chap. XX.

INCREASED PRICES.

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in the ages which had preceded the discoveryof America. It has given rise to a class of per-sons properly denominated the middle order, whopossess the greater part of the wealth, the activity,the intellect, and the influence in those parts oftheworld whose position and connexion and civiliza-tion may be said to rule the globe.

Although the quantity of the precious metalsproduced from the mines was less in the period wehave surveyed than in each of the two centurieswhich succeeded it, yet it is of much importanceto the purpose of this inquiry. The quantityintroduced acted upon the small quantity pre-viously in existence with most powerful effect. Itquadrupled or quintupled the portion of money.It lowered its value as a commodity in the sameproportion ; or, in other words, it raised the valueof all commodities at the rate here stated. Insubsequent periods, it will be seen that the largerquantities of gold and silver that were extractedfrom the mines produced much less effect, be-cause they acted upon the larger portions whichhad previously been accumulated.

In fact, in no period of the world was thechange in all mercantile and agricultural relationsand connexions in any degree approaching to thatwhich took place between the termination of thefifteenth and of the sixteenth century. In thenext century, though more of the precious metalswas produced, the change wasTess extensive; and

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