_ for Remittances to _England_.
VII. When few People can draw on _England_, or furnish those
who want Remittances with Gold or Silver, Paper Currency may fall
with respect to Sterling-Money and Gold and Silver, (by which the
_British_ Merchants always judge of it) and yet keep up to its
original Value in Respect to all other Things.
VIII. From all these Considerations, I think, it appears that
the Rising or Falling of the Exchange can be no sure Rule for
Discovering on which Side the Ballance of Trade lies; because that
Exchange may be affected by various Accidents independent thereof.
But in order to determine this Point with more Certainty, it should
be considered;
IX. That whatever is imported, must, first or last, be paid for
in the Produce or Manufactures of the Country: If the Commodities
exported in one Year be not sufficient to pay for what is imported,
the Deficiency must be made up by exporting more in succeeding Years;
otherwise the Colony becomes Debtor for so much as the Deficiency is;
which at last must be discharged (if it is ever discharged) by their
Lands.
X. If this has been the Case with any Colony; or if the Debt of
the Colony to _Great Britain_ has been increasing for several Years
successively, it is a Demonstration that the Ballance of Trade is
against them: But on the Contrary, if the Debt to _Great Britain_ is
lessening yearly, or not increasing, it is as evident, that the
Ballance of Trade is not against them; notwithstanding the Currency
of that Colony may be falling gradually all the while.
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