David Hume - On Money

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Money

David Hume(1752)

Money is not, properly speaking, one of the subjects of commerce;only the

instrument which men have agreed upon to facilitate theof one commodity for another. It

is none of the wheels of: It is the oil which renders the motion of the wheels moreand

easy. If we consider any one kingdom by itself, it is, that the greater or less plenty of

money is of no; since the prices of commodities are always proportionedthe plenty of

money, and a crown in HARRY VII's time served thepurpose as a pound does at present.

It is only the public whichany advantage from the greater plenty of money; and that only

inwars and negociations with foreign states. And this is the reason,all rich and trading

countries from CARTHAGE to GREAT BRITAIN and, have employed mercenary

troops, which they hired from theirneighbours. Were they to make use of their native

subjects,would find less advantage from their superior riches, and fromgreat plenty of gold

and silver; since the pay of all theirmust rise in proportion to the public opulence. Our

smallof 20,000 men is maintained at as great expence as a FRENCH armyas numerous.

The ENGLISH fleet, during the late war, required asmoney to support it as all the

ROMAN legions, which kept theworld in subjection, during the time of the emperors.

The greater number of people and their greater industry arein all cases; at home

and abroad, in private, and in. But the greater plenty of money, is very limited in its

use,may even sometimes be a loss to a nation in its commerce with.

There seems to be a happy concurrence of causes in human affairs,checks the

growth of trade and riches, and hinders them fromconfined entirely to one people; as

might naturally at first befrom the advantages of an established commerce. Where onehas

gotten the start of another in trade, it is very difficultthe latter to regain the ground it has

lost; because of theindustry and skill of the former, and the greater stocks, ofits merchants

are possessed, and which enable them to trade onmuch smaller profits. But these

advantages are compensated, in some, by the low price of labour in every nation which has

not ancommerce, and does not much abound in gold and silver., therefore gradually shift

their places, leaving thoseand provinces which they have already enriched, and

flyingothers, whither they are allured by the cheapness of provisions and; till they have

enriched these also, and are again banished bysame causes. And, in general, we may

observe, that the dearness ofthing, from plenty of money, is a disadvantage, which attends

ancommerce, and sets bounds to it in every country, bythe poorer states to undersell the

richer in all foreign.

This has made me entertain a doubt concerning the benefit of bankspaper-credit,

which are so generally esteemed advantageous tonation. That provisions and labour

should become dear by theof trade and money, is, in many respects, an inconvenience;an

inconvenience that is unavoidable, and the effect of thatwealth and prosperity which are

the end of all our wishes. Itcompensated by the advantages, which we reap from the

possession ofprecious metals, and the weight, which they give the nation inforeign wars

and negociations. But there appears no reason forthat inconvenience by a counterfeit

money, which foreignersnot accept of in any payment, and which any great disorder in

thewill reduce to nothing. There are, it is true, many people inrich state, who having large

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sums of money, would prefer papergood security; as being of more easy transport and

more safe. If the public provide not a bank, private bankers will takeof this circumstance;

as the goldsmiths formerly did in, or as the bankers do at present in DUBLIN: And

therefore it is, it may be thought, that a public company should enjoy theof that paper-

credit, which always will have place in everykingdom. But to endeavour artificially to

encrease such a, can never be the interest of any trading nation; but must layunder

disadvantages, by encreasing money beyond its naturalto labour and commodities, and

thereby heightening theirto the merchant and manufacturer. And in this view, it must be,

that no bank could be more advantageous, than such a one asup all the money it received,

and never augmented thecoin, as is usual, by returning part of its treasure into. A public

bank, by this expedient, might cut off much of theof private bankers and money-jobbers;

and though the statethe charge of salaries to the directors and tellers of this bank(for,

according to the preceding supposition, it would have no profitits dealings), the national

advantage, resulting from the lowof labour and the destruction of paper-credit, would be

acompensation. Not to mention, that so large a sum, lyingat command, would be a

convenience in times of great publicand distress; and what part of it was used might be

replaced at, when peace and tranquillity was restored to the nation.

But of this subject of paper credit we shall treat more largely. And I shall finish

this essay on money, by proposing andtwo observations, which may, perhaps, serve to

employ theof our speculative politicians.

It was a shrewd observation of ANACHARSIS the SCYTHIAN, who hadseen

money in his own country, that gold and silver seemed toof no use to the GREEKS, but to

assist them in numeration and. It is indeed evident, that money is nothing but theof labour

and commodities, and serves only as a methodrating or estimating them. Where coin is in

greater plenty; as aquantity of it is required to represent the same quantity of; it can have

no effect, either good or bad, taking a nationitself; any more than it would make an

alteration on a's books, if, instead of the ARABIAN method of notation, whichfew

characters, he should make use of the ROMAN, whicha great many. Nay, the greater

quantity of money, like thecharacters, is rather inconvenient, and requires greater

troubleto keep and transport it. But notwithstanding this conclusion,must be allowed just,

it is certain, that, since the discoverythe mines in AMERICA, industry has encreased in all

the nations of, except in the possessors of those mines; and this may justlyascribed,

amongst other reasons, to the encrease of gold and. Accordingly we find, that, in every

kingdom, into which moneyto flow in greater abundance than formerly, every thing takes

aface: labour and industry gain life; the merchant becomes more, the manufacturer more

diligent and skilful, and even thefollows his plough with greater alacrity and attention. This

iseasily to be accounted for, if we consider only the influencea greater abundance of coin

has in the kingdom itself, bythe price of Commodities, and obliging every one to pay

anumber of these little yellow or white pieces for every thingpurchases. And as to foreign

trade, it appears, that great plentymoney is rather disadvantageous, by raising the price of

every kindlabour.

To account, then, for this phenomenon, we must consider, thatthe high price of

commodities be a necessary consequence of theof gold and silver, yet it follows not

immediately upon that; but some time is required before the money circulatesthe whole

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AUniversalDownloadEditionWWW.UDownloadBooks.Com1MoneyDavidHume(1752)Moneyisnot,properlyspeaking,oneofthesubjectsofcommerce;onlytheinstrumentwhichmenhaveagreedupontofacilitatetheofonecommodityforanother.Itisnoneofthewheelsof:Itistheoilwhichrendersthemotionofthewheelsmoreandeasy.Ifweconsideranyoneking...

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David Hume - On Money

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