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produce　of　its　silver　mines　has　been　growing　gradually　more　and

more　extensive。

　　　　　First；　the　market　of　Europe　has　become　gradually　more　and

more　extensive。　Since　the　discovery　of　America；　the　greater　part

of　Europe　has　been　much　improved。　England；　Holland；　France；　and

Germany；　even　Sweden；　Denmark；　and　Russia；　have　all　advanced

considerably　both　in　agriculture　and　in　manufactures。　Italy　seems

not　to　have　gone　backwards。　The　fall　of　Italy　preceded　the

conquest　of　Peru。　Since　that　time　it　seems　rather　to　have

recovered　a　little。　Spain　and　Portugal；　indeed；　are　supposed　to

have　gone　backwards。　Portugal；　however；　is　but　a　very　small　part

of　Europe；　and　the　declension　of　Spain　is　not；　perhaps；　so　great

as　is　commonly　imagined。　In　the　beginning　of　the　sixteenth

century；　Spain　was　a　very　poor　country；　even　in　comparison　with

France；　which　has　been　so　much　improved　since　that　time。　It　was

the　well　known　remark　of　the　Emperor　Charles　V；　who　had　travelled

so　frequently　through　both　countries；　that　everything　abounded　in

France；　but　that　everything　was　wanting　in　Spain。　The　increasing

produce　of　the　agriculture　and　manufactures　of　Europe　must

necessarily　have　required　a　gradual　increase　in　the　quantity　of

silver　coin　to　circulate　it；　and　the　increasing　number　of　wealthy

individuals　must　have　required　the　like　increase　in　the　quantity

of　their　plate　and　other　ornaments　of　silver。

　　　　　Secondly；　America　is　itself　a　new　market　for　the　produce　of

its　own　silver　mines；　and　as　its　advances　in　agriculture；

industry；　and　population　are　much　more　rapid　than　those　of　the

most　thriving　countries　in　Europe；　its　demand　must　increase　much

more　rapidly。　The　English　colonies　are　altogether　a　new　market；

which；　partly　for　coin　and　partly　for　plate；　requires　a

continually　augmenting　supply　of　silver　through　a　great　continent

where　there　never　was　any　demand　before。　The　greater　part；　too；

of　the　Spanish　and　Portuguese　colonies　are　altogether　new

markets。　New　Granada；　the　Yucatan；　Paraguay；　and　the　Brazils

were；　before　discovered　by　the　Europeans；　inhabited　by　savage

nations　who　had　neither　arts　nor　agriculture。　A　considerable

degree　of　both　has　now　been　introduced　into　all　of　them。　Even

Mexico　and　Peru；　though　they　cannot　be　considered　as　altogether

new　markets；　are　certainly　much　more　extensive　ones　than　they

ever　were　before。　After　all　the　wonderful　tales　which　have　been

published　concerning　the　splendid　state　of　those　countries　in

ancient　times；　whoever　reads；　with　any　degree　of　sober　judgment；

the　history　of　their　first　discovery　and　conquest；　will　evidently

discern　that；　in　arts；　agriculture；　and　commerce；　their

inhabitants　were　much　more　ignorant　than　the　Tartars　of　the

Ukraine　are　at　present。　Even　the　Peruvians；　the　more　civilised

nation　of　the　two；　though　they　made　use　of　gold　and　silver　as

ornaments；　had　no　coined　money　of　any　kind。　Their　whole　commerce

was　carried　on　by　barter；　and　there　was　accordingly　scarce　any

division　of　labour　among　them。　Those　who　cultivated　the　ground

were　obliged　to　build　their　own　houses；　to　make　their　own

household　furniture；　their　own　clothes；　shoes；　and　instruments　of

agriculture。　The　few　artificers　among　them　are　said　to　have　been

all　maintained　by　the　sovereign；　the　nobles；　and　the　priests；　and

were　probably　their　servants　or　slaves。　All　the　ancient　arts　of

Mexico　and　Peru　have　never　furnished　one　single　manufacture　to

Europe。　The　Spanish　armies；　though　they　scarce　ever　exceeded　five

hundred　men；　and　frequently　did　not　amount　to　half　that　number；

found　almost　everywhere　great　difficulty　in　procuring

subsistence。　The　famines　which　they　are　said　to　have　occasioned

almost　wherever　they　went；　in　countries；　too；　which　at　the　same

time　are　represented　as　very　populous　and　well　cultivated；

sufficiently　demonstrate　that　the　story　of　this　populousness　and

high　cultivation　is　in　a　great　measure　fabulous。　The　Spanish

colonies　are　under　a　government　in　many　respects　less　favourable

to　agriculture；　improvement；　and　population　than　that　of　the

English　colonies。　They　seem；　however；　to　be　advancing　in　all

these　much　more　rapidly　than　any　country　in　Europe。　In　a　fertile

soil　and　happy　climate；　the　great　abundance　and　cheapness　of

land；　a　circumstance　common　to　all　new　colonies；　is；　it　seems；　so

great　an　advantage　as　to　compensate　many　defects　in　civil

government。　Frezier；　who　visited　Peru　in　1713；　represents　Lima　as

containing　between　twenty…five　and　twenty…eight　thousand

inhabitants。　Ulloa；　who　resided　in　the　same　country　between　1740

and　1746；　represents　it　as　containing　more　than　fifty　thousand。

The　difference　in　their　accounts　of　the　populousness　of　several

other　principal　towns　in　Chili　and　Peru　is　nearly　the　same；　and

as　there　seems　to　be　no　reason　to　doubt　of　the　good　information

of　either；　it　marks　an　increase　which　is　scarce　inferior　to　that

of　the　English　colonies。　America；　therefore；　is　a　new　market　for

the　produce　of　its　own　silver　mines；　of　which　the　demand　must

increase　much　more　rapidly　than　that　of　the　most　thriving　country

in　Europe。

　　　　　Thirdly；　the　East　Indies　is　another　market　for　the　produce

of　the　silver　mines　of　America；　and　a　market　which；　from　the　time

of　the　first　discovery　of　those　mines；　has　been　continually

taking　off　a　greater　and　a　greater　quantity　of　silver。　Since　that

time；　the　direct　trade　between　America　and　the　East　Indies；　which

is　carried　on　by　means　of　the　Acapulco　ships；　has　been

continually　augmenting；　and　the　indirect　intercourse　by　the　way

of　Europe　has　been　augmenting　in　a　still　greater　proportion。

During　the　sixteenth　century；　the　Portuguese　were　the　only

European　nation　who　carried　on　any　regular　trade　to　the　East

Indies。　In　the　last　years　of　that　century　the　Dutch　begun　to

encroach　upon　this　monopoly；　and　in　a　few　years　expelled　them

from　their　principal　settlements　in　India。　During　the　greater

part　of　the　last　century　those　two　nations　divided　the　most

considerable　part　of　the　East　India　trade　between　them；　the　trade

of　the　Dutch　continually　augmenting　in　a　still　greater　proportion

than　that　of　the　Portuguese　declined。　The　English　and　French

carried　on　some　trade　with　India　in　the　last　century；　but　it　has

been　greatly　augmented　in　the　course　of　the　present。　The　East

India　trade　of　the　Swedes　and　Danes　began　in　the　course　of　the

present　century。　Even　the　Muscovites　now　trade　regularly　with

China　by　a　sort　of　caravans　which　go　overland　through　Siberia　and

Tartary　to　Pekin。　The　East　India　trade　of　all　these　nations；　if

we　except　that　of　the　French；　which　the　last　war　had　well　nigh

annihilated；　had　been　almost　continually　augmenting。　The

increasing　consumption　of　East　India　goods　in　Europe　is；　it

seems；　so　great　as　to　afford　a　gradual　increase　of　employment　to

them　all。　Tea；　for　example；　was　a　drug　very　little　used　in　Europe

before　the　middle　of　the　last　century。　At　present　the　value　of

the　tea　annually　imported　by　the　English　East　India　Company；　for

the　use　of　their　own　countrymen；　amounts　to　more　than　a　million

and　a　half　a　year；　and　even　this　is　not　enough；　a　great　deal　more

being　constantly　smuggled　into　the　country　from　the　ports　of

Holland；　from　Gottenburgh　in　Sweden；　and　from　the　coast　of　France

too；　as　long　as　the　French　East　India　Company　was　in　prosperity。

The　consumption　of　the　porcelain　of　China；　of　the　spiceries　of

the　Moluccas；　of　the　piece　goods　of　Bengal；　and　of　innumerable

other　articles；　has　increased　very　nearly　in　a　like　proportion。

The　tonnage　accordingly　of　all　the　European　shipping　employed　in

the　East　India　trade；　at　any　one　time　during　the　last　century；

was　not；　perhaps；　much　greater　than　that　of　the　English　East

India　Company　before　the　late　reduction　of　their　shipping。

　　　　　But　in　the　East　Indies；　particularly　in　China　and　Indostan；

the　value　of　the　precious　metals；　when　the　Europeans　first　began

to　trade　to　those　countries；　was　much　higher　than　in　Europe；　and

it　still　continues　to　be　so。　In　rice　countries；　which　generally

yield　two；　sometimes　three　crops　in　the　year；　each　of　them　more

plentiful　than　any　common　crop　of　corn；　the　abundance　of　food

must　be　much　greater　than　in　any　corn　country　of　equal　extent。

Such　countries　are　accordingly　much　more　populous。　In　them；　too；

the　rich；　having　a　greater　superabundance　of　food　to　dispose　of

beyond　what　they　themselves　can　consume；　have　the　means　of

purchasing　a　much　greater　quantity　of　the　labour　of　other　people。

The　retinue　of　a　grandee　in　China　or　Indostan　accordingly　is；　by

all　accounts；　much　more　numerous　and　splendid　than　that　of　the

richest　subjects　in　Europe。　The　same　superabundance　of　food；　of

which　they　have　the　disposal；　enables　them　to　give　a　greater

quantity　of　it　for　all　those　singular　and　rare　productions　which

nature　furnishes　but　in　very　small　quantities；　such　as　the

precious　metals　and　the　precious　stones；　the　great　objects　of　the

competition　of　the　rich。　Though　the　mines；　therefore；　which

supplied　the　Indian　market　had　been　as　abundant　as　those　which

supplied　the　European；　such　commodities　would　naturally　exchange

for　a　greater　quantity　of　food　in　India　than　in　Europe。　But　the

mines　which　supplied　the　Indian　market　with　the　precious　metals

seem　to　have　been　a　good　deal　less　abundant；　and　those　which

supplied　it　with　the　precious　stones　a　good　deal　more　so；　than

the　mines　which　supplied　the　European。　The　precious　metals；

therefore；　would　naturally　exchange　in　India　for　somewhat　a

greater　quantity　of　the　precious　stones；　and　for　a　much　greater

quantity　of　food　than　in　Europe。　The　money　price　of　diamonds；　the

greatest　of　all　superfluities；　would　be　somewhat　lower；　and　that

of　food；　the　first　of　all　necessaries；　a　great　deal　lower　in　the

one　country　than　in　the　other。　But　the　real　price　of　labour；　the

real　quantity　of　the　necessaries　of　life　which　is　given　to　the

labourer；　it　has　already　been　observed；　is　lower　both　in　China

and　Indostan；　the　two　gr