skilful Perfbns to make ufe of them. There
mull be often great Armies at Land, and Fleets
at Sea, maintained and paid at the publick Ex-
pence, for the publick Security ; all which
inuft be maintained out of the Superfluities of
thofe who ftay at Home ; and if they have not
all thofe Materials neceffary to their Preferva-
tion, or conducive to their private Bappinefs
in their ov/n Country, (as few Countries have)
they muft purchafe them Abroad with the Pro-
duce of their own Country, or by Silver and
Gold, which purchafes all Commodities. In-
deed, by the univerfal Confent of Mankind,
Silver and Gold is become the Medium of all
Commerce ; and every State, as well as pri-
vate Man, is rich and powerful in Proportion,
as he poffeffes or can command more or lefs of
this univerfal Commodity, which procures all
the reft j all other Things are Riches only kic
& nunc^ but thefe will command every Thing,
and almoft every Perfon in the World

Gold and Silver are the Natives but of few

Countries, and the Propriety of but few Per-

i fons in thofe Countries, and can be obtained

by others only by their Confent, or by Force

and Rapine } and consequently, no Stare can

G 1



148 euro's LETTERS. I

grow more conftderable than their native Soil |
will make them, but by robbing their Neigh-
bours of what they themfelves want or defire,
or by perfwadi'ng them to part with it willing- 1
ly^that is, either by Arms or Trade; and
which of thefe two will conduce mod to the
Happinefs, Security and Augmentation of Em-
pires, (hall be the Subject of this Letter.

If we confider this Queftion under the Head
of Jiiftice and Humanity, what can be more
deteftable, than to murder and dedroy Man-
kind, in order to rob and pillage them ? War
is comprehenfive of moft, if not all the Mif-
chiefs which do or ever can afflict Men : It
depopulates Nations, lays wade the fined
Countries, dedroys Arts, Sciences, and Learn-
ing, butchers Innocents, ruins the bed Men,
and advances the woril ; effaces every Trace
of Virtue, Piety and Companion, and intro-
duces Cbnfufion, Anarchy, and all Kinds of
Corruption in publick Aftairs ; and indeed is
pregnant with fo many Evils, that it ought
ever^ to be avoided, when it can be avoided ;
and it may be avoided when a State can be fafe
without it, and much more fo when all the
Advantages propofed by it can be procured by
prudent and juft Methods.

All the Advantages procured by Ccnquefr.,
are Security of what we poffefs our (elves, or
to gain the Pofleffioris of others, that is, the
Produce of their Country, and the Acquifi-
tions of their Labour and Indudry ; and if
thefe can be obtained by fair Means, and by
their own Confent, (lire it mud be more eli-
gible than to extort them by Force.

This



's LETTERS. 1

This is certainly more eafily and effectually
done by a well regulated Commerce, than by
Arms : The Baliance of Trade will return
more clear Money from neighbouring Coun-
tries, than can be forced from them by Fleers
or Armies, and mere adyantageoufiy than un-
der the odious Name of Tribute : It enervates
rival States by their own Content, and obliges
them, whilft it impovenihes and ruins them :
It keeps our own People at Home employed
in Arts, Manufactures, and Husbandry, inftead
of murdering them in wild, expensive, ar !
hazardous Expeditions, to the weakening their
own Country, and the pillaging and deR roving
their Neighbour?, and only For the fruirlefs
end imaginary Glory of Conqueft : It faves
the Trouble, Expence, and z,ard of fur-
porting numerous Standing Armies Abroad to
keep the conquer'd People in Subjeclion ; Ar-
mies, wha for the in oft part too, if net always,
entlave their own Country, and ever 1 t r<v
up all the Advantages cf the Ccnquefts. [
have often wondered at the Folly ard Weak-
nefs of thofe Princes, who will facrifice Hun-
dreds of Thoufands of their own faithful Sub-
jects to gain a precarious and flavifh Submif-
(ion from bordering Provinces, who will feek
all Opportunities to revolt ; which cannot be
prevented but by keeping them poor, wretched,
and miferable, and confequently unable to pay
the Charges of their own Vaflaiage ; when if
the fame Number of Men and the fame Sums
of Money were ufefully employed at Home,
which are neceiTary to make and fupport the

G ^ Cohqueft*



i jo Giro's LETTERS.

Conquefl:, they would add vaftly more to their
Power and Empire.

It is not the Extent of Territory and vail
Trah of barren and uncultivated .Land, which
make Stares great and powerful, but Numbers
of induftrious People under a proper Oeco-
fiomy, and advantageoufly and ufefully em-
ployed ; and the fame Number will be always
more powerful in a fmall Tra6t of Ground
than a great one : They here are always at
hr.nd to aflat one another, to carry on Manu-
factures, and to promote and execute any great
Defigns : All the Materials of Trade and In-
duftry are in place, and by that Means the
Charges of Carriage prevented, which {wal-
lows the Advantages of Commerce, and^ ren-
ders it unprofitable. The impoiiibility of Tub-
fifting by Idlenefs, renders them induftrious,
Emulation roufes their Ambition, and the Ex-
amples of others animate them to defire to
live in Splendor and Plenty ; and all thefe
Paillons concur to fit their Hands and Wits
to work, and to promote Arts, Sciences, and
Manufactures, to ftrike out new Trades, form
new Projects, and venture upon Deiigns A-
broad to enrich their own Country at Home.

Great Numbers of People crowded together,
are forced by their Neceiiities to turn every
Stone, and try every Method to fupport them-
felves and Families, and by doing fo will trace
and difcover by Degrees all the Sources of
Wealth. All Ways will be found out to make
Trade commodious and profitable, numerous
Contrivances be thought on to come at the
Materials of Manufactures eafily and at cheap

Rates,



's LETTERS.

Rates, and to work them again ar the lowed
Prices. Rivers will be- made navigable, En-
gines invented, which whh the Aiiiflance of
few Hands, (hall fupply the Labour of Multi-
tudes ; Store-h 'iifes \vili be built to depofite
Goods in, \vhiift they wait for Markets ;
pifheries wi-1 be ere<51ed, Colonies planted to
furnifh new Commodities and new Materials
of Commerce, and will vent too and carry off
thofe turbulent and unruly Spirits, who are
unfit to live in a peaceable State, and muft rob,
hang, or flarve there. By all thefe laudable
Method?, and many mrro, Riches \v!ll be a-
rnafTed, Money become cheap, and the Inrereft
of it leflened : ; and the lowering the In terete
of Money will open new Trades, and frill bring
in more Money, as wtll as improve the Native
Territory, encreafe vaftiy the Purchafe of
Land, and encourage the building of Cities
and Towns : for the lei's Men expect for the
Inrereft or Profit of their Principal, the more
they can afford to lay out in Trade, Building,
or Husbandry, to return but the lame Income,
and confequently can grow rich by the Com-
merce and the fame Improvements, which
would undo Nations where the Intereft of the
Money is higher.

There are few Countries in the World, but
by a due Culture would maintain many Times
the Inhabitants which poflefs it, better than
they are at prefent maintained. Our indulgent
Mother will readily yield up her hidden Stores
to fuch of her Children, as make a proper
CourtPnip and Application to her : The Trea-
fures of the Earih and Seas are inexhauftible ;

G 4 one



Giro's LETTERS.

one Acre of Ground well manured, cultivated,
and (owed with Corn, will produce Ten-times
as much for the Suftenance of Man, as ten
Acres not ^ cultivated, or ill cultivated: And
one Acre in Gardens will produce Ten times
as much as in Corn ; and it is much eafier^
cheaper, and profitable, to improve our own
Country, and fb encreafe its Productions, than
to fetch the like Productions by Force from
others. It is more fafe, as v/ell as virtuous, to
accept the willing and chaite'Embraces of con-
jugal Affect.ion, than by Violence to extort for-
bidden and dangerous Pleafiires, and which, for
ihe mofi part, if not always, fail our Expecta-
tions.

But fuppofing the Soil belonging to any Na-
tion fhculd not be fufncieiif to fupport all its
Inhabitants^ which I believe is the Cafe of Hc/-
/VW, yet it is certain they may purchafe from
their Neighbours what they want for very much
h-f* thr.n they can earn at Home in Arts and
Manufactures. Labour in Husbandry is the
lealt profitable Employment in the World, and
ten Men fb employed will not earn the Wages
of one good Artift, and the meaneft Mecha-
nicks and Artificers earn more than Husband-
men, and consequently have a Surplus from
their own Labour after they have bought the
Production of the other's Induftry. This is
the Circumftance of Cities and trading Towns,
who have no Growth of their own, and yet
grow rich by retailing and manufacturing the
Growth of the neighbouring Countries, over
and above what they confume for their own
Subfillence and U(e ; and the fame is true of

trading



LETTERS,

trading States. As Tyre, and other free Stares-
did formerly, fo Holland at prefent grows vaftly
Rich and Formidable, by keeping its Neigh-
bours employed in the poor and menial Trade
of Husbandry, whflft they employ their own
People in Arts and Manufactures ; a final! Part
of which fupplies them with the Productions
of the other's Labour, and with the reft they
purchafe a great Part of the Riches of the
World ; and by thofe Means they have made
themfelves more confiderable in that little Spot
of Land, than great Empires have done by
Conqueft, which always corrupts and often
efiihves the Conquerours as well as the Con-
quered,

I am, &c..




Aving in my la ft Letter cdnfidered Silyr -

and Gold as the only certain, dura-
and univerfal Riches, and that the attaining
them is the chief View and Defign of all Man-
kind ; I flrall in this confider a Queftion which,
puzzles the greareil: Part of the World, and
which, as 1 think, they for the mnft Part^deter-
mine wrongly ; namely, when a Nation Is once
poUHTfd of them, whether it is their Intereft to
let them be exported again : In this 1 have tKg
Opinion of moft States againfl nie, who pro-
h :! it the carrying them o'.it undtT the (evcrcfl:.
Penakies, (Irattimjs before, and IbriletTmc*

G 5- after



Giro's LETTERS. '

after they are converted into their current Coin ;
and to me nothing feems more injurious, im-
pertinent, and impotent, than to make fuch
Laws.

No Soil or Climate produces all Commodi-
ties, and no Nation works all Sorts of Manu-
factures which are of common and neceflary
life ; nor can any Man, by his own Skill and
Labour, make or acquire any confiderable Part
of fuch Things as he wants or defires ; and
confequently he can have no Means of attain-
ing them, but by exchanging what he does not
want, for what he does. But (ince it does and
will moft commonly happen, that the Perfor*
who is poffeflcd of the Commodity which one
Man defires, does not want what he has to give
in Lieu of it, or not enough of it to anfwer the
Value of what he parts with ; therefore fbme-
thing elfe muft be found out to make the Ac-
count even.

From hence Mankind have Found rhemfelves
under a Neceillty to agree upon fbme univerfal
Commodity, which (ball meafure the Value of
all the rell, and balhnce all Accounts at laftr.
Hitherto nothing has been discovered, which
will snfwc-r thatPurpofe fo effectually as Silver
and Gold : Their Contexture hinders them
from being perifhable, their Diviiibility qua-
lities them to anfwer all Occafions, their Scar-
city enhances their Price, fo as to make a great
Value lie in a narrow Compafs, and eafily port-
able ; and the more regular and equal Supplies
of them than of other Commodities, render
them proper Standards for the Valuation of other
Things. Thefe. therefore being by general



CATO'B LETTERS. 15-5-

and almoft univerfal Agreement, the Mediums
of Commerce, the Ballance of all Traffick,
and the ultimate View and chief Advantage
propofed by it, we are to confider how far thofe
Ends and Advantages can be anfwered by ex-
port'ng them again.

Now it is certain, that many Commodities
of abfolute and indifpenfible life, are in the
PoiTeilion of Nations who do not want thofe
which we have to give in Exchange for them ;
or knowing our Neeeilities, will not part with
them but for Silver and Gold ; and therefore
we mull have them upon their Terms, or not
have them at all. Some of them are the Ma-
terials of our Manufactures, which will return
to us again many times the Money we advance
in procuring them ; and very often they are
neceflary to carry on Trade in general, as en-
abling the Merchants to make AfTortments of
Goods proper for particular Markets, or are
the Materials of Navigation, or Magazines for
War and common Defence.

No Country wants always the fame Supplies*'
or has the fame Growth and Quantity or Ma-
nufactures to purchafe them ; nor can any
Merchant have a clear View of the whole
Commerce of the Country he deals with; nor
do the Commodities always bear the fame
Price ; fo that the Ballance will often vary, and
muft be paid at laft in thofe univerfal Commo-
dities. No Nation or private Man will deal
with another, who will not pay his Debts ; and
if he has not ether Commodities to pay them
with, or if thofe he has are not wanted, or will
not be accepted In Payment, he mull pay therrt

in



Giro's LETTERS.

in fuch as will ; and whatever it cofts him;
mult deliver them into the Cuftody, or to the
Order and Satisfaction of his Creditor.

It is foolifh to imagine, that any Precautions,
or the greateft Penalties, will keep Money in
any Country where 'tis the Intereft of Num-
bers to carry it out: The Experience of every
Nation may convince us of this Truth ; Gold
and Silver lie in fb little Compafs, are fo eafily
concealed, and there are fb many Convenien-
ces and Opportunities to carry them off, that
imall Encouragements will always find Adven-
turers, and thofe Adventurers wftfalmbft alv/ays
fucceed. There is no Way in Nature to hinder
Money from being exported, but by hindering
the Occafions of it, that is, by hindering the
life and Confumption of thofe Things which it
is fent out to buy ; for when they are bought,
they mutt be paid for, or all Traffick is at an
End.

Thefe Propofitions being, as I conceive,
Iclr-evident ; it is next to be difcufled, whe-
ther it is the Intereft of a State to permit their
Money to go out freely,or by annexingPenalties-
tcrthe exporting ir, enhance the Difficulty, and
raife the Price of carrying it out, by obliging
the Exporter to pay himfelf largely for his own
Hazard, as well as the Hazard of the Seas ,
and I think nothing is more demonstrable, than
that the greater Obftacfe is laid in his Way,
and the greater Hazard he runs, the more he
will be obliged to export ; fcr whatever he has
agreed to pay beyond Sea, rnulr be difcharged,
v/hatever it coils him to gee it thicher, and he

is



LETTERS.

is to be paid befides all the Charges of getting
it thither.

Bills of Exchange only ferve the Purpofe,
and fave the Expence of Paying the Carrier ;
for if one Man has Money due to him Abroad,
and the other wants the fame Sum here, they
will both fave the Charges of Carnage, by
one's paying it where he does not want it, and
the other's receiving it where he does ; but if
there be more Demands by the Merchants of
one Country upon their Correfpcndents in an-
other, than the others can pay by the Produce
of their Effects, or from Debts due to them
elfewhere, (which will be accepted as Pay-
mentj the Surplus muft be returned in Silver
and Gold, ^and they muft pay tco the Peribns
who carry it; and other Merchants feeing their
Neceliity, will take Advantage of it, and re-
ceive Premiums for as much as they can return
in Bills, in Proportion to the Charge it will
coft to fend it in Specie, and the Hafte their
Creditors are in to receive it : But herein they
will not have Regard only to the Commerce
between thofe particular Nations, but to the
Coiirfe and Ballance of general Trade ; for
Bills often travel from Country to Country, and
take a large Circuit before they center, and
the Account is finally made up at home. And
this take to be the whole Myftery o^ Ex-
change, which is either Paying, or fa v ing the
Charge of Paying the Carrier; and if you
don t do tt your lelf, others, who do k for you,
wiiUeap Advantage from Jc.

Since then Money or Bullion muft be ex-
porced, when Debts are contracted abroad, I

think



158 CA TO's LETTERS.

think it is eligible to fend out the firft rather
than the latter, or at lealt to leave People at
Liberty to export which they pleafe. Indeed,
they are the fame Thing ; for all Money is
Bullion, and all Bullion is eafily convertible
into Money, and all which is not otherwife
manufactured, would be converted into it, if
there was no Difadvantage in doing fo. The
Advantages are obvious, and the Charge to
the Proprietors nothing for the Stamp of Au-
thority ascertains the Weight and the Finenefs;
and the dividing it into fmall Parcels, makes it
more ufeful for Commerce, which renders it
more valuable Abroad as well as at Home, and
' confequently Foreigners will be contented to
pay Part, if net the Whole of the Charge of
Coining it. It could in no Circumftance be of
lefs Value, if it was not denied a Privilege and
Advantage it had before it was coined, which
is the Liberty of Exportation, and being ufed
in foreign as well as domeftick Trade ; for
\vhilft free Liberty of Exportation is allowed
to one, and denied to the other, and yet there
are frequent and neceflary Occaiions of export-
ing one or the other, ir mull happen that either
Money will be melted into Bullion, and fo the
Manufacture be loft, or Bullion mull: be
bought by Monev at a Price anfwerable to the
Neceility or the Hazard of carrying it in Specie
abroad, or of melting it down at home, and
the Expence of Conference afterwards in fwear-
ing it^to be foreign Bullion ; which fomeiimes
has raifl-d the Price 8 or 10 per Cent.

Now itjnuft be obvious to any one, who the
leaft confiders this QuefHon, how much fuch

Pro-



's LETTERS.

Prohibition muft affect our general Trade,
they being equivalent to the putting an equal
Duty upon the Exportation of our own Com-
modities, which all wife Nations encourage by
all Ways they can, and often by^giving Pre-
miums to the Exporter. They give to other
Nations the Means and Opportunity to trade
Ib much -per Cent, cheaper than we can, which
muft certainly carry away from us many valu-
able Trades : They enhance the Value of all
foreign Materials which we ufe in our Manu-
factures, that are bought with Bullion or Mc-
ney as many of them are, which muft in Con-
fequence raife the Price of thefe Manufactures,
and hinder their Sale ; and above all, make the
Materials of Navigation dear to us, upon which
all Trade in a great Meafure depends, and the
Carriage-Trade wholly.

But not only thofe Trades, which are altoge-
ther or partly carried on by Bullion or Money,
will be affected by them, but all Trade what-
fbever ; for as T have before (hewn that Bullion,
being the Medium of the Value of all Com-
modities between Nation and Nation, as Mo-
ney is between People of the fame Nation, if the
latter being of equal Weight and Finenels with
the former, and yet lefs valuable ; then of ne-
ceffary Confequence home Commodities muft
be fold cheaper in foreign Countries, and theirs
muft fell dearer here, which muft alter the
Ballance proportionably to our Difadvantage ;
for we fell at home for our own Money, and
buy abroad with Bullion, which are equally
valuable in themfelves, the Coinage excepted,

and



ifio CATO's LETTERS.

and will be equally bought in foreign Markets
for the fame Quantity of Commodities.

Suppofe, for Example, Corn bore the fame
Price in refpeft of Silver and Gold here, as in
Holland, and yet we muft give more for it when
that Silver and Gold is converted into Money
than they do, who get the Difference by im-
porting their Silver ; then it is evident that
they can afford to buy it of us, and fell it a-
gain to foreign Markets cheaper than we can,
and fometimes to our felves, and confequently
muft carry away that Trade from us. Thefe
Events are inevitable, unlefs we let our Money
be exported, or turn all our Coin info Bullion,
and make that the Medium of domeftiek as
well as foreign Commerce, which muft ioon be
our Cafe, and every Day grows more and more
fo ; for who will give himfelf the Trouble of
carrying his Bullion to the Mint to have it made
lefs valuable than before ; whereas if Money-
had the fame Liberty of Exportation as Bullion
has, all the Silver nor otherwife manufactured,,
would immediately be carried thither and coin-
ed, and iefs of it be carry 'd out afterwards for
the Reafbns before given.

But whilft it remains upon the prefent Foot,
whatever Contracts are made for En? lift Goods-
in Engnfi Money, will be paid for with lefs-
Bullion, than will coin into the fame Quantity
of Money- and whatever are bought abroai
will colt us more Money thnn the fame is
worth in Bullion ; fo that Foreigners will chufe
tp carry off our Money, rather than cur Bul-
lion or Goods, and will afterwards melt k
down, and find their Account in returning it

upon



> LETTERS. 161

upon us again for more Money ; and fb on till
they have got all we have,which can be prevent
ed alone by putting coined and uncoined Silver
upon the fame Foot, and giving them equal
Advantages, the Coinage excepred.

.Till this is done, we muft fuffer in our Ex-
change with rr.oft, if not all the Countries in
the World ; for whilft our Coin in Quantity is
lefs valuable than Bullion, and theirs equal or
more valuable, every Thing we buy or fell
muft be affecl'ed by it ; and we rruft pay cur
Debts with more Silver, and receive them in
lefs than they do, which muft make a vafl Diffe-
rence in the Return of our whole Trade.

This is fo much the Interelt of 7 every Par-
ty, and almoft every Man in every Party, that
1 have often wdnderM how fb many able Patri-
ots that have fat at the Helm fhnuld nev*er once
think of doing their Country this great Service.
I cannot doubt but Men of their great Abilities
mn ft underftand this plain Propofition ; and
methinks they mould fometimes find it their In-
tereft and Duty to fave a little Money for their
Countrymen, and not always to be taking from
them, efpecially when they lofe themfelves no-
thing by doing fo much good to others ; and
tho' fbme People who do not underftand the
Benefit of fuch a Lav/, may be at firft diftafted
by it, yet I could wifli to fee that thofe who
have had no Regard to their Opinions when
they were doing Mifchiefto them, would not
be fo overscrupulous of offending them in once
doing them and their Country this great and ge-
neral Benefit.

I eim^



i6z C^TO's LETTERS.



SIR,




Men fee the Advantages of Trade
to a Country, and to every Man in it ;
but very few know how to improve thofe Ad-
vantages, and much fewer endeavour to do fo.
As foon as any Law is ena6r.ee], or proposed for
Publick Benefit, particular Men fet their Wits
to work how ^to draw feparate Advantages
from thofe Provisions, whatever becomes of the
Publick ; and indeed it is not to be hoped,
much lefs expected, they iho.uld ever do other-
But what is moft to be lamented is, that
the Publick very often fuffers by their not con-
fulting their real Jntercft?, and in purfuing lit-
tle Views, whilft they lofe great and fubftantial
Advantages. A very fmall Part of Mankind
have Capacities large enough to iudge of the
Whole of Things, but catch at every Appear-
ance which promifes prefent Benefit, without
confidering how it will affect their general In-
tereft ; and fo bring Misfortunes and lading
Mifery upon them/ekes, to gratify a prefent
Appetite, Pafiion or Deiire.

This is certainly true in almoft every Cir-
cumftance of Publick and Private Life: The
latter falls within all Mens Obfervation, and
the other happens as often, rho' not as often
taken Notice of. Kow many are there, who
do not prefer a fervile Office or Penfion before
the general Intereft of their Country, in which

their



's LETTERS.

their own is involved, and fb facrifice their,
Liberty and the Prote6Hon they receive from
equal Laws, for momentary and precarious
Advantages; and by fuch Means lofe or hazard
a large Inheritance, or make it much lefs valu-
able, for trifling Benefits, which will not pay
half the Difference ?