THE NATURE AND CAUSES OF

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quantity of the necessaries and conveniencies of life for whichthey must be exchanged being the same as before, equal

quantities of the metals must be exchanged for smaller quan-tities of commodities. So far, therefore, as the increase of thequantity of the precious metals in any country arises from anincreased abundance of the mines, it is necessarily connectedwith some diminution of their value.

When, on the contrary, the wealth of any country in'creases, when the annual produceof its labour becomes gradmally greater and greater, a greater quantity of coin becomesnecessary in order to circulate a greater quantity of comm 0 'dities: and the people, as they can afford it, as they hav°more commodities to give for it, will naturally purchase ®greater and a greater quantity of plate. The quantity ottheir coin will increase from necessity, the quantity of th° irplate from vanity and ostentation, or from the same reas° nthat the quantity of fine statues, pictures, and of every otb elluxury and curiosity, is likely to increase among them. B uas statuaries and painters are not likely to be worse reward 011in times of wealth and (prosperity than in times of povertyand depression, so gold and silver are not likely to be wors epaid for.

The price of gold and silver, when the accidental discoverof more abundant mines does not keep it down, as itrally rises with the wealth of every country, so, whatever Wthe state of the mines, it is at all times naturally higher $rich than in a poor country. Gold and silver, like all cm 1commodities, naturally seek the market where the best p r ‘ cis given for them, and the best price is commonly given ‘every thing in the country which can best afford it. Lab 0 ^it must be remembered, is the ultimate price which is P a '|jfor everything, and in countries where labour is equallyrewarded, the money price of labour will be in prop° rt jto that of the subsistence of the labourer. But goldsilver will naturally exchange for a greater quantity of ^sistence in a rich than in a poor country, in a country ^ L f ,abounds with subsistence than in one which is but i nC ^ ea tently supplied with it. If the two countries are at » % j,distance, the difference may be very great; because tb 01 ^the metals naturally fly from the worse to the better i« ar g aSvet it may be difficult to transport them in such quantid®^,.to bring their price nearly to a level in both. If d’ etries are near, the difference will be smaller, and may s