cent¡¡only¡¡instead¡¡of¡¡two¡¡per¡¡cent¡£¡¡Wherever¡¡money¡¡is¡¡received¡¡by
tale£»¡¡therefore£»¡¡and¡¡not¡¡by¡¡weight£»¡¡a¡¡seignorage¡¡is¡¡the¡¡most
effectual¡¡preventative¡¡of¡¡the¡¡melting¡¡down¡¡of¡¡the¡¡coin£»¡¡and£»¡¡for
the¡¡same¡¡reason£»¡¡of¡¡its¡¡exportation¡£¡¡It¡¡is¡¡the¡¡best¡¡and¡¡heaviest
pieces¡¡that¡¡are¡¡commonly¡¡either¡¡melted¡¡down¡¡or¡¡exported£»¡¡because
it¡¡is¡¡upon¡¡such¡¡that¡¡the¡¡largest¡¡profits¡¡are¡¡made¡£
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duty¡free£»¡¡was¡¡first¡¡enacted¡¡during¡¡the¡¡reign¡¡of¡¡Charles¡¡II¡¡for¡¡a
limited¡¡time£»¡¡and¡¡afterwards¡¡continued£»¡¡by¡¡different
prolongations£»¡¡till¡¡1769£»¡¡when¡¡it¡¡was¡¡rendered¡¡perpetual¡£¡¡The
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are¡¡frequently¡¡obliged¡¡to¡¡carry¡¡bullion¡¡to¡¡the¡¡mint£»¡¡and¡¡it¡¡was
more¡¡for¡¡their¡¡interest£»¡¡they¡¡probably¡¡imagined£»¡¡that¡¡the¡¡coinage
should¡¡be¡¡at¡¡the¡¡expense¡¡of¡¡the¡¡government¡¡than¡¡at¡¡their¡¡own¡£¡¡It
was¡¡probably¡¡out¡¡of¡¡complaisance¡¡to¡¡this¡¡great¡¡company¡¡that¡¡the
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fashion¡¡compensating¡¡in¡¡this¡¡case¡¡the¡¡diminution¡¡of¡¡the¡¡weight¡£
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was¡£
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¡¡¡¡¡¡¡¡¡¡If¡¡the¡¡seignorage¡¡had¡¡been¡¡only¡¡one¡¡per¡¡cent¡¡and¡¡the¡¡gold
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cases¡£
¡¡¡¡¡¡¡¡¡¡If¡¡there¡¡was¡¡a¡¡reasonable¡¡seignorage£»¡¡while¡¡at¡¡the¡¡same¡¡time
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nearly¡¡since¡¡the¡¡last¡¡recoinage£»¡¡whatever¡¡the¡¡bank¡¡might¡¡lose¡¡by
the¡¡seignorage£»¡¡they¡¡would¡¡gain¡¡upon¡¡the¡¡price¡¡of¡¡the¡¡bullion£»
and¡¡whatever¡¡they¡¡might¡¡gain¡¡upon¡¡the¡¡price¡¡of¡¡the¡¡bullion£»¡¡they
would¡¡lose¡¡by¡¡the¡¡seignorage¡£¡¡They¡¡would¡¡neither¡¡lose¡¡nor¡¡gain£»
therefore£»¡¡upon¡¡the¡¡whole¡¡transaction£»¡¡and¡¡they¡¡would¡¡in¡¡this£»¡¡as
in¡¡all¡¡the¡¡foregoing¡¡cases£»¡¡be¡¡exactly¡¡in¡¡the¡¡same¡¡situation¡¡as
if¡¡there¡¡was¡¡no¡¡seignorage¡£
¡¡¡¡¡¡¡¡¡¡When¡¡the¡¡tax¡¡upon¡¡a¡¡commodity¡¡is¡¡so¡¡moderate¡¡as¡¡not¡¡to
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advances£»¡¡does¡¡not¡¡properly¡¡pay¡¡the¡¡tax£»¡¡as¡¡he¡¡gets¡¡it¡¡back¡¡in
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purchaser¡¡or¡¡consumer¡£¡¡But¡¡money¡¡is¡¡a¡¡commodity¡¡with¡¡regard¡¡to
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sell¡¡it¡¡again£»¡¡and¡¡with¡¡regard¡¡to¡¡it¡¡there¡¡is¡¡in¡¡ordinary¡¡cases
no¡¡last¡¡purchaser¡¡or¡¡consumer¡£¡¡When¡¡the¡¡tax¡¡upon¡¡coinage£»
therefore£»¡¡is¡¡so¡¡moderate¡¡as¡¡not¡¡to¡¡encourage¡¡false¡¡coining£»
though¡¡everybody¡¡advances¡¡the¡¡tax£»¡¡nobody¡¡finally¡¡pays¡¡it£»
because¡¡everybody¡¡gets¡¡it¡¡back¡¡in¡¡the¡¡advanced¡¡value¡¡of¡¡the¡¡coin¡£
¡¡¡¡¡¡¡¡¡¡A¡¡moderate¡¡seignorage£»¡¡therefore£»¡¡would¡¡not¡¡in¡¡any¡¡case
augment¡¡the¡¡expense¡¡of¡¡the¡¡bank£»¡¡or¡¡of¡¡any¡¡other¡¡private¡¡persons
who¡¡carry¡¡their¡¡bullion¡¡to¡¡the¡¡mint¡¡in¡¡order¡¡to¡¡be¡¡coined£»¡¡and
the¡¡want¡¡of¡¡a¡¡moderate¡¡seignorage¡¡does¡¡not¡¡in¡¡any¡¡case¡¡diminish
it¡£¡¡Whether¡¡there¡¡is¡¡or¡¡is¡¡not¡¡a¡¡seignorage£»¡¡if¡¡the¡¡currency
contains¡¡its¡¡full¡¡standard¡¡weight£»¡¡the¡¡coinage¡¡costs¡¡nothing¡¡to
anybody£»¡¡and¡¡if¡¡it¡¡is¡¡short¡¡of¡¡that¡¡weight£»¡¡the¡¡coinage¡¡must
always¡¡cost¡¡the¡¡difference¡¡between¡¡the¡¡quantity¡¡of¡¡bullion¡¡which
ought¡¡to¡¡be¡¡contained¡¡in¡¡it£»¡¡and¡¡that¡¡which¡¡actually¡¡is¡¡contained
in¡¡it¡£
¡¡¡¡¡¡¡¡¡¡The¡¡government£»¡¡therefore£»¡¡when¡¡it¡¡defrays¡¡the¡¡expense¡¡of
coinage£»¡¡not¡¡only¡¡incurs¡¡some¡¡small¡¡expense£»¡¡but¡¡loses¡¡some¡¡small
revenue¡¡which¡¡it¡¡might¡¡get¡¡by¡¡a¡¡proper¡¡duty£»¡¡and¡¡neither¡¡the¡¡bank
nor¡¡any¡¡other¡¡private¡¡persons¡¡are¡¡in¡¡the¡¡smallest¡¡degree
benefited¡¡by¡¡this¡¡useless¡¡piece¡¡of¡¡public¡¡generosity¡£
¡¡¡¡¡¡¡¡¡¡The¡¡directors¡¡of¡¡the¡¡bank£»¡¡however£»¡¡would¡¡probably¡¡be
unwilling¡¡to¡¡agree¡¡to¡¡the¡¡imposition¡¡of¡¡a¡¡seignorage¡¡upon¡¡the
authority¡¡of¡¡a¡¡speculation¡¡which¡¡promises¡¡them¡¡no¡¡gain£»¡¡but¡¡only
pretends¡¡to¡¡insure¡¡them¡¡from¡¡any¡¡loss¡£¡¡In¡¡the¡¡present¡¡state¡¡of
the¡¡gold¡¡coin£»¡¡and¡¡as¡¡long¡¡as¡¡it¡¡continues¡¡to¡¡be¡¡received¡¡by
weight£»¡¡they¡¡certainly¡¡would¡¡gain¡¡nothing¡¡by¡¡such¡¡a¡¡change¡£¡¡But
if¡¡the¡¡custom¡¡of¡¡weighing¡¡the¡¡gold¡¡coin¡¡should¡¡ever¡¡go¡¡into
misuse£»¡¡as¡¡it¡¡is¡¡very¡¡likely¡¡to¡¡do£»¡¡and¡¡if¡¡the¡¡gold¡¡coin¡¡should
ever¡¡fall¡¡into¡¡the¡¡same¡¡state¡¡of¡¡degradation¡¡in¡¡which¡¡it¡¡was
before¡¡the¡¡late¡¡recoinage£»¡¡the¡¡gain£»¡¡or¡¡more¡¡properly¡¡the¡¡savings
of¡¡the¡¡bank£»¡¡in¡¡consequence¡¡of¡¡the¡¡imposition¡¡of¡¡a¡¡seignorage£»
would¡¡probably¡¡be¡¡very¡¡considerable¡£¡¡The¡¡Bank¡¡of¡¡England¡¡is¡¡the
only¡¡company¡¡which¡¡sends¡¡any¡¡considerable¡¡quantity¡¡of¡¡bullion¡¡to
the¡¡mint£»¡¡and¡¡the¡¡burden¡¡of¡¡the¡¡annual¡¡coinage¡¡falls¡¡entirely£»¡¡or
almost¡¡entirely£»¡¡upon¡¡it¡£¡¡If¡¡this¡¡annual¡¡coinage¡¡had¡¡nothing¡¡to
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tear¡¡of¡¡the¡¡coin£»¡¡it¡¡could¡¡seldom¡¡exceed¡¡fifty¡¡thousand¡¡or¡¡at
most¡¡a¡¡hundred¡¡thousand¡¡pounds¡£¡¡But¡¡when¡¡the¡¡coin¡¡is¡¡degraded
below¡¡its¡¡standard¡¡weight£»¡¡the¡¡annual¡¡coinage¡¡must£»¡¡besides¡¡this£»
fill¡¡up¡¡the¡¡large¡¡vacuities¡¡which¡¡exportation¡¡and¡¡the¡¡melting¡¡pot
are¡¡continually¡¡making¡¡in¡¡the¡¡current¡¡coin¡£¡¡It¡¡was¡¡upon¡¡this
account¡¡that¡¡during¡¡the¡¡ten¡¡or¡¡twelve¡¡years¡¡immediately¡¡preceding
the¡¡late¡¡reformation¡¡of¡¡the¡¡gold¡¡coin£»¡¡the¡¡annual¡¡coinage
amounted¡¡at¡¡an¡¡average¡¡to¡¡more¡¡than¡¡eight¡¡hundred¡¡and¡¡fifty
thousand¡¡pounds¡£¡¡But¡¡if¡¡there¡¡had¡¡been¡¡a¡¡seignorage¡¡of¡¡four¡¡or
five¡¡per¡¡cent¡¡upon¡¡the¡¡gold¡¡coin£»¡¡it¡¡would¡¡probably£»¡¡even¡¡in¡¡the
state¡¡in¡¡which¡¡things¡¡then¡¡were£»¡¡have¡¡put¡¡an¡¡effectual¡¡stop¡¡to
the¡¡business¡¡both¡¡of¡¡exportation¡¡and¡¡of¡¡the¡¡melting¡¡pot¡£¡¡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¡¡pounds£»¡¡or¡¡incurring¡¡an¡¡annual¡¡loss¡¡of
more¡¡than¡¡twenty¡one¡¡thousand¡¡two¡¡hundred¡¡and¡¡fifty¡¡pounds£»¡¡would
not¡¡probably¡¡have¡¡incurred¡¡the¡¡tenth¡¡part¡¡of¡¡that¡¡loss¡£
¡¡¡¡¡¡¡¡¡¡The¡¡revenue¡¡allotted¡¡by¡¡Parliament¡¡for¡¡defraying¡¡the¡¡expense
of¡¡the¡¡coinage¡¡is¡¡but¡¡fourteen¡¡thousand¡¡pounds¡¡a¡¡year£»¡¡and¡¡the
real¡¡expense¡¡which¡¡it¡¡costs¡¡the¡¡government£»¡¡or¡¡the¡¡fees¡¡of¡¡the
officers¡¡of¡¡the¡¡mint£»¡¡do¡¡not¡¡upon¡¡ordinary¡¡occasions£»¡¡I¡¡am
assured£»¡¡exceed¡¡the¡¡half¡¡of¡¡that¡¡sum¡£¡¡The¡¡saving¡¡of¡¡so¡¡very¡¡small
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much¡¡larger£»¡¡are¡¡objects¡¡too¡¡inconsiderable£»¡¡it¡¡may¡¡be¡¡thought£»
to¡¡deserve¡¡the¡¡serious¡¡attention¡¡of¡¡government¡£¡¡But¡¡the¡¡saving¡¡of
eighteen¡¡or¡¡twenty¡¡thousand¡¡pounds¡¡a¡¡year¡¡in¡¡case¡¡of¡¡an¡¡event
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and¡¡which¡¡is¡¡very¡¡likely¡¡to¡¡happen¡¡again£»¡¡is¡¡surely¡¡an¡¡object
which¡¡well¡¡deserves¡¡the¡¡serious¡¡attention¡¡even¡¡of¡¡so¡¡great¡¡a
company¡¡as¡¡the¡¡Bank¡¡of¡¡England¡£
¡¡¡¡¡¡¡¡¡¡Some¡¡of¡¡the¡¡foregoing¡¡reasonings¡¡and¡¡observations¡¡might
perhaps¡¡have¡¡been¡¡more¡¡properly¡¡placed¡¡in¡¡those¡¡chapters¡¡of¡¡the
first¡¡book¡¡which¡¡treat¡¡of¡¡the¡¡origin¡¡and¡¡use¡¡of¡¡money£»¡¡and¡¡of¡¡the
difference¡¡between¡¡the¡¡real¡¡and¡¡the¡¡nominal¡¡price¡¡of¡¡commodities¡£
But¡¡as¡¡the¡¡law¡¡for¡¡the¡¡encouragement¡¡of¡¡coinage¡¡derives¡¡its
origin¡¡from¡¡those¡¡vulgar¡¡prejudices¡¡which¡¡have¡¡been¡¡introduced¡¡by
the¡¡mercantile¡¡system£»¡¡I¡¡judged¡¡it¡¡more¡¡proper¡¡to¡¡reserve¡¡them
for¡¡this¡¡chapter¡£¡¡Nothing¡¡could¡¡be¡¡more¡¡agreeable¡¡to¡¡the¡¡spirit
of¡¡that¡¡system¡¡than¡¡a¡¡sort¡¡of¡¡bounty¡¡upon¡¡the¡¡production¡¡of
money£»¡¡the¡¡very¡¡thing¡¡which£»¡¡it¡¡supposes£»¡¡constitutes¡¡the¡¡wealth
of¡¡every¡¡nation¡£¡¡It¡¡is¡¡one¡¡of¡¡its¡¡many¡¡admirable¡¡expedients¡¡for
enriching¡¡the¡¡country¡£
¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡CHAPTER¡¡VII
¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡Of¡¡Colonies¡¡
¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡PART¡¡1
¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡Of¡¡the¡¡Motives¡¡for¡¡establishing¡¡new¡¡Colonies¡¡
¡¡¡¡¡¡¡¡¡¡THE¡¡interest¡¡which¡¡occasioned¡¡the¡¡first¡¡settlement¡¡of¡¡the
different¡¡European¡¡colonies¡¡in¡¡America¡¡and¡¡the¡¡West¡¡Indies¡¡was
not¡¡altogether¡¡so¡¡plain¡¡and¡¡distinct¡¡as¡¡that¡¡which¡¡directed¡¡the
establishment¡¡of¡¡those¡¡of¡¡ancient¡¡Greece¡¡and¡¡Rome¡£
¡¡¡¡¡¡¡¡¡¡All¡¡the¡¡different¡¡states¡¡of¡¡ancient¡¡Greece¡¡possessed£»¡¡each
of¡¡them£»¡¡but¡¡a¡¡very¡¡small¡¡territory£»¡¡and¡¡when¡¡the¡¡people¡¡in¡¡any
one¡¡of¡¡them¡¡multiplied¡¡beyond¡¡what¡¡that¡¡territory¡¡could¡¡easily
maintain£»¡¡a¡¡part¡¡of¡¡them¡¡were¡¡sent¡¡in¡¡quest¡¡of¡¡a¡¡new¡¡habitation
in¡¡some¡¡remote¡¡and¡¡distant¡¡part¡¡of¡¡the¡¡world£»¡¡the¡¡warlike
neighbours¡¡who¡¡surrounded¡¡them¡¡on¡¡all¡¡sides£»¡¡rendering¡¡it
difficult¡¡for¡¡any¡¡of¡¡them¡¡to¡¡enlarge¡¡very¡¡much¡¡its¡¡territory¡¡at
home¡£¡¡The¡¡colonies¡¡of¡¡the¡¡Dorians¡¡resorted¡¡chiefly¡¡to¡¡Italy¡¡and
Sicily£»¡¡which£»¡¡in¡¡the¡¡times¡¡preceding¡¡the¡¡foundation¡¡of¡¡Rome£»
were¡¡inhabited¡¡by¡¡barbarous¡¡and¡¡uncivilised¡¡nations£º¡¡those¡¡of¡¡the
Ionians¡¡and¡¡Aeolians£»¡¡the¡¡two¡¡other¡¡great¡¡tribes¡¡of¡¡the¡¡Greeks£»
to¡¡Asia¡¡Minor¡¡and¡¡the¡¡islands¡¡of¡¡the¡¡Aegean¡¡Sea£»¡¡of¡¡which¡¡the
inhabitants¡¡seem¡¡at¡¡that¡¡time¡¡to¡¡have¡¡been¡¡pretty¡¡much¡¡in¡¡the
same¡¡state