 any 貿易（する）, within any town or place of 広大な／多数の／重要な Britain or Ireland. Let the same natural liberty of 演習ing what 種類 of 産業 they please, be 回復するd to all his Majesty's 支配するs, in the same manner as to 兵士s and seamen; that is, break 負かす／撃墜する the 排除的 特権s of 会社／団体s, and 廃止する the 法令 of 見習いの身分制度, both which are real encroachments upon natural liberty, and 追加する to these the 廃止する of the 法律 of 解決／入植地s, so that a poor workman, when thrown out of 雇用 either in one 貿易（する） or in one place, may 捜し出す for it in another 貿易（する） or in another place without the 恐れる either of a 起訴 or of a 除去, and neither the public nor the individuals will 苦しむ much more from the 時折の 解散するing some particular classes of 製造業者s than from that of 兵士s. Our 製造業者s have no 疑問 広大な／多数の／重要な 長所 with their country, but they cannot have more than those who defend it with their 血, nor deserve to be 扱う／治療するd with more delicacy.

To 推定する／予想する, indeed, that the freedom of 貿易（する） should ever be 完全に 回復するd in 広大な／多数の／重要な Britain is as absurd as to 推定する／予想する that an Oceana or Utopia should ever be 設立するd in it. Not only the prejudices of the public, but what is much more unconquerable, the 私的な 利益／興味s of many individuals, irresistibly …に反対する it. Were the officers of the army to …に反対する with the same zeal and unanimity any 削減 in the numbers of 軍隊s with which master 製造業者s 始める，決める themselves against every 法律 that is likely to 増加する the number of their 競争相手s in the home market; were the former to animate their 兵士s in the same manner as the latter enflame their workmen to attack with 暴力／激しさ and 乱暴／暴力を加える the proposers of any such 規則, to 試みる／企てる to 減ずる the army would be as dangerous as it has now become to 試みる／企てる to 減らす in any 尊敬（する）・点 the monopoly which our 製造業者s have 得るd against us. This monopoly has so much 増加するd the number of some particular tribes of them that, like an overgrown standing army, they have become formidable to the 政府, and upon many occasions 脅迫してさせる the 立法機関. The Member of 議会 who supports every 提案 for 強化するing this monopoly is sure to acquire not only the 評判 of understanding 貿易（する）, but 広大な／多数の／重要な 人気 and 影響（力） with an order of men whose numbers and wealth （判決などを）下す them of 広大な／多数の／重要な importance. If he …に反対するs them, on the contrary, and still more if he has 当局 enough to be able to 妨害する them, neither the most 定評のある probity, nor the highest 階級, nor the greatest public services can 保護する him from the most 悪名高い 乱用 and detraction, from personal 侮辱s, nor いつかs from real danger, arising from the insolent 乱暴／暴力を加える of furious and disappointed monopolists.

The undertaker of a 広大な／多数の／重要な 製造（する）, who, by the home markets 存在 suddenly laid open to the 競争 of foreigners, should be 強いるd to abandon his 貿易（する）, would no 疑問 苦しむ very かなり. That part of his 資本／首都 which had usually been 雇うd in 購入（する）ing 構成要素s and in 支払う／賃金ing his workmen might, without much difficulty, perhaps, find another 雇用. But that part of it which was 直す／買収する，八百長をするd in workhouses, and in the 器具s of 貿易（する）, could 不十分な be 性質の／したい気がして of without かなりの loss. The equitable regard, therefore, to his 利益／興味 要求するs that changes of this 肉親，親類d should never be introduced suddenly, but slowly, 徐々に, and after a very long 警告. The 立法機関, were it possible that its 審議s could be always directed, not by the clamorous importunity of 部分的な／不平等な 利益／興味s, but by an 広範囲にわたる 見解（をとる） of the general good, ought upon this very account, perhaps, to be 特に careful neither to 設立する any new monopolies of this 肉親，親類d, nor to 延長する その上の those which are already 設立するd. Every such 規則 introduces some degree of real disorder into the 憲法 of the 明言する／公表する, which it will be difficult afterwards to cure without occasioning another disorder.

How far it may be proper to 課す 税金s upon the 輸入 of foreign goods, in order not to 妨げる their 輸入 but to raise a 歳入 for 政府, I shall consider hereafter when I come to 扱う／治療する of 税金s. 税金s 課すd with a 見解（をとる） to 妨げる, or even to 減らす 輸入, are evidently as destructive of the 歳入 of the customs as of the freedom of 貿易（する）.

一時期／支部 III
Of the 驚くべき／特命の／臨時の 抑制s upon the 輸入 of Goods
of almost all 肉親，親類d from those Countries with which the Balance
is supposed to be disadvantageous

Part 1: Of the Unreasonableness of those 抑制s
even upon the 原則s of the 商業の System

First, though it were 確かな that in the 事例／患者 of a 自由貿易 between フラン and England, for example, the balance would be in favour of フラン, it would by no means follow that such a 貿易（する） would be disadvantageous to England, or that the general balance of its whole 貿易（する） would その為に be turned more against it. If the ワインs of フラン are better and cheaper than those of Portugal, or its linens than those of Germany, it would be more advantageous for 広大な／多数の／重要な Britain to 購入（する） both the ワイン and the foreign linen which it had occasion for of フラン than of Portugal and Germany. Though the value of the 年次の 輸入s from フラン would その為に be 大いに augmented, the value of the whole 年次の 輸入s would be 減らすd, in 割合 as the French goods of the same 質 were cheaper than those of the other two countries. This would be the 事例／患者, even upon the supposition that the whole French goods 輸入するd were to be 消費するd in 広大な／多数の／重要な Britain.

But, secondly, a 広大な／多数の／重要な part of them might be re-輸出（する）d to other countries, where, 存在 sold with 利益（をあげる）, they might bring 支援する a return equal in value, perhaps, to the prime cost of the whole French goods 輸入するd. What has frequently been said of the East India 貿易（する） might かもしれない be true of the French; that though the greater part of East India goods were bought with gold and silver, the re-exportation of a part of them to other countries brought 支援する more gold and silver to that which carried on the 貿易（する） than the prime cost of the whole 量d to. One of the most important 支店s of the Dutch 貿易（する）, at 現在の, consists in the carriage of French goods to other European countries. Some part even of the French ワイン drank in 広大な／多数の／重要な Britain is clandestinely 輸入するd from Holland and Zeeland. If there was either a 自由貿易 between フラン and England, or if French goods could be 輸入するd upon 支払う／賃金ing only the same 義務s as those of other European nations, to be drawn 支援する upon exportation, England might have some 株 of a 貿易（する） which is 設立する so advantageous to Holland.

Thirdly, and lastly, there is no 確かな criterion by which we can 決定する on which 味方する what is called the balance between any two countries lies, or which of them 輸出（する）s to the greatest value. 国家の prejudice and animosity, 誘発するd always by the 私的な 利益／興味 of particular 仲買人s, are the 原則s which 一般に direct our judgment upon all questions 関心ing it. There are two criterions, however, which have frequently been 控訴，上告d to upon such occasions, the customhouse 調書をとる／予約するs and the course of 交流. The custom-house 調書をとる／予約するs, I think, it is now 一般に 定評のある, are a very uncertain criterion, on account of the inaccuracy of the valuation at which the greater part of goods are 率d in them. The course of 交流 is, perhaps, almost 平等に so.

When the 交流 between two places, such as London and Paris, is at par, it is said to be a 調印する that the 負債s 予定 from London to Paris are 補償するd by those 予定 from Paris to London. On the contrary, when a 賞与金 is paid at London for a 法案 upon Paris, it is said to be a 調印する that the 負債s 予定 from London to Paris are not 補償するd by those 予定 from Paris to London, but that a balance in money must be sent out from the latter place; for the 危険, trouble, and expense of 輸出（する）ing which, the 賞与金 is both 需要・要求するd and given. But the ordinary 明言する／公表する of 負債 and credit between those two cities must やむを得ず be 規制するd, it is said, by the ordinary course of their 取引 with one another. When neither of them 輸入するs from the other to a greater 量 than it 輸出（する）s to that other, the 負債s and credits of each may 補償する one another. But when one of them 輸入するs from the other to a greater value than it 輸出（する）s to that other, the former やむを得ず becomes indebted to the latter in a greater sum than the latter becomes indebted to it; the 負債s and credits of each do not 補償する one another, and money must be sent out from that place of which the 負債s overbalance the credits. The ordinary course of 交流, therefore, 存在 an 指示，表示する物 of the ordinary 明言する／公表する of 負債 and credit between two places, must likewise be an 指示，表示する物 of the ordinary course of their 輸出（する）s and 輸入するs, as these やむを得ず 規制する that 明言する／公表する.

But though the ordinary course of 交流 should be 許すd to be a 十分な 指示，表示する物 of the ordinary 明言する／公表する of 負債 and credit between any two places, it would not from thence follow that the balance of 貿易（する） was in favour of that place which had the ordinary 明言する／公表する of 負債 and credit in its favour. The ordinary 明言する／公表する of 負債 and credit between any two places is not always 完全に 規制するd by the ordinary course of their 取引 with one another; but is often 影響（力）d by that of the 取引 of either with many other places. If it is usual, for example, for the merchants of England to 支払う／賃金 for the goods which they buy of Hamburg, Danzig, Riga, etc., by 法案s upon Holland, the ordinary 明言する／公表する of 負債 and credit between England and Holland will not be 規制するd 完全に by the ordinary course of the 取引 of those two countries with one another, but will be 影響（力）d by that of the 取引 of England with those other places. England may be 強いるd to send out every year money to Holland, though its 年次の 輸出（する）s to that country may 越える very much the 年次の value of its 輸入するs from thence; and though what is called the balance of 貿易（する） may be very much in favour of England.

In the way, besides, in which the par of 交流 has hitherto been 計算するd, the ordinary course of 交流 can afford no 十分な 指示，表示する物 that the ordinary 明言する／公表する of 負債 and credit is in favour of that country which seems to have, or which is supposed to have, the ordinary course of 交流 in its favour: or, in other words, the real 交流 may be, and, in fact, often is so very different from the 計算するd one, that from the course of the latter no 確かな 結論 can, upon many occasions, be drawn 関心ing that of the former.

When for a sum of money paid in England, 含む／封じ込めるing, によれば the 基準 of the English 造幣局, a 確かな number of ounces of pure silver, you receive a 法案 for a sum of money to be paid in フラン, 含む／封じ込めるing, によれば the 基準 of the French 造幣局, an equal number of ounces of pure silver, 交流 is said to be at par between England and フラン. When you 支払う／賃金 more, you are supposed to give a 賞与金, and 交流 is said to be against England and in favour of フラン. When you 支払う／賃金 いっそう少なく, you are supposed to get a 賞与金, and 交流 is said to be against フラン and in favour of England.

But, first, we cannot always 裁判官 of the value of the 現在の money of different countries by the 基準 of their 各々の 造幣局s. In some it is more, in others it is いっそう少なく worn, clipt, and さもなければ degenerated from that 基準. But the value of the 現在の coin of every country, compared with that of any other country, is in 割合 not to the 量 of pure silver which it せねばならない 含む／封じ込める, but to that which it 現実に does 含む／封じ込める. Before the reformation of the silver coin in King William's time, 交流 between England and Holland, 計算するd in the usual manner によれば the 基準 of their 各々の 造幣局s, was five-and-twenty per cent against England. But the value of the 現在の coin of England, as we learn from Mr. Lowndes, was at that time rather more than five-and-twenty per cent below its 基準 value. The real 交流, therefore, may even at that time have been in favour of England, notwithstanding the 計算するd 交流 was so much against it; a smaller number of ounces of pure silver 現実に paid in England may have 購入（する）d a 法案 for a greater number of ounces of pure silver to be paid in Holland, and the man who was supposed to give may in reality have got the 賞与金. The French coin was, before the late reformation of the English gold coin, much いっそう少なく worn than the English, and was perhaps two or three per cent nearer its 基準. If the 計算するd 交流 with フラン, therefore, was not more than two or three per cent against England, the real 交流 might have been in its favour. Since the reformation of the gold coin, the 交流 has been 絶えず in favour of England, and against フラン.

Secondly, in some countries, the expense of coinage is defrayed by the 政府; in others, it is defrayed by the 私的な people who carry their bullion to the 造幣局, and the 政府 even derives some 歳入 from the coinage. In England, it is defrayed by the 政府, and if you carry a 続けざまに猛撃する 負わせる of 基準 silver to the 造幣局, you get 支援する sixty-two shillings, 含む／封じ込めるing a 続けざまに猛撃する 負わせる of the like 基準 silver. In フラン, a 義務 of eight per cent is deducted for the coinage, which not only defrays the expense of it, but affords a small 歳入 to the 政府. In England, as the coinage costs nothing; the 現在の coin can never be much more 価値のある than the 量 of bullion which it 現実に 含む／封じ込めるs. In フラン, the workmanship, as you 支払う／賃金 for it, 追加するs to the value in the same manner as to that of wrought plate. A sum of French money, therefore, 含む／封じ込めるing a 確かな 負わせる of pure silver, is more 価値のある than a sum of English money 含む／封じ込めるing an equal 負わせる of pure silver, and must 要求する more bullion, or other 商品／必需品s, to 購入（する） it. Though the 現在の coin of the two countries, therefore, were 平等に 近づく the 基準s of their 各々の 造幣局s, a sum of English money could not 井戸／弁護士席 購入（する） a sum of French money 含む／封じ込めるing an equal number of ounces of pure silver, nor その結果 a 法案 upon フラン for such a sum. If for such a 法案 no more 付加 money was paid than what was 十分な to 補償する the expense of the French coinage, the real 交流 might be at par between the two countries, their 負債s and credits might 相互に 補償する one another, while the 計算するd 交流 was かなり in favour of フラン. If いっそう少なく than this was paid, the real 交流 might be in favour of England, while the 計算するd was in favour of フラン.

Thirdly, and lastly, in some places, as at Amsterdam, Hamburg, Venice, etc., foreign 法案s of 交流 are paid in what they call bank money; while in others, as at London, Lisbon, Antwerp, Leghorn, etc., they are paid in the ありふれた 通貨 of the country. What is called bank money is always of more value than the same 名目上の sum of ありふれた 通貨. A thousand guilders in the Bank of Amsterdam, for example, are of more value than a thousand guilders of Amsterdam 通貨. The difference between them is called the agio of the bank, which, at Amsterdam, is 一般に about five per cent. Supposing the 現在の money of the two countries 平等に 近づく to the 基準 of their 各々の 造幣局s, and that the one 支払う／賃金s foreign 法案s in this ありふれた 通貨, while the other 支払う／賃金s them in bank money, it is evident that the 計算するd 交流 may be in favour of that which 支払う／賃金s in bank money, though the real 交流 should be in favour of that which 支払う／賃金s in 現在の money; for the same 推論する／理由 that the 計算するd 交流 may be in favour of that which 支払う／賃金s in better money, or in money nearer to its own 基準, though the real 交流 should be in favour of that which 支払う／賃金s in worse. The 計算するd 交流, before the late reformation of the gold coin, was 一般に against London with Amsterdam, Hamburg, Venice, and, I believe, with all other places which 支払う／賃金 in what is called bank money. It will by no means follow, however, that the real 交流 was against it. Since the reformation of the gold coin, it has been in favour of London even with those places. The 計算するd 交流 has 一般に been in favour of London with Lisbon, Antwerp, Leghorn, and, if you except フラン, I believe, with most other parts of Europe that 支払う／賃金 in ありふれた 通貨; and it is not improbable that the real 交流 was so too.

ーするために 治療（薬） the inconvenience to which this disadvantageous 交流 must have 支配するd their merchants, such small 明言する／公表するs, when they began to …に出席する to the 利益／興味 of 貿易（する）, have frequently 制定するd, that foreign 法案s of 交流 of a 確かな value should be paid not in ありふれた 通貨, but by an order upon, or by a 移転 in the 調書をとる／予約するs of a 確かな bank, 設立するd upon the credit, and under the 保護 of the 明言する／公表する; this bank 存在 always 強いるd to 支払う／賃金, in good and true money, 正確に／まさに によれば the 基準 of the 明言する／公表する. The banks of Venice, Genoa, Amsterdam, Hamburg, and Nuremberg, seem to have been all 初めは 設立するd with this 見解（をとる）, though some of them may have afterwards been made subservient to other 目的s. The money of such banks 存在 better than the ありふれた 通貨 of the country, やむを得ず bore an agio, which was greater or smaller （許可，名誉などを）与えるing as the 通貨 was supposed to be more or いっそう少なく degraded below the 基準 of the 明言する／公表する. The agio of the Bank of Hamburg, for example, which is said to be 一般的に about fourteen per cent is the supposed difference between the good 基準 money of the 明言する／公表する, and the clipt, worn, and 減らすd 通貨 注ぐd into it from all the 隣人ing 明言する／公表するs.

Before 1609 the 広大な／多数の／重要な 量 of clipt and worn foreign coin, which the 広範囲にわたる 貿易（する） of Amsterdam brought from all parts of Europe, 減ずるd the value of its 通貨 about nine per cent below that of good money fresh from the 造幣局. Such money no sooner appeared than it was melted 負かす／撃墜する or carried away, as it always is in such circumstances. The merchants, with plenty of 通貨, could not always find a 十分な 量 of good money to 支払う／賃金 their 法案s of 交流; and the value of those 法案s, in spite of several 規則s which were made to 妨げる it, became in a 広大な／多数の／重要な 手段 uncertain.

ーするために 治療（薬） these inconveniences, a bank was 設立するd in 1609 under the 保証（人） of the city. This bank received both foreign coin, and the light and worn coin of the country at its real intrinsic value in the good 基準 money of the country, deducting only so much as was necessary for defraying the expense of coinage, and the other necessary expense of 管理／経営. For the value which remained, after this small deduction was made, it gave a credit in its 調書をとる／予約するs. This credit was called bank money, which, as it 代表するd money 正確に／まさに によれば the 基準 of the 造幣局, was always of the same real value, and intrinsically 価値（がある） more than 現在の money. It was at the same time 制定するd, that all 法案s drawn upon or 交渉するd at Amsterdam of the value of six hundred guilders and 上向きs should be paid in bank money, which at once took away all 不確定 in the value of those 法案s. Every merchant, in consequence of this 規則, was 強いるd to keep an account with the bank ーするために 支払う／賃金 his foreign 法案s of 交流, which やむを得ず occasioned a 確かな 需要・要求する for bank money.

Bank money, over and above its intrinsic 優越 to 通貨, and the 付加 value which this 需要・要求する やむを得ず gives it, has likewise some other advantages. It is 安全な・保証する from 解雇する／砲火／射撃, 強盗, and other 事故s; the city of Amsterdam is bound for it; it can be paid away by a simple 移転, without the trouble of counting, or the 危険 of 輸送（する）ing it from one place to another. In consequence of those different advantages, it seems from the beginning to have borne agio, and it is 一般に believed that all the money 初めは deposited in the bank was 許すd to remain there, nobody caring to 需要・要求する 支払い（額） of a 負債 which he could sell for a 賞与金 in the market. By 需要・要求するing 支払い（額） of the bank, the owner of a bank credit would lose this 賞与金. As a shilling fresh from the 造幣局 will buy no more goods in the market than one of our ありふれた worn shillings, so the good and true money which might be brought from the coffers of the bank into those of a 私的な person, 存在 mixed and confounded with the ありふれた 通貨 of the country, would be of no more value than that 通貨 from which it could no longer be readily distinguished. While it remained in the coffers of the bank, its 優越 was known and ascertained. When it had come into those of a 私的な person, its 優越 could not 井戸／弁護士席 be ascertained without more trouble than perhaps the difference was 価値（がある）. By 存在 brought from the coffers of the bank, besides, it lost all the other advantages of bank money; its 安全, its 平易な and 安全な transferability, its use in 支払う／賃金ing foreign 法案s of 交流. Over and above all this, it could not be brought from those coffers, as it will appear by and by, without 以前 支払う／賃金ing for the keeping.

Those deposits of coin, or those deposits which the bank was bound to 回復する in coin, 構成するd the 初めの 資本／首都 of the bank, or the whole value of what was 代表するd by what is called bank money. At 現在の they are supposed to 構成する but a very small part of it. ーするために 容易にする the 貿易（する） in bullion, the bank has been for these many years in the practice of giving credit in its 調書をとる／予約するs upon deposits of gold and silver bullion. This credit is 一般に about five per cent below the 造幣局 price of such bullion. The bank 認めるs at the same time what is called a recipe or 領収書, する権利を与えるing the person who makes the deposit, or the 持参人払いの, to take out the bullion again at any time within six months, upon re-transferring to the bank a 量 of bank money equal to that for which credit had been given in its 調書をとる／予約するs when the deposit was made, and upon 支払う／賃金ing one-fourth per cent for the keeping, if the deposit was in silver; and one-half per cent if it was in gold; but at the same time 宣言するing that, in default of such 支払い（額）, and upon the 満期 of this 称する，呼ぶ／期間／用語, the deposit should belong to the bank at the price at which it had been received, or for which credit had been given in the 移転 調書をとる／予約するs. What is thus paid for the keeping of the deposit may be considered as a sort of 倉庫／問屋 rent; and why this 倉庫／問屋 rent should be so much dearer for gold than for silver, several different 推論する／理由s have been 割り当てるd. The fineness of gold, it has been said, is more difficult to be ascertained than that of silver. 詐欺s are more easily practised, and occasion a greater loss in the more precious metal. Silver, besides, 存在 the 基準 metal, the 明言する／公表する, it has been said, wishes to encourage more the making of deposits of silver than those of gold.

Deposits of bullion are most 一般的に made when the price is somewhat lower than ordinary; and they are taken out again when it happens to rise. In Holland the market price of bullion is 一般に above the 造幣局 price, for the same 推論する／理由 that it was so in England before the late reformation of the gold coin. The difference is said to be 一般的に from about six to sixteen stivers upon the 示す, or eight ounces of silver of eleven parts 罰金 and one part alloy. The bank price, or the credit which the bank gives for deposits of such silver (when made in foreign coin, of which the fineness is 井戸／弁護士席 known and ascertained, such as Mexico dollars), is twenty-two guilders the 示す; the 造幣局 price is about twenty-three guilders, and the market price is from twenty-three guilders six to twenty-three guilders sixteen stivers, or from two to three per cent above the 造幣局 price.* The 割合s between the bank price, the 造幣局 price, and the market price of gold bullion are nearly the same. A person can 一般に sell his 領収書 for the difference between the 造幣局 price of bullion and the market price. A 領収書 for bullion is almost always 価値（がある） something, and it very seldom happens, therefore, that anybody 苦しむs his 領収書 to 満了する／死ぬ, or 許すs his bullion to 落ちる to the bank at the price at which it had been received, either by not taking it out before the end of the six months, or by neglecting to 支払う／賃金 the one-fourth or one-half per cent ーするために 得る a new 領収書 for another six months. This, however, though it happens seldom, is said to happen いつかs, and more frequently with regard to gold than with regard to silver, on account of the higher 倉庫／問屋-rent which is paid for the keeping of the more precious metal.

* The に引き続いて are the prices at which the Bank of Amsterdam at 現在の (September, 1775) receives bullion and coin of different 肉親，親類d:- 
           SILVER 
Mexico dollars           Guilders B-22 per 示す
French 栄冠を与えるs            Guilders B-22 per 示す
English silver coin      Guilders B-22 per 示す
Mexico dollars new coin             21 10
Ducatoons                            3
Rix dollars                          2 8 
妨げる／法廷，弁護士業 silver 含む／封じ込めるing eleven-twelfths 罰金 silver 21 per 示す, and in this 割合 負かす／撃墜する to 1/4 罰金, on which 5 guilders are given.
罰金 妨げる／法廷，弁護士業s, 93 per 示す. 
           GOLD 
Portugal coin            B-310 per 示す
Guineas                  B-310 per 示す
Louis d'ors new          B-310 per 示す
Ditto old                  300
New ducats                 4 19 8 per ducat 

妨げる／法廷，弁護士業 or 鋳塊 gold is received in 割合 to its fineness compared with the above foreign gold coin. Upon 罰金 妨げる／法廷，弁護士業s the bank gives 340 per 示す. In general, however, something more is given upon coin of a known fineness, than upon gold and silver 妨げる／法廷，弁護士業s, of which the fineness cannot be ascertained but by a 過程 of melting and assaying.

The person who by making a deposit of bullion 得るs both a bank credit and 領収書, 支払う／賃金s his 法案s of 交流 as they become 予定 with his bank credit; and either sells or keeps his 領収書 （許可，名誉などを）与えるing as he 裁判官s that the price of bullion is likely to rise or to 落ちる. The 領収書 and the bank credit seldom keep long together, and there is no occasion that they should. The person who has a 領収書, and who wants to take out bullion, finds always plenty of bank credits, or bank money to buy at the ordinary price; and the person who has bank money, and wants to take out bullion, finds 領収書s always in equal 豊富.

The owners of bank credits, and the 支えるもの／所有者s of 領収書s, 構成する two different sorts of creditors against the bank. The 支えるもの／所有者 of a 領収書 cannot draw out the bullion for which it is 認めるd, without 再任命するing to the bank a sum of bank money equal to the price at which the bullion had been received. If he has no bank money of his own, he must 購入（する） it of those who have it. The owner of bank money cannot draw out bullion without producing to the bank 領収書s for the 量 which he wants. If he has 非，不，無 of his own, he must buy them of those who have them. The 支えるもの／所有者 of a 領収書, when he 購入（する）s bank money, 購入（する）s the 力／強力にする of taking out a 量 of bullion, of which the 造幣局 price is five per cent above the bank price. The agio of five per cent therefore, which he 一般的に 支払う／賃金s for it, is paid not for an imaginary but for a real value. The owner of bank money, when he 購入（する）s a 領収書, 購入（する）s the 力／強力にする of taking out a 量 of bullion of which the market price is 一般的に from two to three per cent above the 造幣局 price. The price which he 支払う／賃金s for it, therefore, is paid likewise for a real value. The price of the 領収書, and the price of the bank money, 構内／化合物 or （不足などを）補う between them the 十分な value or price of the bullion.

Upon deposits of the coin 現在の in the country, the bank 認めるs 領収書s likewise 同様に as bank credits; but those 領収書s are frequently of no value, and will bring no price in the market. Upon ducatoons, for example, which in the 通貨 pass for three guilders three stivers each, the bank gives a credit of three guilders only, or five per cent below their 現在の value. It 認めるs a 領収書 likewise する権利を与えるing the 持参人払いの to take out the number of ducatoons deposited at any time within six months, upon 支払う／賃金ing one-fourth per cent for the keeping. This 領収書 will frequently bring no price in the market. Three guilders bank money 一般に sell in the market for three guilders three stivers, the 十分な value of the ducatoons, if they were taken out of the bank; and before they can be taken out, one-fourth per cent must be paid for the keeping, which would be mere loss to the 支えるもの／所有者 of the 領収書. If the agio of the bank, however, should at any time 落ちる to three per cent such 領収書s might bring some price in the market, and might sell for one and three-fourths per cent. But the agio of the bank 存在 now 一般に about five per cent such 領収書s are frequently 許すd to 満了する／死ぬ, or as they 表明する it, to 落ちる to the bank. The 領収書s which are given for deposits of gold ducats 落ちる to it yet more frequently, because a higher 倉庫／問屋-rent, or one-half per cent must be paid for the keeping of them before they can be taken out again. The five per cent which the bank 伸び（る）s, when deposits either of coin or bullion are 許すd to 落ちる to it, may be considered as the 倉庫／問屋-rent for the perpetual keeping of such deposits.

The sum of bank money for which the 領収書s are 満了する／死ぬd must be very かなりの. It must comprehend the whole 初めの 資本／首都 of the bank, which, it is 一般に supposed, has been 許すd to remain there from the time it was first deposited, nobody caring either to 新たにする his 領収書 or to take out his deposit, as, for the 推論する／理由s already 割り当てるd, neither the one nor the other could be done without loss. But whatever may be the 量 of this sum, the 割合 which it 耐えるs to the whole 集まり of bank money is supposed to be very small. The Bank of Amsterdam has for these many years past been the 広大な／多数の／重要な 倉庫／問屋 of Europe for bullion, for which the 領収書s are very seldom 許すd to 満了する／死ぬ, or, as they 表明する it, to 落ちる to the bank. far greater part of the bank money, or of the credits upon the 調書をとる／予約するs of the bank, is supposed to have been created, for these many years past, by such deposits which the 売買業者s in bullion are continually both making and 身を引くing.

No 需要・要求する can be made upon the bank but by means of a recipe or 領収書. The smaller 集まり of bank money, for which the 領収書s are 満了する／死ぬd, is mixed and confounded with the much greater 集まり for which they are still in 軍隊; so that, though there may be a かなりの sum of bank money for which there are no 領収書s, there is no 明確な／細部 sum or 部分 of it which may not at any time be 需要・要求するd by one. The bank cannot be debtor to two persons for the same thing; and the owner of bank money who has no 領収書 cannot 需要・要求する 支払い（額） of the bank till he buys one. In ordinary and 静かな times, he can find no difficulty in getting one to buy at the market price, which 一般に corresponds with the price at which he can sell the coin or bullion it （独立の）存在s him to take out of the bank.

It might be さもなければ during a public calamity; an 侵略, for example, such as that of the French in 1672. The owners of bank money 存在 then all eager to draw it out of the bank, ーするために have it their own keeping, the 需要・要求する for 領収書s might raise their price to an exorbitant 高さ. The 支えるもの／所有者s of them might form 期待s, and, instead of two or three per cent, 需要・要求する half the bank money for which credit had been given upon the deposits that the 領収書s had それぞれ been 認めるd for. The enemy, 知らせるd of the 憲法 of the bank, might even buy them up, ーするために 妨げる the carrying away of the treasure. In such 緊急s, the bank, it is supposed, would break through its ordinary 支配する of making 支払い（額） only to the 支えるもの／所有者s of 領収書s. The 支えるもの／所有者s of 領収書s, who had no bank money, must have received within two or three per cent of the value of the deposit for which their 各々の 領収書s had been 認めるd. The bank, therefore, it is said, would in this 事例／患者 make no scruple of 支払う／賃金ing, either with money or bullion, the 十分な value of what the owners of bank money who could get no 領収書s were credited for in its 調書をとる／予約するs; 支払う／賃金ing at the same time two or three per cent to such 支えるもの／所有者s of 領収書s as had no bank money, that 存在 the whole value which in this 明言する／公表する of things could 正確に，正当に be supposed 予定 to them.

Even in ordinary and 静かな times it is the 利益／興味 of the 支えるもの／所有者s of 領収書s to depress the agio, in order either to buy bank money (and その結果 the bullion, which their 領収書s would then enable them to take out of the bank) so much cheaper, or to sell their 領収書s to those who have bank money, and who want to take out bullion, so much dearer; the price of a 領収書 存在 一般に equal to the difference between the market price of bank money, and that of the coin or bullion for which the 領収書 had been 認めるd. It is the 利益／興味 of the owners of bank money, on the contrary, to raise the agio, in order either to sell their bank money so much dearer, or to buy a 領収書 so much cheaper. To 妨げる the 在庫／株-jobbing tricks which those opposite 利益／興味s might いつかs occasion, the bank has of late years come to the 決意／決議 to sell at all times bank money for 通貨, at five per cent agio, and to buy it in again at four per cent agio. In consequence of this 決意／決議, the agio can never either rise above five or 沈む below four per cent, and the 割合 between the market price of bank and that of 現在の money is kept at all times very 近づく to the 割合 between their intrinsic values. Before this 決意／決議 was taken, the market price of bank money used いつかs to rise so high as nine per cent agio, and いつかs to 沈む so low as par, （許可，名誉などを）与えるing as opposite 利益／興味s happened to 影響（力） the market.

The Bank of Amsterdam professes to lend out no part of what is deposited with it, but, for every guilder for which it gives credit in its 調書をとる／予約するs, to keep in its repositories the value of a guilder either in money or bullion. That it keeps in its repositories all the money or bullion for which there are 領収書s in 軍隊, for which it is at all times liable to be called upon, and which, in reality, is continually going from it and returning to it again, cannot 井戸／弁護士席 be 疑問d. But whether it does so likewise with regard to that part of its 資本／首都, for which the 領収書s are long ago 満了する／死ぬd, for which in ordinary and 静かな times it cannot be called upon, and which in reality is very likely to remain with it for ever, or as long as the 明言する／公表するs of the 部隊d 州s subsist, may perhaps appear more uncertain. At Amsterdam, however, no point of 約束 is better 設立するd than that for every guilder, 循環させるd as bank money, there is a 特派員 guilder in gold or silver to be 設立する in the treasure of the bank. The city is 保証（人） that it should be so. The bank is under the direction of the four 統治するing burgomasters who are changed every year. Each new 始める，決める of burgomasters visits the treasure, compares it with the 調書をとる／予約するs, receives it upon 誓い, and 配達するs it over, with the same awful solemnity, to the 始める，決める which 後継するs; and in that sober and 宗教的な country 誓いs are not yet 無視（する）d. A rotation of this 肉親，親類d seems alone a 十分な 安全 against any practices which cannot be avowed. まっただ中に all the 革命s which 派閥 has ever occasioned in the 政府 of Amsterdam, the 勝つ／広く一帯に広がるing party has at no time （刑事）被告 their 前任者s of infidelity in the 行政 of the bank. No 告訴，告発 could have 影響する／感情d more 深く，強烈に the 評判 and fortune of the 不名誉d party, and if such an 告訴，告発 could have been supported, we may be 保証するd that it would have been brought. In 1672, when the French king was at Utrecht, the Bank of Amsterdam paid so readily as left no 疑問 of the fidelity w ith which it had 観察するd its 約束／交戦s. Some of the pieces which were then brought from its repositories appeared to have been scorched with the 解雇する／砲火／射撃 which happened in the town-house soon after the bank was 設立するd. Those pieces, therefore, must have lain there from that time.

What may be the 量 of the treasure in the bank is a question which has long 雇うd 憶測s of the curious. Nothing but conjecture can be 申し込む／申し出d 関心ing it. It is 一般に reckoned that there are about two thousand people who keep accounts with the bank, and 許すing them to have, one with another, the value of fifteen hundred 続けざまに猛撃するs 英貨の／純銀の lying upon their 各々の accounts (a very large allowance), the whole 量 of bank money, and その結果 of treasure in the bank, will 量 to about three millions 英貨の／純銀の, or, at eleven guilders the 続けざまに猛撃する 英貨の／純銀の, thirty-three millions of guilders- a 広大な／多数の／重要な sum, and 十分な to carry on a very 広範囲にわたる 循環／発行部数, but vastly below the extravagant ideas which some people have formed of this treasure.

The city of Amsterdam derives a かなりの 歳入 from the bank. Besides what may be called the 倉庫／問屋-rent above について言及するd, each person, upon first 開始 an account with the bank, 支払う／賃金s a 料金 of ten guilders; and for every new account three guilders three stivers; for every 移転 two stivers; and if the 移転 is for いっそう少なく than three hundred guilders, six stivers, ーするために discourage the multiplicity of small 処理／取引s. The person who neglects to balance his account twice in the year 没収されるs twenty-five guilders. The person who orders a 移転 for more than is upon his account, is 強いるd to 支払う／賃金 three per cent for the sum overdrawn, and his order is 始める，決める aside into the 取引. The bank is supposed, too, to make a かなりの 利益（をあげる） by the sale of the foreign coin or bullion which いつかs 落ちるs to it by the 満了する／死ぬing of 領収書s, and which is always kept till it can be sold with advantage. It makes a 利益（をあげる） likewise by selling bank money at five per cent agio, and buying it in at four. These different emoluments 量 to a good 取引，協定 more than what is necessary for 支払う／賃金ing the salaries of officers, and defraying the expense of 管理／経営. What is paid for the keeping of bullion upon 領収書s is alone supposed to 量 to a neat 年次の 歳入 of between one hundred and fifty thousand and two hundred thousand guilders. Public 公共事業（料金）／有用性, however, and not 歳入, was the 初めの 反対する of this 会・原則. Its 反対する was to relieve the merchants from the inconvenience of a disadvantageous 交流. The 歳入 which has arisen from it was unforeseen, and may be considered as 偶発の. But it is now time to return from this long digression, into which I have been insensibly led in endeavouring to explain the 推論する／理由s why the 交流 between the countries which 支払う／賃金 in what is called bank money, and those which 支払う／賃金 in ありふれた 通貨, should 一般に appear to be in favour of the former and against the latter. The former 支払う／賃金 in a 種類 of money of which the intrinsic value is always the same , and 正確に／まさに agreeable to the 基準 of their 各々の 造幣局s; the latter is a 種類 of money of which the intrinsic value is continually 変化させるing, and is almost always more or いっそう少なく below that 基準.

Part 2: Of the Unreasonableness of those 驚くべき／特命の／臨時の 抑制s upon other 原則s

Nothing, however, can be more absurd than this whole doctrine of the balance of 貿易（する）, upon which, not only these 抑制s, but almost all the other 規則s of 商業 are 設立するd. When two places 貿易（する） with one another, this doctrine supposes that, if the balance be even, neither of them either loses or 伸び（る）s; but if it leans in any degree to one 味方する, that one of them loses and the other 伸び（る）s in 割合 to its declension from the exact equilibrium. Both suppositions are 誤った. A 貿易（する） which is 軍隊d by means of bounties and monopolies may be and 一般的に is disadvantageous to the country in whose favour it is meant to be 設立するd, as I shall endeavour to show hereafter. But that 貿易（する） which, without 軍隊 or 強制, is 自然に and 定期的に carried on between any two places is always advantageous, though not always 平等に so, to both.

By advantage or 伸び（る）, I understand not the 増加する of the 量 of gold and silver, but that of the exchangeable value of the 年次の produce of the land and 労働 of the country, or the 増加する of the 年次の 歳入 of its inhabitants.

If the balance be even, and if the 貿易（する） between the two places consist altogether in the 交流 of their native 商品／必需品s, they will, upon most occasions, not only both 伸び（る）, but they will 伸び（る） 平等に, or very 近づく 平等に; each will in this 事例／患者 afford a market for a part of the 黒字／過剰 produce of the other; each will 取って代わる a 資本／首都 which had been 雇うd in raising and 準備するing for the market this part of the 黒字／過剰 produce of the other, and which had been 分配するd の中で, and given 歳入 and 維持／整備 to a 確かな number of its inhabitants. Some part of the inhabitants of each, therefore, will 間接に derive their 歳入 and 維持／整備 from the other. As the 商品／必需品s 交流d, too, are supposed to be of equal value, so the two 資本／首都s 雇うd in the 貿易（する） will, upon most occasions, be equal, or very nearly equal; and both 存在 雇うd in raising the native 商品／必需品s of the two countries, the 歳入 and 維持／整備 which their 配当 will afford to the inhabitants of each will be equal, or very nearly equal. This 歳入 and 維持／整備, thus 相互に afforded, will be greater or smaller in 割合 to the extent of their 取引. If these should 毎年 量 to an hundred thousand 続けざまに猛撃するs, for example, or to a million on each 味方する, each of them would afford an 年次の 歳入 in the one 事例／患者 of an hundred thousand 続けざまに猛撃するs, in the other of a million, to the inhabitants of the other.

If their 貿易（する） should be of such a nature that one of them 輸出（する）d to the other nothing but native 商品／必需品s, while the returns of that other consisted altogether in foreign goods; the balance, in this 事例／患者, would still be supposed even, 商品／必需品s 存在 paid for with 商品／必需品s. They would, in this 事例／患者 too, both 伸び（る）, but they would not 伸び（る） 平等に; and the inhabitants of the country which 輸出（する）d nothing but native 商品／必需品s would derive the greatest 歳入 from the 貿易（する）. If England, for example, should 輸入する from フラン nothing but the native 商品／必需品s of that country, and, not having such 商品／必需品s of its own as were in 需要・要求する there, should 毎年 返す them by sending thither a large 量 of foreign goods, タバコ, we shall suppose, and East India goods; this 貿易（する）, though it would give some 歳入 to the inhabitants of both countries, would give more to those of フラン than to those of England. The whole French 資本／首都 毎年 雇うd in it would 毎年 be 分配するd の中で the people of フラン. But that part of the English 資本／首都 only which was 雇うd in producing the English 商品／必需品s with which those foreign goods were 購入（する）d would be 毎年 分配するd の中で the people of England. The greater part of it would 取って代わる the 資本／首都s which had been 雇うd in Virginia, Indostan, and 中国, and which had given 歳入 and 維持／整備 to the of those distant countries. If the 資本／首都s were equal, or nearly equal, therefore this 雇用 of the French 資本／首都 would augment much more the 歳入 of the people of フラン than that of the English 資本／首都 would the 歳入 of the people of England. フラン would in this 事例／患者 carry on a direct foreign 貿易（する） of 消費 with England; 反して England would carry on a 一連の会議、交渉／完成する-about 貿易（する） of the same 肉親，親類d with フラン. The different 影響s of a 資本／首都 雇うd in the direct and of one 雇うd in the 一連の会議、交渉／完成する-about foreign 貿易（する） of 消費 have already been fully explained.

There is not, probably, between any two countries a 貿易（する） which consists altogether in the 交流 either of native 商品／必需品s on both 味方するs, or of native 商品／必需品s on one 味方する and of foreign goods on the other. Almost all countries 交流 with one another partly native and partly foreign goods. That country, however, in whose 貨物s there is the greatest 割合 of native, and the least of foreign goods, will always be the 主要な／長／主犯 gainer.

If it was not with タバコ and East India goods, but with gold and silver, that England paid for the 商品／必需品s 毎年 輸入するd from フラン, the balance, in this 事例／患者, would be supposed uneven, 商品／必需品s not 存在 paid for with 商品／必需品s, but with gold and silver. The 貿易（する）, however, would, in this 事例／患者, as in the foregoing, give some 歳入 to the inhabitants of both countries, but more to those of フラン than to those of England. It would give some 歳入 to those of England. The 資本／首都 which had been 雇うd in producing the English goods that 購入（する）d this gold and silver, the 資本／首都 which had been 分配するd の中で, and given 歳入 to, 確かな inhabitants of England, would その為に be 取って代わるd and enabled to continue that 雇用. The whole 資本／首都 of England would no more be 減らすd by this exportation of gold and silver than by the exportation of an equal value of any other goods. On the contrary, it would in most 事例／患者s be augmented. No goods are sent abroad but those for which the 需要・要求する is supposed to be greater abroad than at home, and of which the returns その結果, it is 推定する／予想するd, will be of more value at home than the 商品／必需品s 輸出（する）d. If the タバコ which, in England, is 価値（がある） only a hundred thousand 続けざまに猛撃するs, when sent to フラン will 購入（する） ワイン which is, in England, 価値（がある） a hundred and ten thousand, this 交流 will 平等に augment the 資本／首都 of England by ten thousand 続けざまに猛撃するs. If a hundred thousand 続けざまに猛撃するs of English gold, in the same manner, 購入（する） French ワイン which, in England, is 価値（がある） a hundred and ten thousand, this 交流 will 平等に augment the 資本／首都 of England by ten thousand 続けざまに猛撃するs. As a merchant who has a hundred and ten thousand 続けざまに猛撃するs 価値（がある） of ワイン in his cellar is a richer man than he who has only a hundred thousand 続けざまに猛撃するs 価値（がある） of タバコ in his 倉庫／問屋, so is he likewise a richer man than he who has only a hundred thousand 続けざまに猛撃するs 価値（がある） of gold in his coffers. He can put into 動議 a greater 量 of 産業, and give 歳入, 維持／整備, and 雇用 to a greater number of people than either of the other two. But the 資本／首都 of the country is equal to the 資本／首都s of all its different inhabitants, and the 量 of 産業 which can be 毎年 持続するd in it is equal to what all those different 資本／首都s can 持続する. Both the 資本／首都 of the country, therefore, and the 量 of 産業 which can be 毎年 持続するd in it, must 一般に be augmented by this 交流. It would, indeed, be more advantageous for England that it could 購入（する） the ワインs of フラン with its own 金物類／武器類 and broadcloth than with either the タバコ of Virginia or the gold and silver of Brazil and Peru. A direct foreign 貿易（する） of 消費 is always more advantageous than a roundabout one. But a 一連の会議、交渉／完成する-about foreign 貿易（する） of 消費, which is carried on with gold and silver, does not seem to be いっそう少なく advantageous than any other 平等に 一連の会議、交渉／完成する-about one. Neither is a country which has no 地雷s more likely to be exhausted of gold and silver by this 年次の exportation of those metals than one which does not grow タバコ by the like 年次の exportation of that 工場／植物. As a country which has wherewithal to buy タバコ will never be long in want of it, so neither will one be long in want of gold and silver which has wherewithal to 購入（する） those metals.

It is a losing 貿易（する）, it is said, which a workman carries on with the alehouse; and the 貿易（する） which a 製造業の nation would 自然に carry on with a ワイン country may be considered as a 貿易（する） of the same nature. I answer, that the 貿易（する） with the alehouse is not やむを得ず a losing 貿易（する）. In its own nature it is just as advantageous as any other, though perhaps somewhat more liable to be 乱用d. The 雇用 of a brewer, and even that of a retailer of fermented アルコール飲料s, are as necessary 分割s of 労働 as any other. It will 一般に be more advantageous for a workman to buy of the brewer the 量 he has occasion for than to brew it himself, and if he is a poor workman, it will 一般に be more advantageous for him to buy it by little and little of the retailer than a large 量 of the brewer. He may no 疑問 buy too much of either, as he may of any other 売買業者s in his neighbourhood, of the butcher, if he is a glutton, or of the draper, if he 影響する／感情s to be a beau の中で his companions. It is advantageous to the 広大な／多数の／重要な 団体／死体 of workmen, notwithstanding, that all these 貿易（する）s should be 解放する／自由な, though this freedom may be 乱用d in all of them, and is more likely to be so, perhaps, in some than in others. Though individuals, besides, may いつかs 廃虚 their fortunes by an 過度の 消費 of fermented アルコール飲料s, there seems to be no 危険 that a nation should do so. Though in every country there are many people who spend upon such アルコール飲料s more than they can afford, there are always many more who spend いっそう少なく. It deserves to be 発言／述べるd too, that, if we 協議する experience, the cheapness of ワイン seems to be a 原因（となる）, not of drunkenness, but of sobriety. The inhabitants of the ワイン countries are in general the soberest people in Europe; 証言，証人／目撃する the Spainards, the Italians, and the inhabitants of the southern 州s of フラン. People are seldom 有罪の of 超過 in what is their daily fare. Nobody 影響する／感情s the character of liberality and good fellowship by 存在 profuse of a アルコール飲料 which is as cheap as small beer. On the contrary, in the countries which, either from 過度の heat or 冷淡な, produce no grapes, and where ワイン その結果 is dear and a rarity, drunkenness is a ありふれた 副／悪徳行為, as の中で the northern nations, and all those who live between the tropics, the negroes, for example, on the coast of Guinea. When a French 連隊 comes from some of the northern 州s of フラン, where ワイン is somewhat dear, to be ４半期/4分の1d in the southern, where it is very cheap, the 兵士s, I have frequently heard it 観察するd are at first debauched by the cheapness and novelty of good ワイン; but after a few months' 住居, the greater part of them become as sober as the 残り／休憩（する） of the inhabitants. Were the 義務s upon foreign ワインs, and the excises upon malt, beer, and ale to be taken away all at once, it might, in the same manner, occasion in 広大な／多数の／重要な Britain a pretty general and 一時的な drunkenness の中で the middling and inferior 階級s of people, which would probably be soon followed by a 永久の and almost 全世界の／万国共通の sobriety. At 現在の drunkenness is by no means the 副／悪徳行為 of people of fashion, or of those who can easily afford the most expensive アルコール飲料s. A gentleman drunk with ale has 不十分な ever been seen の中で us. The 抑制s upon the ワイン 貿易（する） in 広大な／多数の／重要な Britain, besides, do not so much seem calculated to 妨げる the people from going, if I may say so, to the alehouse, as from going where they can buy the best and cheapest アルコール飲料. They favour the ワイン 貿易（する） of Portugal, and discourage that of フラン. The Portugese, it is said, indeed, are better 顧客s for our 製造（する）s than the French, and should therefore be encouraged in preference to them. As they give us their custom, it is pretended, we should give them ours. The こそこそ動くing arts of underling tradesmen are thus 築くd into political maxims for the 行為／行う of a 広大な／多数の／重要な empire: for it is the most underling tradesmen only who make it a 支配する to 雇う 主として their own 顧客s. A 広大な／多数の／重要な 仲買人 購入（する）s his goods always where they are cheapest and best, wit hout regard to any little 利益／興味 of this 肉親，親類d.

By such maxims as these, however, nations have been taught that their 利益／興味 consisted in beggaring all their 隣人s. Each nation has been made to look with an invidious 注目する，もくろむ upon the 繁栄 of all the nations with which it 貿易（する）s, and to consider their 伸び（る） as its own loss. 商業, which ought 自然に to be, の中で nations, as の中で individuals, a 社債 of union and friendship, has become the most fertile source of discord and animosity. The capricious ambition of kings and 大臣s has not, during the 現在の and the 先行する century, been more 致命的な to the repose of Europe than the impertinent jealousy of merchants and 製造業者s. The 暴力／激しさ and 不正 of the 支配者s of mankind is an 古代の evil, for which, I am afraid, the nature of human 事件／事情／状勢s can 不十分な 収容する／認める of a 治療（薬）. But the mean rapacity, the 独占するing spirit of merchants and 製造業者s, who neither are, nor せねばならない be, the 支配者s of mankind, though it cannot perhaps be 訂正するd may very easily be 妨げるd from 乱すing the tranquillity of anybody but themselves.

That it was the spirit of monopoly which 初めは both invented and propagated this doctrine cannot be 疑問d; and they who first taught it were by no means such fools as they who believed it. In every country it always is and must be the 利益／興味 of the 広大な／多数の／重要な 団体／死体 of the people to buy whatever they want of those who sell it cheapest. The proposition is so very manifest that it seems ridiculous to take any 苦痛s to 証明する it; nor could it ever have been called in question had not the 利益／興味d sophistry of merchants and 製造業者s confounded the ありふれた sense of mankind. Their 利益／興味 is, in this 尊敬（する）・点, 直接／まっすぐに opposite to that of the 広大な／多数の／重要な 団体／死体 of the people. As it is the 利益／興味 of the freemen of a 会社／団体 to 妨げる the 残り／休憩（する） of the inhabitants from 雇うing any workmen but themselves, so it is the 利益／興味 of the merchants and 製造業者s of every country to 安全な・保証する to themselves the monopoly of the home market. Hence in 広大な／多数の／重要な Britain, and in most other European countries, the 驚くべき／特命の／臨時の 義務s upon almost all goods 輸入するd by 外国人 merchants. Hence the high 義務s and 禁止s upon all those foreign 製造（する）s which can come into 競争 with our own. Hence, too, the 驚くべき／特命の／臨時の 抑制s upon the 輸入 of almost all sorts of goods from those countries with which the balance of 貿易（する） is supposed to be disadvantageous; that is, from those against whom 国家の animosity happens to be most violently inflamed.

The wealth of a 隣人ing nation, however, though dangerous in war and politics, is certainly advantageous in 貿易（する）. In a 明言する／公表する of 敵意 it may enable our enemies to 持続する (n)艦隊／(a)素早いs and armies superior to our own; but in a 明言する／公表する of peace and 商業 it must likewise enable them to 交流 with us to a greater value, and to afford a better market, either for the 即座の produce of our own 産業, or for whatever is 購入（する）d with that produce. As a rich man is likely to be a better 顧客 to the industrious people in his neighbourhood than a poor, so is likewise a rich nation. A rich man, indeed, who is himself a 製造業者, is a very dangerous 隣人 to all those who 取引，協定 in the same way. All the 残り／休憩（する） of the neighbourhood, however, by far the greatest number, 利益（をあげる） by the good market which his expense affords them. They even 利益（をあげる） by his underselling the poorer workmen who 取引，協定 in the same way with him. The 製造業者s of a rich nation, in the same manner, may no 疑問 be very dangerous 競争相手s to those of their 隣人s. This very 競争, however, is advantageous to the 広大な／多数の／重要な 団体／死体 of the people, who 利益（をあげる） 大いに besides by the good market which the 広大な／多数の／重要な expense of such a nation affords them in every other way. 私的な people who want to make a fortune never think of retiring to the remote and poor 州s of the country, but 訴える手段／行楽地 either to the 資本／首都, or to some of the 広大な／多数の／重要な 商業の towns. They know that where little wealth 循環させるs there is little to be got, but that where a 広大な／多数の／重要な 取引，協定 is in 動議, some 株 of it may 落ちる to them. The same maxims which would in this manner direct the ありふれた sense of one, or ten, or twenty individuals, should 規制する the judgment of one, or ten, or twenty millions, and should make a whole nation regard the riches of its 隣人s as a probable 原因（となる） and occasion for itself to acquire riches. A nation that would 濃厚にする itself by foreign 貿易（する） is certainly most likely to do so when its 隣人s are all rich, industrious, and comme rcial nations. A 広大な／多数の／重要な nation surrounded on all 味方するs by wandering savages and poor barbarians might, no 疑問, acquire riches by the cultivation of its own lands, and by its own 内部の 商業, but not by foreign 貿易（する）. It seems to have been in this manner that the 古代の Egyptians and the modern Chinese acquired their 広大な／多数の／重要な wealth. The 古代の Egyptians, it is said, neglected foreign 商業, and the modern Chinese, it is known, bold it in the 最大の contempt, and 不十分な deign to afford it the decent 保護 of the 法律s. The modern maxims of foreign 商業, by 目的（とする）ing at the impoverishment of all our 隣人s, so far as they are 有能な of producing their ーするつもりであるd 影響, tend to （判決などを）下す that very 商業 insignificant and contemptible.

It is in consequence of these maxims that the 商業 between フラン and England has in both countries been 支配するd to so many discouragements and 抑制s. If those two countries, however, were to consider their real 利益／興味, without either 商業の jealousy or 国家の animosity, the 商業 of フラン might be more advantageous to 広大な／多数の／重要な Britain than that of any other country, and for the same 推論する／理由 that of 広大な／多数の／重要な Britain to フラン. フラン is the nearest 隣人 to 広大な／多数の／重要な Britain. In the 貿易（する） between the southern coast of England and the northern and north-western coasts of フラン, the returns might be 推定する／予想するd, in the same manner as in the inland 貿易（する）, four, five, or six times in the year. The 資本／首都, therefore, 雇うd in this 貿易（する） could in each of the two countries keep in 動議 four, five, or six times the 量 of 産業, and afford 雇用 and subsistence to four, five, or six times the number of people, which an equal 資本／首都 could do in the greater part of the other 支店s of foreign 貿易（する）. Between the parts of フラン and 広大な／多数の／重要な Britain most remote from one another, the returns might be 推定する／予想するd, at least, once in the year, and even this 貿易（する） would so far be at least 平等に advantageous as the greater part of the other 支店s of our foreign European 貿易（する）. It would be, at least, three times more advantageous than the 誇るd 貿易（する） with our North American 植民地s, in which the returns were seldom made in いっそう少なく than three years, frequently not in いっそう少なく than four or five years. フラン, besides, is supposed to 含む／封じ込める twenty-four millions of inhabitants. Our North American 植民地s were never supposed to 含む／封じ込める more than three millions; and フラン is a much richer country than North America; though, on account of the more unequal 配当 of riches, there is much more poverty and beggary in the one country than in the other. フラン, therefore, could afford a market at least eight times more 広範囲にわたる, and, on account of the superior frequency of the returns, four-and-twenty times more advantageous than that which our North American 植民地s ever afforded. The 貿易（する） of 広大な／多数の／重要な Britain would be just as advantageous to フラン, and, in 割合 to the wealth, 全住民, and proximity of the 各々の countries, would have the same 優越 over that which フラン carries on with her own 植民地s. Such is the very 広大な／多数の／重要な difference between that 貿易（する）, which the 知恵 of both nations has thought proper to discourage, and that which it has favoured the most.

But the very same circumstances which would have （判決などを）下すd an open and 解放する／自由な 商業 between the two countries so advantageous to both, have occasioned the 主要な／長／主犯 obstructions to that 商業. 存在 隣人s, they are やむを得ず enemies, and the wealth and 力／強力にする of each becomes, upon that account, more formidable to the other; and what would 増加する the advantage of 国家の friendship serves only to inflame the 暴力／激しさ of 国家の animosity. They are both rich and industrious nations; and the merchants and 製造業者s of each dread the 競争 of the 技術 and activity of those of the other. 商業の jealousy is excited, and both inflames, and is itself inflamed, by the 暴力／激しさ of 国家の animosity; and the 仲買人s of both countries have 発表するd, with all the 熱烈な 信用／信任 of 利益／興味d falsehood, the 確かな 廃虚 of each, in consequence of that unfavourable balance of 貿易（する）, which, they pretend, would be the infallible 影響 of an unrestrained 商業 with the other.

There is no 商業の country in Europe of which the approaching 廃虚 has not frequently been foretold by the pretended doctors of this system from an unfavourable balance of 貿易（する）. After all the 苦悩, however, which they have excited about this, after all the vain 試みる／企てるs of almost all 貿易（する）ing nations to turn that balance in their own favour and against their 隣人s, it does not appear that any one nation in Europe has been in any 尊敬（する）・点 貧窮化した by this 原因（となる）. Every town and country, on the contrary, in 割合 as they have opened their ports to all nations, instead of 存在 廃虚d by this 自由貿易, as the 原則s of the 商業の system would lead us to 推定する／予想する, have been 濃厚にするd by it. Though there are in Europe, indeed, a few towns which in some 尊敬（する）・点s deserve the 指名する of 解放する／自由な ports, there is no country which does so. Holland, perhaps, approaches the nearest to this character of any though still very remote from it; and Holland, it is 定評のある, not only derives its whole wealth, but a 広大な／多数の／重要な part of its necessary subsistence, from foreign 貿易（する）.

There is another balance, indeed, which has already been explained, very different from the balance of 貿易（する）, and which, （許可，名誉などを）与えるing as it happens to be either favourable or unfavourable, やむを得ず occasions the 繁栄 or decay of every nation. This is the balance of the 年次の produce and 消費. If the exchangeable value of the 年次の produce, it has already been 観察するd, 越えるs that of the 年次の 消費, the 資本／首都 of the society must 毎年 増加する in 割合 to this 超過. The society in this 事例／患者 lives within its 歳入, and what is 毎年 saved out of its 歳入 is 自然に 追加するd to its 資本／首都, and 雇うd so as to 増加する still その上の the 年次の produce. If the exchangeable value of the 年次の produce, on the contrary, fail short of the 年次の 消費, the 資本／首都 of the society must 毎年 decay in 割合 to this 欠陥／不足. The expense of the society in this 事例／患者 越えるs its 歳入, and やむを得ず encroaches upon its 資本／首都. Its 資本／首都, therefore, must やむを得ず decay, and together with it the exchangeable value of the 年次の produce of its 産業.

This balance of produce and 消費 is 完全に different from what is called the balance of 貿易（する）. It might take place in a nation which had no foreign 貿易（する）, but which was 完全に separated from all the world. It may take place in the whole globe of the earth, of which the wealth, 全住民, and 改良 may be either 徐々に 増加するing or 徐々に decaying.

The balance of produce and 消費 may be 絶えず in favour of a nation, though what is called the balance of 貿易（する） be 一般に against it. A nation may 輸入する to a greater value than it 輸出（する）s for half a century, perhaps, together; the gold and silver which comes into it during an this time may be all すぐに sent out of it; its 広まる coin may 徐々に decay, different sorts of paper money 存在 代用品，人d in its place, and even the 負債s, too, which it 契約s in the 主要な／長／主犯 nations with whom it 取引，協定s, may be 徐々に 増加するing; and yet its real wealth, the exchangeable value of the 年次の produce of its lands and 労働, may, during the same period, have been 増加するing in a much greater 割合. The 明言する／公表する of our North American 植民地s, and of the 貿易（する） which they carried on with 広大な／多数の／重要な Britain, before the 開始／学位授与式 of the 現在の 騒動s, may serve as a proof that this is by no means an impossible supposition.

一時期／支部 IV
Of Drawbacks

Of these 激励s what are called Drawbacks seem to be the most reasonable. To 許す the merchant to draw 支援する upon exportation, either the whole or a part of whatever excise or inland 義務 is 課すd upon 国内の 産業, can never occasion the exportation of a greater 量 of goods than what would have been 輸出（する）d had no 義務 been 課すd. Such 激励s do not tend to turn に向かって any particular 雇用 a greater 株 of the 資本／首都 of the country than what would go to that 雇用 of its own （許可，名誉などを）与える, but only to 妨げる the 義務 from 運動ing away any part of that 株 to other 雇用s. They tend not to overturn that balance which 自然に 設立するs itself の中で all the さまざまな 雇用s of the society; but to 妨げる it from 存在 overturned by the 義務. They tend not to destroy, but to 保存する what it is in most 事例／患者s advantageous to 保存する, the natural 分割 and 配当 of 労働 in the society.

The same thing may be said of the drawbacks upon the re-exportation of foreign goods 輸入するd, which in 広大な／多数の／重要な Britain 一般に 量 to by much the largest part of the 義務 upon 輸入. By the second of the 支配するs 別館d to the 行為／法令／行動する of 議会 which 課すd what is now called the Old 補助金, every merchant, whether English or 外国人, was 許すd to draw 支援する half that 義務 upon exportation; the English merchant, 供給するd the exportation took place within twelve months; the 外国人, 供給するd it took place within nine months. ワインs, currants, and wrought silks were the only goods which did not 落ちる within this 支配する, having other and more advantageous allowances. The 義務s 課すd by this 行為／法令／行動する of 議会 were at that time the only 義務s upon the 輸入 of foreign goods. The 称する，呼ぶ／期間／用語 within which this and all other drawbacks could be （人命などを）奪う，主張するd was afterwards (by the 7th George I, c. 21, sect. 10) 延長するd to three years.

The 義務s which have been 課すd since the Old 補助金 are, the greater part of them, wholly drawn 支援する upon exportation. This general 支配する, however, is liable to a 広大な／多数の／重要な number of exceptions, and the doctrine of drawbacks has become a much いっそう少なく simple 事柄 than it was at their first 会・原則.

Upon the exportation of some foreign goods, of which it was 推定する／予想するd that the 輸入 would 大いに 越える what was necessary for the home 消費, the whole 義務s are drawn 支援する, without 保持するing even half the Old 補助金. Before the 反乱 of our North American 植民地s, we had the monopoly of the タバコ of Maryland and Virginia. We 輸入するd about ninety-six thousand hogsheads, and the home 消費 was not supposed to 越える fourteen thousand. To 容易にする the 広大な／多数の／重要な exportation which was necessary, ーするために rid us of the 残り／休憩（する）, the whole 義務s were drawn 支援する, 供給するd the exportation took place within three years.

We still have, though not altogether, yet very nearly, the monopoly of the sugars of our West Indian Islands. If sugars are 輸出（する）d within a year, therefore, all the 義務s upon 輸入 are drawn 支援する, and if 輸出（する）d within three years all the 義務s, except half the Old 補助金, which still continues to be 保持するd upon the exportation of the greater part of goods. Though the 輸入 of sugar 越えるs, a good 取引，協定, what is necessary for the home 消費, the 超過 is inconsiderable in comparison of what it used to be in タバコ.

Some goods, the particular 反対するs of the jealousy of our own 製造業者s, are 禁じるd to be 輸入するd for home 消費. They may, however, upon 支払う／賃金ing 確かな 義務s, be 輸入するd and 倉庫／問屋d for exportation. But upon such exportation, no part of these 義務s are drawn 支援する. Our 製造業者s are unwilling, it seems, that even this 制限するd 輸入 should be encouraged, and are afraid lest some part of these goods should be stolen out of the 倉庫／問屋, and thus come into 競争 with their own. It is under these 規則s only that we can 輸入する wrought silks, French cambrics and lawns, calicoes painted, printed, stained or dyed, etc.

We are unwilling even to be the 運送／保菌者s of French goods, and choose rather to forego a 利益（をあげる） to ourselves than to 苦しむ those, whom we consider as our enemies, to make any 利益（をあげる） by our means. Not only half the Old 補助金, but the second twenty-five per cent, is 保持するd upon the exportation of all French goods.

By the fourth of the 支配するs 別館d to the Old 補助金, the drawback 許すd upon the exportation of all ワインs 量d to a 広大な／多数の／重要な 取引，協定 more than half the 義務s which were, at that time, paid upon their 輸入; and it seems, at that time, to have been the 反対する of the 立法機関 to give somewhat more than ordinary 激励 to the carrying 貿易（する） in ワイン. Several of the other 義務s too, which were 課すd either at the same time, or その後の to the Old 補助金- what is called the 付加 義務, the New 補助金, the One-third and Two-thirds 補助金s, the impost 1692, the coinage on ワイン- were 許すd to be wholly drawn 支援する upon exportation. All those 義務s, however, except the 付加 義務 and impost 1692, 存在 paid 負かす／撃墜する in ready money, upon 輸入, the 利益／興味 of so large a sum occasioned an expense, which made it 不当な to 推定する／予想する any profitable carrying 貿易（する） in this article. Only a part, therefore, of the 義務 called the impost on ワイン, and no part of the twenty-five 続けざまに猛撃するs the トン upon French ワインs, or of the 義務s 課すd in 1745, in 1763, and in 1778, were 許すd to be drawn 支援する upon exportation. The two imposts of five per cent, 課すd in 1779 and 1781, upon all the former 義務s of customs, 存在 許すd to be wholly drawn 支援する upon the exportation of all other goods, were likewise 許すd to be drawn 支援する upon that of ワイン. The last 義務 that has been 特に 課すd upon ワイン, that of 1780, is 許すd to be wholly drawn 支援する, an indulgence which, when so many 激しい 義務s are 保持するd, most probably could never occasion the exportation of a 選び出す／独身 トン of ワイン. These 支配するs take place with regard to all places of lawful exportation, except the British 植民地s in America.

The 15th Charles II, c. 7, called An 行為／法令／行動する for the 激励 of 貿易（する）, had given 広大な／多数の／重要な Britain the monopoly of 供給（する）ing the 植民地s with all the 商品／必需品s of the growth or 製造（する） of Europe; and その結果 with ワインs. In a country of so 広範囲にわたる a coast as our North American and West Indian 植民地s, where our 当局 was always so very slender, and where the inhabitants were 許すd to carry out, in their own ships, their 非，不，無-enumerated 商品／必需品s, at first to all parts of Europe, and afterwards to all parts of Europe south of Cape Finisterre, it is not very probable that this monopoly could ever be much 尊敬（する）・点d; and they probably, at all times, 設立する means of bringing 支援する some 貨物 from the countries to which they were 許すd to carry out one. They seem, however, to have 設立する some difficulty in 輸入するing European ワインs from the places of their growth, and they could not 井戸／弁護士席 輸入する them from 広大な／多数の／重要な Britain where they were 負担d with many 激しい 義務s, of which a かなりの part was not drawn 支援する upon exportation. Maderia ワイン, not 存在 a European 商品／必需品, could be 輸入するd 直接／まっすぐに into America and the West Indies, countries which, in all their 非，不，無-enumerated 商品／必需品s, enjoyed a 自由貿易 to the island of Maderia. These circumstances had probably introduced that general taste for Maderia ワイン, which our officers 設立する 設立するd in all our 植民地s at the 開始／学位授与式 of the war, which began in 1755, and which they brought 支援する with them to the mother country, where that ワイン had not been much in fashion before. Upon the 結論 of that war, in 1763 (by the 4th George III, c. 15, sect. 12), all the 義務s, except L3 10s., were 許すd to be drawn 支援する upon the exportation to the 植民地s of all ワインs, except French ワインs, to the 商業 and 消費 of which 国家の prejudice would 許す no sort of 激励. The period between the 認めるing of this indulgence and the 反乱 of our North American 植民地s was probably too short to 収容する／認める of any かなりの change in the customs of those countries.

The same 行為／法令／行動する, which, in the drawback upon all ワインs, except French ワインs, thus favoured the 植民地s so much more than other countries; in those upon the greater part of other 商品／必需品s favoured them much いっそう少なく. Upon the exportation of the greater part of 商品／必需品s to other countries, half the old 補助金 was drawn 支援する. But this 法律 制定するd that no part of that 義務 should be drawn 支援する upon the exportation to the 植民地s of any 商品／必需品s, of the growth or 製造（する） either of Europe or the East Indies, except ワインs, white calicoes, and muslins.

Drawbacks were, perhaps, 初めは 認めるd for the 激励 of the carrying 貿易（する）, which, as the freight of the ships is frequently paid by foreigners in money, was supposed to be peculiarly fitted for bringing gold and silver into the country. But though the carrying 貿易（する） certainly deserves no peculiar 激励, though the 動機 of the 会・原則 was perhaps abundantly foolish, the 会・原則 itself seems reasonable enough. Such drawbacks cannot 軍隊 into this 貿易（する） a greater 株 of the 資本／首都 of the country than what would have gone to it of its own （許可，名誉などを）与える had there been no 義務s upon 輸入. They only 妨げる its 存在 除外するd altogether by those 義務s. The carrying 貿易（する）, though it deserves no preference, ought not to be 妨げるd, but to be left 解放する／自由な like all other 貿易（する）s. It is a necessary 資源 for those 資本／首都s which cannot find 雇用 either in the 農業 or in the 製造（する）s of the country, either in its home 貿易（する） or in its foreign 貿易（する） of 消費.

The 歳入 of the customs, instead of 苦しむing, 利益（をあげる）s from such drawbacks by that part of the 義務 which is 保持するd. If the whole 義務s had been 保持するd, the foreign goods upon which they are paid could seldom have been 輸出（する）d, nor その結果 輸入するd, for want of a market. The 義務s, therefore, of which a part is 保持するd would never have been paid.

These 推論する／理由s seem 十分に to 正当化する drawbacks, and would 正当化する them, though the whole 義務s, whether upon the produce of 国内の 産業, or upon foreign goods, were always drawn 支援する upon exportation. The 歳入 of excise would in this 事例／患者, indeed, 苦しむ a little, and that of the customs a good 取引，協定 more; but the natural balance of 産業, the natural 分割 and 配当 of 労働, which is always more or いっそう少なく 乱すd by such 義務s, would be more nearly re-設立するd by such a 規則.

These 推論する／理由s, however, will 正当化する drawbacks only upon 輸出（する）ing goods to those countries which are altogether foreign and 独立した・無所属, not to those in which our merchants and 製造業者s enjoy a monopoly. A drawback, for example, upon the exportation of European goods to our American 植民地s will not always occasion a greater exportation than what would have taken place without it. By means of the monopoly which our merchants and 製造業者s enjoy there, the same 量 might frequently, perhaps, be sent thither, though the whole 義務s were 保持するd. The drawback, therefore, may frequently be pure loss to the 歳入 of excise and customs, without altering the 明言する／公表する of the 貿易（する）, or （判決などを）下すing it in any 尊敬（する）・点 more 広範囲にわたる. How far such drawbacks can be 正当化するd, as a proper 激励 to the 産業 of our 植民地s, or how far it is advantageous to the mother country, that they should be 免除されたd from 税金s which are paid by all the 残り／休憩（する） of their fellow 支配するs, will appear hereafter when I come to 扱う／治療する the 植民地s.

Drawbacks, however, it must always be understood, are useful only in those 事例／患者s in which the goods for the exportation of which they are given are really 輸出（する）d to some foreign country; and not clandestinely re-輸入するd into our own. That some drawbacks, 特に those upon タバコ, have frequently been 乱用d in this manner, and have given occasion to many 詐欺s 平等に hurtful both to the 歳入 and to the fair 仲買人, is 井戸／弁護士席 known.

一時期／支部 V
Of Bounties

Bounties, it is 許すd, せねばならない be given to those 支店s of 貿易（する） only which cannot be carried on without them. But every 支店 of 貿易（する） in which the merchant can sell his goods for a price which 取って代わるs to him, with the ordinary 利益（をあげる）s of 在庫／株, the whole 資本／首都 雇うd in 準備するing and sending them to market, can be carried on without a bounty. Every such 支店 is evidently upon a level with all the other 支店s of 貿易（する） which are carried on without bounties, and cannot therefore 要求する one more than they. Those 貿易（する）s only 要求する bounties in which the merchant is 強いるd to sell his goods for a price which does not 取って代わる to him his 資本／首都, together with the ordinary 利益（をあげる）; or in which he is 強いるd to sell them for いっそう少なく than it really costs him to send them to market. The bounty is given ーするために （不足などを）補う this loss, and to encourage him to continue, or perhaps to begin, a 貿易（する） of which the expense is supposed to be greater than the returns, of which every 操作／手術 eats up a part of the 資本／首都 雇うd in it, and which is of such a nature that, if all other 貿易（する）s 似ているd it, there would soon be no 資本／首都 left in the country.

The 貿易（する）s, it is to be 観察するd, which are carried on by means of bounties, are the only ones which can be carried on between two nations for any かなりの time together, in such a manner as that one of them shall always and 定期的に lose, or sell its goods for いっそう少なく than it really costs to send them to market. But if the bounty did not 返す to the merchant what he would さもなければ lose upon the price of his goods, his own 利益／興味 would soon 強いる him to 雇う his 在庫／株 in another way, or to find out a 貿易（する） in which the price of the goods would 取って代わる to him, with the ordinary 利益（をあげる）, the 資本／首都 雇用 in sending them to market. The 影響 of bounties, like that of all the other expedients of the 商業の system, can only be to 軍隊 the 貿易（する） of a country into a channel much いっそう少なく advantageous than that in which it would 自然に run of its own （許可，名誉などを）与える.

The ingenious and 井戸／弁護士席-知らせるd author of the tracts upon the corn 貿易（する） has shown very 明確に that, since the bounty upon the exportation of corn was first 設立するd, the price of the corn 輸出（する）d, valued moderately enough, has 越えるd that of the corn 輸入するd, valued very high, by a much greater sum than the 量 of the whole bounties which have been paid during that period. This, he imagines, upon the true 原則s of the 商業の system, is a （疑いを）晴らす proof that this 軍隊d corn 貿易（する） is 有益な to the nation; the value of the exportation 越えるing that of the 輸入 by a much greater sum than the whole 驚くべき／特命の／臨時の expense which the public has been at ーするために get it 輸出（する）d. He does not consider that this 驚くべき／特命の／臨時の expense, or the bounty, is the smallest part of the expense which the exportation of corn really costs the society. The 資本／首都 which the 農業者 雇うd in raising it must likewise be taken into the account. Unless the price of the corn when sold in the foreign markets 取って代わるs, not only the bounty, but this 資本／首都, together with the ordinary 利益（をあげる）s of 在庫／株, the society is a loser by the difference, or the 国家の 在庫／株 is so much 減らすd. But the very 推論する／理由 for which it has been thought necessary to 認める a bounty is the supposed insufficiency of the price to do this.

The 普通の／平均（する） price of corn, it has been said, has fallen かなり since the 設立 of the bounty. That the 普通の／平均（する） price of corn began to 落ちる somewhat に向かって the end of the last century, and has continued to do so during the course of the sixty-four first years of the 現在の, I have already endeavoured to show. But this event, supposing it to be as real as I believe it to be, must have happened in spite of the bounty, and cannot かもしれない have happened in consequence of it. It has happened in フラン, 同様に as in England, though in フラン there was not only no bounty, but, till 1764, the exportation of corn was 支配するd to a general 禁止. This 漸進的な 落ちる in the 普通の／平均（する） price of 穀物, it is probable, therefore, is 最終的に 借りがあるing neither to the one 規則 nor to the other. but to that 漸進的な and insensible rise in the real value of silver, which, in the first 調書をとる／予約する in this discourse, I have endeavoured to show has taken place in the general market of Europe during the course of the 現在の century. It seems to be altogether impossible that the bounty could ever 与える／捧げる to lower the price of 穀物.

In years of plenty, it has already been 観察するd, the bounty, by occasioning an 驚くべき／特命の／臨時の exportation, やむを得ず keeps up the price of corn in the home market above what it would 自然に 落ちる to. To do so was the avowed 目的 of the 会・原則. In years of scarcity, though the bounty is frequently 一時停止するd, yet the 広大な／多数の／重要な exportation which it occasions in years of plenty must frequently 妨げる more or いっそう少なく the plenty of one year from relieving the scarcity of another. Both in years of plenty and in years of scarcity, therefore, the bounty やむを得ず tends to raise the money price of corn somewhat higher than it さもなければ would be in the home market.

That, in the actual 明言する／公表する of tillage, the bounty must やむを得ず have this 傾向 will not, I apprehend, be 論争d by any reasonable person. But it has been thought by many people that it tends to encourage tillage, and that in two different ways; first, by 開始 a more 広範囲にわたる foreign market to the corn of the 農業者, it tends, they imagine, to 増加する the 需要・要求する for, and その結果 the 生産／産物 of that 商品／必需品; and secondly, by 安全な・保証するing to him a better price than he could さもなければ 推定する／予想する in the actual 明言する／公表する of tillage, it tends, they suppose, to encourage tillage. This 二塁打 激励 must, they imagine, in a long period of years, occasion such an 増加する in the 生産／産物 of corn as may lower its price in the home market much more than the bounty can raise it, in the actual 明言する／公表する which tillage may, at the end of that period, happen to be in.

I answer, that whatever 拡張 of the foreign market can be occasioned by the bounty must, in every particular year, be altogether at the expense of the home market; as every bushel of corn which is 輸出（する）d by means of the bounty, and which would not have been 輸出（する）d without the bounty, would have remained in the home market to 増加する the 消費 and to lower the price of that 商品／必需品. The corn bounty, it is to be 観察するd, 同様に as every other bounty upon exportation, 課すs two different 税金s upon the people; first, the 税金 which they are 強いるd to 与える／捧げる ーするために 支払う／賃金 the bounty; and secondly, the 税金 which arises from the 前進するd price of the 商品／必需品 in the home market, and which, as the whole 団体／死体 of the people are purchasers of corn, must, in this particular 商品／必需品, be paid by the whole 団体／死体 of the people. In this particular 商品／必需品, therefore, this second 税金 is by much the heavier of the two. Let us suppose that, taking one year with another, the bounty of five shillings upon the exportation of the ４半期/4分の1 of wheat raises the price of that 商品／必需品 in the home market only sixpence the bushel, or four shillings the ４半期/4分の1, higher than it さもなければ would have been in the actual 明言する／公表する of the 刈る. Even upon this very 穏健な supposition, the 広大な／多数の／重要な 団体／死体 of the people, over and above 与える／捧げるing the 税金 which 支払う／賃金s the bounty of five shillings upon every ４半期/4分の1 of wheat 輸出（する）d, must 支払う／賃金 another of four shillings upon every ４半期/4分の1 which they themselves 消費する. But, によれば the very 井戸／弁護士席 知らせるd author of the tracts upon the corn 貿易（する）, the 普通の／平均（する） 割合 of the corn 輸出（する）d to that 消費するd at home is not more than that of one to thirty-one. For every five shillings, therefore, which they 与える／捧げる to the 支払い（額） of the first 税金, they must 与える／捧げる six 続けざまに猛撃するs four shillings to the 支払い（額） of the second. So very 激しい a 税金 upon the first necessary of life must either 減ずる the subsistence of the 労働ing poor, or it must occasion some augmentation in th eir pecuniary 給料 proportionable to that in the pecuniary price of their subsistence. So far as it operates in the one way, it must 減ずる the ability of the 労働ing poor to educate and bring up their children, and must, so far, tend to 抑制する the 全住民 of the country. So far as it operates in the other, it must 減ずる the ability of the 雇用者s of the poor to 雇う so 広大な／多数の／重要な a number as they さもなければ might do, and must, so far, tend to 抑制する the 産業 of the country. The 驚くべき／特命の／臨時の exportation of corn, therefore, occasioned by the bounty, not only, in every particular year, 減らすs the home, just as much as it 延長するs the foreign, market and 消費, but, by 抑制するing the 全住民 and 産業 of the country, its final 傾向 is to stunt and 抑制する the 漸進的な 拡張 of the home market; and その為に, in the long run, rather to 減らす, than to augment, the whole market and 消費 of corn.

This enhancement of the money price of corn, however, it has been thought, by （判決などを）下すing that 商品／必需品 more profitable to the 農業者, must やむを得ず encourage its 生産／産物.

I answer, that this might be the 事例／患者 if the 影響 of the bounty was to raise the real price of corn, or to enable the 農業者, with an equal 量 of it, to 持続する a greater number of labourers in the same manner, whether 自由主義の, 穏健な, or scanty, that other labourers are 一般的に 持続するd in his neighbourhood. But neither the bounty, it is evident, nor any other human 会・原則 can have any such 影響. It is not the real, but the 名目上の price of corn, which can in any かなりの degree be 影響する／感情d by the bounty. And though the 税金 which that 会・原則 課すs upon the whole 団体／死体 of the people may be very burdensome to those who 支払う／賃金 it, it is of very little advantage to those who receive it.

The real 影響 of the bounty is not so much to raise the real value of corn as to degrade the real value of silver, or to make an equal 量 of it 交流 for a smaller 量, not only of corn, but of all other homemade 商品／必需品s: for the money price of corn 規制するs that of all other home-made 商品／必需品s.

It 規制するs the money price of 労働, which must always be such as to enable the labourer to 購入（する） a 量 of corn 十分な to 持続する him and his family either in the 自由主義の, 穏健な, or scanty manner in which the 前進するing, 静止している, or 拒絶する／低下するing circumstances of the society 強いる his 雇用者s to 持続する him.

It 規制するs the money price of all the other parts of the rude produce of land, which, in every period of 改良, must 耐える a 確かな 割合 to that of corn, though this 割合 is different in different periods. It 規制するs, for example, the money price of grass and hay, of butcher's meat, of horses, and the 維持／整備 of horses, of land carriage その結果, or of the greater part of the inland 商業 of the country.

By 規制するing the money price of all the other parts of the rude produce of land, it 規制するs that of the 構成要素s of almost all 製造（する）s. By 規制するing the money price of 労働, it 規制するs that of 製造業の art and 産業. And by 規制するing both, it 規制するs that of the 完全にする 製造（する）. The money price of 労働, and of everything that is the produce either of land or 労働, must やむを得ず either rise or 落ちる in 割合 to the money price of corn.

Though in consequence of the bounty, therefore, the 農業者 should be enabled to sell his corn for four shillings a bushel instead of three-and-sixpence, and to 支払う／賃金 his landlord a money rent proportionable to this rise in the money price of his produce, yet if, in consequence of this rise in the price of corn, four shillings will 購入（する） no more homemade goods of any other 肉親，親類d than three-and-sixpence would have done before, neither the circumstances of the 農業者 nor those of the landlord will be much mended by this change. The 農業者 will not be able to cultivate much better: the landlord will not be able to live much better. In the 購入（する） of foreign 商品／必需品s this enhancement in the price of corn may give them some little advantage. In that of home-made 商品／必需品s it can give them 非，不，無 at all. And almost the whole expense of the 農業者, and the far greater part even of that of the landlord, is in homemade 商品／必需品s.

That degradation in the value of silver which is the 影響 of the fertility of the 地雷s, and which operates 平等に, or very 近づく 平等に, through the greater part of the 商業の world, is a 事柄 of very little consequence to any particular country. The consequent rise of all money prices, though it does not make those who receive them really richer, does make them really poorer. A service of plate becomes really cheaper, and everything else remains 正確に of the same real value as before.

But that degradation in the value of silver which, 存在 the 影響 either of the peculiar 状況／情勢 or of the political 会・原則s of a particular country, takes place only in that country, is a 事柄 of very 広大な／多数の／重要な consequence, which, far from tending to make anybody really richer, tends to make everybody really poorer. The rise in the money price of all 商品／必需品s, which is in this 事例／患者 peculiar to that country, tends to discourage more or いっそう少なく every sort of 産業 which is carried on within it, and to enable foreign nations, by furnishing almost all sorts of goods for a smaller 量 of silver than its own workmen can afford to do, to undersell them, not only in the foreign, but even in the home market.

It is the peculiar 状況／情勢 of Spain and Portugal as proprietors of the 地雷s to be the distributors of gold and silver to all the other countries of Europe. Those metals ought 自然に, therefore, to be somewhat cheaper in Spain and Portugal than in any other part of Europe. The difference, however, should be no more than the 量 of the freight and 保険; and, on account of the 広大な／多数の／重要な value and small 本体，大部分／ばら積みの of those metals, their freight is no 広大な／多数の／重要な 事柄, and their 保険 is the same as that of any other goods of equal value. Spain and Portugal, therefore, could 苦しむ very little from their peculiar 状況／情勢, if they did not 悪化させる its disadvantages by their political 会・原則s.

Spain by 税金ing, and Portugal by 禁じるing the exportation of gold and silver, 負担 that exportation with the expense of 密輸するing, and raise the value of those metals in other countries so much more above what it is in their own by the whole 量 of this expense. When you dam up a stream of water, as soon as the dam is 十分な as much water must run over the dam-長，率いる as if there was no dam at all. The 禁止 of exportation cannot 拘留する a greater 量 of gold and silver in Spain and Portugal than what they can afford to 雇う, than what the 年次の produce of their land and 労働 will 許す them to 雇う, in coin, plate, gilding, and other ornaments of gold and silver. When they have got this 量 the dam is 十分な, and the whole stream which flows in afterwards must run over. The 年次の exportation of gold and silver from Spain and Portugal accordingly is, by all accounts, notwithstanding these 抑制s, very 近づく equal to the whole 年次の 輸入. As the water, however, must always be deeper behind the dam-長，率いる than before it, so the 量 of gold and silver which these 抑制s 拘留する in Spain and Portugal must, in 割合 to the 年次の produce of their land and 労働, be greater than what is to be 設立する in other countries. The higher and stronger the dam-長，率いる, the greater must be the difference in the depth of water behind and before it. The higher the 税金, the higher the 刑罰，罰則s with which the 禁止 is guarded, the more vigilant and 厳しい the police which looks after the 死刑執行 of the 法律, the greater must be the difference in the 割合 of gold and silver to the 年次の produce of the land and 労働 of Spain and Portugal, and to that of other countries. It is said accordingly to be very かなりの, and that you frequently find there a profusion of plate in houses where there is nothing else which would, in other countries, be thought suitable or 特派員 to this sort of magnificence. The cheapness of gold and silver, or what is the same thing, the dearne ss of all 商品／必需品s, which is the necessary 影響 of this redundancy of the precious metals, discourages both the 農業 and 製造（する）s of Spain and Portugal, and enables foreign nations to 供給（する） them with many sorts of rude, and with almost all sorts of 製造（する）d produce, for a smaller 量 of gold and silver than what they themselves can either raise or make them for at home. The 税金 and 禁止 operate in two different ways. They not only lower very much the value of the precious metals in Spain and Portugal, but by 拘留するing there a 確かな 量 of those metals which would さもなければ flow over other countries, they keep up their value in those other countries somewhat above what it さもなければ would be, and その為に give those countries a 二塁打 advantage in their 商業 with Spain and Portugal. Open the flood-gates, and there will presently be いっそう少なく water above, and more below, the dam-長，率いる, and it will soon come to a level in both places. 除去する the 税金 and the 禁止, and as the 量 of gold and silver will 減らす かなり in Spain and Portugal, so it will 増加する somewhat in other countries, and the value of those metals, their 割合 to the 年次の produce of land and 労働, will soon come to a level, or very 近づく to a level, in all. The loss which Spain and Portugal could 支える by this exportation of their gold and silver would be altogether 名目上の and imaginary. The 名目上の value of their goods, and of the 年次の produce of their land and 労働, would 落ちる, and would be 表明するd or 代表するd by a smaller 量 of silver than before; but their real value would be the same as before, and would be 十分な to 持続する, 命令（する）, and 雇う, the same 量 of 労働. As the 名目上の value of their goods would 落ちる, the real value of what remained of their gold and silver would rise, and a smaller 量 of those metals would answer all the same 目的s of 商業 and 循環／発行部数 which had 雇うd a greater 量 before. The gold and silver wh ich would go abroad would not go abroad for nothing, but would bring 支援する an equal value of goods of some 肉親，親類d or another. Those goods, too, would not be all 事柄s of mere 高級な and expense, to be 消費するd by idle people who produce nothing in return for their 消費. As the real wealth and 歳入 of idle people would not be augmented by this 驚くべき／特命の／臨時の exportation of gold and silver, so neither would their 消費 be much augmented by it. Those goods would, probably, the greater part of them, and certainly some part of them, consist in 構成要素s, 道具s, and 準備／条項s, for the 雇用 and 維持／整備 of industrious people, who would 再生する, with a 利益（をあげる）, the 十分な value of their 消費. A part of the dead 在庫／株 of the society would thus be turned into active 在庫／株, and would put into 動議 a greater 量 of 産業 than had been 雇うd before. The 年次の produce of their land and 労働 would すぐに be augmented a little, and in a few years would, probably, be augmented a 広大な／多数の／重要な 取引，協定; their 産業 存在 thus relieved from one of the most oppressive 重荷（を負わせる）s which it at 現在の 労働s under.

The bounty upon the exportation of corn やむを得ず operates 正確に／まさに in the same way as this absurd 政策 of Spain and Portugal. Whatever be the actual 明言する／公表する of tillage, it （判決などを）下すs our corn somewhat dearer in the home market than it さもなければ would be in that 明言する／公表する, and somewhat cheaper in the foreign; and as the 普通の／平均（する） money price of corn 規制するs more or いっそう少なく that of all other 商品／必需品s, it lowers the value of silver かなり in the one, and tends to raise it a little in the other. It enables foreigners, the Dutch in particular, not only to eat our corn cheaper than they さもなければ could do, but いつかs to eat it cheaper than even our own people can do upon the same occasions, as we are 保証するd by an excellent 当局, that of Sir Matthew Decker. It 妨げるs our own workmen from furnishing their goods for so small a 量 of silver as they さもなければ might do; and enables the Dutch to furnish theirs for a smaller. It tends to （判決などを）下す our 製造（する）s somewhat dearer in every market, and theirs somewhat cheaper than they さもなければ would be, and その結果 to give their 産業 a 二塁打 advantage over our own.

The bounty, as it raises in the home market not so much the real as the 名目上の price of our corn, as it augments, not the 量 of 労働 which a 確かな 量 of corn can 持続する and 雇う but only the 量 of silver which it will 交流 for, it discourages our 製造（する）s, without （判決などを）下すing any かなりの service either to our 農業者s or country gentlemen. It puts, indeed, a little more money into the pockets of both, and it will perhaps be somewhat difficult to 説得する the greater part of them that this is not （判決などを）下すing them a very かなりの service. But if this money 沈むs in its value, in the 量 of 労働, 準備／条項s, and homemade 商品／必需品s of all different 肉親，親類d which it is 有能な of 購入（する）ing as much as it rises in its 量, the service will be little more than 名目上の and imaginary.

There is, perhaps, but one 始める，決める of men in the whole 連邦／共和国 to whom the bounty either was or could be essentially serviceable. These were the corn merchants, the 輸出業者s and importers of corn. In years of plenty the bounty やむを得ず occasioned a greater exportation than would さもなければ have taken place; and by 妨げるing the plenty of one year from relieving the scarcity of another, it occasioned in years of scarcity a greater 輸入 than would さもなければ have been necessary. It 増加するd the 商売／仕事 of the corn merchant in both; and in years of scarcity, it not only enabled him to 輸入する a greater 量, but to sell it for a better price, and その結果 with a greater 利益（をあげる） than he could さもなければ have made, if the plenty of one year had not been more or いっそう少なく 妨げるd from relieving the scarcity of another. It is in this 始める，決める of men, accordingly, that I have 観察するd the greatest zeal for the continuance or 再開 of the bounty.

Our country gentlemen, when they 課すd the high 義務s upon the 輸入 of foreign corn, which in times of 穏健な plenty 量 to a 禁止, and when they 設立するd the bounty, seem to have imitated the 行為／行う of our 製造業者s. By the one 会・原則, they 安全な・保証するd to themselves the monopoly of the home market, and by the other they endeavoured to 妨げる that market from ever 存在 overstocked with their 商品／必需品. By both they endeavoured to raise its real value, in the same manner as our 製造業者s had, by the like 会・原則s, raised the real value of many different sorts of 製造（する）d goods. They did not perhaps …に出席する to the 広大な／多数の／重要な and 必須の difference which nature has 設立するd between corn and almost every other sort of goods. When, either by the monopoly of the home market, or by a bounty upon exportation, you enable our woollen or linen 製造業者s to sell their goods for somewhat a better price than they さもなければ could get for them, you raise, not only the 名目上の, but the real price of those goods. You （判決などを）下す them 同等（の） to a greater 量 of 労働 and subsistence, you 増加する not only the 名目上の, but the real 利益（をあげる）, the real wealth and 歳入 of those 製造業者s, and you enable them either to live better themselves, or to 雇う a greater 量 of 労働 in those particular 製造（する）s. You really encourage those 製造（する）s, and direct に向かって them a greater 量 of the 産業 of the country than what would probably go to them of its own （許可，名誉などを）与える. But when by the like 会・原則s you raise the 名目上の or money-price of corn, you do not raise its real value. You do not 増加する the real wealth, the real 歳入 either of our 農業者s or country gentlemen. You do not encourage the growth of corn because you do not enable them to 持続する and 雇う more labourers in raising it. The nature of things has stamped upon corn a real value which cannot be altered by 単に altering its money price. No bounty upon exportation, no monopoly of the home m arket, can raise that value. The freest 競争 cannot lower it. Through the world in general that value is equal to the 量 of 労働 which it can 持続する, and in every particular place it is equal to the 量 of 労働 which it can 持続する in the way, whether 自由主義の, 穏健な, or scanty, in which 労働 is 一般的に 持続するd in that place. Woollen or linen cloth are not the 規制するing 商品／必需品s by which the real value of all other 商品／必需品s must be finally 手段d and 決定するd; corn is. The real value of every other 商品／必需品 is finally 手段d and 決定するd by the 割合 which its 普通の／平均（する） money price 耐えるs to the 普通の／平均（する） money price of corn. The real value of corn does not 変化させる with those variations in its 普通の／平均（する） money price, which いつかs occur from one century to another. It is the real value of silver which 変化させるs with them.

Bounties upon the exportation of any homemade 商品／必需品 are liable, first to that general 反対 which may be made to all the different expedients of the 商業の system; the 反対 of 軍隊ing some part of the 産業 of the country into a channel いっそう少なく advantageous than that in which it would run of its own （許可，名誉などを）与える: and, secondly, to the particular 反対 of 軍隊ing it, not only into a channel that is いっそう少なく advantageous, but into one that is 現実に disadvantageous; the 貿易（する） which cannot be carried on but by means of a bounty 存在 やむを得ず a losing 貿易（する）. The bounty upon the exportation of corn is liable to this その上の 反対, that it can in no 尊敬（する）・点 促進する the raising of that particular 商品／必需品 of which it was meant to encourage the 生産／産物. When our country gentlemen, therefore, 需要・要求するd the 設立 of the bounty, though they 行為／法令／行動するd in imitation of our merchants and 製造業者s, they did not 行為／法令／行動する with that 完全にする comprehension of their own 利益／興味 which 一般的に directs the 行為／行う of those two other orders of people. They 負担d the public 歳入 with a very かなりの expense; they 課すd a very 激しい 税金 upon the whole 団体／死体 of the people; but they did not, in any sensible degree, 増加する the real value of their own 商品／必需品; and by lowering somewhat the real value of silver, they discouraged in some degree, the general 産業 of the country, and, instead of 前進するing, retarded more or いっそう少なく the 改良 of their own lands, which やむを得ず depends upon the general 産業 of the country.

To encourage the 生産／産物 of any 商品／必需品, a bounty upon 生産／産物, one should imagine, would have a more direct 操作／手術 than one upon exportation. It would, besides, 課す only one 税金 upon the people, that which they must 与える／捧げる ーするために 支払う／賃金 the bounty. Instead of raising, it would tend to lower the price of the 商品／必需品 in the home market; and その為に, instead of 課すing a second 税金 upon the people, it might, at least, in part, 返す them for what they had 与える／捧げるd to the first. Bounties upon 生産／産物, however, have been very rarely 認めるd. The prejudices 設立するd by the 商業の system have taught us to believe that 国家の wealth arises more すぐに from exportation than from 生産／産物. It has been more favoured accordingly, as the more 即座の means of bringing money into the country. Bounties upon 生産／産物, it has been said too, have been 設立する by experience more liable to 詐欺s than those upon exportation. How far this is true, I know not. That bounties upon exportation have been 乱用d to many fraudulent 目的s is very 井戸／弁護士席 known. But it is not the 利益／興味 of merchants and 製造業者s, the 広大な／多数の／重要な inventors of all these expedients, that the home market should be overstocked with their goods, an event which a bounty upon 生産／産物 might いつかs occasion. A bounty upon exportation, by enabling them to send abroad the 黒字／過剰 part, and to keep up the price of what remains in the home market, effectually 妨げるs this. Of all the expedients of the 商業の system, accordingly, it is the one of which they are the fondest. I have known the different undertakers of some particular 作品 agree 個人として の中で themselves to give a bounty out of their own pockets upon the exportation of a 確かな 割合 of the goods which they dealt in. This expedient 後継するd so 井戸／弁護士席 that it more than 二塁打d the price of their goods in the home market, notwithstanding a very かなりの 増加する in the produce. The 操作／手術 of the bounty upon corn must have been wonderfully different if it has lowered the money price of that 商品／必需品.

Something like a bounty upon 生産／産物, however, has been 認めるd upon some particular occasions. The tonnage bounties given to the white-herring and 鯨 漁業s may, perhaps, be considered as somewhat of this nature. They tend 直接／まっすぐに, it may be supposed, to （判決などを）下す the goods cheaper in the home market than they さもなければ would be. In other 尊敬（する）・点s their 影響s, it must be 定評のある, are the same as those of bounties upon exportation. By means of them a part of the 資本／首都 of the country is 雇うd in bringing goods to market, of which the price does not 返す the cost together with the ordinary 利益（をあげる）s of 在庫／株.

But though the tonnage bounties of those 漁業s do not 与える／捧げる to the opulence of the nation, it may perhaps be thought that they 与える／捧げる to its defence by augmenting the number of its sailors and shipping. This, it may be 申し立てられた／疑わしい, may いつかs be done by means of such bounties at a much smaller expense than by keeping up a 広大な／多数の／重要な standing 海軍, if I may use such an 表現, in the same way as a standing army.

Notwithstanding these favourable 主張s, however, the に引き続いて considerations 配置する／処分する／したい気持ちにさせる me to believe that, in 認めるing at least one of these bounties, the 立法機関 has been very grossly 課すd upon.

First, the herring buss bounty seems too large.

From the 開始／学位授与式 of the winter fishing, 1771, to the end of the winter fishing, 1781, the tonnage bounty upon the herring buss 漁業 has been at thirty shillings the トン. During these eleven years the whole number of バーレル／樽s caught by the herring buss 漁業 of Scotland 量d to 378,347. The herrings caught and cured at sea are called sea-sticks. ーするために （判決などを）下す them what are called merchantable herrings, it is necessary to repack them with an 付加 量 of salt; and in this 事例／患者, it is reckoned that three バーレル／樽s of sea-sticks are usually repacked into two バーレル／樽s of merchantable herrings. The number of バーレル／樽s of merchantable herrings, therefore, caught during these eleven years will 量 only, によれば this account, to 252,231 1/3. During these eleven years the tonnage bounties paid 量d to L155,463 11s. or to 8s. 2 1/4d. upon every バーレル／樽 of seasticks, and to 12s. 3 3/4d. upon every バーレル／樽 of merchantable herrings.

The salt with which these herrings are cured is いつかs Scotch and いつかs foreign salt, both which are 配達するd 解放する／自由な of all excise 義務 to the fish-curers. The excise 義務 upon Scotch salt is at 現在の 1s. 6d., that upon foreign salt 10s. the bushel. A バーレル／樽 of herrings is supposed to 要求する about one bushel and one-fourth of a bushel foreign salt. Two bushels are the supposed 普通の／平均（する） of Scotch salt. If the herrings are entered for exportation, no part of this 義務 is paid up; if entered for home 消費, whether the herrings were cured with foreign or with Scotch salt, only one shilling the バーレル／樽 is paid up. It was the old Scotch 義務 upon a bushel of salt, the 量 which, at a low estimation, had been supposed necessary for curing a バーレル／樽 of herrings. In Scotland, foreign salt is very little used for any other 目的 but the curing of fish. But from the 5th April 1771 to the 5th April 1782, the 量 of foreign salt 輸入するd 量d to 936,974 bushels, at eighty-four 続けざまに猛撃するs the bushel: the 量 of Scotch salt, 配達するd from the 作品 to the fish-curers, to no more than 168,226, at fifty-six 続けざまに猛撃するs the bushel only. It would appear, therefore, that it is principally foreign salt that is used in the 漁業s. Upon every バーレル／樽 of herrings 輸出（する）d there is, besides, a bounty of 2s. 8d., and more than two-thirds of the buss caught herrings are 輸出（する）d. Put all these things together and you will find that, during these eleven years, every バーレル／樽 of buss caught herrings, cured with Scotch salt when 輸出（する）d, has cost 政府 L1 7s. 5 3/4d.; and when entered for home 消費 14s. 3 3/4d.; and that every バーレル／樽 cured with foreign salt, when 輸出（する）d, has cost 政府 L1 7s. 5 3/4d.; and when entered for home 消費 L1. 3s. 9 3/4d. The price of a バーレル／樽 of good merchantable herrings runs from seventeen and eighteen to four and five and twenty shillings, about a guinea at an 普通の／平均（する）.

Secondly, the bounty to the white-herring 漁業 is a tonnage bounty; and is 割合d to the 重荷（を負わせる） of the ship, not to her diligence or success in the 漁業; and it has, I am afraid, been too ありふれた for 大型船s to fit out for the 単独の 目的 of catching, not the fish, but the bounty. In the year 1759, when the bounty was at fifty shillings the トン, the whole buss 漁業 of Scotland brought in only four バーレル／樽s of sea-sticks. In that year each バーレル／樽 of sea-sticks cost 政府 in bounties alone L113 15s.; each バーレル／樽 of merchantable herrings L159 7s. 6d.

Thirdly, the 方式 of fishing for which this tonnage bounty in the white-herring 漁業 has been given (by busses or decked 大型船s from twenty to eighty トンs burthen), seems not so 井戸／弁護士席 adapted to the 状況／情勢 of Scotland as to that of Holland, from the practice of which country it appears to have been borrowed. Holland lies at a 広大な／多数の／重要な distance from the seas to which herrings are known principally to 訴える手段／行楽地, and can, therefore, carry on that 漁業 only in decked 大型船s, which can carry water and 準備／条項s 十分な for a voyage to a distant sea. But the Hebrides or western islands, the islands of Shetland, and the northern and northwestern coasts of Scotland, the countries in whose neighbourhood the herring 漁業 is principally carried on, are everywhere intersected by 武器 of the sea, which run up a かなりの way into the land, and which, in the language of the country, are called sea-lochs. It is to these sea-lochs that the herrings principally 訴える手段／行楽地 during the seasons in which they visit those seas; for the visits of this and, I am 保証するd, of many other sorts of fish are not やめる 正規の／正選手 and constant. A boat 漁業, therefore, seems to be the 方式 of fishing best adapted to the peculiar 状況／情勢 of Scotland, the fishers carrying the herrings on shore, as 急速な／放蕩な as they are taken, to be either cured or 消費するd fresh. But the 広大な／多数の／重要な 激励 which a bounty of thirty shillings the トン gives to the buss 漁業 is やむを得ず a discouragement to the boat 漁業, which, having no such bounty, cannot bring its cured fish to market upon the same 条件 as the buss 漁業. The boat 漁業, accordingly, which before the 設立 of the buss bounty was very かなりの, and is said have 雇うd a number of seamen not inferior to what the buss 漁業 雇うs at 現在の, is now gone almost 完全に to decay. Of the former extent, however, of this now 廃虚d and abandoned 漁業, I must 認める that I cannot pretend to speak with much precision. As no bounty was paid upon the outfit of t he boat 漁業, no account was taken of it by the officers of the customs or salt 義務s.

Fourthly, in many parts of Scotland, during 確かな seasons of the year, herrings make no inconsiderable part of the food of the people. A bounty, which tended to lower their price in the home market, might 与える／捧げる a good 取引，協定 to the 救済 of a 広大な／多数の／重要な number of our fellow-支配するs, whose circumstances are by no means 豊富な. But the herring buss bounty 与える／捧げるs to no such good 目的. It has 廃虚d the boat 漁業, which is, by far, the best adapted for the 供給（する） of the home market, and the 付加 bounty of 2s. 8d. the バーレル／樽 upon exportation carries the greater part, more than two-thirds, of the produce of the buss 漁業 abroad. Between thirty and forty years ago, before the 設立 of the buss bounty, fifteen shillings the バーレル／樽, I have been 保証するd, was the ありふれた price of white herrings. Between ten and fifteen years ago, before the boat 漁業 was 完全に 廃虚d, the price is said to have run from seventeen to twenty shillings the バーレル／樽. For these last five years, it has, at an 普通の／平均（する）, been at twenty-five shillings the バーレル／樽. This high price, however, may have been 借りがあるing to the real scarcity of the herrings upon the coast of Scotland. I must 観察する, too, that the 樽 or バーレル／樽, which is usually sold with the herrings, and of which the price is 含むd in all the foregoing prices, has, since the 開始／学位授与式 of the American war, risen to about 二塁打 its former price, or from about three shillings to about six shillings. I must likewise 観察する that the accounts I have received of the prices of former times have been by no means やめる uniform and 一貫した; and an old man of 広大な／多数の／重要な 正確 and experience has 保証するd me that, more than fifty years ago, a guinea was the usual price of a バーレル／樽 of good merchantable herrings; and this, I imagine, may still be looked upon as the 普通の／平均（する） price. All accounts, however, I think, agree that the price has not been lowered in the home market in consequence of the buss bounty.

When the undertakers of 漁業s, after such 自由主義の bounties have been bestowed upon them, continue to sell their 商品／必需品 at the same, or even at a higher price than they were accustomed to do before, it might be 推定する／予想するd that their 利益（をあげる）s should be very 広大な／多数の／重要な; and it is not improbable that those of some individuals may have been so. In general, however, I have every 推論する／理由 to believe they have been やめる さもなければ. The usual 影響 of such bounties is to encourage 無分別な undertakers to adventure in a 商売／仕事 which they do not understand, and what they lose by their own 怠慢，過失 and ignorance more than 補償するs all that they can 伸び（る） by the 最大の liberality of 政府. In 1750, by the same 行為／法令／行動する, which first gave the bounty of thirty shillings the トン for the 激励 of the white-herring 漁業 (the 23rd George II, c. 24), a 共同の-在庫／株 company was 築くd, with a 資本／首都 of five hundred thousand 続けざまに猛撃するs, to which the 加入者s (over and above all other 激励s, the tonnage bounty just now について言及するd, the exportation bounty of two shillings and eightpence the バーレル／樽, the 配達／演説／出産 of both British and foreign salt 義務 解放する／自由な) were, during the space of fourteen years, for every hundred 続けざまに猛撃するs which they subscribed and paid in to the 在庫／株 of the society, する権利を与えるd to three 続けざまに猛撃するs a year, to be paid by the receiver-general of the customs in equal half-年一回の 支払い（額）s. Besides this 広大な／多数の／重要な company, the 住居 of whose 知事 and directors was to be in London, it was 宣言するd lawful to 築く different fishing-議会s in all the different outports of the kingdom, 供給するd a sum not いっそう少なく than ten thousand 続けざまに猛撃するs was subscribed into the 資本／首都 of each, to be managed at its own 危険, and for its own 利益（をあげる） and loss. The same annuity, and the same 激励s of all 肉親，親類d, were given to the 貿易（する） of those inferior 議会s as to that of the 広大な／多数の／重要な company. The subscription of the 広大な／多数の／重要な company was soon filled up, and several different fishing-議会s were 築くd in the different outports of the kingdom. In spite of all these 激励s, almost all those different companies, both 広大な／多数の／重要な and small, lost either the whole, or the greater part of their 資本／首都s; 不十分な a 痕跡 now remains of any of them, and the white-herring 漁業 is now 完全に, or almost 完全に, carried on by 私的な adventurers.

If any particular 製造（する） was necessary, indeed, for the defence of the society, it might not always be 慎重な to depend upon our 隣人s for the 供給（する）; and if such 製造（する） could not さもなければ be supported at home, it might not be 不当な that all the other 支店s of 産業 should be 税金d ーするために support it. The bounties upon the exportation of British-made sailcloth and British-made gunpowder may, perhaps, both be vindicated upon this 原則.

But though it can very seldom be reasonable to 税金 the 産業 of the 広大な／多数の／重要な 団体／死体 of the people ーするために support that of some particular class of 製造業者s, yet in the wantonness of 広大な／多数の／重要な 繁栄, when the public enjoys a greater 歳入 than it knows 井戸／弁護士席 what to do with, to give such bounties to favourite 製造（する）s may, perhaps, be as natural as to 背負い込む any other idle expense. In public 同様に as in 私的な expenses, 広大な／多数の／重要な wealth may, perhaps, frequently be 認める as an 陳謝 for 広大な／多数の／重要な folly. But there must surely be something more than ordinary absurdity in continuing such profusion in times of general difficulty and 苦しめる.

What is called a bounty is いつかs no more than a drawback, and その結果 is not liable to the same 反対s as what is 適切に a bounty. The bounty, for example, upon 精製するd sugar 輸出（する）d may be considered as a drawback of the 義務s upon the brown and muscovado sugars from which it is made. The bounty upon wrought silk 輸出（する）d, a drawback of the 義務s upon raw and thrown silk 輸入するd. The bounty upon gunpowder 輸出（する）d, a drawback of the 義務s upon brimstone and saltpetre 輸入するd. In the language of the customs those allowances only are called drawbacks which are given upon goods 輸出（する）d in the same form in which they are 輸入するd. When that form has been so altered by 製造（する） of any 肉親，親類d as to come under a new denomination, they are called bounties.

賞与金s given by the public to artists and 製造業者s who excel in their particular 占領／職業s are not liable to the same 反対s as bounties. By encouraging 驚くべき／特命の／臨時の dexterity and ingenuity, they serve to keep up the emulation of the workmen 現実に 雇うd in those 各々の 占領／職業s, and are not かなりの enough to turn に向かって any one of them a greater 株 of the 資本／首都 of the country than what would go to it of its own （許可，名誉などを）与える. Their 傾向 is not to overturn the natural balance of 雇用s, but to （判決などを）下す the work which is done in each as perfect and 完全にする as possible. The expense of 賞与金s, besides, is very trifling; that of bounties very 広大な／多数の／重要な. The bounty upon corn alone has いつかs cost the public in one year more than three hundred thousand 続けざまに猛撃するs.

The 貿易（する） of the corn merchant is composed of four different 支店s, which, though they may いつかs be all carried on by the same person, are in their own nature four separate and 際立った 貿易（する）s. These are, first, the 貿易（する） of the inland 売買業者; secondly, that of the merchant importer for home 消費; thirdly, that of the merchant 輸出業者 of home produce for foreign 消費; and, fourthly, that of the merchant 運送／保菌者, or of the importer of corn ーするために 輸出（する） it again.

I. The 利益／興味 of the inland 売買業者, and that of the 広大な／多数の／重要な 団体／死体 of the people, how opposite soever they may at first sight appear, are, even in years of the greatest scarcity, 正確に／まさに the same. It is his 利益／興味 to raise the price of his corn as high as the real scarcity of the season 要求するs, and it can never be his 利益／興味 to raise it higher. By raising the price he discourages the 消費, and puts everybody more or いっそう少なく, but 特に the inferior 階級s of people, upon thrift and good 管理／経営. If, by raising it too high, he discourages the 消費 so much that the 供給（する） of the season is likely to go beyond the 消費 of the season, and to last for some time after the next 刈る begins to come in, he runs the hazard, not only of losing a かなりの part of his corn by natural 原因（となる）s, but of 存在 強いるd to sell what remains of it for much いっそう少なく than what he might have had for it several months before. If by not raising the price high enough he discourages the 消費 so little that the 供給（する） of the season is likely to 落ちる short of the 消費 of the season, he not only loses a part of the 利益（をあげる） which he might さもなければ have made, but he exposes the people to 苦しむ before the end of the season, instead of the hardships of a dearth, the dreadful horrors of a 飢饉. It is the 利益／興味 of the people that their daily, 週刊誌, and 月毎の 消費 should be 割合d as 正確に／まさに as possible to the 供給（する） of the season. The 利益／興味 of the inland corn 売買業者 is the same. By 供給（する）ing them, as nearly as he can 裁判官, in this 割合, he is likely to sell all his corn for the highest price, and with the greatest 利益（をあげる）; and his knowledge of the 明言する／公表する of the 刈る, and of his daily, 週刊誌, and 月毎の sales, enable him to 裁判官, with more or いっそう少なく 正確, how far they really are 供給（する）d in this manner. Without ーするつもりであるing the 利益／興味 of the people, he is やむを得ず led, by a regard to his own 利益／興味, to 扱う／治療する them, even in years of scarcity, pretty much in the same manner as the 慎重な master of a 大型船 is いつかs 強いるd to 扱う／治療する his 乗組員. When he 予知するs that 準備／条項s are likely to run short, he puts them upon short allowance. Though from 超過 of 警告を与える he should いつかs do this without any real necessity, yet all the inconveniences which his 乗組員 can その為に 苦しむ are inconsiderable in comparison of the danger, 悲惨, and 廃虚 to which they might いつかs be exposed by a いっそう少なく provident 行為／行う. Though from 超過 of avarice, in the same manner, the inland corn merchant should いつかs raise the price of his corn somewhat higher than the scarcity of the season 要求するs, yet all the inconveniences which the people can を煩う this 行為／行う, which effectually 安全な・保証するs them from a 飢饉 in the end of the season, are inconsiderable in comparison of what they might have been exposed to by a more 自由主義の way of 取引，協定ing in the beginning of it. The corn merchant himself is likely to 苦しむ the most by this 超過 of avarice; not only from the indignation which it 一般に excites against him, but, though he should escape the 影響s of this indignation, from the 量 of corn which it やむを得ず leaves upon his 手渡すs in the end of the season, and which, if the next season happens to 証明する favourable, he must always sell for a much lower price than he might さもなければ have had.

Were it possible, indeed, for one 広大な／多数の／重要な company of merchants to 所有する themselves of the whole 刈る of an 広範囲にわたる country, it might, perhaps, be their 利益／興味 to を取り引きする it as the Dutch are said to do with the spiceries of the Moluccas, to destroy or throw away a かなりの part of it ーするために keep up the price of the 残り／休憩（する）. But it is 不十分な possible, even by the 暴力／激しさ of 法律, to 設立する such an 広範囲にわたる monopoly with regard to corn; and, wherever the 法律 leaves the 貿易（する） 解放する／自由な, it is of all 商品／必需品s the least liable to be engrossed or 独占するd by the 軍隊 of a few large 資本／首都s, which buy up the greater part of it. Not only its value far 越えるs what the 資本／首都s of a few 私的な men are 有能な of 購入（する）ing, but, supposing they were 有能な of 購入（する）ing it, the manner in which it is produced （判決などを）下すs this 購入（する） practicable. As in every civilised country it is the 商品／必需品 of which the 年次の 消費 is the greatest, so a greater 量 of 産業 is 毎年 雇うd in producing corn than in producing any other 商品／必需品. When it first comes from the ground, too, it is やむを得ず divided の中で a greater number of owners than any other 商品／必需品; and these owners can never be collected into one place like a number of 独立した・無所属 製造業者s, but are やむを得ず scattered through all the different corners of the country. These first owners either すぐに 供給（する） the 消費者s in their own neighbourhood, or they 供給（する） other inland 売買業者s who 供給（する） those 消費者s. The inland 売買業者s in corn, therefore, 含むing both the 農業者 and the パン職人, are やむを得ず more 非常に／多数の than the 売買業者s in any other 商品／必需品, and their 分散させるd 状況／情勢 （判決などを）下すs it altogether impossible for them to enter into any general combination. If in a year of scarcity, therefore, any of them should find that he had a good 取引，協定 more corn upon 手渡す than, at the 現在の price, he could hope to 配置する／処分する／したい気持ちにさせる of before the end of the season, he would never think of keeping up this price to his own loss , and to the 単独の 利益 of his 競争相手s and competitors, but would すぐに lower it, ーするために get rid of his corn before the new 刈る began to come in. The same 動機s, the same 利益／興味s, which would thus 規制する the 行為／行う of any one 売買業者, would 規制する that of every other, and 強いる them all in general to sell their corn at the price which, によれば the best of their judgment, was most suitable to the scarcity or plenty of the season.

Whoever 診察するs with attention the history of the dearths and 飢饉s which have afflicted any part of Europe, during either the course of the 現在の or that of the two 先行する centuries, of several of which we have pretty exact accounts, will find, I believe, that a dearth never has arisen from any combination の中で the inland 売買業者s in corn, nor from any other 原因（となる） but a real scarcity, occasioned いつかs perhaps, and in some particular places, by the waste of war, but in by far the greatest number of 事例／患者s by the fault of the seasons; and that a 飢饉 has never arisen from any other 原因（となる） but the 暴力／激しさ of 政府 試みる／企てるing, by 妥当でない means, to 治療（薬） the inconveniences of a dearth.

In an 広範囲にわたる corn country, between all the different parts of which there is a 解放する／自由な 商業 and communication, the scarcity occasioned by the most unfavourable seasons can never be so 広大な／多数の／重要な as to produce a 飢饉; and the scantiest 刈る, if managed with frugality and economy, will 持続する through the year the same number of people that are 一般的に fed on a more 豊富な manner by one of 穏健な plenty. The seasons most unfavourable to the 刈る are those of 過度の 干ばつ or 過度の rain. But as corn grows 平等に upon high and low lands, upon grounds that are 性質の／したい気がして to be too wet, and upon those that are 性質の／したい気がして to be too 乾燥した，日照りの, either the 干ばつ or the rain which is hurtful to one part of the country is favourable to another; and though both in the wet and in the 乾燥した，日照りの season the 刈る is a good 取引，協定 いっそう少なく than in one more 適切に tempered, yet in both what is lost in one part of the country is in some 手段 補償するd by what is 伸び（る）d in the other. In rice countries, where the 刈る not only 要求するs a very moist 国／地域, but where in a 確かな period of its growing it must be laid under water, the 影響s of a 干ばつ are much more dismal. Even in such countries, however, the 干ばつ is, perhaps, 不十分な ever so 全世界の／万国共通の as やむを得ず to occasion a 飢饉, if the 政府 would 許す a 自由貿易. The 干ばつ in Bengal, a few years ago, might probably have occasioned a very 広大な／多数の／重要な dearth. Some 妥当でない 規則s, some injudicious 抑制s 課すd by the servants of the East India Company upon the rice 貿易（する）, 与える／捧げるd, perhaps, to turn that dearth into a 飢饉.

When the 政府, ーするために 治療（薬） the inconveniences of a dearth, orders all the 売買業者s to sell their corn at what it supposes a reasonable price, it either 妨げるs them from bringing it to market, which may いつかs produce a 飢饉 even in the beginning of the season; or if they bring it thither, it enables the people, and その為に encourages them to 消費する it so 急速な／放蕩な as must やむを得ず produce a 飢饉 before the end of the season. The 制限のない, unrestrained freedom of the corn 貿易（する）, as it is the only effectual preventative of the 悲惨s of a 飢饉, so it is the best palliative of the inconveniences of a dearth; for the inconveniences of a real scarcity cannot be 治療（薬）d, they can only be palliated. No 貿易（する） deserves more the 十分な 保護 of the 法律, and no 貿易（する） 要求するs it so much, because no 貿易（する） is so much exposed to popular odium.

In years of scarcity the inferior 階級s of people impute their 苦しめる to the avarice of the corn merchant, who becomes the 反対する of their 憎悪 and indignation. Instead of making 利益（をあげる） upon such occasions, therefore, he is often in danger of 存在 utterly 廃虚d, and of having his magazines plundered and destroyed by their 暴力／激しさ. It is in years of scarcity, however, when prices are high, that the corn merchant 推定する／予想するs to make his 主要な／長／主犯 利益（をあげる）. He is 一般に in 契約 with some 農業者s to furnish him for a 確かな number of years with a 確かな 量 of corn at a 確かな price. This 契約 price is settled によれば what is supposed to be the 穏健な and reasonable, that is, the ordinary or 普通の／平均（する） price, which before the late years of scarcity was 一般的に about eight-and-twenty shillings for the ４半期/4分の1 of wheat, and for that of other 穀物 in 割合. In years of scarcity, therefore, the corn merchant buys a 広大な／多数の／重要な part of his corn for the ordinary price, and sells it for a much higher. That this 驚くべき／特命の／臨時の 利益（をあげる）, however, is no more than 十分な to put his 貿易（する） upon a fair level with other 貿易（する）s, and to 補償する the many losses which he 支えるs upon other occasions, both from the perishable nature of the 商品／必需品 itself, and from the たびたび（訪れる） and unforeseen fluctuations of its price, seems evident enough, from this 選び出す／独身 circumstance, that 広大な／多数の／重要な fortunes are as seldom made in this as in any other 貿易（する）. The popular odium, however, which …に出席するs it in years of scarcity, the only years in which it can be very profitable, （判決などを）下すs people of character and fortune averse to enter into it. It is abandoned to an inferior 始める，決める of 売買業者s; and millers, パン職人s, mealmen, and meal factors, together with a number of wretched hucksters, are almost the only middle people that, in the home market, come between the grower and the 消費者.

The 古代の 政策 of Europe, instead of discountenancing this popular odium against a 貿易（する） so 有益な to the public, seems, on the contrary, to have 権限を与えるd and encouraged it.

By the 5th and 6th of Edward VI, c. 14, it was 制定するd that whoever should buy any corn or 穀物 with 意図 to sell it again, should be という評判の an unlawful engrosser, and should, for the first fault, 苦しむ two months' 監禁，拘置, and 没収される the value of the corn; for the second, 苦しむ six months' 監禁，拘置, and 没収される 二塁打 the value; and for the third, be 始める，決める in the pillory, 苦しむ 監禁，拘置 during the king's 楽しみ, and 没収される all his goods and chattels. The 古代の 政策 of most other parts of Europe was no better than that of England.

Our ancestors seem to have imagined that the people would buy their corn cheaper of the 農業者 than of the corn merchant, who, they were afraid, would 要求する, over and above the price which he paid to the 農業者, an exorbitant 利益（をあげる） to himself. They endeavoured, therefore, to 絶滅する his 貿易（する） altogether. They even endeavoured to 妨げる as much as possible any middle man of any 肉親，親類d from coming in between the grower and the 消費者; and this was the meaning of the many 抑制s which they 課すd upon the 貿易（する） of those whom they called kidders or 運送／保菌者s of corn, a 貿易（する） which nobody was 許すd to 演習 without a licence ascertaining his 資格s as a man of probity and fair 取引，協定ing. The 当局 of three 司法（官）s of the peace was, by the 法令 of Edward VI, necessary ーするために 認める this licence. But even this 抑制 was afterwards thought insufficient, and by a 法令 of Elizabeth the 特権 of 認めるing it was 限定するd to the ４半期/4分の1-開会／開廷／会期s.

The 古代の 政策 of Europe endeavoured in this manner to 規制する 農業, the 広大な／多数の／重要な 貿易（する） of the country, by maxims やめる different from those which it 設立するd with regard to 製造（する）s, the 広大な／多数の／重要な 貿易（する） of the towns. By leaving the 農業者 no other 顧客s but either the 消費者s or their 即座の factors, the kidders and 運送／保菌者s of corn, it endeavoured to 軍隊 him to 演習 the 貿易（する）, not only of a 農業者, but of a corn merchant or corn retailer. On the contrary, it in many 事例／患者s 禁じるd the 製造業者 from 演習ing the 貿易（する） of a shopkeeper, or from selling his own goods by 小売. It meant by the one 法律 to 促進する the general 利益／興味 of the country, or to （判決などを）下す corn cheap, without, perhaps, its 存在 井戸／弁護士席 understood how this was to be done. By the other it meant to 促進する that of a particular order of men, the shopkeepers, who would be so much undersold by the 製造業者, it was supposed, that their 貿易（する） would be 廃虚d if he was 許すd to 小売 at all.

The 製造業者, however, though he had been 許すd to keep a shop, and to sell his own goods by 小売, could not have undersold the ありふれた shopkeeper. Whatever part of his 資本／首都 he might have placed in his shop, he must have 孤立した it from his 製造（する）. ーするために carry on his 商売／仕事 on a level with that of other people, as he must have had the 利益（をあげる） of a 製造業者 on the one part, so he must have had that of a shopkeeper upon the other. Let us suppose, for example, that in the particular town where he lived, ten per cent was the ordinary 利益（をあげる） both of 製造業の and shopkeeping 在庫／株; he must in this 事例／患者 have 告発（する），告訴（する）／料金d upon every piece of his own goods which he sold in his shop, a 利益（をあげる） of twenty per cent. When he carried them from his workhouse to his shop, he must have valued them at the price for which he could have sold them to a 売買業者 or shopkeeper, who would have bought them by 卸売. If he valued them lower, he lost a part of the 利益（をあげる） of his 製造業の 資本／首都. When again he sold them from his shop, unless he got the same price at which a shopkeeper would have sold them, he lost a part of the 利益（をあげる） of his shopkeeping 資本／首都. Though he might appear, therefore, to make a 二塁打 利益（をあげる） upon the same piece of goods, yet as these goods made successively a part of two 際立った 資本／首都s, he made but a 選び出す／独身 利益（をあげる） upon the whole 資本／首都 雇うd about them; and if he made いっそう少なく than his 利益（をあげる）, he was a loser, or did not 雇う his whole 資本／首都 with the same advantage as the greater part of his 隣人s.

What the 製造業者 was 禁じるd to do, the 農業者 was in some 手段 enjoined to do; to divide his 資本／首都 between two different 雇用s; to keep one part of it in his granaries and stack yard, for 供給（する）ing the 時折の 需要・要求するs of the market; and to 雇う the other in the cultivation of his land. But as he could not afford to 雇う the latter for いっそう少なく than the ordinary 利益（をあげる）s of farming 在庫／株, so he could as little afford to 雇う the former for いっそう少なく than the ordinary 利益（をあげる）s of 商業の 在庫／株. Whether the 在庫／株 which really carried on the 商売／仕事 of the corn merchant belonged to the person who was called a 農業者, or to the person who was called a corn merchant, an equal 利益（をあげる） was in both 事例／患者s requisite ーするために indemnify its owner for 雇うing it in this manner; ーするために put his 商売／仕事 upon a level with other 貿易（する）s, and ーするために 妨げる him from having an 利益／興味 to change it as soon as possible for some other. The 農業者, therefore, who was thus 軍隊d to 演習 the 貿易（する） of a corn merchant, could not afford to sell his corn cheaper than any other corn merchant would have been 強いるd to do in the 事例／患者 of a 解放する／自由な 競争.

The 売買業者 who can 雇う his whole 在庫／株 in one 選び出す／独身 支店 of 商売／仕事 has an advantage of the same 肉親，親類d with the workman who can 雇う his whole 労働 in one 選び出す／独身 操作／手術. As the latter acquires a dexterity which enables him, with the same two 手渡すs, to 成し遂げる a much greater 量 of work; so the former acquires so 平易な and ready a method of transacting his 商売／仕事, of buying and 配置する／処分する／したい気持ちにさせるing of his goods, that with the same 資本／首都 he can transact a much greater 量 of 商売／仕事. As the one can 一般的に afford his work a good 取引，協定 cheaper, so the other can 一般的に afford his goods somewhat cheaper than if his 在庫／株 and attention were both 雇うd about a greater variety of 反対するs. The greater part of 製造業者s could not afford to 小売 their own goods so cheap as a vigilant and active shopkeeper, whose 単独の 商売／仕事 it was to buy them at 卸売 and to 小売 them again. The greater part of 農業者s could still いっそう少なく afford to 小売 their own corn, to 供給（する） the inhabitants of a town, at perhaps four or five miles distance from the greater part of them, so cheap as a vigilant and active corn merchant, whose 単独の 商売／仕事 it was to 購入（する） corn by 卸売, to collect it into a 広大な／多数の／重要な magazine, and to 小売 it again.

The 法律 which 禁じるd the 製造業者 from 演習ing the 貿易（する） of a shopkeeper endeavoured to 軍隊 this 分割 in the 雇用 of 在庫／株 to go on faster than it might さもなければ have done. The 法律 which 強いるd the 農業者 to 演習 the 貿易（する） of a corn merchant endeavoured to 妨げる it from going on so 急速な／放蕩な. Both 法律s were evident 違反s of natural liberty, and therefore 不正な; and they were both, too, as impolitic as they were 不正な. It is the 利益／興味 of every society that things of this 肉親，親類d should never either be 軍隊d or 妨害するd. The man who 雇うs either his 労働 or his 在庫／株 in a greater variety of ways than his 状況／情勢 （判決などを）下すs necessary can never 傷つける his 隣人 by underselling him. He may 傷つける himself, and he 一般に does so. Jack of all 貿易（する）s will never be rich, says the proverb. But the 法律 ought always to 信用 people with the care of their own 利益／興味, as in their 地元の 状況／情勢s they must 一般に be able to 裁判官 better of it than the 立法議員 can do. The 法律, however, which 強いるd the 農業者 to 演習 the 貿易（する） of a corn merchant was by far the most pernicious of the two.

It 妨害するd not only that 分割 in the 雇用 of 在庫／株 which is so advantageous to every society, but it 妨害するd likewise the 改良 and cultivation of the land. By 強いるing the 農業者 to carry on two 貿易（する）s instead of one, it 軍隊d him to divide his 資本／首都 into two parts, of which one only could be 雇うd in cultivation. But if he had been at liberty to sell his whole 刈る to a corn merchant as 急速な／放蕩な as he could thresh it out, his whole 資本／首都 might have returned すぐに to the land, and have been 雇うd in buying more cattle, and 雇うing more servants, ーするために 改善する and cultivate it better. But by 存在 強いるd to sell his corn by 小売, he was 強いるd to keep a 広大な／多数の／重要な part of his 資本／首都 in his granaries and stack yard through the year, and could not, therefore, cultivate so 井戸／弁護士席 as with the same 資本／首都 he might さもなければ have done. This 法律, therefore, やむを得ず 妨害するd the 改良 of the land, and, instead of tending to （判決などを）下す corn cheaper, must have tended to （判決などを）下す it scarcer, and therefore dearer, than it would さもなければ have been.

After the 商売／仕事 of the 農業者, that of the corn merchant is in reality the 貿易（する） which, if 適切に 保護するd and encouraged, would 与える／捧げる the most to the raising of corn. It would support the 貿易（する） of the 農業者 in the same manner as the 貿易（する） of the 卸売 売買業者 supports that of the 製造業者.

The 卸売 売買業者, by affording a ready market to the 製造業者, by taking his goods off his 手渡す as 急速な／放蕩な as he can make their price to him before he has made them, enables him to keep his whole 資本／首都, and いつかs even more than his whole 資本／首都, 絶えず 雇うd in 製造業の, and その結果 to 製造（する） a much greater 量 of goods than if he was 強いるd to 配置する／処分する／したい気持ちにさせる of them himself to the 即座の 消費者s, or even to the retailers. As the 資本／首都 of the 卸売 merchant, too, is 一般に 十分な to 取って代わる that of many 製造業者s, this intercourse between him and them 利益／興味s the owner of a large 資本／首都 to support the owners of a 広大な／多数の／重要な number of small ones, and to 補助装置 them in those losses and misfortunes which might さもなければ 証明する ruinous to them.

An intercourse of the same 肉親，親類d universally 設立するd between the 農業者s and the corn merchants would be …に出席するd with 影響s 平等に 有益な to the 農業者s. They would be enabled to keep their whole 資本／首都s, and even more than their whole 資本／首都s, 絶えず 雇うd in cultivation. In 事例／患者 of any of those 事故s, to which no 貿易（する） is more liable than theirs, they would find in their ordinary 顧客, the 豊富な corn merchant, a person who had both an 利益／興味 to support them, and the ability to do it, and they would not, as at 現在の, be 完全に 扶養家族 upon the forbearance of their landlord, or the mercy of his steward. Were it possible, as perhaps it is not, to 設立する this intercourse universally, and all at once, were it possible to turn all at once the whole farming 在庫／株 of the kingdom to its proper 商売／仕事, the cultivation of land, 身を引くing it from every other 雇用 into which any part of it may be at 現在の コースを変えるd, and were it possible, ーするために support and 補助装置 upon occasion the 操作／手術s of this 広大な／多数の／重要な 在庫／株, to 供給する all at once another 在庫／株 almost 平等に 広大な／多数の／重要な, it is not perhaps very 平易な to imagine how 広大な／多数の／重要な, how 広範囲にわたる, and how sudden would be the 改良 which this change of circumstances would alone produce upon the whole 直面する of the country.

The 法令 of Edward VI, therefore, by 禁じるing as much as possible any middle man from coming between the grower and the 消費者, endeavoured to 絶滅する a 貿易（する）, of which the 解放する／自由な 演習 is not only the best palliative of the inconveniences of a dearth but the best preventative of that calamity: after the 貿易（する） of the 農業者, no 貿易（する） 与える／捧げるing so much to the growing of corn as that of the corn merchant.

The rigour of this 法律 was afterwards 軟化するd by several その後の 法令s, which successively permitted the engrossing of corn when the price of wheat should not 越える twenty, twenty-four, thirty-two, and forty shillings the ４半期/4分の1. At last, by the 15th of Charles II, c. 7, the engrossing or buying of corn ーするために sell it again, as long as the price of wheat did not 越える forty-eight shillings the ４半期/4分の1, and that of other 穀物 in 割合, was 宣言するd lawful to all persons not 存在 forestallers, that is, not selling again in the same market within three months. All the freedom which the 貿易（する） of the inland corn 売買業者 has ever yet enjoyed was bestowed upon it by this 法令. The 法令 of the 12th of the 現在の king, which 廃止するs almost all the other 古代の 法律s against engrossers and forestallers, does not 廃止する the 制限s of this particular 法令, which therefore still continue in 軍隊.

This 法令, however, 権限を与えるs in some 手段 two very absurd popular prejudices.

First, it supposes that when the price of wheat has risen so high as forty-eight shillings the ４半期/4分の1, and that of other 穀物s in 割合, corn is likely to be so engrossed as to 傷つける the people. But from what has been already said, it seems evident enough that corn can at no price be so engrossed by the inland 売買業者s as to 傷つける the people: and forty-eight shillings the ４半期/4分の1, besides, though it may be considered as a very high price, yet in years of scarcity it is a price which frequently takes place すぐに after 収穫, when 不十分な any part of the new 刈る can be sold off, and when it is impossible even for ignorance to suppose that any part of it can be so engrossed as to 傷つける the people.

Secondly, it supposes that there is a 確かな price at which corn is likely to be forestalled, that is, bought up ーするために be sold again soon after in the same market, so as to 傷つける the people. But if a merchant ever buys up corn, either going to a particular market or in a particular market, ーするために sell it again soon after in the same market, it must be because he 裁判官s that the market cannot be so liberally 供給（する）d through the whole season as upon that particular occasion, and that the price, therefore, must soon rise. If he 裁判官s wrong in this, and if the price does not rise, he not only loses the whole 利益（をあげる） of the 在庫／株 which he 雇うs in this manner, but a part of the 在庫／株 itself, by the expense and loss which やむを得ず …に出席する the 蓄える／店ing and keeping of corn. He 傷つけるs himself, therefore, much more essentially than he can 傷つける even the particular people whom he may 妨げる from 供給（する）ing themselves upon that particular market day, because they may afterwards 供給（する） themselves just as cheap upon any other market day. If he 裁判官s 権利, instead of 傷つけるing the 広大な／多数の／重要な 団体／死体 of the people, he （判決などを）下すs them a most important service. By making them feel the inconveniencies of a dearth somewhat earlier than they さもなければ might do, he 妨げるs their feeling them afterwards so 厳しく as they certainly would do, if the cheapness of price encouraged them to 消費する faster than ふさわしい the real scarcity of the season. When the scarcity is real, the best thing that can be done for the people is to divide the inconveniencies of it as 平等に as possible through all the different months, and weeks, and days of the year. The 利益／興味 of the corn merchant makes him 熟考する／考慮する to do this as 正確に／まさに as he can: and as no other person can have either the same 利益／興味, or the same knowledge, or the same abilities to do it so 正確に／まさに as he, this most important 操作／手術 of 商業 せねばならない be 信用d 完全に to him; or, in other words, the corn 貿易（する）, so far at least as 関心s the 供給（する） of the home market, せねばならない be left perfectly 解放する／自由な.

The popular 恐れる of engrossing and forestalling may be compared to the popular terrors and 疑惑s of witchcraft. The unfortunate wretches （刑事）被告 of this latter 罪，犯罪 were not more innocent of the misfortunes imputed to them than those who have been （刑事）被告 of the former. The 法律 which put an end to all 起訴s against witchcraft, which put it out of any man's 力／強力にする to gratify his own malice by 告発する／非難するing his 隣人 of that imaginary 罪，犯罪, seems effectually to have put an end to those 恐れるs and 疑惑s by taking away the 広大な／多数の／重要な 原因（となる） which encouraged and supported them. The 法律 which should 回復する entire freedom to the inland 貿易（する） of corn would probably 証明する as effectual to put an end to the popular 恐れるs of engrossing and forestalling.

The 15th of Charles II, c. 7, however, with all its imperfections, has perhaps 与える／捧げるd more both to the plentiful 供給（する） of the home market, and to the 増加する of tillage, than any other 法律 in the 法令 調書をとる／予約する. It is from this 法律 that the inland corn 貿易（する） has derived all the liberty and 保護 which it has ever yet enjoyed; and both the 供給（する） of the home market, and the 利益／興味 of tillage, are much more effectually 促進するd by the inland than either by the 輸入 or exportation 貿易（する）.

The 割合 of the 普通の／平均（する） 量 of all sorts of 穀物 輸入するd into 広大な／多数の／重要な Britain to that of all sorts of 穀物 消費するd, it has been 計算するd by the author of the tracts upon the corn 貿易（する）, does not 越える that of one to five hundred and seventy. For 供給（する）ing the home market, therefore, the importance of the inland 貿易（する） must be to that of the 輸入 貿易（する） as five hundred and seventy to one.

The 普通の／平均（する） 量 of all sorts of 穀物 輸出（する）d from 広大な／多数の／重要な Britain does not, によれば the same author, 越える the one-and-thirtieth part of the 年次の produce. For the 激励 of tillage, therefore, by 供給するing a market for the home produce, the importance of the inland 貿易（する） must be to that of the exportation.

I have no 広大な／多数の／重要な 約束 in political arithmetic, computations. I について言及する them only ーするために show of how much いっそう少なく consequence, in the opinion of the most judicious and experienced persons, the foreign 貿易（する） of corn is than the home 貿易（する）. The 広大な／多数の／重要な cheapness of corn in the years すぐに 先行する the 設立 of the bounty may perhaps, with 推論する／理由, be ascribed in some 手段 to the 操作／手術 of this 法令 of Charles II, which had been 制定するd about five-and-twenty years before, and which had therefore 十分な time to produce its 影響.

A very few words will 十分に explain all that I have to say 関心ing the other three 支店s of the corn 貿易（する）.

II. The 貿易（する） of the merchant importer of foreign corn for home 消費 evidently 与える／捧げるs to the 即座の 供給（する） of the home market, and must so far be すぐに 有益な to the 広大な／多数の／重要な 団体／死体 of the people. It tends, indeed, to lower somewhat the 普通の／平均（する） money price of corn, but not to 減らす its real value, or the 量 of 労働 which it is 有能な of 持続するing. If 輸入 was at all times 解放する／自由な, our 農業者s and country gentlemen would, probably, one year with another, get いっそう少なく money for their corn than they do at 現在の, when 輸入 is at most times in 影響 禁じるd; but the money which they got would be of more value, would buy more goods of all other 肉親，親類d, and would 雇う more 労働. Their real wealth, their real 歳入, therefore, would be the same as at 現在の, though it might be 表明するd by a smaller 量 of silver; and they would neither be 無能にするd nor discouraged from cultivating corn as much as they do at 現在の. On the contrary, as the rise in the real value of silver, in consequence of lowering the money price of corn, lowers somewhat the money price of all other 商品／必需品s, it gives the 産業 of the country, where it takes place, some advantage in all foreign markets, and その為に tends to encourage and 増加する that 産業. But the extent of the home market for corn must be in 割合 to the general 産業 of the country where it grows, or to the number of those who produce something else, and therefore have something else, or what comes to the same thing, the price of something else, to give in 交流 for corn. But in every country the home market, as it is the nearest and most convenient, so is it likewise the greatest and most important market for corn. That rise in the real value of silver, therefore, which is the 影響 of lowering the 普通の／平均（する） money price of corn, tends to 大きくする the greatest and most important market for corn, and その為に to encourage, instead of discouraging, its growth.

By the 22nd of Charles II, c. 13, the 輸入 of wheat, whenever the price in the home market did not 越える fifty-three shillings and fourpence the ４半期/4分の1, was 支配するd to a 義務 of sixteen shillings the ４半期/4分の1, and to a 義務 of eight shillings whenever the price did not 越える four 続けざまに猛撃するs. The former of these two prices has, for more than a century past, taken place only in times of very 広大な／多数の／重要な scarcity; and the latter has, so far as I know, not taken place at all. Yet, till wheat had risen above this latter price, it was by this 法令 支配するd to a very high 義務; and, tin it had risen above the former, to a 義務 which 量d to a 禁止. The 輸入 of other sorts of 穀物 was 抑制するd at 率s, and by 義務s, in 割合 to the value of the 穀物, almost 平等に high.* その後の 法律s still その上の 増加するd those 義務s.

  * Before the 13th of the 現在の king, the に引き続いて were the 義務s payable upon the 輸入 of the different sorts of 穀物:-

  穀物            義務s                     義務s     義務s

  Beans to 28s. per qr. 19s. 10d. after till 40s.  16s. 8d.  then 12d.
  Barley to 28s.        19s. 10d.            32s.  16s.           12d.

  Malt is 禁じるd by the 年次の Malt-税金 法案.

  Oats to 16s.           5s. 10d. after                       9 1/2d.
  Pease to 40s.         16s. 10d. after                       9 3/4d.
  Rye to 36s.           19s. 10d. till       40s.  16s. 8d.  then 12d.
  Wheat to 44s.         21s. 10d. till   53s. 4d.  17s.      then  8s.
  till 4 l. and after that about 1s. 4d.
  Buckwheat to 32s. per qr. to 支払う／賃金 16s.

These different 義務s were 課すd, partly by the 92nd of Charles II, in place of the Old 補助金, partly by the New 補助金, by the One-third and Two-thirds 補助金, and by the 補助金, 1747.

The 苦しめる which, in years of scarcity, the strict 死刑執行 of those 法律s might have brought upon the people, would probably have been very 広大な／多数の／重要な. But, upon such occasions, its 死刑執行 was 一般に 一時停止するd by 一時的な 法令s, which permitted, for a 限られた／立憲的な time, the 輸入 of foreign corn. The necessity of these 一時的な 法令s 十分に 論証するs the impropriety of this general one.

These 抑制s upon 輸入, though 事前の to the 設立 of the bounty, were dictated by the same spirit, by the same 原則s, which afterwards 制定するd that 規則. How hurtful soever in themselves, these or some other 抑制s upon 輸入 became necessary in consequence of that 規則. If, when wheat was either below forty-eight shillings the ４半期/4分の1, or not much above it, foreign corn could have been 輸入するd either 義務 解放する／自由な, or upon 支払う／賃金ing only a small 義務, it might have been 輸出（する）d again, with the 利益 of the bounty, to the 広大な／多数の／重要な loss of the public 歳入, and to the entire perversion of the 会・原則, of which the 反対する was to 延長する the market for the home growth, not that for the growth of foreign countries.

III. The 貿易（する） of the merchant 輸出業者 of corn for foreign 消費 certainly does not 与える／捧げる 直接／まっすぐに to the plentiful 供給（する） of the home market. It does so, however, 間接に. From whatever source this 供給（する） may be usually drawn, whether from home growth or from foreign 輸入, unless more corn is either usually grown, or usually 輸入するd into the country, than what is usually 消費するd in it, the 供給（する） of the home market can never be very plentiful. But unless the 黒字／過剰 can in all ordinary 事例／患者s be 輸出（する）d, the growers will be careful never to grow more, and the importers never to 輸入する more, than what the 明らかにする 消費 of the home market 要求するs. That market will very seldom be overstocked; but it will 一般に be understocked, the people whose 商売／仕事 it is to 供給（する） it 存在 一般に afraid lest their goods should be left upon their 手渡すs. The 禁止 of exportation 限界s the 改良 and cultivation of the country to what the 供給（する） of its own inhabitants 要求するs. The freedom of exportation enables it to 延長する cultivation for the 供給（する） of foreign nations.

By the 12th of Charles II, c. 4, the exportation of corn was permitted whenever the price of wheat did not 越える forty shillings the ４半期/4分の1, and that of other 穀物 in 割合. By the 15th of the same prince, this liberty was 延長するd till the price of wheat 越えるd forty-eight shillings the ４半期/4分の1; and by the 22nd, to all higher prices. A poundage, indeed, was to be paid to the king upon such exportation. But all 穀物 was 率d so low in the 調書をとる／予約する of 率s that this poundage 量d only upon wheat to a shilling, upon oats to fourpence, and upon all other 穀物 to sixpence the ４半期/4分の1. By the 1st of William and Mary, the 行為／法令／行動する which 設立するd the bounty, this small 義務 was 事実上 taken off whenever the price of wheat did not 越える, forty-eight shillings the ４半期/4分の1; and by the 11th and l2th of William III, c. 20, it was expressly taken off at all higher prices.

The 貿易（する） of the merchant 輸出業者 was, in this manner, not only encouraged by a bounty, but （判決などを）下すd much more 解放する／自由な than that of the inland 売買業者. By the last of these 法令s, corn could be engrossed at any price for exportation, but it could not be engrossed for inland sale except when the price did not 越える forty-eight shillings the ４半期/4分の1. The 利益／興味 of the inland 売買業者, however, it has already been shown, can never be opposite to that of the 広大な／多数の／重要な 団体／死体 of the people. That of the merchant 輸出業者 may, and in fact いつかs is. If, while his own country 労働s under a dearth, a 隣人ing country should be afflicted with a 飢饉, it might be his 利益／興味 to carry corn to the latter country in such 量s as might very much 悪化させる the calamities of the dearth. The plentiful 供給（する） of the home market was not the direct 反対する of those 法令s; but, under the pretence of encouraging 農業, to raise the money price of corn as high as possible, and その為に to occasion, as much as possible, a constant dearth in the home market. By the discouragement of 輸入, the 供給（する） of that market, even in times of 広大な／多数の／重要な scarcity, was 限定するd to the home growth; and by the 激励 of exportation, when the price was so high as forty-eight shillings the ４半期/4分の1, that market was not, even in times of かなりの scarcity, 許すd to enjoy the whole of that growth. The 一時的な 法律s, 禁じるing for a 限られた／立憲的な time the exportation of corn, and taking off for a 限られた／立憲的な time the 義務s upon its 輸入, expedients to which 広大な／多数の／重要な Britain has been 強いるd so frequently to have 頼みの綱, 十分に 論証する the impropriety of her general system. Had that system been good, she would not so frequently have been 減ずるd to the necessity of 出発／死ing from it.

Were all nations to follow the 自由主義の system of 解放する／自由な exportation and 解放する／自由な 輸入, the different 明言する／公表するs into which a 広大な／多数の／重要な continent was divided would so far 似ている the different 州s of a 広大な／多数の／重要な empire. As の中で the different 州s of a 広大な／多数の／重要な empire the freedom of the inland 貿易（する） appears, both from 推論する／理由 and experience, not only the best palliative of a dearth, but the most effectual preventative of a 飢饉; so would the freedom of the exportation and 輸入 貿易（する） be の中で the different 明言する／公表するs into which a 広大な／多数の／重要な continent was divided. The larger the continent, the easier the communication through all the different parts of it, both by land and by water, the いっそう少なく would any one particular part of it ever be exposed to either of these calamities, the scarcity of any one country 存在 more likely to be relieved by the plenty of some other. But very few countries have 完全に 可決する・採択するd this 自由主義の system. The freedom of the corn 貿易（する） is almost everywhere more or いっそう少なく 抑制するd, and, in many countries, is 限定するd by such absurd 規則s as frequently 悪化させる the 避けられない misfortune of a dearth into the dreadful calamity of a 飢饉. The 需要・要求する of such countries for corn may frequently become so 広大な／多数の／重要な and so 緊急の that a small 明言する／公表する in their neighbourhood, which happened at the same time to be 労働ing under some degree of dearth, could not 投機・賭ける to 供給（する） them without exposing itself to the like dreadful calamity. The very bad 政策 of one country may thus （判決などを）下す it in some 手段 dangerous and imprudent to 設立する what would さもなければ be the best 政策 in another. The 制限のない freedom of exportation, however, would be much いっそう少なく dangerous in 広大な／多数の／重要な 明言する／公表するs, in which the growth 存在 much greater, the 供給（する） could seldom be much 影響する／感情d by any 量 of corn that was likely to be 輸出（する）d. In a スイスの canton, or in some of the little 明言する／公表するs of Italy, it may perhaps いつかs be necessary to 抑制する the exportation of corn. In such 広大な／多数の／重要な countries as フラン or England it sca rce ever can. To 妨げる, besides, the 農業者 from sending his goods at all times to the best market is evidently to sacrifice the ordinary 法律s of 司法（官） to an idea of public 公共事業（料金）／有用性, to a sort of 推論する／理由s of 明言する／公表する; an 行為／法令／行動する of 法律を制定する 当局 which せねばならない be 演習d only, which can be 容赦d only in 事例／患者s of the most 緊急の necessity. The price at which the exportation of corn is 禁じるd, if it is ever to be 禁じるd, ought always to be a very high price.

The 法律s 関心ing corn may everywhere be compared to the 法律s 関心ing 宗教. The people feel themselves so much 利益／興味d in what relates either of their subsistence in this life, or to their happiness in a life to come, that 政府 must 産する／生じる to their prejudices, and, ーするために 保存する the public tranquillity, 設立する that system which they 認可する of. It is upon this account, perhaps, that we so seldom find a reasonable system 設立するd with regard to either of those two 資本／首都 反対するs.

IV. The 貿易（する） of the merchant 運送／保菌者, or of the importer of foreign corn ーするために 輸出（する） it again, 与える／捧げるs to the plentiful 供給（する） of the home market. It is not indeed the direct 目的 of his 貿易（する） to sell his corn there. But he will 一般に be willing to do so, and even for a good 取引，協定 いっそう少なく money than he might 推定する／予想する in a foreign market; because he saves in this manner the expense of 負担ing and 荷を降ろすing, of freight and 保険. The inhabitants of the country which, by means of the carrying 貿易（する）, becomes the magazine and storehouse for the 供給（する） of other countries can very seldom be in want themselves. Though the carrying 貿易（する） might thus 与える／捧げる to 減ずる the 普通の／平均（する） money price of corn in the home market, it would not その為に lower its real value. It would only raise somewhat the real value of silver.

The carrying 貿易（する） was in 影響 禁じるd in 広大な／多数の／重要な Britain, upon all ordinary occasions, by the high 義務s upon the 輸入 of foreign corn, of the greater part of which there was no drawback; and upon 驚くべき／特命の／臨時の occasions, when a scarcity made it necessary to 一時停止する those 義務s by 一時的な 法令s, exportation was always 禁じるd. By this system of 法律s, therefore, the carrying 貿易（する） was in 影響 禁じるd upon all occasions.

That system of 法律s, therefore, which is connected with the 設立 of the bounty, seems to deserve no part of the 賞賛する which has been bestowed upon it. The 改良 and 繁栄 of 広大な／多数の／重要な Britain, which has been so often ascribed to those 法律s, may very easily be accounted for by other 原因（となる）s. That 安全 which the 法律s in 広大な／多数の／重要な Britain give to every man that he shall enjoy the fruits of his own 労働 is alone 十分な to make any country 繁栄する, notwithstanding these and twenty other absurd 規則s of 商業; and this 安全 was perfected by the 革命 much about the same time that the bounty was 設立するd. The natural 成果／努力 of every individual to better his own 条件, when 苦しむd to 発揮する itself with freedom and 安全 is so powerful a 原則 that it is alone, and without any 援助, not only 有能な of carrying on the society to wealth and 繁栄, but of surmounting a hundred impertinent obstructions with which the folly of human 法律s too often incumbers its 操作／手術s; though the 影響 of these obstructions is always more or いっそう少なく either to encroach upon its freedom, or to 減らす its 安全. In 広大な／多数の／重要な Britain 産業 is perfectly 安全な・保証する; and though it is far from 存在 perfectly 解放する／自由な, it is as 解放する／自由な or freer than in any other part of Europe.

Though the period of the greatest 繁栄 and 改良 of 広大な／多数の／重要な Britain has been posterior to that system of 法律s which is connected with the bounty, we must not upon that account impute it to those 法律s. It has been posterior likewise to the 国家の 負債. But the 国家の 負債 has most assuredly not been the 原因（となる） of it.

Though the system of 法律s which is connected with the bounty has 正確に／まさに the same 傾向 of 傾向 with the police of Spain and Portugal, to lower somewhat the value of the precious metals in the country where it takes place, yet 広大な／多数の／重要な Britain is certainly one of the richest countries in Europe, while Spain and Portugal are perhaps の中で the most beggarly. This difference of 状況／情勢, however, may easily be accounted for from two different 原因（となる）s. First, the 税金 of Spain, the 禁止 in Portugal of 輸出（する）ing gold and silver, and the vigilant police which watches over the 死刑執行 of those 法律s, must, in two very poor countries, which between them 輸入する 毎年 上向きs of six millions 英貨の／純銀の, operate not only more 直接／まっすぐに but much more 強制的に in 減ずるing the value of those metals there than the corn 法律s can do in 広大な／多数の／重要な Britain. And, secondly, this bad 政策 is not in those countries counterbalanced by the general liberty and 安全 of the people. 産業 is there neither 解放する／自由な nor 安全な・保証する, and the civil and ecclesiastical 政府s of both Spain and Portugal are such as would alone be 十分な to perpetuate their 現在の 明言する／公表する of poverty, even though their 規則s of 商業 were as wise as the greater part of them are absurd and foolish.

The 13th of the 現在の king, c. 43, seems to have 設立するd a new system with regard to the corn 法律s in many 尊敬（する）・点s better than the 古代の one, but in one or two 尊敬（する）・点s perhaps not やめる so good.

By this 法令 the high 義務s upon 輸入s for home 消費 are taken off so soon as the price of middling wheat rises to forty-eight shillings the ４半期/4分の1; that of middling rye, pease or beans, to thirty-two shillings; that of barley to twenty-four shillings; and that of oats to sixteen shillings; and instead of them a small 義務 is 課すd of only sixpence upon the ４半期/4分の1 of wheat, and upon that of other 穀物 in 割合. With regard to all these different sorts of 穀物, but 特に with regard to wheat, the home market is thus opened to foreign 供給（する）s at prices かなり lower than before.

By the same 法令 the old bounty of five shillings upon the exportation of wheat 中止するs so soon as the price rises to forty-four shillings the ４半期/4分の1, instead of forty-eight, the price at which it 中止するd before; that of two shillings and sixpence upon the exportation of barley 中止するs so soon as the price rises to twenty-two shillings, instead of twenty-four, the price at which it 中止するd before; that of two shillings and sixpence upon the exportation of oatmeal 中止するs so soon as the price rises to fourteen shillings, instead of fifteen, the price at which it 中止するd before. The bounty upon rye is 減ずるd from three shillings and sixpence to three shillings, and it 中止するs so soon as the price rises to twenty-eight shillings instead of thirty-two, the price at which it 中止するd before. If bounties are as 妥当でない as I have endeavoured to 証明する them to be, the sooner they 中止する, and the lower they are, so much the better.

The same 法令 許すs, at the lowest prices, the 輸入 of corn, ーするために be 輸出（する）d again 義務 解放する／自由な, 供給するd it is in the 合間 宿泊するd in a 倉庫／問屋 under the 共同の locks of the king and the importer. This liberty, indeed, 延長するs to no more than twenty-five of the different ports of 広大な／多数の／重要な Britain. They are, however, the 主要な／長／主犯 ones, and there may not, perhaps, be 倉庫／問屋s proper for this 目的 in the greater part of the others.

So far this 法律 seems evidently an 改良 upon the 古代の system.

But by the same 法律 a bounty of two shillings the ４半期/4分の1 is given for the exportation of oats whenever the price does not 越える fourteen shillings. No bounty had ever been given before for the exportation of this 穀物, no more than for that of pease or beans.

By the same 法律, too, the exportation of wheat is 禁じるd so soon as the price rises to forty-four shillings the ４半期/4分の1; that of rye so soon as it rises to twenty-eight shillings; that of barley so soon as it rises to twenty-two shillings; and that of oats so soon as they rise to fourteen shillings. Those several prices seem all of them a good 取引，協定 too low, and there seems to be an impropriety, besides, in 禁じるing exportation altogether at those 正確な prices at which that bounty, which was given ーするために 軍隊 it, is 孤立した. The bounty ought certainly either to have been 孤立した at a much lower price, or exportation せねばならない have been 許すd at a much higher.

So far, therefore, this 法律 seems to be inferior to the 古代の system. With all its imperfections, however, we may perhaps say of it what was said of the 法律s of 議員, that, though not the best in itself, it is the best which the 利益／興味s, prejudices, and temper of the times would 収容する／認める of. It may perhaps in 予定 time 準備する the way for a better.

一時期／支部 VI
Of 条約s of 商業

Such 条約s, however, though they may be advantageous to the merchants and 製造業者s of the favoured, are やむを得ず disadvantageous to those of the favouring country. A monopoly is thus 認めるd against them to a foreign nation; and they must frequently buy the foreign goods they have occasion for dearer than if the 解放する／自由な 競争 of other nations was 認める. That part of its own produce with which such a nation 購入（する）s foreign goods must その結果 be sold cheaper, because when two things are 交流d for one another, the cheapness of the one is a necessary consequence, or rather the same thing with the dearness of the other. The exchangeable value of its 年次の produce, therefore, is likely to be 減らすd by every such 条約. This diminution, however, can 不十分な 量 to any 肯定的な loss, but only to a 少なくなるing of the 伸び（る） which it might さもなければ make. Though it sells its goods cheaper than it さもなければ might do, it will not probably sell them for いっそう少なく than they cost; nor, as in the 事例／患者 of bounties, for a price which will not 取って代わる the 資本／首都 雇うd in bringing them to market, together with the ordinary 利益（をあげる）s of 在庫／株. The 貿易（する） could not go on long if it did. Even the favouring country, therefore, may still 伸び（る） by the 貿易（する）, though いっそう少なく than if there was a 解放する／自由な 競争.

Some 条約s of 商業, however, have been supposed advantageous upon 原則s very different from these; and a 商業の country has いつかs 認めるd a monopoly of this 肉親，親類d against itself to 確かな goods of a foreign nation, because it 推定する／予想するd that in the whole 商業 between them, it would 毎年 sell more than it would buy, and that a balance in gold and silver would be 毎年 returned to it. It is upon this 原則 that the 条約 of 商業 between England and Portugal, 結論するd in 1703 by Mr. Methuen, has been so much commended. The に引き続いて is a literal translation of that 条約, which consists of three articles only.

Art. I.

Art. II.

Art. III.

By this 条約 the 栄冠を与える of Portugal becomes bound to 収容する／認める the English woollens upon the same 地盤 as before the 禁止; that is, not to raise the 義務s which had been paid before that time. But it does not become bound to 収容する／認める them upon any better 条件 than those of any other nation, of フラン or Holland for example. The 栄冠を与える of 広大な／多数の／重要な Britain, on the contrary, becomes bound to 収容する／認める the ワインs of Portugal upon 支払う／賃金ing only two-thirds of the 義務 which is paid for those of フラン, the ワインs most likely to come into 競争 with them. So far this 条約, therefore, is evidently advantageous to Portugal, and disadvantageous to 広大な／多数の／重要な Britain.

It has been celebrated, however, as a masterpiece of the 商業の 政策 of England. Portugal receives 毎年 from the Brazils a greater 量 of gold than can be 雇うd in its 国内の 商業, whether in the 形態／調整 of coin or of plate. The 黒字／過剰 is too 価値のある to be 許すd to 嘘（をつく） idle and locked up in coffers, and as it can find no advantageous market at home, it must, notwithstanding any 禁止, be sent abroad, and 交流d for something for which there is a more advantageous market at home. A large 株 of it comes 毎年 to England, in return either for English goods, or for those of other European nations that receive their returns through England. Mr. Baretti was 知らせるd that the 週刊誌 packet-boat from Lisbon brings, one week with another, more than fifty thousand 続けざまに猛撃するs in gold to England. The sum had probably been 誇張するd. It would 量 to more than two millions six hundred thousand 続けざまに猛撃するs a year, which is more than the Brazils are supposed to afford.

Our merchants were some years ago out of humour with the 栄冠を与える of Portugal. Some 特権s which had been 認めるd them, not by 条約, but by the 解放する／自由な grace of that 栄冠を与える, at the solicitation indeed, it is probable, and in return for much greater favours, defence and 保護, from the 栄冠を与える of 広大な／多数の／重要な Britain had been either （規則などを）破る／侵害するd or 取り消すd. The people, therefore, usually most 利益／興味d in celebrating the Portugal 貿易（する） were then rather 性質の／したい気がして to 代表する it as いっそう少なく advantageous than it had 一般的に been imagined. The far greater part, almost the whole, they pretended, of this 年次の 輸入 of gold, was not on account of 広大な／多数の／重要な Britain, but of other European nations; the fruits and ワインs of Portugal 毎年 輸入するd into 広大な／多数の／重要な Britain nearly 補償するing the value of the British goods sent thither.

Let us suppose, however, that the whole was on account of 広大な／多数の／重要な Britain, and that it 量d to a still greater sum than Mr. Baretti seems to imagine; this 貿易（する） would not, upon that account, be more advantageous than any other in which, for the same value sent out, we received an equal value of consumable goods in return.

It is but a very small part of this 輸入 which, it can be supposed, is 雇うd as an 年次の 新規加入 either to the plate or to the coin of the kingdom. The 残り／休憩（する） must all be sent abroad and 交流d for consumable goods of some 肉親，親類d or other. But if those consumable goods were 購入（する）d 直接／まっすぐに with the produce of English 産業, it would be more for the advantage of England than first to 購入（する） with that produce the gold of Portugal, and afterwards to 購入（する） with that gold those consumable goods. A direct foreign 貿易（する） of 消費 is always more advantageous than a 一連の会議、交渉／完成する-about one; and to bring the same value of foreign goods to the home market, 要求するs a much smaller 資本／首都 in the one way than in the other. If a smaller 株 of its 産業, therefore, had been 雇うd in producing goods fit for the Portugal market, and a greater in producing those fit for the other markets, where those consumable goods for which there is a 需要・要求する in 広大な／多数の／重要な Britain are to be had, it would have been more for the advantage of England. To procure both the gold, which it wants for its own use, and the consumable goods, would, in this way, 雇う a much smaller 資本／首都 than at 現在の. There would be a spare 資本／首都, therefore, to be 雇うd for other 目的s, in exciting an 付加 量 of 産業, and in raising a greater 年次の produce.

Though Britain were 完全に 除外するd from the Portugal 貿易（する）, it could find very little difficulty in procuring all the 年次の 供給（する）s of gold which it wants, either for the 目的s of plate, or of coin, or of foreign 貿易（する）. Gold, like every other 商品／必需品, is always somewhere or another to be got for its value by those who have that value to give for it. The 年次の 黒字／過剰 of gold in Portugal, besides, would still be sent abroad, and though not carried away by 広大な／多数の／重要な Britain, would be carried away by some other nation, which would be glad to sell it again for its price, in the same manner as 広大な／多数の／重要な Britain does at 現在の. In buying gold of Portugal, indeed, we buy it at the first 手渡す; 反して, in buying it of any other nation, except Spain, we should buy it at the second, and might 支払う／賃金 somewhat dearer. This difference, however, would surely be too insignificant to deserve the public attention.

Almost all our gold, it is said, comes from Portugal. With other nations the balance of 貿易（する） is either against us, or not much in our favour. But we should remember that the more gold we 輸入する from one country, the いっそう少なく we must やむを得ず 輸入する from all others. The effectual 需要・要求する for gold, like that for every other 商品／必需品, is in every country 限られた／立憲的な to a 確かな 量. If nine-tenths of this 量 are 輸入するd from one country, there remains a tenth only to be 輸入するd from all others. The more gold besides that is 毎年 輸入するd from some particular countries, over and above what is requisite for plate and for coin, the more must やむを得ず be 輸出（する）d to some others; and the more that most insignificant 反対する of modern 政策, the balance of 貿易（する）, appears to be in our favour with some particular countries, the more it must やむを得ず appear to be against us with many others.

It was upon this silly notion, however, that England could not subsist without the Portugal 貿易（する）, that, に向かって the end of the late war, フラン and Spain, without pretending either offence or 誘発, 要求するd the King of Portugal to 除外する all British ships from his ports, and for the 安全 of this 除外, to receive into them French or Spanish 守備隊s. Had the king of Portugal submitted to those ignominious 条件 which his brother-in-法律 the king of Spain 提案するd to him, Britain would have been 解放する／自由なd from a much greater inconveniency than the loss of the Portugal 貿易（する）, the 重荷（を負わせる） of supporting a very weak 同盟（する）, so unprovided of everything for his own defence that the whole 力／強力にする of England, had it been directed to that 選び出す／独身 目的, could 不十分な perhaps have defended him for another （選挙などの）運動をする. The loss of the Portugal 貿易（する） would, no 疑問, have occasioned a かなりの 当惑 to the merchants at that time engaged in it, who might not, perhaps, have 設立する out, for a year or two, any other 平等に advantageous method of 雇うing their 資本／首都s; and in this would probably have consisted all the inconveniency which England could have 苦しむd from this 著名な piece of 商業の 政策.

The 広大な／多数の／重要な 年次の 輸入 of gold and silver is neither for the 目的 of plate nor of coin, but of foreign 貿易（する）. A 一連の会議、交渉／完成する-about foreign 貿易（する） of 消費 can be carried on more advantageously by means of these metals than of almost any other goods. As they are the 全世界の／万国共通の 器具s of 商業, they are more readily received in return for all 商品／必需品s than any other goods; and on account of their small 本体，大部分／ばら積みの and 広大な／多数の／重要な value, it costs いっそう少なく to 輸送（する） them backward and 今後 from one place to another than almost any other sort of 商品／売買する, and they lose いっそう少なく of their value by 存在 so 輸送（する）d. Of all the 商品／必需品s, therefore, which are bought in one foreign country, for no other 目的 but to be sold or 交流d again for some other goods in another, there are 非，不，無 so convenient as gold and silver. In 容易にするing all the different 一連の会議、交渉／完成する-about foreign 貿易（する）s of 消費 which are carried on in 広大な／多数の／重要な Britain consists the 主要な／長／主犯 advantage of the Portugal 貿易（する）; and though it is not a 資本／首都 advantage, it is no 疑問 a かなりの one.

That any 年次の 新規加入 which, it can reasonably be supposed, is made either to the plate or to the coin of the kingdom, could 要求する but a very small 年次の 輸入 of gold and silver, seems evident enough; and though we had no direct 貿易（する） with Portugal, this small 量 could always, somewhere or another, be very easily got.

Though the goldsmith's 貿易（する） be very かなりの in 広大な／多数の／重要な Britain, the far. greater part of the new plate which they 毎年 sell is made from other old plate melted 負かす／撃墜する; so that the 新規加入 毎年 made to the whole plate of the kingdom cannot be very 広大な／多数の／重要な, and could 要求する but a very small 年次の 輸入.

It is the same 事例／患者 with the coin. Nobody imagines, I believe, that even the greater part of the 年次の coinage, 量ing, for ten years together, before the late reformation of the gold coin, to 上向きs of eight hundred thousand 続けざまに猛撃するs a year in gold, was an 年次の 新規加入 to the money before 現在の in the kingdom. In a country where the expense of the coinage is defrayed by the 政府, the value of the coin, even when it 含む／封じ込めるs its 十分な 基準 負わせる of gold and silver, can never be much greater than that of an equal 量 of those metals uncoined; because it 要求するs only the trouble of going to the 造幣局, and the 延期する perhaps of a few weeks, to procure for any 量 of uncoined gold and silver an equal 量 of those metals in coin. But, in every country, the greater part of the 現在の coin is almost always more or いっそう少なく worn, or さもなければ degenerated from its 基準. In 広大な／多数の／重要な Britain it was, before the late reformation, a good 取引，協定 so, the gold 存在 more than two per cent and the silver more than eight per cent below its 基準 負わせる. But if forty-four guineas and a half, 含む／封じ込めるing their 十分な 基準 負わせる, a 続けざまに猛撃する 負わせる of gold, could 購入（する） very little more than a 続けざまに猛撃する 負わせる could of uncoined gold, forty-four guineas and a half wanting a part of their 負わせる could not 購入（する） a 続けざまに猛撃する 負わせる, and something was to be 追加するd ーするために （不足などを）補う the 欠陥／不足. The 現在の price of gold bullion at market, therefore, instead of 存在 the same with the 造幣局 price, or L46 14s. 6d., was then about L47 14s. and いつかs about L48. When the greater part of the coin, however, was in this degenerate 条件, forty-four guineas and a half, fresh from the 造幣局, would 購入（する） no more goods in the market than any other ordinary guineas, because when they （機の）カム into the coffers of the merchant, 存在 confounded with other money, they could not afterwards be distinguished without more trouble than the difference was 価値（がある）. Like other guineas they were 価値（がある） no more than L46 14s. 6d. If thrown into the melting マリファナ, however, they produced, without any sensible loss, a 続けざまに猛撃する 負わせる of 基準 gold, which could be sold at any time for between L47 14s. and L48 either of gold or silver, as fit for all the 目的s of coin as that which had been melted 負かす／撃墜する. There was an evident 利益（をあげる）, therefore, in melting 負かす／撃墜する new coined money, and it was done so instantaneously, that no 警戒 of 政府 could 妨げる it. The 操作／手術s of the 造幣局 were, upon this account, somewhat like the web of Penelope; the work that was done in the day was undone in the night. The 造幣局 was 雇うd, not so much in making daily 新規加入s to the coin, as in 取って代わるing the very best part of it which was daily melted 負かす／撃墜する.

Were the 私的な people, who carry their gold and silver to the 造幣局, to 支払う／賃金 themselves for the coinage, it would 追加する to the value of those metals in the same manner as the fashion does to that of plate. Coined gold and silver would be more 価値のある than uncoined. The seignorage, if it was not exorbitant, would 追加する to the bullion the whole value of the 義務; because, the 政府 having everywhere the 排除的 特権 of coining, no coin can come to market cheaper than they think proper to afford it. If the 義務 was exorbitant indeed, that is, if it was very much above the real value of the 労働 and expense requisite for coinage, 誤った coiners, both at home and abroad, might be encouraged, by the 広大な／多数の／重要な difference between the value of bullion and that of coin, to 注ぐ in so 広大な／多数の／重要な a 量 of 偽造の money as might 減ずる the value of the 政府 money. In フラン, however, though the seignorage is eight per cent, no sensible inconveniency of this 肉親，親類d is 設立する to arise from it. The dangers to which a 誤った coiner is everywhere exposed, if he lives in the country of which he 偽造のs the coin, and to which his スパイ／執行官s or 特派員s are exposed if he lives in a foreign country, are by far too 広大な／多数の／重要な to be incurred for the sake of a 利益（をあげる） of six or seven per cent.

The seignorage in フラン raises the value of the coin higher than in 割合 to the 量 of pure gold which it 含む／封じ込めるs. Thus by the edict of January 1726, the 造幣局 price of 罰金 gold of twenty-four carats was 直す／買収する，八百長をするd at seven hundred and forty livres nine sous and one denier one-eleventh, the 示す of eight Paris ounces. The gold coin of フラン, making an allowance for the 治療（薬） of the 造幣局, 含む／封じ込めるs twenty-one carats and three-fourths of 罰金 gold, and two carats one fourth of alloy. The 示す of 基準 gold, therefore, is 価値（がある） no more than about six hundred and seventy-one livres ten deniers. But in フラン this 示す of 基準 gold is coined into thirty Louis d'ors of twenty-four livres each, or into seven hundred and twenty livres. The coinage, therefore, 増加するs the value of a 示す of 基準 gold bullion, by the difference between six hundred and seventy-one livres ten deniers, and seven hundred and twenty livres; or by forty-eight livres nineteen sous and two deniers.

A seignorage will, in many 事例／患者s, take away altogether, and will, in all 事例／患者s, 減らす the 利益（をあげる） of melting 負かす／撃墜する the new coin. This 利益（をあげる） always arises from the difference between the 量 of bullion which the ありふれた 通貨 せねばならない 含む／封じ込める, and that which it 現実に does 含む／封じ込める. If this difference is いっそう少なく than the seignorage, there will be loss instead of 利益（をあげる）. If it is equal to the seignorage, there will neither be 利益（をあげる） nor loss. If it is greater than the seignorage, there will indeed be some 利益（をあげる）, but いっそう少なく than if there was no seignorage. If, before the late reformation of the gold coin, for example, there had been a seignorage of five per cent upon the coinage, there would have been a loss of three per cent upon the melting 負かす／撃墜する of the gold coin. If the seignorage had been two per cent there would have been neither 利益（をあげる） nor loss. If the seignorage had been one per cent there would have been a 利益（をあげる）, but of one per cent only instead of two per cent. Wherever money is received by tale, therefore, and not by 負わせる, a seignorage is the most effectual preventative of the melting 負かす／撃墜する of the coin, and, for the same 推論する／理由, of its exportation. It is the best and heaviest pieces that are 一般的に either melted 負かす／撃墜する or 輸出（する）d; because it is upon such that the largest 利益（をあげる）s are made.

The 法律 for 激励 of the coinage, by （判決などを）下すing it 義務-解放する／自由な, was first 制定するd during the 統治する of Charles II for a 限られた／立憲的な time; and afterwards continued, by different prolongations, till 1769, when it was （判決などを）下すd perpetual. The Bank of England, ーするために 補充する their coffers with money, are frequently 強いるd to carry bullion to the 造幣局; and it was more for their 利益／興味, they probably imagined, that the coinage should be at the expense of the 政府 than at their own. It was probably out of complaisance to this 広大な／多数の／重要な company that the 政府 agreed to （判決などを）下す this 法律 perpetual. Should the custom of 重さを計るing gold, however, come to be disused, as it is very likely to be on account of its inconveniency; should the gold coin of England come to be received by tale, as it was before the late recoinage, this 広大な／多数の／重要な company may, perhaps, find that they have upon this, as upon some other occasions, mistaken their own 利益／興味 not a little.

Before the late recoinage, when the gold 通貨 of England was two per cent below its 基準 負わせる, as there was no seignorage, it was two per cent below the value of that 量 of 基準 gold bullion which it せねばならない have 含む／封じ込めるd. When this 広大な／多数の／重要な company, therefore, bought gold bullion ーするために have it coined, they were 強いるd to 支払う／賃金 for it two per cent more than it was 価値（がある） after coinage. But if there had been a seignorage of two per cent upon the coinage, the ありふれた gold 通貨, though two per cent below its 基準 負わせる, would notwithstanding have been equal in value to the 量 of 基準 gold which it せねばならない have 含む／封じ込めるd; the value of the fashion 補償するing in this 事例／患者 the diminution of the 負わせる. They would indeed have had the seignorage to 支払う／賃金, which 存在 two per cent, their loss upon the whole 処理／取引 would have been two per cent 正確に／まさに the same, but no greater than it 現実に was.

If the seignorage had been five per cent, and the gold 通貨 only two per cent below its 基準 負わせる, the bank would in this 事例／患者 have 伸び（る）d three per cent upon the price of the bullion; but as they would have had a seignorage of five per cent to 支払う／賃金 upon the coinage, their loss upon the whole 処理／取引 would, in the same manner, have been 正確に／まさに two per cent.

If the seignorage had been only one per cent and the gold 通貨 two per cent below its 基準 負わせる, the bank would in this 事例／患者 have lost only one per cent upon the price of the bullion; but as they would likewise have had a seignorage of one per cent to 支払う／賃金, their loss upon the whole 処理／取引 would have been 正確に／まさに two per cent in the same manner as in all other 事例／患者s.

If there was a reasonable seignorage, while at the same time the coin 含む／封じ込めるd its 十分な 基準 負わせる, as it has done very nearly since the last recoinage, whatever the bank might lose by the seignorage, they would 伸び（る） upon the price of the bullion; and whatever they might 伸び（る） upon the price of the bullion, they would lose by the seignorage. They would neither lose nor 伸び（る）, therefore, upon the whole 処理／取引, and they would in this, as in all the foregoing 事例／患者s, be 正確に／まさに in the same 状況／情勢 as if there was no seignorage.

When the 税金 upon a 商品／必需品 is so 穏健な as not to encourage 密輸するing, the merchant who 取引，協定s in it, though he 前進するs, does not 適切に 支払う／賃金 the 税金, as he gets it 支援する in the price of the 商品／必需品. The 税金 is finally paid by the last purchaser or 消費者. But money is a 商品／必需品 with regard to which every man is a merchant. Nobody buys it but ーするために sell it again; and with regard to it there is in ordinary 事例／患者s no last purchaser or 消費者. When the 税金 upon coinage, therefore, is so 穏健な as not to encourage 誤った coining, though everybody 前進するs the 税金, nobody finally 支払う／賃金s it; because everybody gets it 支援する in the 前進するd value of the coin.

A 穏健な seignorage, therefore, would not in any 事例／患者 augment the expense of the bank, or of any other 私的な persons who carry their bullion to the 造幣局 ーするために be coined, and the want of a 穏健な seignorage does not in any 事例／患者 減らす it. Whether there is or is not a seignorage, if the 通貨 含む／封じ込めるs its 十分な 基準 負わせる, the coinage costs nothing to anybody, and if it is short of that 負わせる, the coinage must always cost the difference between the 量 of bullion which せねばならない be 含む／封じ込めるd in it, and that which 現実に is 含む／封じ込めるd in it.

The 政府, therefore, when it defrays the expense of coinage, not only 背負い込むs some small expense, but loses some small 歳入 which it might get by a proper 義務; and neither the bank nor any other 私的な persons are in the smallest degree 利益d by this useless piece of public generosity.

The directors of the bank, however, would probably be unwilling to agree to the 課税 of a seignorage upon the 当局 of a 憶測 which 約束s them no 伸び（る）, but only pretends to insure them from any loss. In the 現在の 明言する／公表する of the gold coin, and as long as it continues to be received by 負わせる, they certainly would 伸び（る） nothing by such a change. But if the custom of 重さを計るing the gold coin should ever go into misuse, as it is very likely to do, and if the gold coin should ever 落ちる into the same 明言する／公表する of degradation in which it was before the late recoinage, the 伸び（る）, or more 適切に the 貯金 of the bank, in consequence of the 課税 of a seignorage, would probably be very かなりの. The Bank of England is the only company which sends any かなりの 量 of bullion to the 造幣局, and the 重荷（を負わせる） of the 年次の coinage 落ちるs 完全に, or almost 完全に, upon it. If this 年次の coinage had nothing to do but to 修理 the 避けられない losses and necessary wear and 涙／ほころび of the coin, it could seldom 越える fifty thousand or at most a hundred thousand 続けざまに猛撃するs. But when the coin is degraded below its 基準 負わせる, the 年次の coinage must, besides this, fill up the large vacuities which exportation and the melting マリファナ are continually making in the 現在の coin. It was upon this account that during the ten or twelve years すぐに 先行する the late reformation of the gold coin, the 年次の coinage 量d at an 普通の／平均（する） to more than eight hundred and fifty thousand 続けざまに猛撃するs. But if there had been a seignorage of four or five per cent upon the gold coin, it would probably, even in the 明言する／公表する in which things then were, have put an effectual stop to the 商売／仕事 both of exportation and of the melting マリファナ. The bank, instead of losing every year about two and a half per cent upon the bullion which was to be coined into more than eight hundred and fifty thousand 続けざまに猛撃するs, or incurring an 年次の loss of more than twenty-one thousand two hundred and fifty 続けざまに猛撃するs, would not probably have incurred the tenth part of that loss.

The 歳入 allotted by 議会 for defraying the expense of the coinage is but fourteen thousand 続けざまに猛撃するs a year, and the real expense which it costs the 政府, or the 料金s of the officers of the 造幣局, do not upon ordinary occasions, I am 保証するd, 越える the half of that sum. The saving of so very small a sum, or even the 伸び（る）ing of another which could not 井戸／弁護士席 be much larger, are 反対するs too inconsiderable, it may be thought, to deserve the serious attention of 政府. But the saving of eighteen or twenty thousand 続けざまに猛撃するs a year in 事例／患者 of an event which is not improbable, which has frequently happened before, and which is very likely to happen again, is surely an 反対する which 井戸／弁護士席 deserves the serious attention even of so 広大な／多数の／重要な a company as the Bank of England.

Some of the foregoing reasonings and 観察s might perhaps have been more 適切に placed in those 一時期／支部s of the first 調書をとる／予約する which 扱う／治療する of the origin and use of money, and of the difference between the real and the 名目上の price of 商品／必需品s. But as the 法律 for the 激励 of coinage derives its origin from those vulgar prejudices which have been introduced by the 商業の system, I 裁判官d it more proper to reserve them for this 一時期／支部. Nothing could be more agreeable to the spirit of that system than a sort of bounty upon the 生産／産物 of money, the very thing which, it supposes, 構成するs the wealth of every nation. It is one of its many admirable expedients for 濃厚にするing the country.