goods, but with gold and silver, that England 
paid for the commodities annually imported 
from France, the balance, in this case, would 
be supposed uneven, commodities not being 
paid for with commodities, but with gold and 
silver. The trade, however, would in this 
case, as in the foregoing, give some revenue 
to the inhabitants of both countries, but more 
to those of France than to those of England
It would give some revenue to those of England
The capital which had been employed 
in producing the English goods that purchased 
this gold and silver, the capital which 
had been distributed among, and given revenue 
to, certain inhabitants of England, would 
thereby be replaced, and enabled to continue 
that employment. The whole capital of England 
would no more be diminished by this 
exportation of gold and silver, than by the 
exportation of an equal value of any other 
goods. On the contrary, it would, in most 
cases, be augmented. No goods are sent 
abroad but those for which the demand is supposed 
to be greater abroad than at home, and 
of which the returns, consequently, it is expected
will be of more value at home than 
the commodities exported. If the tobacco 
which in England is worth only L.100,000, 
when sent to France, will purchase wine which 
is in England worth L.110,000, the exchange 
will equally augment the capital of England by 
L.10,000. If L.100,000 of English gold, in 
the same manner, purchase French wine
which in England is worth L.110,000, this 
exchange will equally augment the capital of 
England by L.10,000. As a merchant, who 
has L.110,000 worth of wine in his cellar, is 
a richer man than he who has only L.100,000 
worth of tobacco in his warehouse, so is he 
likewise a richer man than he who has only 
L.100,000 worth of gold in his coffers. He 
can put into motion a greater quantity of industry
and give revenue, maintenance, and 
employment, to a greater number of people
than either of the other two. But the capital 
of the country is equal to the capital of all its 
different inhabitants; and the quantity of industry 
which can be annually maintained in 
it is equal to what all those different capitals 
can maintain. Both the capital of the country, 
therefore, and the quantity of industry 
which can be annually maintained in it, must 
generally be augmented by this exchange. It 
would, indeed, be more advantageous for 
England that it could purchase the wines of 
France with its own hardware and broad cloth, 
than with either the tobacco of Virginia, or 
the gold and silver of Brazil and Peru. A 
direct foreign trade of consumption is always 
more advantageous than a round-about one. 
But a round-about foreign trade of consumption, 
which is carried on with gold and silver
does not seem to be less advantageous than 
any other equally round-about one. Neither 
is a country which has no mines, more likely 
to be exhausted of gold and silver by this annual 
exportation of those metals, than one 
which does not grow tobacco by the like annual 
exportation of that plant. As a country 
which has wherewithal to buy tobacco will 
never be long in want of it, so neither will 
one be long in want of gold and silver which 
has wherewithal to purchase those metals. 
It is a losing trade, it is said, which a workman 
carries on with the alehouse; and the 
trade which a manufacturing nation would 
naturally carry on with a wine country, may 
be considered as a trade of the same nature
I answer, that the trade with the alehouse is 
not necessarily a losing trade. In its own 
nature it is just as advantageous as any other, 
though, perhaps, somewhat more liable to be 
abused. The employment of a brewer, and 
even that of a retailer of fermented liquors
are as necessary divisions of labour as any 
other. It will generally be more advantageous 
for a workman to buy of the brewer the 
quantity he has occasion for, than to brew it 
himself; and if he is a poor workman, it will 
generally be more advantageous for him to 
buy it by little and little of the retailer, than 
a large quantity of the brewer. He may no 
doubt buy too much of either, as he may of 
any other dealers in his neighbourhood; of 
the butcher, if he is a glutton; or of the draper, 
if he affects to be a beau among his companions. 
It is advantageous to the great body 
of workmen, notwithstanding, that all these 
trades should be free, though this freedom 
may be abused in all of them, and is more 
likely to be so, perhaps, in some than in others. 
Though individuals, besides, may sometimes 
ruin their fortunes by an excessive consumption 
of fermented liquors, there seems to be 
no risk that a nation should do so. Though 
in every country there are many people who 
spend upon such liquors more than they can 
afford, there are always many more who spend 
less. It deserves to be remarked, too, that if 
we consult experience, the cheapness of wine 
seems to be a cause, not of drunkenness, but 
of sobriety. The inhabitants of the wine 
countries are in general the soberest people of 
Europe; witness the Spaniards, the Italians
and the inhabitants of the southern provinces 
of France. People are seldom guilty of excess 
in what is their daily fare. Nobody affects 
the character of liberality and good fellowship
by being profuse of a liquor which is 
as cheap as small beer. On the contrary, in 
the countries which, either from excessive heat 
or cold, produce no grapes, and where wine 
consequently is dear and a rarity, drunkenness 
is a common vice, as among the northern nations, 
and all those who live between the tropics
the negroes, for example, on the coast of 
Guinea. When a French regiment comes 
from some of the northern provinces of France
where wine is somewhat dear, to be quartered 
in the southern, where it is very cheap, the