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considers no transaction closed until the net result is either
paid or credited in money。。 when he retires from business it is
into money that he converts the whole； and not until then does he
deem himself to have realized his gains： just as if money were
the only wealth； and money's worth were only the means of
attaining it。 If it be now asked for what end money is desirable；
unless to supply the wants or pleasures of oneself or others； the
champion of the system would not be at all embarrassed by the
question。 True； he would say； these are the uses of wealth； and
very laudable uses while confined to domestic commodities；
because in that case； by exactly the amount which you expend； you
enrich others of your countrymen。 Spend your wealth； if you
please； in whatever indulgences you have a taste for。 but your
wealth is not the indulgences； it is the sum of money； or the
annual money income； with which you purchase them。
While there were so many things to render the assumption
which is the basis of the mercantile system plausible； there is
also some small foundation in reason； though a very insufficient
one； for the distinction which that system so emphatically draws
between money and every other kind of valuable possession。 We
really； and justly； look upon a person as possessing the
advantages of wealth； not in proportion to the useful and
agreeable things of which he is in the actual enjoyment； but to
his command over the general fund of things useful and agreeable；
the power he possesses of providing for any exigency； or
obtaining any object of desire。 Now； money is itself that power；
while all other things； in a civilized state； seem to confer it
only by their capacity of being exchanged for money。 To possess
any other article of wealth； is to possess that particular thing；
and nothing else： if you wish for another thing instead of it；
you have first to sell it； or to submit to the inconvenience and
delay （if not the impossibility） of finding some one who has what
you want； and is willing to barter it for what you have。 But with
money you are at once able to buy whatever things are for sale：
and one whose fortune is in money； or in things rapidly
convertible into it； seems both to himself and others to possess
not any one thing； but all the things which the money places it
at his option to purchase。 The greatest part of the utility of
wealth； beyond a very moderate quantity； is not the indulgences
it procures； but the reserved power which its possessor holds in
his hands of attaining purposes generally； and this power no
other kind of wealth confers so immediately or so certainly as
money。 It is the only form of wealth which is not merely
applicable to some one use； but can be turned at once to any use。
And this distinction was the more likely to make an impression
upon governments； as it is one of considerable importance to
them。 A civilized government derives comparatively little
advantage from taxes unless it can collect them in money： and if
it has large or sudden payments to make； especially payments in
foreign countries for wars or subsidies； either for the sake of
conquering or of not being conquered （the two chief objects of
national policy until a late period）； scarcely any medium of
payment except money will serve the purpose。 All these causes
conspire to make both individuals and governments； in estimating
their means； attach almost exclusive importance to money； either
in esse or in posse； and look upon all other things （when viewed
as part of their resources） scarcely otherwise than as the remote
means of obtaining that which alone； when obtained； affords the
indefinite； and at the same time instantaneous； command over
objects of desire； which best answers to the idea of wealth。
An absurdity； however； does not cease to be an absurdity when
we have discovered what were the appearances which made it
plausible； and the Mercantile Theory could not fail to be seen in
its true character when men began； even in an imperfect manner；
to explore into the foundations of things； and seek their
premises from elementary facts； and not from the forms and
phrases of common discourse。 So soon as they asked themselves
what is really meant by money…what it is in its essential
characters； and the precise nature of the functions it
performs…they reflected that money； like other things； is only a
desirable possession on account of its uses； and that these；
instead of being； as they delusively appear； indefinite； are of a
strictly defined and limited description； namely； to facilitate
the distribution of the produce of industry according to the
convenience of those among whom it is shared。 Further
consideration showed that the uses of money are in no respect
promoted by increasing the quantity which exists and circulates
in a country； the service which it performs being as well
rendered by a small as by a large aggregate amount。 Two million
quarters of corn will not feed so many persons as four millions；
but two millions of pounds sterling will carry on as much
traffic； will buy and sell as many commodities； as four millions；
though at lower nominal prices。 Money； as money； satisfies no
want； its worth to any one； consists in its being a convenient
shape in which to receive his incomings of all sorts； which
incomings he afterwards； at the times which suit him best；
converts into the forms in which they can be useful to him。 Great
as the difference would be between a country with money； and a
country altogether without it； it would be only one of
convenience； a saving of time and trouble； like grinding by water
power instead of by hand； or （to use Adam Smith's illustration）
like the benefit derived from roads； and to mistake money for
wealth； is the same sort of error as to mistake the highway which
may be the easiest way of getting to your house or lands； for the
house and lands themselves。
Money； being the instrument of an important public and
private purpose； is rightly regarded as wealth； but everything
else which serves any human purpose； and which nature does not
afford gratuitously； is wealth also。 To be wealthy is to have a
large stock of useful articles； or the means of purchasing them。
Everything forms therefore a part of wealth； which has a power of
purchasing； for which anything useful or agreeable would be given
in exchange。 Things for which nothing could be obtained in
exchange； however useful or necessary they may be； are not wealth
in the sense in which the term is used in Political Economy。 Air；
for example； though the most absolute of necessaries； bears no
price in the market； because it can be obtained gratuitously： to
accumulate a stock of it would yield no profit or advantage to
any one； and the laws of its production and distribution are the
subject of a very different study from Political Economy。 But
though air is not wealth； mankind are much richer by obtaining it
gratis； since the time and labour which would otherwise be
required for supplying the most pressing of all wants； can be
devoted to other purposes。 It is possible to imagine
circumstances in which air would be a part of wealth。 If it
became customary to sojourn long in places where the air does not
naturally penetrate； as in diving…bells sunk in the sea； a supply
of air artificially furnished would； like water conveyed into
houses； bear a price： and if from any revolution in nature the
atmosphere became too scanty for the consumption； or could be
monopolized； air might acquire a very high marketable value。 In
such a case； the possession of it； beyond his own wants； would
be； to its owner； wealth； and the general wealth of mankind might
at first sight appear to be increased； by what would be so great
a calamity to them。 The error would lie in not considering； that
however rich the possessor of air might become at the expense of
the rest of the community； all persons else woul