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secondly；　upon　the　fertility　or　barrenness　of　the　mines　which　may

happen　at　any　particular　time　to　supply　the　commercial　world　with

those　metals。　The　quantity　of　those　metals　in　the　countries　most

remote　from　the　mines　must　be　more　or　less　affected　by　this

fertility　or　barrenness；　on　account　of　the　easy　and　cheap

transportation　of　those　metals；　of　their　small　bulk　and　great

value。　Their　quantity　in　China　and　Indostan　must　have　been　more

or　less　affected　by　the　abundance　of　the　mines　of　America。

　　　　　So　far　as　their　quantity　in　any　particular　country　depends

upon　the　former　of　those　two　circumstances　（the　power　of

purchasing）；　their　real　price；　like　that　of　all　other　luxuries

and　superfluities；　is　likely　to　rise　with　the　wealth　and

improvement　of　the　country；　and　to　fall　with　its　poverty　and

depression。　Countries　which　have　a　great　quantity　of　labour　and

subsistence　to　spare　can　afford　to　purchase　any　particular

quantity　of　those　metals　at　the　expense　of　a　greater　quantity　of

labour　and　subsistence　than　countries　which　have　less　to　spare。

　　　　　So　far　as　their　quantity　in　any　particular　country　depends

upon　the　latter　of　those　two　circumstances　（the　fertility　or

barrenness　of　the　mines　which　happen　to　supply　the　commercial

world）；　their　real　price；　the　real　quantity　of　labour　and

subsistence　which　they　will　purchase　or　exchange　for；　will；　no

doubt；　sink　more　or　less　in　proportion　to　the　fertility；　and　rise

in　proportion　to　the　barrenness　of　those　mines。

　　　　　The　fertility　or　barrenness　of　the　mines；　however；　which　may

happen　at　any　particular　time　to　supply　the　commercial　world；　is

a　circumstance　which；　it　is　evident；　may　have　no　sort　of

connection　with　the　state　of　industry　in　a　particular　country。　It

seems　even　to　have　no　very　necessary　connection　with　that　of　the

world　in　general。　As　arts　and　commerce；　indeed；　gradually　spread

themselves　over　a　greater　and　a　greater　part　of　the　earth；　the

search　for　new　mines；　being　extended　over　a　wider　surface；　may

have　somewhat　a　better　chance　for　being　successful　than　when

confined　within　narrower　bounds。　The　discovery　of　new　mines；

however；　as　the　old　ones　come　to　be　gradually　exhausted；　is　a

matter　of　the　greatest　uncertainty；　and　such　as　no　human　skill　or

industry　can　ensure。　All　indications；　it　is　acknowledged；　are

doubtful；　and　the　actual　discovery　and　successful　working　of　a

new　mine　can　alone　ascertain　the　reality　of　its　value；　or　even　of

its　existence。　In　this　search　there　seem　to　be　no　certain　limits

either　to　the　possible　success　or　to　the　possible　disappointment

of　human　industry。　In　the　course　of　a　century　or　two；　it　is

possible　that　new　mines　may　be　discovered　more　fertile　than　any

that　have　ever　yet　been　known；　and　it　is　just　equally　possible

the　most　fertile　mine　then　known　may　be　more　barren　than　any　that

was　wrought　before　the　discovery　of　the　mines　of　America。　Whether

the　one　or　the　other　of　those　two　events　may　happen　to　take　place

is　of　very　little　importance　to　the　real　wealth　and　prosperity　of

the　world；　to　the　real　value　of　the　annual　produce　of　the　land

and　labour　of　mankind。　Its　nominal　value；　the　quantity　of　gold

and　silver　by　which　this　annual　produce　could　be　expressed　or

represented；　would；　no　doubt；　be　very　different；　but　its　real

value；　the　real　quantity　of　labour　which　it　could　purchase　or

command；　would　be　precisely　the　same。　A　shilling　might　in　the　one

case　represent　no　more　labour　than　a　penny　does　at　present；　and　a

penny　in　the　other　might　represent　as　much　as　a　shilling　does

now。　But　in　the　one　case　he　who　had　a　shilling　in　his　pocket

would　be　no　richer　than　he　who　has　a　penny　at　present；　and　in　the

other　he　who　had　a　penny　would　be　just　as　rich　as　he　who　has　a

shilling　now。　The　cheapness　and　abundance　of　gold　and　silver

plate　would　be　the　sole　advantage　which　the　world　could　derive

from　the　one　event；　and　the　dearness　and　scarcity　of　those

trifling　superfluities　the　only　inconveniency　it　could　suffer

from　the　other。　

　　　　　CONCLUSION　OF　THE　DIGRESSION　CONCERNING　THE　VARIATIONS　IN

　　　　　　　　　　　　　　　　　　　　THE　VALUE　OF　SILVER　

　　　　　The　greater　part　of　the　writers　who　have　collected　the　money

prices　of　things　in　ancient　times　seem　to　have　considered　the　low

money…price　of　corn；　and　of　goods　in　general；　or；　in　other　words；

the　high　value　of　gold　and　silver；　as　a　proof；　not　only　of　the

scarcity　of　those　metals；　but　of　the　poverty　and　barbarism　of　the

country　at　the　time　when　it　took　place。　This　notion　is　connected

with　the　system　of　political　economy　which　represents　national

wealth　as　consisting　in　the　abundance；　and　national　poverty　in

the　scarcity　of　gold　and　silver；　a　system　which　I　shall　endeavour

to　explain　and　examine　at　great　length　in　the　fourth　book　of　this

inquiry。　I　shall　only　observe　at　present　that　the　high　value　of

the　precious　metals　can　be　no　proof　of　the　poverty　or　barbarism

of　any　particular　country　at　the　time　when　it　took　place。　It　is　a

proof　only　of　the　barrenness　of　the　mines　which　happened　at　that

time　to　supply　the　commercial　world。　A　poor　country；　as　it　cannot

afford　to　buy　more；　so　it　can　as　little　afford　to　pay　dearer　for

gold　and　silver　than　a　rich　one；　and　the　value　of　those　metals；

therefore；　is　not　likely　to　be　higher　in　the　former　than　in　the

latter。　In　China；　a　country　much　richer　than　any　part　of　Europe；

the　value　of　the　precious　metals　is　much　higher　than　in　any　part

of　Europe。　As　the　wealth　of　Europe；　indeed；　has　increased　greatly

since　the　discovery　of　the　mines　of　America；　so　the　value　of　gold

and　silver　has　gradually　diminished。　This　diminution　of　their

value；　however；　has　not　been　owing　to　the　increase　of　the　real

wealth　of　Europe；　of　the　annual　produce　of　its　land　and　labour；

but　to　the　accidental　discovery　of　more　abundant　mines　than　any

that　were　known　before。　The　increase　of　the　quantity　of　gold　and

silver　in　Europe；　and　the　increase　of　its　manufactures　and

agriculture；　are　two　events　which；　though　they　have　happened

nearly　about　the　same　time；　yet　have　arisen　from　very　different

causes；　and　have　scarce　any　natural　connection　with　one　another。

The　one　has　arisen　from　a　mere　accident；　in　which　neither

prudence　nor　policy　either　had　or　could　have　any　share。　The　other

from　the　fall　of　the　feudal　system；　and　from　the　establishment　of

a　government　which　afforded　to　industry　the　only　encouragement

which　it　requires；　some　tolerable　security　that　it　shall　enjoy

the　fruits　of　its　own　labour。　Poland；　where　the　feudal　system

still　continues　to　take　place；　is　at　this　day　as　beggarly　a

country　as　it　was　before　the　discovery　of　America。　The　money

price　of　corn；　however；　has　risen；　the　real　value　of　the　precious

metals　has　fallen　in　Poland；　in　the　same　manner　as　in　other　parts

of　Europe。　Their　quantity；　therefore；　must　have　increased　there

as　in　other　places；　and　nearly　in　the　same　proportion　to　the

annual　produce　of　its　land　and　labour。　This　increase　of　the

quantity　of　those　metals；　however；　has　not；　it　seems；　increased

that　annual　produce；　has　neither　improved　the　manufactures　and

agriculture　of　the　country；　nor　mended　the　circumstances　of　its

inhabitants。　Spain　and　Portugal；　the　countries　which　possess　the

mines；　are；　after　Poland；　perhaps；　the　two　most　beggarly

countries　in　Europe。　The　value　of　the　precious　metals；　however；

must　be　lower　in　Spain　and　Portugal　than　in　any　other　part　of

Europe；　as　they　come　from　those　countries　to　all　other　parts　of

Europe；　loaded；　not　only　with　a　freight　and　an　insurance；　but

with　the　expense　of　smuggling；　their　exportation　being　either

prohibited；　or　subjected　to　a　duty。　In　proportion　to　the　annual

produce　of　the　land　and　labour；　therefore；　their　quantity　must　be

greater　in　those　countries　than　in　any　other　part　of　Europe。

Those　countries；　however；　are　poorer　than　the　greater　part　of

Europe。　Though　the　feudal　system　has　been　abolished　in　Spain　and

Portugal；　it　has　not　been　succeeded　by　a　much　better。

　　　　　As　the　low　value　of　gold　and　silver；　therefore；　is　no　proof

of　the　wealth　and　flourishing　state　of　the　country　where　it　takes

place；　so　neither　is　their　high　value；　or　the　low　money　price

either　of　goods　in　general；　or　of　corn　in　particular；　any　proof

of　its　poverty　and　barbarism。

　　　　　But　though　the　low　money　price　either　of　goods　in　general；

or　of　corn　in　particular；　be　no　proof　of　the　poverty　or　barbarism

of　the　times；　the　low　money　price　of　some　particular　sorts　of

goods；　such　as　cattle；　poultry；　game　of　all　kinds；　etc。；　in

proportion　to　that　of　corn；　is　a　most　decisive　one。　It　clearly

demonstrates；　first；　their　great　abundance　in　proportion　to　that

of　corn；　and　consequently　the　great　extent　of　the　land　which　they

occupied　in　proportion　to　what　was　occupied　by　corn；　and；

secondly；　the　low　value　of　this　land　in　proportion　to　that　of

corn　land；　and　consequently　the　uncultivated　and　unimproved　state

of　the　far　greater　part　of　the　lands　of　the　country。　It　clearly

demonstrates　that　the　s