rofitable to the individual, are
not the most profitable to the state. If countries with
limited capitals, but with abundance of fertile land, do
not early engage in foreign trade, the reason is, because
it is less profitable to individuals, and therefore also
less profitable to the state.

[45] "The use of gold and silver then establishes in every
place a certain necessity for these commodities; and when
the country possesses the quantity necessary to satisfy
this want, all that is further imported, not being in
demand, is unfruitful in value, and of no use to its
owners."--_Say_, vol. i. p. 187.

In page 196, M. Say says, that supposing a country to
require 1000 carriages, and to be possessed of 1500--all
above 1000 would be useless; and thence he infers, that if
it possesses more money than is _necessary_, the overplus
will not be employed.

[46] Whatever I say of gold coin, is equally applicable to
silver coin; but it is not necessary to mention both on
every occasion.

[47] "In the transactions of Government with individuals,
and in those of individuals between themselves, a piece of
money is never received, whatever denomination may be
given to it, but at its intrinsic value, increased by the
value of the utility which the impression it bears has
added to it."--_Say_, vol. i. p. 327.

"Money is so little a mark of value, that if the pieces of
money lose a part of their value by friction, from use, or
by the knavery of the clippers of money, all goods rise in
price in proportion to the alteration which they have
experienced; and if Government orders a recoinage, and
restores each piece to its legal weight and fineness,
goods will fall to their former price; if they have not
been exposed to variations from other causes."--_Say_,
vol. i. p. 346.

[48] M. Say recommends that the seignorage should vary
according to the quantity of business that the mint might
be called upon to perform.

"Government should not coin the bullion of individuals
except on payment, not only of the expenses, but also of
the profits of coining. This profit might be carried to a
considerable height, in consequence of the exclusive
privilege of coining; but it must vary according to the
circumstances of the mint, and the quantity required for
circulation." Vol. i. p. 380.

Such a regulation would be extremely pernicious, and would
expose