WEALTH OP NATIONS. 239 



terms as those of Holland and France, is an unfair and 

 improvident bargain, even upon the principles of the 

 mercantile system, of which this treaty is vaunted as 

 the especial triumph and glory. The great aim of that 

 system, to increase the amount by importation of the 

 precious metals, undoubtedly gave rise to this treaty 

 with Portugal, whose share in the mines of gold is so 

 large. Dr. Smith takes occasion to show, that there 

 needs no care whatever of the Government in any 

 country to obtain these metals, whether for trade, or 

 for revenue, or for subsidy, or for any other head of 

 expenditure, foreign or domestic, as its ordinary com- 

 merce must always insure a sufficient supply of them ; 

 that is, as much of them as it can afford to pay for, 

 and this is as much as it ever can have. He takes 

 occasion likewise in closing this subject to introduce a 

 discussion on the coinage and in favour of a moderate 

 seignorage, a discussion out of place in this part of his 

 work, and which rather belonged, as he himself admits, 

 to the subdivision of the first book which treated of 

 money. Perhaps it more properly should have formed 

 another head of the expedients of the mercantile sys- 

 tem. In its present place it seems much more entitled 

 to the name of a digression than any one of the three 

 which have been so termed, with this difference, that 

 it has no kind of connexion with the subject to which 

 it is annexed, and can hardly, like those others, have 

 been suggested by it, excepting that it follows the re- 

 marks on Portuguese gold. 



vi. The great subject of Colonial establishments con- 

 cludes this discussion of the expedients of the com- 

 mercial system. Dr. Smith first explains the motives 

 for planting new colonies ; secondly, the causes of their 

 prosperity ; thirdly, the advantages which Europe has 

 derived from the discovery of America, and the easier 

 communication by sea with India. 



1. The ancient colonies of Greece an,d Rome were 

 suggested by different circumstances, and founded on 



