hume.ofmoney

7/27/2019 Hume.ofmoney

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Author: Hume, David (1711-76)

Title: Essays, Moral, Political, ad !iterary

Edited "y: Eu#ee $% MillerPu"lisher: !i"erty $ud, &c%

Pu"licatio Date: 1'7

$irst u"lished: Part &: 17*+% Part && (Political Discourses): 17+% om"ied: 1777%

David Hume

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Part &&, Essay &&&.$ M./E0

M./E0 is ot, roerly seai#, oe o2 the su"3ects o2 commerce4 "ut oly the istrumet5hich me have a#reed uo to 2acilitate the echa#e o2 oe commodity 2or aother% &t is oe

o2 the 5heels o2 trade: &t is the oil 5hich reders the motio o2 the 5heels more smooth ad easy%&2 5e cosider ay oe i#dom "y itsel2, it is evidet, that the #reater or less lety o2 moey is

o2 o coseuece4 sice the rices o2 commodities are al5ays roortioed to the lety o2

moey, ad a cro5 i HA880 9&&%s time served the same urose as a oud does atreset%;++ &t is oly the u"lic 5hich dra5s ay advata#e 2rom the #reater lety o2 moey4

ad that oly i its 5ars ad e#ociatios 5ith 2orei# states% Ad this is the reaso, 5hy all rich

ad tradi# coutries 2rom A8THA

o2 the emerors%;+*

&&%&&&%1

The #reater um"er o2 eole ad their #reater idustry are servicea"le i all cases4 at home ad

a"road, i rivate, ad i u"lic% =ut the #reater lety o2 moey, is very limited i its use, admay eve sometimes "e a loss to a atio i its commerce 5ith 2orei#ers%

&&%&&&%+There seems to "e a hay cocurrece o2 causes i huma a22airs, 5hich checs the #ro5th o2

trade ad riches, ad hiders them 2rom "ei# co2ied etirely to oe eole4 as mi#ht aturally

at 2irst "e dreaded 2rom the advata#es o2 a esta"lished commerce% >here oe atio has #ottethe start o2 aother i trade, it is very di22icult 2or the latter to re#ai the #roud it has lost4

"ecause o2 the suerior idustry ad sill o2 the 2ormer, ad the #reater stocs, o2 5hich its

merchats are ossessed, ad 5hich ea"le them to trade o so much smaller ro2its% =ut these

advata#es are comesated, i some measure, "y the lo5 rice o2 la"our i every atio 5hich


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has ot a etesive commerce, ad does ot much a"oud i #old ad silver% Mau2actures,

there2ore #radually shi2t their laces, leavi# those coutries ad rovices 5hich they have

already eriched, ad 2lyi# to others, 5hither they are allured "y the cheaess o2 rovisiosad la"our4 till they have eriched these also, ad are a#ai "aished "y the same causes% Ad, i

#eeral, 5e may o"serve, that the dearessB o2 every thi#, 2rom lety o2 moey, is a

disadvata#e, 5hich atteds a esta"lished commerce, ad sets "ouds to it i every coutry, "yea"li# the oorer states to udersel the richer i all 2orei# marets%

&&%&&&%This has made me etertai a dou"t coceri# the "ee2it o2 "as ad aer-credit, 5hich are

so #eerally esteemed advata#eous to every atio% That rovisios ad la"our should "ecome

dear "y the ecrease o2 trade ad moey, is, i may resects, a icoveiece4 "ut a

icoveiece that is uavoida"le, ad the e22ect o2 that u"lic 5ealth ad roserity 5hich arethe ed o2 all our 5ishes% &t is comesated "y the advata#es, 5hich 5e rea 2rom the

ossessio o2 these recious metals, ad the 5ei#ht, 5hich they #ive the atio i all 2orei#

5ars ad e#ociatios% =ut there aears o reaso 2or ecreasi# that icoveiece "y a

couter2eit moey, 5hich 2orei#ers 5ill ot accet o2 i ay aymet, ad 5hich ay #reatdisorder i the state 5ill reduce to othi#% There are, it is true, may eole i every rich state,

5ho havi# lar#e sums o2 moey, 5ould re2er aer 5ith #ood security4 as "ei# o2 more easytrasort ad more sa2e custody% &2 the u"lic rovide ot a "a, rivate "aers 5ill tae

advata#e o2 this circumstace4 as the #oldsmiths 2ormerly did i !./D./, or as the "aers

do at reset i DC=!&/: Ad there2ore it is "etter, it may "e thou#ht, that a u"lic comayshould e3oy the "ee2it o2 that aer-credit, 5hich al5ays 5ill have lace i every oulet

i#dom% =ut to edeavour arti2icially to ecrease such a credit, ca ever "e the iterest o2 ay

tradi# atio4 "ut must lay them uder disadvata#es, "y ecreasi# moey "eyod its atural

roortio to la"our ad commodities, ad there"y hei#htei# their rice to the merchat admau2acturer% Ad i this vie5, it must "e allo5ed, that o "a could "e more advata#eous,

tha such a oe as loced u all the moey it received,;+ ad ever au#meted the circulati#

coi, as is usual, "y returi# art o2 its treasure ito commerce% A u"lic "a, "y thiseediet, mi#ht cut o22 much o2 the deali#s o2 rivate "aers ad moey-3o""ers4 ad thou#h

the state "ore the char#e o2 salaries to the directors ad tellers o2 this "a (2or, accordi# to the

recedi# suositio, it 5ould have o ro2it 2rom its deali#s), the atioal advata#e,resulti# 2rom the lo5 rice o2 la"our ad the destructio o2 aer-credit, 5ould "e a su22iciet

comesatio% /ot to metio, that so lar#e a sum, lyi# ready at commad, 5ould "e a

coveiece i times o2 #reat u"lic da#er ad distress4 ad 5hat art o2 it 5as used mi#ht "e

relaced at leisure, 5he eace ad trauillity 5as restored to the atio%

&&%&&&%*

=ut o2 this su"3ect o2 aer credit 5e shall treat more lar#ely herea2ter% Ad & shall 2iish thisessay o moey, "y roosi# ad elaii# t5o o"servatios, 5hich may, erhas, serve to

emloy the thou#hts o2 our seculative oliticias%c

&&%&&&%

&t 5as a shre5d o"servatio o2 A/AHA8@&@;+6 the @0TH&A/, 5ho had ever see moey

i his o5 coutry, that #old ad silver seemed to him o2 o use to the


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reresetatio o2 la"our ad commodities, ad serves oly as a method o2 rati# or estimati#

them% >here coi is i #reater lety4 as a #reater uatity o2 it is reuired to rereset the same

uatity o2 #oods4 it ca have o e22ect, either #ood or "ad, tai# a atio 5ithi itsel24 aymore tha it 5ould mae a alteratio o a merchats "oos, i2, istead o2 the A8A=&A/

method o2 otatio, 5hich reuires 2e5 characters, he should mae use o2 the 8.MA/, 5hich

reuires a #reat may% /ay, the #reater uatity o2 moey, lie the 8.MA/ characters, is rathericoveiet, ad reuires #reater trou"le "oth to ee ad trasort it% =ut ot5ithstadi# this

coclusio, 5hich must "e allo5ed 3ust, it is certai, that, sice the discovery o2 the mies i

AME8&A, idustry has ecreased i all the atios o2 EC8.PE, ecet i the ossessors o2those mies4 ad this may 3ustly "e ascri"ed, amo#st other reasos, to the ecrease o2 #old ad

silver% Accordi#ly 5e 2id, that, i every i#dom, ito 5hich moey "e#is to 2lo5 i #reater

a"udace tha 2ormerly, every thi# taes a e5 2ace: la"our ad idustry #ai li2e4 the

merchat "ecomes more eterrisi#, the mau2acturer more dili#et ad sil2ul, ad eve the2armer 2ollo5s his lou#h 5ith #reater alacrity ad attetio% This is ot easily to "e accouted

2or, i2 5e cosider oly the i2luece 5hich a #reater a"udace o2 coi has i the i#dom

itsel2, "y hei#htei# the rice o2 commodities, ad o"li#i# every oe to ay a #reater um"er

o2 these little yello5 or 5hite ieces 2or every thi# he urchases% Ad as to 2orei# trade, itaears, that #reat lety o2 moey is rather disadvata#eous, "y raisi# the rice o2 every id

o2 la"our%

&&%&&&%6

To accout, the, 2or this heomeo, 5e must cosider, that thou#h the hi#h rice o2commodities "e a ecessary coseuece o2 the ecrease o2 #old ad silver, yet it 2ollo5s ot

immediately uo that ecrease4 "ut some time is reuired "e2ore the moey circulates throu#h

the 5hole state, ad maes its e22ect "e 2elt o all ras o2 eole% At 2irst, o alteratio is

erceived4 "y de#rees the rice rises, 2irst o2 oe commodity, the o2 aother4 till the 5hole atlast reaches a 3ust roortio 5ith the e5 uatity o2 secie 5hich is i the i#dom% & my

oiio, it is oly i this iterval or itermediate situatio, "et5ee the acuisitio o2 moey ad

rise o2 rices, that the ecreasi# uatity o2 #old ad silver is 2avoura"le to idustry% >he ayuatity o2 moey is imorted ito a atio, it is ot at 2irst disersed ito may hads4 "ut is

co2ied to the co22ers o2 a 2e5 ersos, 5ho immediately see to emloy it to advata#e% Here

are a set o2 mau2acturers or merchats, 5e shall suose, 5ho have received returs o2 #old adsilver 2or #oods 5hich they set to AD&%;+7 They are there"y ea"led to emloy more

5orme tha 2ormerly, 5ho ever dream o2 demadi# hi#her 5a#es, "ut are #lad o2

emloymet 2rom such #ood aymasters% &2 5orme "ecome scarce, the mau2acturer #ives

hi#her 5a#es, "ut at 2irst reuires a ecrease o2 la"our4 ad this is 5illi#ly su"mitted to "y theartisa, 5ho ca o5 eat ad dri "etter, to comesate his additioal toil ad 2ati#ue% He

carries his moey to maret, 5here he 2ids every thi# at the same rice as 2ormerly, "ut returs

5ith #reater uatity ad o2 "etter ids, 2or the use o2 his 2amily% The 2armer ad #ardeer,2idi#, that all their commodities are tae o22, aly themselves 5ith alacrity to the raisi#

more4 ad at the same time ca a22ord to tae "etter ad more cloths 2rom their tradesme, 5hose

rice is the same as 2ormerly, ad their idustry oly 5hetted "y so much e5 #ai% &t is easy totrace the moey i its ro#ress throu#h the 5hole commo5ealth4 5here 5e shall 2id, that it

must 2irst uice the dili#ece o2 every idividual, "e2ore it ecrease the rice o2 la"our%

&&%&&&%7


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Ad that the secieB may ecrease to a cosidera"le itch, "e2ore it have this latter e22ect,

aears, amo#st other istaces, 2rom the 2reuet oeratios o2 the $8E/H i# o the

moey4 5here it 5as al5ays 2oud, that the au#meti# o2 the umerary value did ot roduce aroortioal rise o2 the rices, at least 2or some time% & the last year o2 !.C&@ F&9% moey 5as

raised three-seveths, "ut rices au#meted oly oe% or i $8A/E is o5 sold at the same

rice, or 2or the same um"er o2 livres, it 5as i 164 thou#h silver 5as the at ? livres themar, ad is o5 at ?%;+ /ot to metio the #reat additio o2 #old ad silver, 5hich may have

come ito that i#dom sice the 2ormer eriod%

&&%&&&%

$rom the 5hole o2 this reasoi# 5e may coclude, that it is o2 o maer o2 coseuece, 5ith

re#ard to the domestic haiess o2 a state, 5hether moey "e i a #reater or less uatity% The

#ood olicy o2 the ma#istrate cosists oly i eei# it, i2 ossi"le, still ecreasi#4 "ecause, "ythat meas, he ees alive a sirit o2 idustry i the atio, ad ecreases the stoc o2 la"our, i

5hich cosists all real o5er ad riches% A atio, 5hose moey decreases, is actually, at that

time, 5eaer ad more misera"le tha aother atio, 5hich ossesses o more moey, "ut is o

the ecreasi# had% This 5ill "e easily accouted 2or, i2 5e cosider, that the alteratios i theuatity o2 moey, either o oe side or the other, are ot immediately atteded 5ith

roortioa"le alteratios i the rice o2 commodities% There is al5ays a iterval "e2ore matters"e ad3usted to their e5 situatio4 ad this iterval is as ericious to idustry, 5he #old ad

silver are dimiishi#, as it is advata#eous 5he these metals are ecreasi#% The 5orma has

ot the same emloymet 2rom the mau2acturer ad merchat4 thou#h he ays the same rice2or every thi# i the maret% The 2armer caot disose o2 his cor ad cattle4 thou#h he must

ay the same ret to his ladlord% The overty, ad "e##ary, ad sloth, 5hich must esue, are

easily 2oresee%

&&%&&&%'

&&% The secod o"servatio 5hich & roosed to mae 5ith re#ard to moey, may "e elaied

a2ter the 2ollo5i# maer% There are some i#doms, ad may rovices i EC8.PE, (ad allo2 them 5ere oce i the same coditio) 5here moey is so scarce, that the ladlord ca #et

oe at all 2rom his teats4 "ut is o"li#ed to tae his ret i id, ad either to cosume it

himsel2, or trasort it to laces 5here he may 2id a maret% & those coutries, the rice calevy 2e5 or o taes, "ut i the same maer: Ad as he 5ill receive small "ee2it 2rom

imositios so aid, it is evidet that such a i#dom has little 2orce eve at home4 ad caot

maitai 2leets ad armies to the same etet, as i2 every art o2 it a"ouded i #old ad silver%

There is surely a #reater disroortio "et5ee the 2orce o2


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that meas raise the ieces to a "ul more sesi"le ad coveiet% They still serve the same

uroses o2 echa#e, 5hatever their um"er may "e, or 5hatever colour they may "e suosed

to have%

&&%&&&%1?

To these di22iculties & as5er, that the e22ect, here suosed to 2lo5 2rom scarcity o2 moey,really arises 2rom the maers ad customs o2 the eole4 ad that 5e mistae, as is too usual, a

collateral e22ect 2or a cause% The cotradictio is oly aaret4 "ut it reuires some thou#ht ad

re2lectio to discover the riciles, "y 5hich 5e ca recocile reaso to eeriece%

&&%&&&%11

&t seems a maim almost sel2-evidet, that the rices o2 every thi# deed o the roortio

"et5ee commodities ad moey, ad that ay cosidera"le alteratio o either has the samee22ect, either o2 hei#htei# or lo5eri# the rice% Ecrease the commodities, they "ecome

cheaer4 ecrease the moey, they rise i their value% As, o the other had, a dimiutio o2 the

2ormer, ad that o2 the latter, have cotrary tedecies%

&&%&&&%1+

&t is also evidet, that the rices do ot so much deed o the a"solute uatity o2 commoditiesad that o2 moey, 5hich are i a atio, as o that o2 the commodities, 5hich come or may

come to maret, ad o2 the moey 5hich circulates% &2 the coi "e loced u i chests, it is the

same thi# 5ith re#ard to rices, as i2 it 5ere aihilated4 i2 the commodities "e hoarded iema#aies ad #raaries, a lie e22ect 2ollo5s% As the moey ad commodities, i these cases,

ever meet, they caot a22ect each other% >ere 5e, at ay time, to 2orm co3ectures coceri#

the rice o2 rovisios, the cor, 5hich the 2armer must reserve 22or seed ad 2or the

maiteace o2 himsel2 ad 2amily, ou#ht ever to eter ito the estimatio% &t is oly theoverlus,B comared to the demad, that determies the value%

&&%&&&%1To aly these riciles, 5e must cosider, that, i the 2irst ad more ucultivated a#es o2 ay

state, ere 2acy has co2ouded her 5ats 5ith those o2 ature, me, cotet 5ith the roduce o2

their o5 2ields, or 5ith those rude imrovemets 5hich they themselves ca 5or uo them,have little occasio 2or echa#e, at least 2or moey, 5hich, "y a#reemet, is the commo

measure o2 echa#e% The 5ool o2 the 2armers o5 2loc, su i his o5 2amily, ad 5rou#ht

"y a ei#h"ouri# 5eaver, 5ho receives his aymet i cor or 5ool, su22ices 2or 2uriture ad

cloathi#% The careter, the smith, the maso, the tailor, are retaied "y 5a#es o2 a lie ature4ad the ladlord himsel2, d5elli# i the ei#h"ourhood, is cotet to receive his ret i the

commodities raised "y the 2armer% The #reater art o2 these he cosumes at home, i rustic

hositality: The rest, erhas, he disoses o2 2or moey to the ei#h"ouri# to5, 5hece hedra5s the 2e5 materials o2 his eece ad luury%

&&%&&&%1*=ut a2ter me "e#i to re2ie o all these e3oymets, ad live ot al5ays at home, or are

cotet 5ith 5hat ca "e raised i their ei#h"ourhood, there is more echa#e ad commerce o2

all ids, ad more moey eters ito that echa#e% The tradesme 5ill ot "e aid i cor4

"ecause they 5at somethi# more tha "arely to eat% The 2armer #oes "eyod his o5 arish 2or


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the commodities he urchases, ad caot al5ays carry his commodities to the merchat 5ho

sulies him% The ladlord lives i the caital, or i a 2orei# coutry4 ad demads his ret i

#old ad silver, 5hich ca easily "e trasorted to him% E@T

&/D&E@%;? =ut 5ill ay oe assert, that there is ot much more tha 2our times the coi iEC8.PE, that 5as i the 2i2teeth cetury, ad the ceturies recedi# itG The @PA/&A8D@ ad

P.8TCE@T &/D&E@, "ri# home a"out #si millios a year, o25hich ot a"ove a third #oes to the EA@T-&/D&E@% This sum aloe, i te years, 5ould ro"a"ly

dou"le the aciet stoc o2 moey i EC8.PE% Ad o other satis2actory reaso ca "e #ive,

5hy all rices have ot rise to a much more eor"itat hei#ht, ecet that 5hich is derived 2roma cha#e o2 customs ad maers% =esides that more commodities are roduced "y additioal

idustry, the same commodities come more to maret, a2ter me deart 2rom their aciet

simlicity o2 maers% Ad thou#h this ecrease has ot "ee eual to that o2 moey, it has,

ho5ever, "ee cosidera"le, ad has reserved the roortio "et5ee coi ad commoditiesearer the aciet stadard%

&&%&&&%17>ere the uestio roosed, >hich o2 these methods o2 livi# i the eole, the simle or

re2ied, is the most advata#eous to the state or u"licG & should, 5ithout much scrule, re2er

the latter, i a vie5 to olitics at least4 ad should roduce this as a additioal reaso 2or theecoura#emet o2 trade ad mau2actures%

&&%&&&%1


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>hile me live i the aciet simle maer, ad suly all their ecessaries 2rom domestic

idustry or 2rom the ei#h"ourhood, the soverei# ca levy o taes i moey 2rom a

cosidera"le art o2 his su"3ects4 ad i2 he 5ill imose o them ay "urthes, he must taeaymet i commodities, 5ith 5hich aloe they a"oud4 a method atteded 5ith such #reat ad

o"vious icoveiecies, that they eed ot here "e isisted o% All the moey he ca reted to

raise, must "e 2rom his ricial cities, 5here aloe it circulates4 ad these, it is evidet, caota22ord him so much as the 5hole state could, did #old ad silver circulate throu#hout the 5hole%

=ut "esides this o"vious dimiutio o2 the reveue, there is aother cause o2 the overty o2 the

u"lic i such a situatio% /ot oly the soverei# receives less moey, "ut the same moey #oesot so 2ar as i times o2 idustry ad #eeral commerce% Every thi# is dearer, 5here the #old

ad silver are suosed eual4 ad that "ecause 2e5er commodities come to maret, ad the

5hole coi "ears a hi#her roortio to 5hat is to "e urchased "y it4 5hece aloe the rices o2

every thi# are 2ied ad determied%

&&%&&&%1'

Here the 5e may lear the 2allacy o2 the remar, o2te to "e met 5ith i historias, ad eve i

commo coversatio, that ay articular state is 5ea, thou#h 2ertile, oulous, ad 5ellcultivated, merely "ecause it 5ats moey% &t aears, that the 5at o2 moey ca ever i3ure

ay state 5ithi itsel2: $or me ad commodities are the real stre#th o2 ay commuity% &t is thesimle maer o2 livi# 5hich here hurts the u"lic, "y co2ii# the #old ad silver to 2e5

hads, ad reveti# its uiversal di22usio ad circulatio% . the cotrary, idustry ad

re2iemets o2 all ids icororate it 5ith the 5hole state, ho5ever small its uatity may "e:They di#est it ito every vei, so to sea4 ad mae it eter ito every trasactio ad cotract%

/o had is etirely emty o2 it% Ad as the rices o2 every thi# 2all "y that meas, the soverei#

has a dou"le advata#e: He may dra5 moey "y his taes 2rom every art o2 the state4 ad 5hat

he receives, #oes 2arther i every urchase ad aymet%

&&%&&&%+?

>e may i2er, 2rom a comariso o2 rices, that moey is ot more leti2ul i H&/A, tha it5as i EC8.PE three ceturies a#o: =ut 5hat immese o5er is that emire ossessed o2, i2 5e

may 3ud#e "y the civil ad military esta"lishmet maitaied "y itG P.!0=&C@;1 tells us, that

rovisios 5ere so chea i &TA!0 duri# his time, that i some laces theh stated rice 2or ameal at the is 5as a semis a head, little more tha a 2arthi#I 0et the 8.MA/ o5er had eve

the su"dued the 5hole o5 5orld% A"out a cetury "e2ore that eriod, the A8THA


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&&%&&&%++

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/otes 2or Hume, Essays, Moral, Political, ad !iterary, Part &&, Essay &&&, .$ M./E0:(/%=%: Cum"ered suerscrits rited a"ove re2er to #lossary items or other o-ote items%

Please #o to the ori#ial 2ile, htt:JJ555%ecoli"%or#Jli"raryJ!$=oosJHumeJhmMP!+6%html,

2or lis to those items%)

++% KHery (or Harry) 9&& 5as i# o2 E#lad 2rom 1* to 1?'% $or a aalysis o2 the

moetary theory that Hume develos i this essay ad its relatio to other vie5s o2 his time, see

8ot5ei, David Hume: >riti#s o Ecoomics, % liv-lvii% Humes "road urose here is to

oose mercatilist vie5s that teded to ideti2y 5ealth 5ith moey ad thus to ecoura#eolicies aimed at icreasi# the uatity o2 a atios "ullio or moey% Hume ar#ues 2or the

#eeral ricile that a a"udat uatity o2 moey does ot icrease a states domestichaiess ad may sometimes eve harm it% He udertaes to recocile this ricile 5ith

evidece that a icrease i the suly o2 moey ca "e a "ee2icial stimulus to idustry at

certai sta#es o2 ecoomic develomet ad that a 5ide distri"utio o2 moey is 2avora"le to thecollectio o2 reveues%L

+% KHume re2ers here to the >ar o2 the Austria @uccessio (17*?-*), 5hich &@@ cors% Ad these o22icers had very small ay: A ceturio, 2or istace, oly dou"le a

commo soldier% Ad as the soldiers 2rom their ay (TA&T% A% li"% i% K17L) "ou#ht their o5cloaths, arms, tets, ad "a##a#e4 this must also dimiish cosidera"ly the other char#es o2 the

army% @o little eesive 5as that mi#hty #overmet, ad so easy 5as its yoe over the 5orld%

Ad, ideed, this is the more atural coclusio 2rom the 2ore#oi# calculatios% $or moey,


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a2ter the couest o2 Oere all our moey, 2or istace, recoied, ad a

eys 5orth o2 silver tae 2rom every shilli#, the e5 shilli# 5ould ro"a"ly urchase

every thi# that could have "ee "ou#ht "y the old4 the rices o2 every thi# 5ould there"y "e

isesi"ly dimiished4 2orei# trade eliveed4 ad domestic idustry, "y the circulatio o2 a#reat um"er o2 ouds ad shilli#s, 5ould receive some ecrease ad ecoura#emet% &

eecuti# such a ro3ect, it 5ould "e "etter to mae the e5 shilli# ass 2or +* hal2ece, i

order to reserve the illusio, ad mae it "e tae 2or the same% Ad as a recoia#e o2 our silver"e#is to "e reuisite, "y the cotiual 5eari# o2 our shilli#s ad sieces, it may "e

dou"t2ul, 5hether 5e ou#ht to imitate the eamle i i# >&!!&AM@ rei#, 5he the clit

moey 5as raised to the old stadard%d

+'% The &TA!&A/@ #ave to the Emeror MAF&M&!&A/, the icame o2 P.&-DA/A8&%

/oe o2 the eterrises o2 that rice ever succeeded, 2or 5at o2 moey% KMaimilia & "ecame

Holy 8oma Emeror Elect i 1?, "ut "ecause o2 9eetia hostility, he 5as ua"le to #o to8ome 2or his coroatio% Maimilia the 3oied 5ith $race, @ai, ad the Poe i the !ea#ue

o2 am"rai, 5hose aim 5as to artitio the 8eu"lic o2 9eice% =ecause o2 his lac o2 moey

ad troos, he 5as cosidered a urelia"le arter i the 5ar that 2ollo5ed% Pochi daari measNvery 2e5 2uds%NL

?% KHume uses >est &dies "roadly to re2er to etral ad @outh America% The eloratio adcouest o2 the e5 5orld a2ter hristoher olum"uss discovery o2 the >est &dies islads o22

the Atlatic coast o2 America i 1*'+ led, i the et cetury, to a tremedous icrease i the

suly o2 recious metals i Euroe% Humes oit is that the icrease o2 rices has ot et ace

5ith the icrease i coi%L


10/10

1% !i"% ii% ca% 1% KHistories +%1%L

+% P!&/% li"% iii% ca% &&% KPliy the Elder, /atural History, !oe" editio, %?%L

Part &&, Essay &9

hume.ofmoney

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