But where there is abundance of cash, it follows that in all purchases
a large proportion of it will be needed. Then in A, _real dearness_,
which proceeds from a very active demand, is added to _nominal
dearness_, the consequence of a superabundance of the precious metals.

Scarcity of money implies that little is necessary for each purchase.
Then in B, a _nominal cheapness_ is combined with _real cheapness_.

Under these circumstances, industry will have the strongest possible
motives for deserting A to establish itself in B.

Now, to return to what would be the true course of things. As the
progress of such events is always gradual, industry from its nature
being opposed to sudden transits, let us suppose that, without
waiting the extreme point, it will have gradually divided itself
between A and B, according to the laws of supply and demand; that is
to say, according to the laws of justice and usefulness.

_I do not advance an empty hypothesis when I say, that were it
possible that industry should concentrate itself upon a single point,
there must, from its nature, arise spontaneously, and in its midst_,
AN IRRESISTIBLE POWER OF DECENTRALIZATION.

We will quote the words of a manufacturer to the Chamber of Commerce
at Manchester (the figures brought into his demonstration being
suppressed):

"Formerly we exported goods; this exportation gave way to that of
thread for the manufacture of goods; later, instead of thread, we
exported machinery for the making of thread; then capital for the