the　misery　of　that　declension。
  The　quantity　of　money；　on　the　contrary；　must　in　every
  country　naturally　increase　as　the　value　of　the　annual　produce
  increases。　The　value　of　the　consumable　goods　annually　circulated
  within　the　society　being　greater　will　require　a　greater　quantity
  of　money　to　circulate　them。　A　part　of　the　increased　produce；
  therefore；　will　naturally　be　employed　in　purchasing；　wherever　it
  is　to　be　had；　the　additional　quantity　of　gold　and　silver
  necessary　for　circulating　the　rest。　The　increase　of　those　metals
  will　in　this　case　be　the　effect；　not　the　cause；　of　the　public
  prosperity。　Gold　and　silver　are　purchased　everywhere　in　the　same
  manner。　The　food；　clothing；　and　lodging；　the　revenue　and
  maintenance　of　all　those　whose　labour　or　stock　is　employed　in
  bringing　them　from　the　mine　to　the　market；　is　the　price　paid　for
  them　in　Peru　as　well　as　in　England。　The　country　which　has　this
  price　to　pay　will　never　be　long　without　the　quantity　of　those
  metals　which　it　has　occasion　for；　and　no　country　will　ever　long
  retain　a　quantity　which　it　has　no　occasion　for。
  Whatever；　therefore；　we　may　imagine　the　real　wealth　and
  revenue　of　a　country　to　consist　in；　whether　in　the　value　of　the
  annual　produce　of　its　land　and　labour；　as　plain　reason　seems　to
  dictate；　or　in　the　quantity　of　the　precious　metals　which
  circulate　within　it；　as　vulgar　prejudices　suppose；　in　either　view
  of　the　matter；　every　prodigal　appears　to　be　a　public　enemy；　and
  every　frugal　man　a　public　benefactor。
  The　effects　of　misconduct　are　often　the　same　as　those　of
  prodigality。　Every　injudicious　and　unsuccessful　project　in
  agriculture；　mines；　fisheries；　trade；　or　manufactures；　tends　in
  the　same　manner　to　diminish　the　funds　destined　for　the
  maintenance　of　productive　labour。　In　every　such　project；　though
  the　capital　is　consumed　by　productive　hands　only；　yet；　as　by　the
  injudicious　manner　in　which　they　are　employed　they　do　not
  reproduce　the　full　value　of　their　consumption；　there　must　always
  be　some　diminution　in　what　would　otherwise　have　been　the
  productive　funds　of　the　society。
  It　can　seldom　happen；　indeed；　that　the　circumstances　of　a
  great　nation　can　be　much　affected　either　by　the　prodigality　or
  misconduct　of　individuals；　the　profusion　or　imprudence　of　some
  being　always　more　than　compensated　by　the　frugality　and　good
  conduct　of　others。
  With　regard　to　profusion；　the　principle　which　prompts　to
  expense　is　the　passion　for　present　enjoyment；　which；　though
  sometimes　violent　and　very　difficult　to　be　restrained；　is　in
  general　only　momentary　and　occasional。　But　the　principle　which
  prompts　to　save　is　the　desire　of　bettering　our　condition；　a
  desire　which；　though　generally　calm　and　dispassionate；　comes　with
  us　from　the　womb；　and　never　leaves　us　till　we　go　into　the　grave。
  In　the　whole　interval　which　separates　those　two　moments；　there　is
  scarce　perhaps　a　single　instant　in　which　any　man　is　so　perfectly
  and　completely　satisfied　with　his　situation　as　to　be　without　any
  wish　of　alteration　or　improvement　of　any　kind。　An　augmentation　of
  fortune　is　the　means　by　which　the　greater　part　of　men　propose　and
  wish　to　better　their　condition。　It　is　the　means　the　most　vulgar
  and　the　most　obvious；　and　the　most　likely　way　of　augmenting　their
  fortune　is　to　save　and　accumulate　some　part　of　what　they　acquire；
  either　regularly　and　annually；　or　upon　some　extraordinary
  occasions。　Though　the　principle　of　expense；　therefore；　prevails
  in　almost　all　men　upon　some　occasions；　and　in　some　men　upon
  almost　all　occasions；　yet　in　the　greater　part　of　men；　taking　the
  whole　course　of　their　life　at　an　average；　the　principle　of
  frugality　seems　not　only　to　predominate；　but　to　predominate　very
  greatly。
  With　regard　to　misconduct；　the　number　of　prudent　and
  successful　undertakings　is　everywhere　much　greater　than　that　of
  injudicious　and　unsuccessful　ones。　After　all　our　complaints　of
  the　frequency　of　bankruptcies；　the　unhappy　men　who　fall　into　this
  misfortune　make　but　a　very　small　part　of　the　whole　number　engaged
  in　trade；　and　all　other　sorts　of　business；　not　much　more　perhaps
  than　one　in　a　thousand。　Bankruptcy　is　perhaps　the　greatest　and
  most　humiliating　calamity　which　can　befall　an　innocent　man。　The
  greater　part　of　men；　therefore；　are　sufficiently　careful　to　avoid
  it。　Some；　indeed；　do　not　avoid　it；　as　some　do　not　avoid　the
  gallows。
  Great　nations　are　never　impoverished　by　private；　though　they
  sometimes　are　by　public　prodigality　and　misconduct。　The　whole；　or
  almost　the　whole　public　revenue；　is　in　most　countries　employed　in
  maintaining　unproductive　hands。　Such　are　the　people　who　compose　a
  numerous　and　splendid　court；　a　great　ecclesiastical
  establishment；　great　fleets　and　armies；　who　in　time　of　peace
  produce　nothing；　and　in　time　of　war　acquire　nothing　which　can
  compensate　the　expense　of　maintaining　them；　even　while　the　war
  lasts。　Such　people；　as　they　themselves　produce　nothing；　are　all
  maintained　by　the　produce　of　other　men's　labour。　When　multiplied；
  therefore；　to　an　unnecessary　number；　they　may　in　a　particular
  year　consume　so　great　a　share　of　this　produce；　as　not　to　leave　a
  sufficiency　for　maintaining　the　productive　labourers；　who　should
  reproduce　it　next　year。　The　next　year's　produce；　therefore；　will
  be　less　than　that　of　the　foregoing；　and　if　the　same　disorder
  should　continue；　that　of　the　third　year　will　be　still　less　than
  that　of　the　second。　Those　unproductive　hands；　who　should　be
  maintained　by　a　part　only　of　the　spare　revenue　of　the　people；　may
  consume　so　great　a　share　of　their　whole　revenue；　and　thereby
  oblige　so　great　a　number　to　encroach　upon　their　capitals；　upon
  the　funds　destined　for　the　maintenance　of　productive　labour；　that
  all　the　frugality　and　good　conduct　of　individuals　may　not　be　able
  to　compensate　the　waste　and　degradation　of　produce　occasioned　by
  this　violent　and　forced　encroachment。
  This　frugality　and　good　conduct；　however；　is　upon　most
  occasions；　it　appears　from　experience；　sufficient　to　compensate；
  not　only　the　private　prodigality　and　misconduct　of　individuals；
  but　the　public　extravagance　of　government。　The　uniform；　constant；
  and　uninterrupted　effort　of　every　man　to　better　his　condition；
  the　principle　from　which　public　and　national；　as　well　as　private
  opulence　is　originally　derived；　is　frequently　powerful　enough　to
  maintain　the　natural　progress　of　things　towards　improvement；　in
  spite　both　of　the　extravagance　of　government　and　of　the　greatest
  errors　of　administration。　Like　the　unknown　principle　of　animal
  life；　it　frequently　restores　health　and　vigour　to　the
  constitution；　in　spite；　not　only　of　the　disease；　but　of　the
  absurd　prescriptions　of　the　doctor。
  The　annual　produce　of　the　land　and　labour　of　any　nation　can
  be　increased　in　its　value　by　no　other　means　but　by　increasing
  either　the　number　of　its　productive　labourers；　or　the　productive
  powers　of　those　labourers　who　had　before　been　employed。　The
  number　of　its　productive　labourers；　it　is　evident；　can　never　be
  much　increased；　but　in　consequence　of　an　increase　of　capital；　or
  of　the　funds　destined　for　maintaining　them。　The　productive　powers
  of　the　same　number　of　labourers　cannot　be　increased；　but　in
  consequence　either　of　some　addition　and　improvement　to　those
  machines　and　instruments　which　facilitate　and　abridge　labour；　or
  of　a　more　proper　division　and　distribution　of　employment。　In
  either　case　an　additional　capital　is　almost　always　required。　It
  is　by　means　of　an　additional　capital　only　that　the　undertaker　of
  any　work　can　either　provide　his　workmen　with　better　machinery　or
  make　a　more　proper　distribution　of　employment　among　them。　When
  the　work　to　be　done　consists　of　a　number　of　parts；　to　keep　every
  man　constantly　employed　in　one　way　requires　a　much　greater
  capital　than　where　every　man　is　occasionally　employed　in　every
  different　part　of　the　work。　When　we　compare；　therefore；　the　state
  of　a　nation　at　two　different　periods；　and　find；　that　the　annual
  produce　of　its　land　and　labour　is　evidently　greater　at　the　latter
  than　at　the　former；　that　its　lands　are　better　cultivated；　its
  manufactures　more　numerous　and　more　flourishing；　and　its　trade
  more　extensive；　we　may　be　assured　that　its　capital　must　have
  increased　during　the　interval　between　those　two　periods；　and　that
  more　must　have　been　added　to　it　by　the　good　conduct　of　some　than
  had　been　taken　from　it　either　by　the　private　misconduct　of　others
  or　by　the　public　extravagance　of　government。　But　we　shall　find
  this　to　have　been　the　case　of　almost　all　nations；　in　all
  tolerably　quiet　and　peaceable　times；　even　of　those　who　have　not
  enjoyed　the　most　prudent　and　parsimonious　governments。　To　form　a
  right　judgment　of　it；　indeed；　we　must　compare　the　state　of　the
  country　at　periods　somewhat　distant　from　one　another。　The
  progress　is　frequently　so　gradual　that；　at　near　periods；　the
  improvement　is　not　only　not　sensible；　but　from　the　declension
  either　of　certain　branches　of　industry；　or　of　certain　districts
  of　the　country；　things　which　sometimes　happen　though　the　country
  in　general　be　in　great　prosperity；　there　frequently　arises　a
  sus