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

and　Indostan；　the　two　great　markets　of　India；　than　it　is　through

the　greater　part　of　Europe。　The　wages　of　the　labourer　will　there

purchase　a　smaller　quantity　of　food；　and　as　the　money　price　of

food　is　much　lower　in　India　than　in　Europe；　the　money　price　of

labour　is　there　lower　upon　a　double　account；　upon　account　both　of

the　small　quantity　of　food　which　it　will　purchase；　and　of　the　low

price　of　that　food。　But　in　countries　of　equal　art　and　industry；

the　money　price　of　the　greater　part　of　manufactures　will　be　in

proportion　to　the　money　price　of　labour；　and　in　manufacturing　art

and　industry；　China　and　Indostan；　though　inferior；　seem　not　to　be

much　inferior　to　any　part　of　Europe。　The　money　price　of　the

greater　part　of　manufactures；　therefore；　will　naturally　be　much

lower　in　those　great　empires　than　it　is　anywhere　in　Europe。

Through　the　greater　part　of　Europe；　too；　the　expense　of

land…carriage　increases　very　much　both　the　real　and　nominal　price

of　most　manufactures。　It　costs　more　labour；　and　therefore　more

money；　to　bring　first　the　materials；　and　afterwards　the　complete

manufacture　to　market。　In　China　and　Indostan　the　extent　and

variety　of　inland　navigation　save　the　greater　part　of　this

labour；　and　consequently　of　this　money；　and　thereby　reduce　still

lower　both　the　real　and　the　nominal　price　of　the　greater　part　of

their　manufactures。　Upon　all　those　accounts　the　precious　metals

axe　a　commodity　which　it　always　has　been；　and　still　continues　to

be；　extremely　advantageous　to　carry　from　Europe　to　India。　There

is　scarce　any　commodity　which　brings　a　better　price　there；　or

which；　in　proportion　to　the　quantity　of　labour　and　commodities

which　it　costs　in　Europe；　will　purchase　or　command　a　greater

quantity　of　labour　and　commodities　in　India。　It　is　more

advantageous；　too；　to　carry　silver　thither　than　gold；　because　in

China；　and　the　greater　part　of　the　other　markets　of　India；　the

proportion　between　fine　silver　and　fine　gold　is　but　as　ten；　or　at

most　as　twelve；　to　one；　whereas　in　Europe　it　is　as　fourteen　or

fifteen　to　one。　In　China；　and　the　greater　part　of　the　other

markets　of　India；　ten；　or　at　most　twelve；　ounces　of　silver　will

purchase　an　ounce　of　gold；　in　Europe　it　requires　from　fourteen　to

fifteen　ounces。　In　the　cargoes；　therefore；　of　the　greater　part　of

European　ships　which　sail　to　India；　silver　has　generally　been　one

of　the　most　valuable　articles。　It　is　the　most　valuable　article　in

the　Acapulco　ships　which　sail　to　Manilla。　The　silver　of　the　new

continent　seems　in　this　manner　to　be　one　of　the　principal

commodities　by　which　the　commerce　between　the　two　extremities　of

the　old　one　is　carried　on；　and　it　is　by　means　of　it；　in　a　great

measure；　that　those　distant　parts　of　the　world　are　connected　with

one　another。

　　　　　In　order　to　supply　so　very　widely　extended　a　market；　the

quantity　of　silver　annually　brought　from　the　mines　must　not　only

be　sufficient　to　support　that　continual　increase　both　of　coin　and

of　plate　which　is　required　in　all　thriving　countries；　but　to

repair　that　continual　waste　and　consumption　of　silver　which　takes

place　in　all　countries　where　that　metal　is　used。

　　　　　The　continual　consumption　of　the　precious　metals　in　coin　by

wearing；　and　in　plate　both　by　wearing　and　cleaning；　is　very

sensible；　and　in　commodities　of　which　the　use　is　so　very　widely

extended；　would　alone　require　a　very　great　annual　supply。　The

consumption　of　those　metals　in　some　particular　manufactures；

though　it　may　not　perhaps　be　greater　upon　the　whole　than　this

gradual　consumption；　is；　however；　much　more　sensible；　as　it　is

much　more　rapid。　In　the　manufactures　of　Birmingham　alone　the

quantity　of　gold　and　silver　annually　employed　in　gilding　and

plating；　and　thereby　disqualified　from　ever　afterwards　appearing

in　the　shape　of　those　metals；　is　said　to　amount　to　more　than

fifty　thousand　pounds　sterling。　We　may　from　thence　form　some

notion　how　great　must　be　the　annual　consumption　in　all　the

different　parts　of　the　world　either　in　manufactures　of　the　same

kind　with　those　of　Birmingham；　or　in　laces；　embroideries；　gold

and　silver　stuffs；　the　gilding　of　books；　furniture；　etc。　A

considerable　quantity；　too；　must　be　annually　lost　in　transporting

those　metals　from　one　place　to　another　both　by　sea　and　by　land。

In　the　greater　part　of　the　governments　of　Asia；　besides；　the

almost　universal　custom　of　concealing　treasures　in　the　bowels　of

the　earth；　of　which　the　knowledge　frequently　dies　with　the　person

who　makes　the　concealment；　must　occasion　the　loss　of　a　still

greater　quantity。

　　　　　The　quantity　of　gold　and　silver　imported　at　both　Cadiz　and

Lisbon　（including　not　only　what　comes　under　register；　but　what

may　be　supposed　to　be　smuggled）　amounts；　according　to　the　best

accounts；　to　about　six　millions　sterling　a　year。

　　　　　According　to　Mr。　Meggens　the　annual　importation　of　the

precious　metals　into　Spain；　at　an　average　of　six　years；　viz。；

from　1748　to　1753；　both　inclusive；　and　into　Portugal；　at　an

average　of　seven　years；　viz。；　from　1747　to　1753；　both　inclusive；

amounted　in　silver　to　1；101；107　pounds　weight；　and　in　gold　to

29；940　pounds　weight。　The　silver；　at　sixty…two　shillings　the

pound　Troy；　amounts　to　L3；413；431　10s。　sterling。　The　gold；　at

forty…four　guineas　and　a　half　the　pound　Troy；　amounts　to

L2；333；446　14s。　sterling。　Both　together　amount　to　L5；746；878　4s。

sterling。　The　account　of　what　was　imported　under　register　he

assures　us　is　exact。　He　gives　us　the　detail　of　the　particular

places　from　which　the　gold　and　silver　were　brought；　and　of　the

particular　quantity　of　each　metal；　which；　according　to　the

register；　each　of　them　afforded。　He　makes　an　allowance；　too；　for

the　quantity　of　each　metal　which　he　supposes　may　have　been

smuggled。　The　great　experience　of　this　judicious　merchant　renders

his　opinion　of　considerable　weight。

　　　　　According　to　the　eloquent　and；　sometimes；　well…informed

author　of　the　Philosophical　and　Political　History　of　the

Establishment　of　the　Europeans　in　the　two　Indies；　the　annual

importation　of　registered　gold　and　silver　into　Spain；　at　an

average　of　eleven　years；　viz。；　from　1754　to　1764；　both　inclusive；

amounted　to　13；984；185　3/4　piastres　of　ten　reals。　On　account　of

what　may　have　been　smuggled；　however；　the　whole　annual

importation；　he　supposes；　may　have　amounted　to　seventeen　millions

of　piastres；　which；　at　4s。　6d。　the　piastre；　is　equal　to

L3；825；000　sterling。　He　gives　the　detail；　too；　of　the　particular

places　from　which　the　gold　and　silver　were　brought；　and　of　the

particular　quantities　of　each　metal　which；　according　to　the

register；　each　of　them　afforded。　He　informs　us；　too；　that　if　we

were　to　judge　of　the　quantity　of　gold　annually　imported　from　the

Brazils　into　Lisbon　by　the　amount　of　the　tax　paid　to　the　King　of

Portugal；　which　it　seems　is　one…fifth　of　the　standard　metal；　we

might　value　it　at　eighteen　millions　of　cruzadoes；　or　forty…five

millions　of　French　livres；　equal　to　about　two　millions　sterling。

On　account　of　what　may　have　been　smuggled；　however；　we　may

safely；　he　says；　add　to　the　sum　an　eighth　more；　or　L250；000

sterling；　so　that　the　whole　will　amount　to　L2；250；000　sterling。

According　to　this　account；　therefore；　the　whole　annual

importation　of　the　precious　metals　into　both　Spain　and　Portugal

amounts　to　about　L6；075；000　sterling。

　　　　　Several　other　very　well　authenticated；　though　manuscript；

accounts；　I　have　been　assured；　agree　in　making　this　whole　annual

importation　amount　at　an　average　to　about　six　millions　sterling；

sometimes　a　little　more；　sometimes　a　little　less。

　　　　　The　annual　importation　of　the　precious　metals　into　Cadiz　and

Lisbon；　indeed；　is　not　equal　to　the　whole　annual　produce　of　the

mines　of　America。　Some　part　is　sent　annually　by　the　Acapulco

ships　to　Manilla；　some　part　is　employed　in　the　contraband　trade

which　the　Spanish　colonies　carry　on　with　those　of　other　European

nations；　and　some　part；　no　doubt　remains　in　the　country。　The

mines　of　America；　besides；　are　by　no　means　the　only　gold　and

silver　mines　in　the　world。　They　are；　however；　by　far　the　most

abundant。　The　produce　of　all　the　other　mines　which　are　known　is

insignificant；　it　is　acknowledged；　in　comparison　with　theirs；　and

the　far　greater　part　of　their　produce；　it　is　likewise

acknowledged；　is　annually　imported　into　Cadiz　and　Lisbon。　But　the

consumption　of　Birmingham　alone；　at　the　rate　of　fifty　thousand

pounds　a　year；　is　equal　to　the　hundred…and…twentieth　part　of　this

annual　importation　at　the　rate　of　six　millions　a　year。　The　whole

annual　consumption　of　gold　and　silver；　therefore；　in　all　the

different　countries　of　the　world　where　those　metals　are　used；　may

perhaps　be　nearly　equal　to　the　whole　annual　produce。　The

remainder　may　be　no　more　than　sufficient　to　supply　the　increasing

demand　of　all　thriving　countries。　It　may　even　have　fallen　so　far

short　of　time　demand　as　somewhat　to　raise　the　price　of　those

metals　in　the　European　market。

　　　　　The　quantity　of　brass　and　iron　annually　brought　from　the

mine　to　the　market　is　out　of　all　proportion　greater　than　that　of

gold　and　silver。　We　do　not；　however；　upon　this　account；　imagine

that　those　coarse　metals　are　likely　to　multiply　beyond　the

demand；　or　to　become　gradually　cheaper　and　cheaper。　Why　should　we

imagine　that　the　precious　metals　are　likely　to　do　so？　The　coarse

metals；　indeed；　though　harder；　are　put　to　much　harder　uses；　and；

as　they　are　of　less　value；　less　care　is　employed　in　their

preservation。　The　precious　metals；　however；　are　not　necessarily

immortal　any　more　than　they；　but　are　liable；　too；　to　be　lost；

wasted；　and　consumed　in　a　great　variety　of　ways。

　　　　　The　price　of　all　metals；　though　liable　to　slow　and　gradual

variations；　varies　less　from　year　to　year　than　that　of　almost　any

other　part　of　the　rude　produce　of　land；　and　the　price　of　the

precious　metals　is　even　less　liable　to　sudden　variations　than

that　of　the　coarse　ones。　The　durablenes