Adam Smith：The Wealth of Nations, Book V, Chapter II, Paragraph 1879

The canton of Berne derives a considerable revenue by lending a part of its treasure to foreign states, that is, by placing it in the public funds of the different indebted nations of Europe, chiefly in those of France and England. The security of this revenue must depend, first, upon the security of the funds in which it is placed, or upon the good faith of the government which has the management of them; and, secondly, upon the certainty or probability of the continuance of peace with the debtor nation. In the case of a war, the very first act of hostility on the part of the debtor nation might be the forfeiture of the funds of its credit. This policy of lending money to foreign states is, so far as I know peculiar to the canton of Berne.

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Locator：Book V, Chapter II, paragraph 1879 · Verified：2026-10-19 · Verification：Exact match

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