viz. by such Nation's exporting more Goods in Value than they import: For, in proportion, as the Value of the Exports exceeds the Value of the Imports, Money, which must balance the Account, increaseth faster or slower; and, contrariwise, where the Imports-exceed the Value of the Exports, the Cash of such Nation must proportionably diminish. And this is called, and doth constitute, the general Balance of the Trade of all Nations, that have not Mines.
III. Money will be most plentiful, where the Mines are: Imean by this, just the same as if I should say the Quantity of Coals will be greater at Newcastle than at any Place that is supplied only with Coals from thence: And consequently I mean that Gold and Silver will as certainly be less valuable where the Mines are, than at any other Place which is supplied with those Metals by them; as Coals are, and will be less valuable at Newcastle, than at any other Place that is supplied with Coals only from thence. Whence it follows, IV. That the Prices of the Produce or Manufactures of every Nation will be higher or lower, according as the Quantity of Cash circulating in such Nation is greater or less, in Proportion to the Number of People inhabiting such Nation.
To illustrate this, let it be supposed that we have ten Millions of Cash, and as many People in England; it's evident they have twice as much Money amongst them, in Proportion to their Number, as they wou'd have if their Number were doubled, and the Quantity of Cash remain'd just the same. And therefore, Ithink, they could give but half the Price for Things in general in this Case, that they could do when they were but half the Number, with the same Quantity of Money circulating and divided amongst them. Wherefore, if the People increase, and the Cash doth not increase in like Proportion, the Prices of Things must fall; for all the People must have Necessaries, to procure which they must all have Money: This will divide the same Quantity of Cash into more Parts, that is, lessen the Parts; and then it's evident they can't pay so much for their Necessaries, as when the same Cash divided into fewer Parts, makes the Parts greater.