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frequently　for　no　share；　and　the　most　fertile　mines　only　afford

any　considerable　rent。　When　Tavernier；　a　jeweller；　visited　the

diamond　mines　of　Golconda　and　Visiapour；　he　was　informed　that　the

sovereign　of　the　country；　for　whose　benefit　they　were　wrought；

had　ordered　all　of　them　to　be　shut　up；　except　those　which　yield

the　largest　and　finest　stones。　The　others；　it　seems；　were　to　the

proprietor　not　worth　the　working。

　　　　　As　the　price　both　of　the　precious　metals　and　of　the　precious

stones　is　regulated　all　over　the　world　by　their　price　at　the　most

fertile　mine　in　it；　the　rent　which　a　mine　of　either　can　afford　to

its　proprietor　is　in　proportion；　not　to　its　absolute；　but　to　what

may　be　called　its　relative　fertility；　or　to　its　superiority　over

other　mines　of　the　same　kind。　If　new　mines　were　discovered　as

much　superior　to　those　of　Potosi　as　they　were　superior　to　those

Europe；　the　value　of　silver　might　be　so　much　degraded　as　to

render　even　the　mines　of　Potosi　not　worth　the　working。　Before　the

discovery　of　the　Spanish　West　Indies；　the　most　fertile　mines　in

Europe　may　have　afforded　as　great　a　rent　to　their　proprietor　as

the　richest　mines　in　Peru　do　at　present。　Though　the　quantity　of

silver　was　much　less；　it　might　have　exchanged　for　an　equal

quantity　of　other　goods；　and　the　proprietor's　share　might　have

enabled　him　to　purchase　or　command　an　equal　quantity　either　of

labour　or　of　commodities。　The　value　both　of　the　produce　and　of

the　rent；　the　real　revenue　which　they　afforded　both　to　the　public

and　to　the　proprietor；　might　have　been　the　same。

　　　　　The　most　abundant　mines　either　of　the　precious　metals　or　of

the　precious　stones　could　add　little　to　the　wealth　of　the　world。

A　produce　of　which　the　value　is　principally　derived　from　its

scarcity；　is　necessarily　degraded　by　its　abundance。　A　service　of

plate；　and　the　other　frivolous　ornaments　of　dress　and　furniture；

could　be　purchased　for　a　smaller　quantity　of　labour；　or　for　a

smaller　quantity　of　commodities；　and　in　this　would　consist　the

sole　advantage　which　the　world　could　derive　from　that　abundance。

　　　　　It　is　otherwise　in　estates　above　ground。　The　value　both　of

their　produce　and　of　their　rent　is　in　proportion　to　their

absolute；　and　not　to　their　relative　fertility。　The　land　which

produces　a　certain　quantity　of　food；　clothes；　and　lodging；　can

always　feed；　clothe；　and　lodge　a　certain　number　of　people；　and

whatever　may　be　the　proportion　of　the　landlord；　it　will　always

give　him　a　proportionable　command　of　the　labour　of　those　people；

and　of　the　commodities　with　which　that　labour　can　supply　him。　The

value　of　the　most　barren　lands　is　not　diminished　by　the

neighbourhood　of　the　most　fertile。　On　the　contrary；　it　is

generally　increased　by　it。　The　great　number　of　people　maintained

by　the　fertile　lands　afford　a　market　to　many　parts　of　the　produce

of　the　barren；　which　they　could　never　have　found　among　those　whom

their　own　produce　could　maintain。

　　　　　Whatever　increases　the　fertility　of　land　in　producing　food

increases　not　only　the　value　of　the　lands　upon　which　the

improvement　is　bestowed；　but　contributes　likewise　to　increase

that　of　many　other　lands　by　creating　a　new　demand　for　their

produce。　That　abundance　of　food；　of　which；　in　consequence　of　the

improvement　of　land；　many　people　have　the　disposal　beyond　what

they　themselves　can　consume；　is　the　great　cause　of　the　demand

both　for　the　precious　metals　and　the　precious　stone；　as　well　as

for　every　other　conveniency　and　ornament　of　dress；　lodging；

household　furniture；　and　equipage。　Food　not　only　constitutes　the

principal　part　of　the　riches　of　the　world；　but　it　is　the

abundance　of　food　which　gives　the　principal　part　of　their　value

to　many　other　sorts　of　riches。　The　poor　inhabitants　of　Cuba　and

St。　Domingo；　when　they　were　first　discovered　by　the　Spaniards；

used　to　wear　little　bits　of　gold　as　ornaments　in　their　hair　and

other　parts　of　their　dress。　They　seemed　to　value　them　as　we　would

do　any　little　pebbles　of　somewhat　more　than　ordinary　beauty；　and

to　consider　them　as　just　worth　the　picking　up；　but　not　worth　the

refusing　to　anybody　who　asked　them。　They　gave　them　to　their　new

guests　at　the　first　request；　without　seeming　to　think　that　they

had　made　them　any　very　valuable　present。　They　were　astonished　to

observe　the　rage　of　the　Spaniards　to　obtain　them；　and　had　no

notion　that　there　could　anywhere　be　a　country　in　which　many

people　had　the　disposal　of　so　great　a　superfluity　of　food；　so

scanty　always　among　themselves；　that　for　a　very　small　quantity　of

those　glittering　baubles　they　would　willingly　give　as　much　as

might　maintain　a　whole　family　for　many　years。　Could　they　have

been　made　to　understand　this；　the　passion　of　the　Spaniards　would

not　have　surprised　them。　　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　PART　3　　　Of　the　Variations　in　the

Proportion　between　the　respective　Values

　　　　　of　that　Sort　of　Produce　which　always　affords　Rent；　and　of

that

　　　　　　　　which　sometimes　does　and　sometimes　does　not　afford　Rent　

　　　　　THE　increasing　abundance　of　food；　in　consequence　of

increasing　improvement　and　cultivation；　must　necessarily　increase

the　demand　for　every　part　of　the　produce　of　land　which　is　not

food；　and　which　can　be　applied　either　to　use　or　to　ornament。　In

the　whole　progress　of　improvement；　it　might　therefore　be

expected；　there　should　be　only　one　variation　in　the　comparative

values　of　those　two　different　sorts　of　produce。　The　value　of　that

sort　which　sometimes　does　and　sometimes　does　not　afford　rent；

should　constantly　rise　in　proportion　to　that　which　always　affords

some　rent。　As　art　and　industry　advance；　the　materials　of　clothing

and　lodging；　the　useful　fossils　and　minerals　of　the　earth；　the

precious　metals　and　the　precious　stones　should　gradually　come　to

be　more　and　more　in　demand；　should　gradually　exchange　for　a

greater　and　a　greater　quantity　of　food；　or　in　other　words；　should

gradually　become　dearer　and　dearer。　This　accordingly　has　been　the

case　with　most　of　these　things　upon　most　occasions；　and　would

have　been　the　case　with　all　of　them　upon　all　occasions；　if

particular　accidents　had　not　upon　some　occasions　increased　the

supply　of　some　of　them　in　a　still　greater　proportion　than　the

demand。

　　　　　The　value　of　a　free…stone　quarry；　for　example；　will

necessarily　increase　with　the　increasing　improvement　and

population　of　the　country　round　about　it；　especially　if　it　should

be　the　only　one　in　the　neighbourhood。　But　the　value　of　a　silver

mine；　even　though　there　should　not　be　another　within　a　thousand

miles　of　it；　will　not　necessarily　increase　with　the　improvement

of　the　country　in　which　it　is　situated。　The　market　for　the

produce　of　a　freestone　quarry　can　seldom　extend　more　than　a　few

miles　round　about　it；　and　the　demand　must　generally　be　in

proportion　to　the　improvement　and　population　of　that　small

district。　But　the　market　for　the　produce　of　a　silver　mine　may

extend　over　the　whole　known　world。　Unless　the　world　in　general；

therefore；　be　advancing　in　improvement　and　population；　the　demand

for　silver　might　not　be　at　all　increased　by　the　improvement　even

of　a　large　country　in　the　neighbourhood　of　the　mine。　Even　though

the　world　in　general　were　improving；　yet　if；　in　the　course　of　its

improvement；　new　mines　should　be　discovered；　much　more　fertile

than　any　which　had　been　known　before；　though　the　demand　for

silver　would　necessarily　increase；　yet　the　supply　might　increase

in　so　much　a　greater　proportion　that　the　real　price　of　that　metal

might　gradually　fall；　that　is；　any　given　quantity；　a　pound　weight

of　it；　for　example；　might　gradually　purchase　or　command　a　smaller

and　a　smaller　quantity　of　labour；　or　exchange　for　a　smaller　and　a

smaller　quantity　of　corn；　the　principal　part　of　the　subsistence

of　the　labourer。

　　　　　The　great　market　for　silver　is　the　commercial　and　civilised

part　of　the　world。

　　　　　If　by　the　general　progress　of　improvement　the　demand　of　this

market　should　increase；　while　at　the　same　time　the　supply　did　not

increase　in　the　same　proportion；　the　value　of　silver　would

gradually　rise　in　proportion　to　that　of　corn。　Any　given　quantity

of　silver　would　exchange　for　a　greater　and　a　greater　quantity　of

corn；　or；　in　other　words；　the　average　money　price　of　corn　would

gradually　become　cheaper　and　cheaper。

　　　　　If；　on　the　contrary；　the　supply　by　some　accident　should

increase　for　many　years　together　in　a　greater　proportion　than　the

demand；　that　metal　would　gradually　become　cheaper　and　cheaper；

or；　in　other　words；　the　average　money　price　of　corn　would；　in

spite　of　all　improvements；　gradually　become　dearer　and　dearer。

　　　　　But　if；　on　the　other　hand；　the　supply　of　the　metal　should

increase　nearly　in　the　same　proportion　as　the　demand；　it　would

continue　to　purchase　or　exchange　for　nearly　the　same　quantity　of

corn；　and　the　average　money　price　of　corn　would；　in　spite　of　all

improvements；　continue　very　nearly　the　same。

　　　　　These　three　seem　to　exhaust　all　the　possible　combinations　of

events　which　can　happen　in　the　progress　of　improvement；　and

during　the　course　of　the　four　centuries　preceding　the　present；　if

we　may　judge　by　what　has　happened　both　in　France　and　Great

Britain；　each　of　those　three　different　combinations　seem　to　have

taken　place　in　the　European　market；　and　nearly　in　the　same　order；

too；　in　which　I　have　here　set　them　down。　　

　　　　　DIGRESSIONS　CONCERNING　THE　VARIATIONS　IN　THE　VALUE　OF　SILVER

　　　　　　　　　　DURING　THE　COURSE　OF　THE　FOUR　LAST　CENTURIES　

　　　　　　　　　　　　　　　　　　　　　　　　　FIRST　PERIOD　

　　　　　In　1350；　and　for　some　time　before；　the　average　price　of　the

quarter　of　wheat　in　England　seems　not　to　have　been　estimated

lower　than　four　ounces　of　silver；　Tower　weight；　equal　to　about

twenty　shillings　of　our　present　money。　From　this　price　it　seems

to　have　fallen　gradually　to　two　ounces　of　silver；　equal　to　about

ten　shillings　of　our　present　money；　the　price　at　which　we　find　it

estimated　in　the　beginning　of　the　sixteenth　century；　and　at　which

it　seems　to　hav