116 



COMMERCE. 



These evident refledlions with respe6l to other kingdoms, 

 bear still more forcibly on South America, where silver may 

 be regarded as the principal produce. In the same way as it 

 would be absurd in an agricultural nation, to endeavour to 

 augment industry and the produ6lions of the soil, by locking 

 up the seeds in the granaries, and introducing, as equivalents, 

 others calculated for the subsistence of man ; so is it a palpable 

 error to suppose, that the introdu6i;ion of a copper or paper 

 currency, would be useful to Spain and her possessions in 

 America. 



What has been done, with a view to remedy the inconve- 

 niences arising from the want of small coins, to give vigour 

 to the circulation, and to extend it to each of the classes and 

 quantities, has been better contrived, by the new expedient of 

 the quartillos, or fourths of reals, which are now coining. 

 Their employment will constantly maintain that precious me- 

 tal in its real estimation, at the same time that the teturns will 

 become more rapid and extensive, by the introdu6lion of 

 tokens representing the smaller values. 



The idea entertained by several writers, that commerce is 

 produced and supported by scarcity, is erroneous. If, for in- 

 stance, by several unexpe6led events, there should be a de- 

 stru6tion of the one half of the produ6tions of both hemi- 

 spheres, it is certain that the necessities would be immense ; 

 but it is equally so, that trade would be greatly diminished. In 

 the viceroy alty of Lima, silver appears to be in a less propor- 

 tion, because it does not come in contact with the articles 

 which are not marketable, and which remain stagnant, with- 

 out sale or price, because the true principle of the vendible 

 estimation and value does not reside in the numerical and ab- 



stra6l 



