'I'll E WEALTH OF NATIONS.

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much lower in those great empires than it is anywhere inEurope. Through the greater part of Europe too the expenseof laiul-carriage increases very much both the real and no-minal price of most manufactures. It costs more labour,and therefore more money, to bring first the materials, andafterward the complete manufacture to market. In China and Indostan the extent and variety of inland navigationssave the greater part of this labour, and consequently of thismoney, and thereby reduce still lower both the real and thenominal price of the greater part of their manufactures.Upon all these accounts, the precious metals are a commoditywhich it always has been, and still continues to be, extremelyadvantageous to carry from Europe to India . There is scarceany commodity which brings a better price there; or which,in proportion to the quantity of labour and commodities whichit costs in Europe , will purchase or command a greater quan-tity of labour and commodities in India . It is more advan-tageous too to carry silver thither than gold; because in China ,and the greater part of the other markets of India , the pro-portion between fine silver and fine gold is but as ten, or atmost as twelve to one; whereas in Europe it is as fourteenor fifteen to one. In China , and the greater part of theother markets of India , ten, or at most twelve, ounces of silver,will purchase an ounce of gold: in Europe it requires fromfourteen to fifteen ounces. In the cargoes, therefore, of thegreater part of European ships which sail to India , silver hasgenerally been one of the most valuable articles. It is themost valuable article in the Acapulco ships which sail to Ma-nilla. The silver of the new continent seems in this mannerto be one of the principal commodities by which the com-merce between the two extremities of the old one is carriedon, and it is by means of it, in a great measure, that thosedistant parts of the world are connected with one another.

In order to supply so very widely extended a market, thequantity of silver annually brought from the mines must notonly be sufficient to support that continual increase both ofcoin and of plate which is required in all thriving countries;but to repair that continual waste and consumption of silverwhich takes place in all countries where that metal is used.

The continual consumption of the precious metals in coinby wearing, and in plate both by wearing and cleaning, isvery sensible; and in commodities of which the use is sovery widely extended, would alone require a very great an-

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