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precious　metals　is　even　less　liable　to　sudden　variations　than

that　of　the　coarse　ones。　The　durableness　of　metals　is　the

foundation　of　this　extraordinary　steadiness　of　price。　The　corn

which　was　brought　to　market　last　year　will　be　all　or　almost　all

consumed　long　before　the　end　of　this　year。　But　some　part　of　the

iron　which　was　brought　from　the　mine　two　or　three　hundred　years

ago　may　be　still　in　use；　and　perhaps　some　part　of　the　gold　which

was　brought　from　it　two　or　three　thousand　years　ago。　The

different　masses　of　corn　which　in　different　years　must　supply　the

consumption　of　the　world　will　always　be　nearly　in　proportion　to

the　respective　produce　of　those　different　years。　But　the

proportion　between　the　different　masses　of　iron　which　may　be　in

use　in　two　different　years　will　be　very　little　affected　by　any

accidental　difference　in　the　produce　of　the　iron　mines　of　those

two　years；　and　the　proportion　between　the　masses　of　gold　will　be

still　less　affected　by　any　such　difference　in　the　produce　of　the

gold　mines。　Though　the　produce　of　the　greater　part　of　metallic

mines；　therefore；　varies；　perhaps；　still　more　from　year　to　year

than　that　of　the　greater　part　of　corn　fields；　those　variations

have　not　the　same　effect　upon　the　price　of　the　one　species　of

commodities　as　upon　that　of　the　other。　

　　　　　VARIATIONS　IN　THE　PROPORTION　BETWEEN　THE　RESPECTIVE　VALUES

　　　　　　　　　　　　　　　　　　　　　　OF　GOLD　AND　SILVER　

　　　　　Before　the　discovery　of　the　mines　of　America；　the　value　of

fine　gold　to　fine　silver　was　regulated　in　the　different　mints　of

Europe　between　the　proportions　of　one　to　ten　and　one　to　twelve；

that　is；　an　ounce　of　fine　gold　was　supposed　to　be　worth　from　ten

to　twelve　ounces　of　fine　silver。　About　the　middle　of　the　last

century　it　came　to　be　regulated；　between　the　proportions　of　one

to　fourteen　and　one　to　fifteen；　that　is；　an　ounce　of　fine　gold

came　to　be　supposed　to　be　worth　between　fourteen　and　fifteen

ounces　of　fine　silver。　Gold　rose　in　its　nominal　value；　or　in　the

quantity　of　silver　which　was　given　for　it。　Both　metals　sunk　in

their　real　value；　or　in　the　quantity　of　labour　which　they　could

purchase；　but　silver　sunk　more　than　gold。　Though　both　the　gold

and　silver　mines　of　America　exceeded　in　fertility　all　those　which

had　ever　been　known　before；　the　fertility　of　the　silver　mines

had；　it　seems；　been　proportionably　still　greater　than　that　of　the

gold　ones。

　　　　　The　great　quantities　of　silver　carried　annually　from　Europe

to　India　have；　in　some　of　the　English　settlements；　gradually

reduced　the　value　of　that　metal　in　proportion　to　gold。　In　the

mint　of　Calcutta　an　ounce　of　fine　gold　is　supposed　to　be　worth

fifteen　ounces　of　fine　silver；　in　the　same　manner　as　in　Europe。

It　is　in　the　mint　perhaps　rated　too　high　for　the　value　which　it

bears　in　the　market　of　Bengal。　In　China；　the　proportion　of　gold

to　silver　still　continues　as　one　to　ten；　or　one　to　twelve。　In

Japan　it　is　said　to　be　as　one　to　eight。

　　　　　The　proportion　between　the　quantities　of　gold　and　silver

annually　imported　into　Europe；　according　to　Mr。　Meggens's

account；　is　as　one　to　twenty…two　nearly；　that　is；　for　one　ounce

of　gold　there　are　imported　a　little　more　than　twenty…two　ounces

of　silver。　The　great　quantity　of　silver　sent　annually　to　the　East

Indies　reduces；　he　supposes；　the　quantities　of　those　metals　which

remain　in　Europe　to　the　proportion　of　one　to　fourteen　or　fifteen；

the　proportion　of　their　values。　The　proportion　between　their

values；　he　seems　to　think；　must　necessarily　be　the　same　as　that

between　their　quantities；　and　would　therefore　be　as　one　to

twenty…two；　were　it　not　for　this　greater　exportation　of　silver。

　　　　　But　the　ordinary　proportion　between　the　respective　values　of

two　commodities　is　not　necessarily　the　same　as　that　between　the

quantities　of　them　which　are　commonly　in　the　market。　The　price　of

an　ox；　reckoned　at　ten　guineas；　is　about　threescore　times　the

price　of　a　lamb；　reckoned　at　3s。　6d。　It　would　be　absurd；　however；

to　infer　from　thence　that　there　are　commonly　in　the　market

threescore　lambs　for　one　ox：　and　it　would　be　just　as　absurd　to

infer；　because　an　ounce　of　gold　will　commonly　purchase　from

fourteen　to　fifteen　ounces　of　silver；　that　there　are　commonly　in

the　market　only　fourteen　or　fifteen　ounces　of　silver　for　one

ounce　of　gold。

　　　　　The　quantity　of　silver　commonly　in　the　market；　it　is

probable　is　much　greater　in　proportion　to　that　of　gold　than　the

value　of　a　certain　quantity　of　gold　is　to　that　of　an　equal

quantity　of　silver。　The　whole　quantity　of　a　cheap　commodity

brought　to　market　is　commonly　not　only　greater；　but　of　greater

value；　than　the　whole　quantity　of　a　dear　one。　The　whole　quantity

of　bread　annually　brought　to　market　is　not　only　greater；　but　of

greater　value　than　the　whole　quantity　of　butcher's　meat；　the

whole　quantity　of　butcher's　meat；　than　the　whole　quantity　of

poultry；　and　the　whole　quantity　of　wild　fowl。　There　are　so　many

more　purchasers　for　the　cheap　than　for　the　dear　commodity　that

not　only　a　greater　quantity　of　it；　but　a　greater　value；　can

commonly　be　disposed　of。　The　whole　quantity；　therefore；　of　the

cheap　commodity　must　commonly　be　greater　in　proportion　to　the

whole　quantity　of　the　dear　one　than　the　value　of　a　certain

quantity　of　the　dear　one　is　to　the　value　of　an　equal　quantity　of

the　cheap　one。　When　we　compare　the　precious　metals　with　one

another；　silver　is　a　cheap　and　gold　a　dear　commodity。　We　ought

naturally　to　expect；　therefore；　that　there　should　always　be　in

the　market　not　only　a　greater　quantity；　but　a　greater　value　of

silver　than　of　gold。　Let　any　man　who　has　a　little　of　both　compare

his　own　silver　with　his　gold　plate；　and　he　will　probably　find

that；　not　only　the　quantity；　but　the　value　of　the　former　greatly

exceeds　that　of　the　latter。　Many　people；　besides；　have　a　good

deal　of　silver　who　have　no　gold　plate；　which；　even　with　those　who

have　it；　is　generally　confined　to　watchcases；　snuff…boxes；　and

such　like　trinkets；　of　which　the　whole　amount　is　seldom　of　great

value。　In　the　British　coin；　indeed；　the　value　of　the　gold

preponderates　greatly；　but　it　is　not　so　in　that　of　all　countries。

In　the　coin　of　some　countries　the　value　of　the　two　metals　is

nearly　equal。　In　the　Scotch　coin；　before　the　union　with　England；

the　gold　preponderated　very　little；　though　it　did　somewhat；　as　it

appears　by　the　accounts　of　the　mint。　In　the　coin　of　many

countries　the　silver　preponderates。　In　France；　the　largest　sums

are　commonly　paid　in　that　metal；　and　it　is　there　difficult　to　get

more　gold　than　what　is　necessary　to　carry　about　in　your　pocket。

The　superior　value；　however；　of　the　silver　plate　above　that　of

the　gold；　which　takes　place　in　all　countries；　will　much　more　than

compensate　the　preponderancy　of　the　gold　coin　above　the　silver；

which　takes　place　only　in　some　countries。

　　　　　Though；　in　one　sense　of　the　word；　silver　always　has　been；

and　probably　always　will　be；　much　cheaper　than　gold；　yet　in

another　sense　gold　may；　perhaps；　in　the　present　state　of　the

Spanish　market；　be　said　to　be　somewhat　cheaper　than　silver。　A

commodity　may　be　said　to　be　dear　or　cheap；　not　only　according　to

the　absolute　greatness　or　smallness　of　its　usual　price；　but

according　as　that　price　is　more　or　less　above　the　lowest　for

which　it　is　possible　to　bring　it　to　market　for　any　considerable

time　together。　This　lowest　price　is　that　which　barely　replaces；

with　a　moderate　profit；　the　stock　which　must　be　employed　in

bringing　the　commodity　thither。　It　is　the　price　which　affords

nothing　to　the　landlord；　of　which　rent　makes　not　any　component

part；　but　which　resolves　itself　altogether　into　wages　and　profit。

But；　in　the　present　state　of　the　Spanish　market；　gold　is

certainly　somewhat　nearer　to　this　lowest　price　than　silver。　The

tax　of　the　King　of　Spain　upon　gold　is　only　one…twentieth　part　of

the　standard　metal；　or　five　per　cent；　whereas　his　tax　upon　silver

amounts　to　one…tenth　part　of　it；　or　to　ten　per　cent。　In　these

taxes　too；　it　has　already　been　observed；　consists　the　whole　rent

of　the　greater　part　of　the　gold　and　silver　mines　of　Spanish

America；　and　that　upon　gold　is　still　worse　paid　than　that　upon

silver。　The　profits　of　the　undertakers　of　gold　mines　too；　as　they

more　rarely　make　a　fortune；　must；　in　general；　be　still　more

moderate　than　those　of　the　undertakers　of　silver　mines。　The　price

of　Spanish　gold；　therefore；　as　it　affords　both　less　rent　and　less

profit；　must；　in　the　Spanish　market；　be　somewhat　nearer　to　the

lowest　price　for　which　it　is　possible　to　bring　it　thither　than

the　price　of　Spanish　silver。　When　all　expenses　are　computed；　the

whole　quantity　of　the　one　metal；　it　would　seem；　cannot；　in　the

Spanish　market；　be　disposed　of　so　advantageously　as　the　whole

quantity　of　the　other。　The　tax；　indeed；　of　the　King　of　Portugal

upon　the　gold　of　the　Brazils　is　the　same　with　the　ancient　tax　of

the　King　of　Spain　upon　the　silver　of　Mexico　and　Peru；　or

one…fifth　part　of　the　standard　metal。　It　may；　therefore；　be

uncertain　whether　to　the　general　market　of　Europe　the　whole　mass

of　American　gold　comes　at　a　price　nearer　to　the　lowest　for　which

it　is　possible　to　bring　it　thither　than　the　whole　mass　of

American　silver。

　　　　　The　price　of　diamonds　and　other　precious　stones　may；

perhaps；　be　still　nearer　to　the　lowest　price　at　which　it　is

possible　to　bring　them　to　market　than　even　the　price　of　gold。

　　　　　Though　it　is　not　very　probable　that　any　part　of　a　tax；　which

is　not　only　imposed　upon　one　of　the　most　proper　subjects　of

taxation；　a　mere　luxury　and　superfluity；　but　which　affords　so

very　important　a　revenue　as　the　tax　upon　silver；　will　ever　be

given　up　as　long　as　it　is　possible　to　pay　it；　yet　the　same

impossibility　of　paying　it；　which　in　1736　made　it　necessary　to

reduce　it　from　one…fifth　to　one…tenth；　may　in　time　make　it

necessary　to　reduce　it　still　further；　in　the　same　manner　as　it

made　it　necessary　to　reduce　the　tax　upon　gold　to　one…twentieth。

That　the　silver　mines　of　Spanish　A