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An Inquiry Into the Nature and Causes of the Wealth of Nations

Adam Smith · 1776 (composed/publication period); modern imprint not specified beyond a 1852 reprint primary

passage 781 of 803 · BOOK I. > L.21,333,333 : 6 : 8. In the course of the second Punic war, the As was still further reduced, first, from two ounces of copper to one ounce, and afterwards from one ounce to half an ounce; that is, to the twenty-fourth part of its original value. By combining the three Roman operations into one, a debt of a hundred and twenty-eight millions of our present money, might in this manner be reduced all at once to a debt of L.5,333,333 : 6 : 8. Even the enormous debt of Great Britain might in this manner soon be paid. (34/56)

in brief
Discusses how the Roman as was repeatedly reduced in the Second Punic War, letting a large debt be converted at once into a much smaller notional debt, showing debt could be paid sooner.

Glasgow, the trade of, doubled in fifteen years, by erecting banks there, 120. Why a city of greater trade than Edinburgh, 138.

Gold, not the standard value in England, 16. Its value measured by silver, 17. Reformation of the gold coin, ib. Mint price of gold in England, ib. The working the mines of, in Peru, very unprofitable, 71. Qualities for which this metal is valued, 72. The proportionate value of, to silver, how rated before and after the discovery of the American mines, 89. Is cheaper in the Spanish market than silver, 90. Great quantities of, remitted annually from Portugal to England, 223. Why little of it remains in England, ib. Is always to be had for its value, 224.

Gold and Silver, the prices of, how affected by the increase of the quantity of the metals, 79. Are commodities that naturally seek the best market, 80. Are metals of the least value among the poorest nations, ib. The increase in the quantity of, by means of wealth and improvement, has no tendency to diminish their value, 81. The annual consumption of those metals very considerable, 87. Annual importation of, into Spain and Portugal, 88. Are not likely to multiply beyond the demand, ib. The durability of, the cause of the steadiness of their price, ib. On what circumstances the quantity of, in every particular country, depends, 100. The low value of these metals in a country no evidence of its wealth, nor their high value of its poverty, 101. If not employed at home, will be sent abroad notwithstanding all prohibitions, 139. The reason why European nations have studied to accumulate these metals, 174. Commercial arguments in favour of their exportation, ib. These and all other commodities are mutually the prices of each other, 175. The quantity of, in every country, regulated by the effectual demand, 176. Why the prices of these metals do not fluctuate so much as those of other commodities, ib. To preserve a due quantity of, in a country, no proper object of attention for the government, 176. The accumulated gold and silver in a country distinguished into three parts, 178. A great quantity of bullion alternately exported and imported for the purposes of foreign trade, 179. Annual amount of these metals imported into Spain and Portugal, 180. The importation of, not the principal benefit derived from foreign trade, 181. The value of, how affected by the discovery of the American mines, ib. And by the passage round the Cape of Good Hope to the East Indies, ib. Effect of the annual exportation of silver to the East Indies, 182. The commercial means pursued to increase the quantity of these metals in a country, ib., 192. Bullion, how received and paid at the bank of Amsterdam, 195. At what prices, 196, note. A trading country without mines not likely to be exhausted by an annual exportation of these metals, 200. The value of, in Spain and Portugal, depreciated by restraining the exportation of them, 208. Are not imported for the purposes of plate or coin, but for foreign trade, 224. The search after mines of, the most ruinous of all projects, 230. Are valuable because scarce and difficult to be procured, 231.

Gorgias, evidence of the wealth he acquired by teaching, 56.

Government, civil, indispensibly necessary for the security of private property, 297. Subordination in society, by what means introduced, ib. Inequality of fortune introduces civil government for its preservation, 299. The administration of justice a source of revenue in early times, ib. Why government ought not to have the management of turnpikes, 304. Nor of other public works, 306. Want of parsimony during peace imposes a necessity of contracting debts, to carry on a war, 386. Must support a regular administration of justice to cause manufactures and commerce to flourish, 387. Origin of a national debt, ib. Progression of public debts, ib. War, why generally agreeable to the people, 391.

Governors, political, the greatest spendthrifts in society, 142.

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topics: money, coin, and credit · public finance and debt

An Inquiry Into the Nature and Causes of the Wealth of Nations · Adam Smith · 1776