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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 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