wealbk01-第47章

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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　America；　like　all　other　mines；

become　gradually　more　expensive　in　the　working；　on　account　of　the

greater　depths　at　which　it　is　necessary　to　carry　on　the　works；

and　of　the　greater　expense　of　drawing　out　the　water　and　of

supplying　them　with　fresh　air　at　those　depths；　is　acknowledged　by

everybody　who　has　inquired　into　the　state　of　those　mines。

　　　　　These　causes；　which　are　equivalent　to　a　growing　scarcity　of

silver　（for　a　commodity　may　be　said　to　grow　scarcer　when　it

becomes　more　difficult　and　expensive　to　collect　a　certain

quantity　of　it）　must；　in　time；　produce　one　or　other　of　the　three

following　events。　The　increase　of　the　expense　must　either；　first；

be　compensated　altogether　by　a　proportionable　increase　in　the

price　of　the　metal；　or；　secondly；　it　must　be　compensated

altogether　by　a　proportionable　diminution　of　the　tax　upon　silver；

or；　thirdly；　it　must　be　compensated　partly　by　the　one；　and　partly

by　the　other　of　those　two　expedients。　This　third　event　is　very

possible。　As　gold　rose　in　its　price　in　proportion　to　silver；

notwithstanding　a　great　diminution　of　the　tax　upon　gold；　so

silver　might　rise　in　its　price　in　proportion　to　labour　and

commodities；　notwithstanding　an　equal　diminution　of　the　tax　upon

silver。

　　　　　Such　successive　reductions　of　the　tax；　however；　though　they

may　not　prevent　altogether；　must　certainly　retard；　more　or　less；

the　rise　of　the　value　of　silver　in　the　European　market。　In

consequence　of　such　reductions　many　mines　may　be　wrought　which

could　not　be　wrought　before；　because　they　could　not　afford　to　pay

the　old　tax；　and　the　quantity　of　silver　annually　brought　to

market　must　always　be　somewhat　greater；　and；　therefore；　the　value

of　any　given　quantity　somewhat　less；　than　it　otherwise　would　have

been。　In　consequence　of　the　reduction　in　1736；　the　value　of

silver　in　the　European　market；　though　it　may　not　at　this　day　be

lower　than　before　that　reduction；　is；　probably；　at　least　ten　per

cent　lower　than　it　would　have　been　had　the　Court　of　Spain

continued　to　exact　the　old　tax。

　　　　　That；　notwithstanding　this　reduction；　the　value　of　silver

has；　during　the　course　of　the　present　century；　begun　to　rise

somewhat　in　the　European　market；　the　facts　and　arguments　which

have　been　alleged　above　dispose　me　to　believe；　or　more　properly

to　suspect　and　conjecture；　for　the　best　opinion　which　I　can　form

upon　this　subject　scarce；　perhaps；　deserves　the　name　of　belief。

The　rise；　indeed；　supposing　there　has　been　any；　has　hitherto　been

so　very　small　that　after　all　that　has　been　said　it　may；　perhaps；

appear　to　many　people　uncertain；　not　only　whether　this　event　has

actually　taken　place；　but　whether　the　contrary　may　not　have　taken

place；　or　whether　the　value　of　the　silver　may　not　still　continue

to　fall　in　the　European　market。

　　　　　It　must　be　observed；　however；　that　whatever　may　be　the

supposed　annual　importation　of　gold　and　silver；　there　must　be　a

certain　period　at　which　the　annual　consumption　of　those　metals

will　be　equal　to　that　annual　importation。　Their　consumption　must

increase　as　their　mass　increases；　or　rather　in　a　much　greater

proportion。　As　their　mass　increases；　their　value　diminishes。　They

are　more　used　and　less　cared　for；　and　their　consumption

consequently　increases　in　a　greater　proportion　than　their　mass。

After　a　certain　period；　therefore；　the　annual　consumption　of

those　metals　must；　in　this　manner；　become　equal　to　their　annual

importation；　provided　that　importation　is　not　continually

increasing；　which；　in　the　present　times；　is　not　supposed　to　be

the　case。

　　　　　If；　when　the　annual　consumption　has　become　equal　to　the

annual　importation；　the　annual　importation　should　gradually

diminish；　the　annual　consumption　may；　for　some　time；　exceed　the

annual　importation。　The　mass　of　those　metals　may　gradually　and

insensibly　diminish；　and　their　value　gradually　and　insensibly

rise；　till　the　annual　importation　become　again　stationary；　the

annual　consumption　will　gradually　and　insensibly　accommodate

itself　to　what　that　annual　importation　can　maintain。　

　　　　　GROUNDS　OF　THE　SUSPICION　THAT　THE　VALUE　OF　SILVER　STILL

　　　　　　　　　　　　　　　　　　　　CONTINUES　TO　DECREASE　

　　　　　The　increase　of　the　wealth　of　Europe；　and　the　popular　notion

that；　as　the　quantity　of　the　precious　metals　naturally　increases

with　the　increase　of　wealth　so　their　value　diminishes　as　their

quantity　increases；　may；　perhaps；　dispose　many　people　to　believe

that　their　value　still　continues　to　fall　in　the　European　market；

and　the　still　gradually　increasing　price　of　many　parts　of　the

rude　produce　of　land　may　confirm　them　still　further　in　this

opinion。

　　　　　That　that　increase　in　the　quantity　of　the　precious　metals；

which　arises　in　any　country　from　the　increase　of　wealth；　has　no

tendency　to　diminish　their　value；　I　have　endeavoured　to　show

already。　Gold　and　silver　naturally　resort　to　a　rich　country；　for

the　same　reason　that　all　sorts　of　luxuries　and　curiosities　resort

to　it；　not　because　they　are　cheaper　there　than　in　poorer

countries；　but　because　they　are　dearer；　or　because　a　better　price

is　given　for　them。　It　is　the　superiority　of　price　which　attracts

them；　and　as　soon　as　that　superiority　ceases；　they　necessarily

cease　to　go　thither。

　　　　　If　you　except　corn　and　such　other　vegetables　as　are　raised

altogether　by　human　industry；　that　all　other　sorts　of　rude

produce；　cattle；　poultry；　game　of　all　kinds；　the　useful　fossils

and　minerals　of　the　earth；　etc。；　naturally　grow　dearer　as　the

society　advances　in　wealth　and　improvement；　I　have　endeavoured　to

show　already。　Though　such　commodities；　therefore；　come　to

exchange　for　a　greater　quantity　of　silver　than　before；　it　will

not　from　thence　follow　that　silver　has　become　really　cheaper；　or

will　purchase　less　labour　than　before；　but　that　such　commodities

have　become　really　dearer；　or　will　purchase　more　labour　than

before。　It　is　not　their　nominal　price　only；　but　their　real　price

which　rises　in　the　progress　of　improvement。　The　rise　of　their

nominal　price　is　the　effect；　not　of　any　degradation　of　the　value

of　silver；　but　of　the　rise　in　their　real　price。　

　　　　　DIFFERENT　EFFECTS　OF　THE　PROGRESS　OF　IMPROVEMENT　UPON　THREE

　　　　　　　　　　　　　　　　　DIFFERENT　SORTS　OF　RUDE　PRODUCE　

　　　　　These　different　sorts　of　rude　produce　may　be　divided　into

three　classes。　The　first　comprehends　those　which　it　is　scarce　in

the　power　of　human　industry　to　multiply　at　all。　The　second；　those

which　it　can　multiply　in　proportion　to　the　demand。　The　third；

those　in　which　the　efficacy　of　industry　is　either　limited　or

uncertain。　In　the　progress　of　wealth　and　improvement；　the　real

price　of　the　first　may　rise　to　any　degree　of　extravagance；　and

seems　not　to　be　limited　by　any　certain　boundary。　That　of　the

second；　though　it　may　rise　greatly；　has；　however；　a　certain

boundary　beyond　which　it　cannot　well　pass　for　any　considerable

time　together。　That　of　the　third；　though　its　natural　tendency　is

to　rise　in　the　progress　of　imp