this　intercourse　of　good　offices　may　be　carried　on　to　the　greatest
  extent　and　intricacy。　Hence　the　origin　of　merchants；　one　of　the　most
  useful　races　of　men；　who　serve　as　agents　between　those　parts　of　the
  state；　that　are　wholly　unacquainted；　and　are　ignorant　of　each　other's
  necessities。　Here　are　in　a　city　fifty　workmen　in　silk　and　linen；　and　a
  thousand　customers；　and　these　two　ranks　of　men；　so　necessary　to　each
  other；　can　never　rightly　meet；　till　one　man　erects　a　shop；　to　which
  all　the　workmen　and　all　the　customers　repair。　In　this　province；　grass
  rises　in　abundance：　The　inhabitants　abound　in　cheese；　and　butter；　and
  cattle；　but　want　bread　and　corn；　which；　in　a　neighbouring　province；
  are　in　too　great　abundance　for　the　use　of　the　inhabitants。　One　man
  discovers　this。　He　brings　corn　from　the　one　province　and　returns　with
  cattle；　and　supplying　the　wants　of　both；　he　is；　so　far；　a　common
  benefactor。　As　the　people　encrease　in　numbers　and　industry；　the
  difficulty　of　their　intercourse　encreases：　The　business　of　the　agency
  or　merchandize　becomes　more　intricate；　and　divides；　subdivides；
  compounds；　and　mixes　to　a　greater　variety。　In　all　these　transactions；
  it　is　necessary；　and　reasonable；　that　a　considerable　part　of　the
  commodities　and　labour　should　belong　to　the　merchant；　to　whom；　in　a
  great　measure；　they　are　owing。　And　these　commodities　he　will　sometimes
  preserve　in　kind；　or　more　commonly　convert　into　money；　which　is　their
  common　representation。　If　gold　and　silver　have　encreased　in　the　state
  together　with　the　industry；　it　will　require　a　great　quantity　of　these
  metals　to　represent　a　great　quantity　of　commodities　and　labour。　If
  industry　alone　has　encreased；　the　prices　of　every　thing　must　sink；　and
  a　small　quantity　of　specie　will　serve　as　a　representation。
  There　is　no　craving　or　demand　of　the　human　mind　more　constant　and
  insatiable　than　that　for　exercise　and　employment；　and　this　desire
  seems　the　foundation　of　most　of　our　passions　and　pursuits。　Deprive　a
  man　of　all　business　and　serious　occupation；　he　runs　restless　from　one
  amusement　to　another；　and　the　weight　and　oppression；　which　he　feels
  from　idleness；　is　so　great；　that　he　forgets　the　ruin　which　must　follow
  him　from　his　immoderate　expences。　Give　him　a　more　harmless　way　of
  employing　his　mind　or　body；　he　is　satisfied；　and　feels　no　longer　that
  insatiable　thirst　after　pleasure。　But　if　the　employment　you　give　him
  be　lucrative；　especially　if　the　profit　be　attached　to　every　particular
  exertion　of　industry；　he　has　gain　so　often　in　his　eye；　that　he
  acquires；　by　degrees；　a　passion　for　it；　and　knows　no　such　pleasure　as
  that　of　seeing　the　daily　encrease　of　his　fortune。　And　this　is　the
  reason　why　trade　encreases　frugality；　and　why；　among　merchants；　there
  is　the　same　overplus　of　misers　above　prodigals；　as；　among　the
  possessors　of　land；　there　is　the　contrary。
  Commerce　encreases　industry；　by　conveying　it　readily　from　one
  member　of　the　state　to　another；　and　allowing　none　of　it　to　perish　or
  become　useless。　It　encreases　frugality；　by　giving　occupation　to　men；
  and　employing　them　in　the　arts　of　gain；　which　soon　engage　their
  affection；　and　remove　all　relish　for　pleasure　and　expence。　It　is　an
  infallible　consequence　of　all　industrious　professions；　to　beget
  frugality；　and　make　the　love　of　gain　prevail　over　the　love　of
  pleasure。　Among　lawyers　and　physicians　who　have　any　practice；　there
  are　many　more　who　live　within　their　income；　than　who　exceed　it；　or
  even　live　up　to　it。　But　lawyers　and　physicians　beget　no　industry；　and
  it　is　even　at　the　expence　of　others　they　acquire　their　riches；　so　that
  they　are　sure　to　diminish　the　possessions　of　some　of　their　fellow…
  citizens；　as　fast　as　they　encrease　their　own。　Merchants；　on　the
  contrary；　beget　industry；　by　serving　as　canals　to　convey　it　through
  every　corner　of　the　state：　And　at　the　same　time；　by　their　frugality；
  they　acquire　great　power　over　that　industry；　and　collect　a　large
  property　in　the　labour　and　commodities；　which　they　are　the　chief
  instruments　in　producing。　There　is　no　other　profession；　therefore；
  except　merchandize；　which　can　make　the　monied　interest　considerable；
  or；　in　other　words；　can　encrease　industry；　and；　by　also　encreasing
  frugality；　give　a　great　command　of　that　industry　to　particular　members
  of　the　society。　Without　commerce；　the　state　must　consist　chiefly　of
  landed　gentry；　whose　prodigality　and　expence　make　a　continual　demand
  for　borrowing；　and　of　peasants；　who　have　no　sums　to　supply　that
  demand。　The　money　never　gathers　into　large　stocks　or　sums；　which　can
  be　lent　at　interest。　It　is　dispersed　into　numberless　hands；　who　either
  squander　it　in　idle　show　and　magnificence；　or　employ　it　in　the
  purchase　of　the　common　necessaries　of　life。　Commerce　alone　assembles
  it　into　considerable　sums；　and　this　effect　it　has　merely　from　the
  industry　which　it　begets；　and　the　frugality　which　it　inspires；
  independent　of　that　particular　quantity　of　precious　metal　which　may
  circulate　in　the　state。
  Thus　an　encrease　of　commerce；　by　a　necessary　consequence；　raises　a
  great　number　of　lenders；　and　by　that　means　produces　lowness　of
  interest。　We　must　now　consider　how　far　this　encrease　of　commerce
  diminishes　the　profits　arising　from　that　profession；　and　gives　rise　to
  the　third　circumstance　requisite　to　produce　lowness　of　interest。
  It　may　be　proper　to　observe　on　this　head；　that　low　interest　and
  low　profits　of　merchandize　are　two　events；　that　mutually　forward　each
  other；　and　are　both　originally　derived　from　that　extensive　commerce；
  which　produces　opulent　merchants；　and　renders　the　monied　interest
  considerable。　Where　merchants　possess　great　stocks；　whether
  represented　by　few　or　many　pieces　of　metal；　it　must　frequently　happen；
  that；　when　they　either　become　tired　of　business；　or　leave　heirs
  unwilling　or　unfit　to　engage　in　commerce；　a　great　proportion　of　these
  riches　naturally　seeks　an　annual　and　secure　revenue。　The　plenty
  diminishes　the　price；　and　makes　the　lenders　accept　of　a　low　interest。
  This　consideration　obliges　many　to　keep　their　stock　employed　in　trade；
  and　rather　be　content　with　low　profits　than　dispose　of　their　money　at
  an　under…value。　On　the　other　hand；　when　commerce　has　become　extensive；
  and　employs　large　stocks；　there　must　arise　rivalships　among　the
  merchants；　which　diminish　the　profits　of　trade；　at　the　same　time　that
  they　encrease　the　trade　itself。　The　low　profits　of　merchandize　induce
  the　merchants　to　accept　more　willingly　of　a　low　interest；　when　they
  leave　off　business；　and　begin　to　indulge　themselves　in　ease　and
  indolence。　It　is　needless；　therefore；　to　enquire　which　of　these
  circumstances；　to　wit；　low　interest　or　low　profits；　is　the　cause；　and
  which　the　effect？　They　both　arise　from　an　extensive　commerce；　and
  mutually　forward　each　other。　No　man　will　accept　of　low　profits；　where
  he　can　have　high　interest；　and　no　man　will　accept　of　low　interest；
  where　he　can　have　high　profits。　An　extensive　commerce；　by　producing
  large　stocks；　diminishes　both　interest　and　profits；　and　is　always
  assisted；　in　its　diminution　of　the　one；　by　the　proportional　sinking　of
  the　other。　I　may　add；　that；　as　low　profits　arise　from　the　encrease　of
  commerce　and　industry；　they　serve　in　their　turn　to　its　farther
  encrease；　by　rendering　the　commodities　cheaper；　encouraging　the
  consumption；　and　heightening　the　industry。　And　thus；　if　we　consider
  the　whole　connexion　of　causes　and　effects；　interest　is　the　barometer
  of　the　state；　and　its　lowness　is　a　sign　almost　infallible　of　the
  flourishing　condition　of　a　people。　It　proves　the　encrease　of　industry；
  and　its　prompt　circulation　through　the　whole　state；　little　inferior　to
  a　demonstration。　And　though；　perhaps；　it　may　not　be　impossible　but　a
  sudden　and　a　great　check　to　commerce　may　have　a　momentary　effect　of
  the　same　kind；　by　throwing　so　many　stocks　out　of　trade；　it　must　be
  attended　with　such　misery　and　want　of　employment　in　the　poor；　that；
  besides　its　short　duration；　it　will　not　be　possible　to　mistake　the　one
  case　for　the　other。
  Those　who　have　asserted；　that　the　plenty　of　money　was　the　cause　of
  low　interest；　seem　to　have　taken　a　collateral　effect　for　a　cause；
  since　the　same　industry；　which　sinks　the　interest；　commonly　acquires
  great　abundance　of　the　precious　metals。　A　variety　of　fine
  manufactures；　with　vigilant　enterprising　merchants；　will　soon　draw
  money　to　a　state；　if　it　be　any　where　to　be　found　in　the　world。　The
  same　cause；　by　multiplying　the　conveniencies　of　life；　and　encreasing
  industry；　collects　great　riches　into　the　hands　of　persons；　who　are　not
  proprietors　of　land；　and　produces；　by　that　means；　a　lowness　of
  interest。　But　though　both　these　effects；　plenty　of　money　and　low
  interest；　naturally　arise　from　commerce　and　industry；　they　are
  altogether　independent　of　each　other。　For　suppose　a　nation　removed
  into　the　Pacific　ocean；　without　any　foreign　commerce；　or　any　knowledge
  of　navigation：　Suppose；　that　this　nation　possesses　always　the　same
  stock　of　coin；　but　is　continually　encreasing　in　its　numbers　and
  industry：　It　is　evident；　that　the　price　of　every　commodity　must
  gradually　diminish　in　that　kingdom；　since　it　is　the　proportion　between
  money　and　any　species　of　goods；　which