Nation。　For　we　can　have　no　Occasion　to　send　Money；　or　Bullion；　or　foreign　Coin　to　any　Nation；　unless　we　receive　more　Goods　in　value　from　them　than　they　have　from　us；　in　which　Case　they　must　have　our　Money　or　Bullion；　or　foreign　coin；　sent　them；　or　we　must　cease　to　trade　with　them；　which　I　think　is　impossible。　Now　if　I　must　buy　Bullion　or　foreign　coin；　because　the　Exportation　of　our　Coin　is　prohibited；　it's　certain　that　the　Seller　of　Bullion　or　foreign　Coin　must　and　will　have　a　Profit；　that　is；　I　must　give　more　in　Coin　for　less　in　Bullion　or　foreign　Coin；　which　when　my　Correspondent　receives；　he　will　value　it　just　as　if　it　were　our　own　Coin　of　like　Weight　and　Fineness：　Wherefore　if　the　Demand　continues　here　for　Bullion　or　foreign　Coin；　to　pay　the　Balance　of　Trade　to　any　Nation；　he　will　send　it　back　to　this　Market；　where　it　must　and　will　in　this　Case　fetch　more；　by　all　Charges　of　Freight；　and　Risque　of　the　Sea；　and　Postage　of　Letters；　and　Commission；　and　some　Profit　to　himself；　unless　our　Coin　be　melted　to　save　this　Loss。　Now　suppose　all　this　should　make　but　2　per　cent　it's　evident　that　in　50　Returns　of　the　Bullion　of　foreign　Coin；　we　must　have　paid　a　whole　Capital　more　than　if　we　were　admitted　freely　to　send　our　own　current　Money；　where　the　Balance　of　Trade　requires　it。　And　this　must　cause　our　current　Money　to　be　melted　both　at　home　and　abroad；　since　it　will　thus　be　worth　more　the　Ballance　of　Trade　lies　against　us　with　any　particular　Nation；　so　much　the　quicker　will　these　disadvantageous　Returns　be　made；　and　our　Specie　undoubtedly　be　so　much　the　faster　melted。　But　if　we　let　our　current　Coin　come　and　go　freely；　Bullion　or　foreign　Coin　will　not　be　worth　so　much　as　our　Coin；　because　its　Fineness　and　Value　cannot　be　so　easily　and　universally　known；　and　therefore　if　the　Balance　of　Trade　be　in　our　Favour；　that　is；　brings　us　Gold　and　Silver；　it　must　and　will　go　to　the　Mint　to　be　coined；　to　ascertain　its　Fineness　and　Value；　provided　the　government　not　only　coin　it　at　their　own　Charge；　but　immediately　deliver　as　many　Ounces　of　Coin　as　they　receive　of　foreign　Gold　and　Silver；　for　it's　no　less　absurd　for　the　Government　to　fix　the　Price　they　will　give　for　Gold　and　Silver　brought　to　be　coined；　than　it　would　be　to　make　a　Law　to　fix　and　ascertain　the　Prices　of　every　other　Commodity。　　　　　And　it's　further　certain；　that　as　the　Balance　of　Trade　is　a　fluctuating　Thing；　if　our　Money　be　suffered　to　go　and　come　freely　as　the　Balance　of　Trade　may　require；　（and　otherwise　it　neither　can　go　nor　come）　as　Bullion　will　then　certainly　be　of　somewhat　less　Value　than　Coin；　the　People　in　foreign　Nations　will　buy　up　what　Money　of　ours　they　can　easily　find；　because　it　will　hardly　be　of　so　much　Value　amongst　them　as　their　own；　and　they　can　pay　more　with　it　in　the　Nation　it　properly　belongs　to　than　with　Bullion　of　their　own　coin；　and　this　will　certainly　in　a　great　Measure　prevent　the　melting　our　Money　at　home；　and　in　foreign　Nations；　and　consequently　will　save　the　Trouble　and　Charge　of　coining　a　great　deal　of　Money；　and　bring　a　great　deal　of　our　Money　back　from　those　Nations　where　the　Balance　of　Trade　had　before　carried　it；　provided　our　Trade　stands　on　such　a　Foot　with　those　Nations；　that　the　Balance　be　in　our　Favour：　And　I　have　shewn　how　it　may　certainly　be　made　so；　viz。　by　making　our　Produce　and　manufactures　so　plentiful；　and　thereby　（which　is　inseparable）　so　cheap　and　good；　as　to　cause　foreign　Nations　to　take　abundance　more　of　them；　which　Plenty　and　Cheapness　of　our　Produce　and　manufactures　will　prevent　the　Importation　of　abundance　of　foreign　Commodities；　and　thus　the　Balance　will　be　in　our　Favour；　and　that　Balance　must　be　paid　us　in　Money：　By　this　Means　only　it　is　we　have　any　Gold　and　Silver；　i。e。　Money　amongst　us；　nor　is　there　any　other　in　Nature；　for　any　Nation　that　hath　not　Mines：　Wherefore　this　deserves　the　utmost　Regard　of　every　Trading　Nation；　not　only　for　the　Sake　of　the　Money　they　will　thus　get；　but　to　make　their　Trade　flourish；　and　their　People　happy；　and　their　Government　powerful；　for　without　this；　Trade　must　languish；　the　People　become　poor；　which　will　make　the　Taxes　an　insupportable　Burthen；　and　consequently　make　the　Government　weak。　　　　　I　think　this　the　more　concerns　us；　because　Foreigners　are　interested　in　our　publick　Securities　and　Funds　for　vast　Sums；　for；　low　as　we　think　the　Interest　of　Money　to　be　now；　we　give　better　Interest　than　they　can　make　at　home；　and　our　Parliamentary　Securities　having　been　always　maintained　inviolably；　give　every　body　the　utmost　Confidence　in　them。　As　therefore　all　Commodities　（and　Money　is　no　other）　ever　did；　and　ever　will　find　the　highest　market；　so　this　is　the　Cause　why　Foreigners　deposit　their　Money　in　our　Funds；　and　as　they　thereby　draw　home　the　Interest；　they　contribute　so　much　to　the　decreasing　the　Cash　of　the　Nation。　　　　　Another　thing；　which　still　enforceth　the　Argument　to　permit　our　current　Coin　to　go　and　come　freely；　as　the　Balance　of　Trade　may　require；　is；　that　if　we　have　the　Balance　of　Trade　in　our　Favour；　on　any　Nation　who　hath　the　Balance　in　their　Favour　on　another　which　hath　the　Ballance　on　us；　such　Nations　will　probably　transmit　our　Money　to　the　Nation　that　has　the　Balance　on　them；　because　if　they　send　their　own　current　Coin；　it　will　be　as　much　foreign　Coin　to　the　Nation　it's　sent　to；　as　our　Coin　can　be；　and
  therefore；　as　I　said；　if　we　have　the　Balance　on　any　nation　which　receives　our　Money；　it　will　come　back　again　to　us；　because　it　will　pay　more　and　be　readier；　than　if　they　sent　us　Bullion　or　heir　own　current　Specie；　and　thus　will　it　save　our　Money　from　being　melted　abroad　as　well　as　at　home；　which　I　think　a　strengthening　Argument　for　permitting　our　Specie　to　go　and　come　freely　where　the　Balance　of　Trade　shall　carry　it。　　　　　In　the　Beginning　of　this　Essay；　it　was　laid　down　as　a　Maxim；　That　Gold　and　Silver　（i。e。　Money）　will　be　plentiest　where　the　Mines　are：　Now　since　I　am　treating　of　prohibiting　our　current　Coin　to　be　exported；　let　it　be　supposed；　that　the　People　possess'd　of　the　Mines　could　furnish　themselves　with　the　Necessaries　and　Pleasures　of　Life　by　the　Produce　of　their　own　Country；　and　therefore　should　think　fit　to　prohibit　the　Exportation　of　Gold　and　Silver；　and　should　thereby　be　effectually　able　to　prevent　the　Exportation　thereof；　which　is　undoubtedly　impossible：　I　say；　if　we　suppose　such　Nations　to　prohibit　the　Exportation　of　Gold　and　Silver；　and　at　the　same　time　continue　to　work　those　Mines；　so　that　they　are　continually　giving　more　and　more　Gold　and　Silver；　how　great　must　the　Increase　of　those　Commodities　soon　become！　And　since　Gold　and　Silver　are　of　little　Use；　besides　procuring　the　Necessaries　and　Conveniencies　of　Life；　which　alone　are　real　Riches；　and　for　which　Gold　and　Silver　are　now　universally　exchanged；　would　not　the　great　Plenty　of　these　Commodities；　thus　continually　increasing；　cause　proportionably　so　much　more　Gold　and　Silver　（with　which　they　would　at　length　be　incumbered）　to　be　given　for　the　more　necessary　Produce　and　Fruits　of　the　Earth？　And　would　not　this　so　depress　the　Value　of　Gold　and　Silver；　by　their　Plenty　amongst　them；　as　to　give　amble　Opportunity　and　Encouragement　to　all　the　World　to　go　to　this　Market　with　their　Produce　and　Manufactures；　which　they　can　and　will　sell　for　a　vast　deal　less　Gold　and　Silver；　than　what　such　Goods　of　their　own　raising　would　in　this　Case　be　sold　for？　Nay；　they　would　find　it　a　Convenience　to　be　eased　of　the　Burthen　of　Gold　and　Silver；　which　the　Mines；　if　continually　worked；　would　be　giving；　as　certainly　as　it's　a　Relief　to　any　Country　to　part　with　any　Commodity　they　too　much　abound　in：　For　if　they　do　not　cease　to　work　the　Mines；　when　they　have　raised　Gold　and　Silver　enough　to　be　burthensome；　they　must　and　will　certainly　drop　their　Cultivation　and　Manufactures；　since　Men　will　not　easily　be　induced　to　labour　and　toil；　for　what　they　can　get　with　much　less　Trouble；　by　exchanging　some　of　the　Excess　of　their　Gold　and　Silver　for　what　they　want。　And　if　they　should　be　supposed；　as　is　natural　enough　in　this　case；　to　drop　their　Cultivation　and　Manufactures；　which　are　much　the　slowest　and　most　laborious　Way　of　supplying　themselves　with　what　they　could　so　easily　and　readily　procure　by　exchanging　Gold　and　Silver；　which　they　too　much　abound　in；　they　would　certainly；　in　a　great　Measure；　by　so　doing　lose　the　Arts　of　Cultivation；　and　especially　of　Manufactures；　as　it's　thought　Spain　hath　done；　merely　by　the　Accession　of　the　Wealth　which　the　West　Indies　have　produced　them；　whence　they　are　become　a　poor　Nation；　and　the　Conduit…Pipes　to　disperse　the　Gold　and　Silver　over　the　World；　which　other　Nations；　by　making　Goods　cheaper　than　they　can　do；　are　fetching　from　them；　to　such　a　Degree；　as　that　the　Mines　are　scarcely　sufficient　to　answer　their　Occasions；　and　though　they　are　sensible　of　this；　yet　they　find　by　Experience　they　can't　prevent　it。　　　　　The　case　is　the　very　same；　in　some　Degree；　in　every　Nation；　whose　Quantity　of　real　or　artificial　Cash　is　large　enough　to　support　the　Prices　of　their　goods；　considerably　above　the　Rates　such　Goods　bear　in　other　Nations　around　them。　Whence　it's　obvious；　all　Prohibitions　must　in　the　Issue　be　injurious　to　Trade；　because　beside　all　other　Mischiefs　they　occasion；　they　are　always　designed　to　restrain　the　Money　from　going　out　of　the　Nation。　　　　　Ye