und of a nation. We felt, in the late wars, the consequence
of both the extremes--namely, of wanting and of enjoying a complete fund
of credit.

Credit makes war, and makes peace; raises armies, fits out navies,
fights battles, besieges towns; and, in a word, it is more justly called
the sinews of war than the money itself,[42] because it can do all these
things without money--nay, it will bring in money to be subservient,
though it be independent.

Credit makes the soldier fight without pay, the armies march without
provisions, and it makes tradesmen keep open shop without stock. The
force of credit is not to be described by words; it is an impregnable
fortification, either for a nation, or for a single man in business; and
he that has credit is invulnerable, whether he has money or no; nay, it
will make money, and, which is yet more, it will make money without an
intrinsic, without the _materia medica_ (as the doctors have it); it
adds a value, and supports whatever value it adds, to the meanest
substance; it makes paper pass for money, and fills the Exchequer and
the banks with as many millions as it pleases, upon demand. As I said
in last chapter, it increases commerce; so, I may add, it makes trade,
and makes the whole kingdom trade for many millions more than the
national specie can amount to.

It may be true, as some allege, that we cannot drive a trade for more
goods than we have to trade with, but then it is as true, that it is by
the help of credit that we can increase the quantity, and that more
goods are made to trade with than would otherwise be; more goods are
brought to market than they could otherwise sell; and even in the last
consumption, how many thousands of families wear out their clothes
before they pay for them, and eat their dinner upon tick with the
butcher! Nay, how many thousands who could not buy any clothes, if they
were to pay for them in ready money, yet buy them at a venture upon
their credit, and pay for them as they can!

Trade is anticipated by credit, and it grows by the anticipation; for
men often buy clothes before they pay for them, because they want
clothes before they can spare the money; and these are so many in
number, that really they add a great stroke to the bulk of our inland
trade. How many families have we in England that live upon credit, even
to the tune of two or three years' rent of their revenue, before it
comes in!--so that they must be said to _eat the calf in