In the year 1699 the exports of England to France amounted to 287,050l. and her imports from France to 94,641l:—
In 1773, the period at which Sir Charles Whitworth closes his statements, the exports from England were rated at 285,776l. and the imports from France at only 44,484l.—On this the enthusiastic admirers of the Balance in favour bless their stars that their country imports now 50,157l. less in French goods, than it did in 1699, and that, in order to secure this advantage, England experiences no other damage than that the French are fallen in their imports from England only 1274l. since the year 1699.
Further Reasons why all Ideas of a favourable Balance in Money, different from that which I have supposed, should be rejected.
Great-Britain is not the only nation that claims a right to that kind of favour, which would reduce all Europe, in all transactions, to the use of paper-money; but I only speak of England in this place.
Money is not hid under ground in a country where administration is convinced, both of the impossibility of the people paying exorbitant taxes, without proportionable riches, and of the impossibility of being as rich as is requisite for the discharge of enormous taxes, when individuals are compelled to appear less rich, that they may be less burdened with imposts.
Money is not laid under ground in a country, where the smallest sum, as it were, equally with the largest, may be placed most securely, till the very moment, when, led by fancy or want, one may think well to withdraw it, and which, from the time when it has been placed, to that of recalling it, produces nevertheless a sure interest, which never was delayed a single minute; an interest, which is a matter neither of reproach nor of shame.
Money is not laid under ground in a country, where the reputation of being rich exposes not the subject to an arbitrary taxation, nor to demands equally ruinous, to informations, extortions, or at least to some injustice in case of a refusal.
Money is not laid under ground in a country, where regard is the appendage not only of wealth, but of credit also, which carries the appearance of, and can procure the former.
Nor is money hid under ground in a country, where it shews the value of a man as positively as that of a piece of goods; in a country, where it is frankly said, this man is worth a million; whether this expression be made use of to signify that the possessor of a million is, at least, by the whole extent of that million, far from being guilty of meanness and injustice, or that it be understood that nothing but the offer of another million could tempt him to commit anything base or unjust. Money is never buried under ground in a country, where it acts so essential a part; it cannot then be its fate in England: all the money in the possession of England stands in full evidence; it consists,—1st, in objects of private luxury, the quantity of which is by no means extravagant;—2dly, in the mass of cash in circulation. Now this very mass is despotically determined by the number of affairs transacted, and likewise by the prices and quantity of the property which is to be circulated; yet this mass is, perhaps, in England one half less than it would prove any where else, supposing the same objects to be attained; that universal mobile is too justly appreciated there, to be lavished, that is to say, to be turned into cash, beyond what is required to give credit to the paper currency substituted to cash.
I shall therefore ask, In what public funds abroad the English merchants vest annually the four or five millions of that pretended favourable balance in money, since they do not bury it at home?—There might, it is true, still exist another resource; the general balance is only the aggregate of all private balances.⸺But is it very certain that, upon an average, the private balances of all the merchants in Europe, who correspond with England, are annually charged by one fourth of the amount accruing from that correspondence? For if the English send them 16 every year, and every year import only 12, their correspondents are consequently indebted to them annually 4 more than they were the preceding year.