could have supported it. The whole gold 
and silver annually imported into both 
Spain and Portugal, according to the best 
accounts, does not commonly much exceed 
£6,000,000 sterling, which, in some years, 
would scarce have paid four months expense 
of the late war. 
The commodities most proper for being 
transported to distant countries, in order to 
purchase there either the pay and provisions of 
an army, or some part of the money of the 
mercantile republic to be employed in purchasing 
them, seem to be the finer and more 
improved manufactures; such as contain a 
great value in a small bulk, and can therefore 
be exported to a great distance at little expense. 
A country whose industry produces 
a great annual surplus of such manufactures, 
which are usually exported to foreign countries
may carry on for many years a very expensive 
foreign war, without either exporting 
any considerable quantity of gold and silver
or even having any such quantity to export
A considerable part of the annual surplus of 
its manufactures must, indeed, in this case, be 
exported without bringing back any returns 
to the country, though it does to the merchant; 
the government purchasing of the merchant 
his bills upon foreign countries, in order 
to purchase there the pay and provisions of an 
army. Some part of this surplus, however, 
may still continue to bring back a return
The manufacturers during the war will have a 
double demand upon them, and be called upon 
first to work up goods to be sent abroad, 
for paying the bills drawn upon foreign countries 
for the pay and provisions of the army
and, secondly, to work up such as are necessary 
for purchasing the common returns that 
had usually been consumed in the country. In 
the midst of the most destructive foreign war, 
therefore, the greater part of manufactures 
may frequently flourish greatly; and, on the 
contrary, they may decline on the return of 
peace. They may flourish amidst the ruin of 
their country, and begin to decay upon the 
return of its prosperity. The different state of 
many different branches of the British manufactures 
during the late war, and for some 
time after the peace, may serve as an illustration 
of what has been just now said. 
No foreign war, of great expense or duration, 
could conveniently be carried on by the 
exportation of the rude produce of the soil. 
The expense of sending such a quantity of it 
into a foreign country as might purchase the 
pay and provisions of an army would be too 
great. Few countries, too, produce much 
more rude produce than what is sufficient for 
the subsistence of their own inhabitants. To 
send abroad any great quantity of it, therefore, 
would be to send abroad a part of the necessary 
subsistence of the people. It is otherwise 
with the exportation of manufactures
The maintenance of the people employed in 
them is kept at home, and only the surplus 
part of their work is exported. Mr Hume 
frequently takes notice of the inability of the 
ancient kings of England to carry on, without 
interruption, any foreign war of long duration. 
The English in those days had nothing wherewithal 
to purchase the pay and provisions of 
their armies in foreign countries, but either 
the rude produce of the soil, of which no considerable 
part could be spared from the home 
consumption, or a few manufactures of the 
coarsest kind, of which, as well as of the rude 
produce, the transportation was too expensive. 
This inability did not arise from the want of 
money, but of the finer and more improved 
manufactures. Buying and selling was transacted 
by means of money in England then as 
well as now. The quantity of circulating 
money must have borne the same proportion 
to the number and value of purchases and 
sales usually transacted at that time, which it 
does to those transacted at present; or, rather, 
it must have borne a greater proportion, because 
there was then no paper, which now occupies 
a great part of the employment of gold 
and silver. Among nations to whom commerce 
and manufactures are little known, the 
sovereign, upon extraordinary occasions, can 
seldom draw any considerable aid from his 
subjects, for reasons which shall be explained 
hereafter. It is in such countries, therefore, 
that he generally endeavours to accumulate a 
treasure, as the only resource against such 
emergencies. Independent of this necessity
he is, in such a situation, naturally disposed 
to the parsimony requisite for accumulation. 
In that simple state, the expense even of a sovereign 
is not directed by the vanity which delights 
in the gaudy finery of a court, but is 
employed in bounty to his tenants, and hospitality 
to his retainers. But bounty and hospitality 
very seldom lead to extravagance; 
though vanity almost always does. Every 
Tartar chief, accordingly, has a treasure. The 
treasures of Mazepa, chief of the Cossacks in 
the Ukraine, the famous ally of Charles XII., 
are said to have been very great. The French 
kings of the Merovingian race had all treasures
When they divided their kingdom 
among their different children, they divided 
their treasure too. The Saxon princes, and 
the first kings after the Conquest, seem likewise 
to have accumulated treasures. The first 
exploit of every new reign was commonly to 
seize the treasure of the preceding king, as 
the most essential measure for securing the 
succession. The sovereigns of improved and 
commercial countries are not under the same 
necessity of accumulating treasures, because 
they can generally draw from their subjects 
extraordinary aids upon extraordinary occasions
They are likewise less disposed to do 
so. They naturally, perhaps necessarily, follow 
the mode of the times; and their expense 
comes to be regulated by the same extravagant