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inhabited。 In Ireland； therefore； the consumption of the taxed
commodities might； in proportion to the number of the people； be
still less than Scotland； and the facility of smuggling nearly
the same。 In America and the West Indies the white people even of
the lowest rank are in much better circumstances than those of
the same rank in England； and their consumption of all the
luxuries in which they usually indulge themselves is probably
much greater。 The blacks； indeed； who make the greater part of
the inhabitants both of the southern colonies upon the continent
and of the West India islands； as they are in a state of slavery；
are； no doubt； in a worse condition than the poorest people
either in Scotland or Ireland。 We must not； however； upon that
account； imagine that they are worse fed； or that their
consumption of articles which might be subjected to moderate
duties is less than that even of the lower ranks of people in
England。 In order that they may work well； it is the interest of
their master that they should be fed well and kept in good heart
in the same manner as it is his interest that his working cattle
should be so。 The blacks accordingly have almost everywhere their
allowance of rum and molasses or spruce beer in the same manner
as the white servants； and this allowance would not probably be
withdrawn though those articles should be subjected to moderate
duties。 The consumption of the taxed commodities； therefore； in
proportion to the number of inhabitants； would probably be as
great in America and the West Indies as in any part of the
British empire。 The opportunities of smuggling； indeed； would be
much greater； America； in proportion to the extent of the
country； being much more thinly inhabited than either Scotland or
Ireland。 If the revenue； however； which is at present raised by
the different duties upon malt and malt liquors were to be levied
by a single duty upon malt； the opportunity of smuggling in the
most important branch of the excise would be almost entirely
taken away： and if the duties of customs； instead of being
imposed upon almost all the different articles of importation；
were confined to a few of the most general use and consumption；
and if the levying of those duties were subjected to the excise
laws； the opportunity of smuggling； though not so entirely taken
away； would be very much diminished。 In consequence of those two；
apparently； very simple and easy alterations； the duties of
customs and excise might probably produce a revenue as great in
proportion to the consumption of the most thinly inhabited
province as they do at present in proportion to that of the most
populous。
The Americans； it has been said； indeed； have no gold or
silver money； the interior commerce of the country being carried
on by a paper currency； and the gold and silver which
occasionally come among them being all sent to Great Britain in
return for the commodities which they receive from us。 But
without gold and silver； it is added； there is no possibility of
paying taxes。 We already get all the gold and silver which they
have。 How is it possible to draw from them what they have not？
The present scarcity of gold and silver money in America is
not the effect of the poverty of that country； or of the
inability of the people there to purchase those metals。 In a
country where the wages of labour are so much higher； and the
price of provisions so much lower than in England； the greater
part of the people must surely have wherewithal to purchase a
greater quantity if it were either necessary or convenient for
them to do so。 The scarcity of those metals； therefore； must be
the effect of choice； and not of necessity。
It is for transacting either domestic or foreign business
that gold and silver money is either necessary or convenient。
The domestic business of every country； it has been shown in
the second book of this Inquiry； may； at least in peaceable
times； be transacted by means of a paper currency with nearly the
same degree of conveniency as by gold and silver money。 It is
convenient for the Americans； who could always employ with profit
in the improvement of their lands a greater stock than they can
easily get； to save as much as possible the expense of so costly
an instrument of commerce as gold and silver； and rather to
employ that part of their surplus produce which would be
necessary for purchasing those metals in purchasing the
instruments of trade； the materials of clothing； several parts of
household furniture； and the ironwork necessary for building and
extending their settlements and plantations； in purchasing； not
dead stock； but active and productive stock。 The colony
governments find it for their interest to supply the people with
such a quantity of papermoney as is fully sufficient and
generally more than sufficient for transacting their domestic
business。 Some of those governments； that of Pennsylvania
particularly； derive a revenue from lending this paper…money to
their subjects at an interest of so much per cent。 Others； like
that of Massachusetts Bay； advance upon extraordinary emergencies
a paper…money of this kind for defraying the public expense； and
afterwards； when it suits the conveniency of the colony； redeem
it at the depreciated value to which it gradually falls。 In 1747；
that colony paid； in this manner； the greater part of its public
debts with the tenth part of the money for which its bills had
been granted。 It suits the conveniency of the planters to save
the expense of employing gold and silver money in their domestic
transactions； and it suits the conveniency of the colony
governments to supply them with a medium which； though attended
with some very considerable disadvantages； enables them to save
that expense。 The redundancy of paper…money necessarily banishes
gold and silver from the domestic transactions of the colonies；
for the same reason that it has banished those metals from the
greater part of the domestic transactions in Scotland； and in
both countries it is not the poverty； but the enterprising and
projecting spirit of the people； their desire of employing all
the stock which they can get as active and productive stock；
which has occasioned this redundancy of paper…money。 In the
exterior commerce which the different colonies carry on with
Great Britain； gold and silver are more or less employed exactly
in proportion as they are more or less necessary。 Where those
metals are not necessary they seldom appear。 Where they are
necessary they are generally found。
In the commerce between Great Britain and the tobacco
colonies the British goods are generally advanced to the
colonists at a pretty long credit； and are afterwards paid for in
tobacco； rated at a certain price。 It is more convenient for the
colonists to pay in tobacco than in gold and silver。 It would be
more convenient for any merchant to pay for the goods which his
correspondents had sold to him in some other sort of goods which
he might happen to deal in than in money。 Such a merchant would
have no occasion to keep any part of his stock by him unemployed；
and in ready money； for answering occasional demands。 He could
have； at all times； a larger quantity of goods in his shop or
warehouse； and he could deal to a greater extent。 But it seldom
happens to be convenient for all the correspondents of a merchant
to receive payment for the goods which they sell to him in goods
of some other kind which he happens to deal in。 The British
merchants who trade to Virginia and Maryland happen to be a
particular set of correspondents； to whom it is more convenient
to receive payment for the goods which they sell to those
colonies in tobacco than in gold and silver。 They expect to make
a profit by the sale of the tobacco。 They could make none by that
of the gold and silver。 Gold and silver； therefore； very seldom
appear in the commerce betwee