2 $ 2 Tea with refpeB to the Export of Gold and Silver. 
upon the general ballance, are fuppofed to determine the na- 
tional profit or lofs with refpe£t to fuch ballance : and if fo, may 
they not be confidered as the criterion of commercial policy ? 
And is not state policy connected with commercial policy, in 
this country ? We know that for the ends of life, iron is far fu- 
perior to filver or gold ; and yet for one pound of gold we can 
obtain 500 pounds of iron, and gold is always accepted. 
We may command fums in gold and filver advanced on the 
credit of our merchants, or for goods fent abroad, even before 
they are fold ; but not for very large fums, nor for any great 
length ol time. We may alfo fell gold and filver upon commif- 
fion, for the account of merchants or princes ; but nothing more 
will remain with us, than the difference between the value of 
our commodities confumed abroad, and our confumption of 
foreign produce at home, except the amount of fuch commif- 
fion. If we imported from countries not our own, a greater 
value in merchandize than we export to fuch countries, we 
ihould fay, “ we are in a fair way to be undone.” We fhould 
afk ourfelves, c< in what are we to pay the difference?” 
And what can we receive of fuch foreign nations, more than 
the difference, of what we import lefs in value from them, than 
we export to them ? If we had mines of gold and filver, as 
the Portuguese and Spaniards have, the firff queffion would 
be eafily anfwered : but thefe are not our proper produce ; and 
if we do not keep a due proportion of what gold and filver 
we receive, we muff in the iffue fuffer for the want of them. 
All human affairs are mutable : as the nations with whom we 
trade grow more enlightened, every one improves their natural 
advantages : and as in the courfe of time, they will probably 
require fo much the lefs of us, we fhall command fo much 
the lefs of their produce, but particularly of their gold and 
silver, which they make the standard or measure of the value 
