THE WEA1.T1I OF NATIONS.

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the discovery of the mines of America , so the value of goldand silver has gradually diminished. This diminution oftheir value, however, lias not been owing to the increase ofthe real wealth of Europe , of the annual produce of its landand labour, but to the accidental discovery of more abundantmines than any that were known before. The increase of thequantity of gold and silver in Europe , and the increase of itsmanufactures and agriculture, arc two events which, thoughthey have happened nearly about the same time, yet havearisen from very different causes, and have scarce any naturalconnexion with one another. Tho one has arisen from amere accident, in which neither prudence nor policy eitherhad or could have any share: the other from the fail of thefeudal system, and from the establishment of governmentwhich afforded to industry the only encouragement which itrequires, some tolerable security that it shall enjoy the fruitsof its own labour. Poland , where the feudal system stillcontinues to take place, is at this day as beggarly a countryas it was before the discovery of America . The money priceof corn, however, has risen; the real value of the preciousmetals has fallen in Poland , in the same manner as in otherparts of Europe . Their quantity, therefore, must have in-creased there as in other places, and nearly in the same pro-portion to the annual produce of its land and labour. Thisincrease of the quantity of those metals, however, has not, itseems, increased that annual produce, has neither improvedthe manufactures and agriculture of the country, nor mendedthe circumstances of its inhabitants. Spain and Portugal ,the countries which possess the mines, are, after Poland , per-haps, the two most beggarly countries in Europe . The valueof the precious metals, however, must be lower in Spain andPortugal than in any other part of Europe ; as they comefrom those countries to all other parts of Europe , loaded, notonly with a freight and an insurance, but with the expense ofsmuggling, their exportation being either prohibited, or sub-jected to a duty. In proportion to the annual produce of theland and labour, therefore, their quantity must be greater iifthose countries than in any other part of Europe ; those coun-tries, however, are poorer than the greater part of Europe .Though the feudal system has been abolished in Spain andPortugal , it has not been succeeded by a much better.

As the low value of gold and silver, therefore, is no proofof the wealth and flourishing state of the country where it

Q 2