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that　the　work　could　not　bear　even　the　lowest　of　these　two　taxes。

If　it　is　rare；　however；　say　the　same　authors；　Frezier　and　Ulloa；

to　find　a　person　who　has　made　his　fortune　by　a　silver；　it　is

still　much　rarer　to　find　one　who　has　done　so　by　a　gold　mine。　This

twentieth　part　seems　to　be　the　whole　rent　which　is　paid　by　the

greater　part　of　the　gold　mines　in　Chili　and　Peru。　Gold；　too；　is

much　more　liable　to　be　smuggled　than　even　silver；　not　only　on

account　of　the　superior　value　of　the　metal　in　proportion　to　its

bulk；　but　on　account　of　the　peculiar　way　in　which　nature　produces

it。　Silver　is　very　seldom　found　virgin；　but；　like　most　other

metals；　is　generally　mineralized　with　some　other　body；　from　which

it　is　impossible　to　separate　it　in　such　quantities　as　will　pay

for　the　expense；　but　by　a　very　laborious　and　tedious　operation；

which　cannot　well　be　carried　on　but　in　workhouses　erected　for　the

purpose；　and　therefore　exposed　to　the　inspection　of　the　king's

officers。　Gold；　on　the　contrary；　is　almost　always　found　virgin。

It　is　sometimes　found　in　pieces　of　some　bulk；　and　even　when　mixed

in　small　and　almost　insensible　particles　with　sand；　earth；　and

other　extraneous　bodies；　it　can　be　separated　from　them　by　a　very

short　and　simple　operation；　which　can　be　carried　on　in　any

private　house　by　anybody　who　is　possessed　of　a　small　quantity　of

mercury。　If　the　king's　tax；　therefore；　is　but　ill　paid　upon

silver；　it　is　likely　to　be　much　worse　paid　upon　gold；　and　rent；

must　make　a　much　smaller　part　of　the　price　of　gold　than　even　of

that　of　silver。

　　　　　The　lowest　price　at　which　the　precious　metals　can　be　sold；

or　the　smallest　quantity　of　other　goods　for　which　they　can　be

exchanged　during　any　considerable　time；　is　regulated　by　the　same

principles　which　fix　the　lowest　ordinary　price　of　all　other

goods。　The　stock　which　must　commonly　be　employed；　the　food；　the

clothes；　and　lodging　which　must　commonly　be　consumed　in　bringing

them　from　the　mine　to　the　market；　determine　it。　It　must　at　least

be　sufficient　to　replace　that　stock；　with　the　ordinary　profits。

　　　　　Their　highest　price；　however；　seems　not　to　be　necessarily

determined　by　anything　but　the　actual　scarcity　or　plenty　of　those

metals　themselves。　It　is　not　determined　by　that　of　any　other

commodity；　in　the　same　manner　as　the　price　of　coals　is　by　that　of

wood；　beyond　which　no　scarcity　can　ever　raise　it。　Increase　the

scarcity　of　gold　to　a　certain　degree；　and　the　smallest　bit　of　it

may　become　more　precious　than　a　diamond；　and　exchange　for　a

greater　quantity　of　other　goods。

　　　　　The　demand　for　those　metals　arises　partly　from　their　utility

and　partly　from　their　beauty。　If　you　except　iron；　they　are　more

useful　than；　perhaps；　any　other　metal。　As　they　are　less　liable　to

rust　and　impurity；　they　can　more　easily　be　kept　clean；　and　the

utensils　either　of　the　table　or　the　kitchen　are　often　upon　that

account　more　agreeable　when　made　of　them。　A　silver　boiler　is　more

cleanly　than　a　lead；　copper；　or　tin　one；　and　the　same　quality

would　render　a　gold　boiler　still　better　than　a　silver　one。　Their

principal　merit；　however；　arises　from　their　beauty；　which　renders

them　peculiarly　fit　for　the　ornaments　of　dress　and　furniture。　No

paint　or　dye　can　give　so　splendid　a　colour　as　gilding。　The　merit

of　their　beauty　is　greatly　enhanced　by　their　scarcity。　With　the

greater　part　of　rich　people；　the　chief　enjoyment　of　riches

consists　in　the　parade　of　riches；　which　in　their　eye　is　never　so

complete　as　when　they　appear　to　possess　those　decisive　marks　of

opulence　which　nobody　can　possess　but　themselves。　In　their　eyes

the　merit　of　an　object　which　is　in　any　degree　either　useful　or

beautiful　is　greatly　enhanced　by　its　scarcity；　or　by　the　great

labour　which　it　requires　to　collect　any　considerable　quantity　of

it；　a　labour　which　nobody　can　afford　to　pay　but　themselves。　Such

objects　they　are　willing　to　purchase　at　a　higher　price　than

things　much　more　beautiful　and　useful；　but　more　common。　These

qualities　of　utility；　beauty；　and　scarcity；　are　the　original

foundation　of　the　high　price　of　those　metals；　or　of　the　great

quantity　of　other　goods　for　which　they　can　everywhere　be

exchanged。　This　value　was　antecedent　to　and　independent　of　their

being　employed　as　coin；　and　was　the　quality　which　fitted　them　for

that　employment。　That　employment；　however；　by　occasioning　a　new

demand；　and　by　diminishing　the　quantity　which　could　be　employed

in　any　other　way；　may　have　afterwards　contributed　to　keep　up　or

increase　their　value。

　　　　　The　demand　for　the　precious　stones　arises　altogether　from

their　beauty。　They　are　of　no　use　but　as　ornaments；　and　the　merit

of　their　beauty　is　greatly　enhanced　by　their　scarcity；　or　by　the

difficulty　and　expense　of　getting　them　from　the　mine。　Wages　and

profit　accordingly　make　up；　upon　most　occasions；　almost　the　whole

of　their　high　price。　Rent　comes　in　but　for　a　very　small　share；

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