按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
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 improvement； yet in the same degree of
improvement it may sometimes happen even to fall； sometimes to
continue the same； and sometimes to rise more or less； according
as different accidents render the efforts of human industry； in
multiplying this sort of rude produce； more or less successful。
FIRST SORT
The first sort of rude produce of which the price rises in
the progress of improvement is that which it is scarce in the
power of human industry to multiply at all。 It consists in those
things which nature produces only in certain quantities； and
which； being of a very perishable nature； it is impossible to
accumulate together the produce of many different seasons。 Such
are the greater part of rare and singular birds and fishes； many
different sorts of game； almost all wild…fowl； all birds of
passage in particular； as well as many other things。 When wealth
and the luxury which accompanies it increase； the demand for
these is likely t