IfFrancesendsclothtoHollandandreceivesfromherspices，ofequalvalue，thelandownerwhoconsumesthesespicespaysthevalueofthemtothegrocer，whopaysthesameamounttotheclothmaker，towhomitisdueinHollandfortheclothhehassentthere。Thisisdonebybillsofexchangewhichwillbeexplainedlater。ThesetwomoneypaymentstakeplaceinFranceapartfromtherentofthelandowner，andnomoneyleavesFranceonthataccount。AllotherclassesofsocietywhoconsumeDutchspices，similarlypaythegrocer，viz。thosewholiveonthefirstrent，thatisthelandowners，payfromthisrent，andthosewholiveontheothertworentsincountryorincitypaythegrocerdirectlyorindirectlyoutofthemoneywhichconductsthecirculationoftheserents。ThegroceragainpaysthismoneytothemanufacturerforhisbilluponHolland，andnoincreaseofmoneyisneededforcirculationinthestatebecauseofforeigntradewhenthebalanceisequal。Butifitisnotequal，ifmoremerchandiseissoldtoHollandthanisboughtback，orviceversa，moneyisneededforthesurpluswhichHollandmustsendtoFranceorFrancetoHolland。ThiswillincreaseordiminishtheamountofmoneycirculatinginFrance。
Itmayevenoccurthatwhenthebalancewiththeforeignerisequaltothetradewithhimmayretardthecirculationofreadymoneyandthereforerequireagreaterquantityofmoneybyreasonofthiscommerce。
Forexample，iftheFrenchladieswhowearFrenchstuffswishtowearDutchvelvets，whicharepaidforbytheclothsenttoHolland，theywillpayforthesevelvetstothemerchantswhoimportedthemfromHolland，andthesemerchantswillpaythemanufacturersofcloth。ThemoneythuspassesthroughmorehandsthaniftheseladiestooktheirmoneytothemanufacturersofclothandcontentedthemselveswiththefabricsofFrance。Whenthesamemoneypassesthroughthehandsofseveralundertakerstherapidityofcirculationissloweddown。Butitisdifficulttomakeanexactestimateofthissortofdelaywhichdependsuponvariouscircumstances。Thus，inourpresentexample，iftheladiespaythemerchantforthevelvettoday，andthemerchantpaythemanufacturertomorrowforhisbillonHolland，ifthemanufacturerpaythewoolmerchantthenextdayandthislastpaythefarmerthedayafter，itispossiblethatthefarmerwillkeepthemoneyinhandmorethantwomonthstomakeupthequarter’srentwhichhemustpayhislandlord。Thismoneymightintwomonthshavecirculatedthroughthehandsofahundredundertakerswithoutlockingupthecirculatingmediumneededbythestate。
Afterall，theprinciplerentofthelandownermustbeconsideredtobethemostnecessaryandconsiderablebranchofthemoneyinregardtocirculation。Ifhelivesinthecityandthefarmersellsinthesamecityallhisproduceandbuysthereallthemerchandisenecessaryforcountryuse，thereadymoneymayalwaysremaininthecity。Thefarmerwillsellthereproduceexceedinghalftheoutputofhisfarm；hewillpayhislandlordinthesamecitythemoneyvalueofonethirdofhisproduceandtheresttomerchantsorundertakersformerchandisetobeconsumedinthecountry。Evenhere，however，asthefarmersellshisproduceforlumpsums，whicharesubsequentlydistributedinretailpurchases，andareagaincollectedtoserveforlumppaymentstothefarmers，thecirculationhasalwaysthesameeffect（subjecttoitsrapidity）asifthefarmertooktothecountrythemoneyreceivedforhisproduceandsentitbackagaintothecity。
Thecirculationconsistsalwaysofthis，thatthelargesumswhichthefarmerreceivesonthesaleofhisproducearesplitupindetailandthenbroughttogetheragaintomakelargepayments。Whetherthismoneygopartlyoutofthecityorremainthereentirelyitmayberegardedasthecirculatingmediumbetweencityandcountry。Allthecirculationtakesplacebetweentheinhabitantsofthestate，andtheyareallfedandmaintainedineverywayfromtheproduceofthesoilandrawmaterialsofthecountry。