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cleanly than a lead�察�copper�察�or tin one�察�and the same quality
would render a gold boiler still better than a silver one。 Their
principal merit�察�however�察�arises from their beauty�察�which renders
them peculiarly fit for the ornaments of dress and furniture。 No
paint or dye can give so splendid a colour as gilding。 The merit
of their beauty is greatly enhanced by their scarcity。 With the
greater part of rich people�察�the chief enjoyment of riches
consists in the parade of riches�察�which in their eye is never so
complete as when they appear to possess those decisive marks of
opulence which nobody can possess but themselves。 In their eyes
the merit of an object which is in any degree either useful or
beautiful is greatly enhanced by its scarcity�察�or by the great
labour which it requires to collect any considerable quantity of
it�察�a labour which nobody can afford to pay but themselves。 Such
objects they are willing to purchase at a higher price than
things much more beautiful and useful�察�but more common。 These
qualities of utility�察�beauty�察�and scarcity�察�are the original
foundation of the high price of those metals�察�or of the great
quantity of other goods for which they can everywhere be
exchanged。 This value was antecedent to and independent of their
being employed as coin�察�and was the quality which fitted them for
that employment。 That employment�察�however�察�by occasioning a new
demand�察�and by diminishing the quantity which could be employed
in any other way�察�may have afterwards contributed to keep up or
increase their value。
The demand for the precious stones arises altogether from
their beauty。 They are of no use but as ornaments�察�and the merit
of their beauty is greatly enhanced by their scarcity�察�or by the
difficulty and expense of getting them from the mine。 Wages and
profit accordingly make up�察�upon most occasions�察�almost the whole
of their high price。 Rent comes in but for a very small share��
frequently for no share�察�and the most fertile mines only afford
any considerable rent。 When Tavernier�察�a jeweller�察�visited the
diamond mines of Golconda and Visiapour�察�he was informed that the
sovereign of the country�察�for whose benefit they were wrought��
had ordered all of them to be shut up�察�except those which yield
the largest and finest stones。 The others�察�it seems�察�were to the
proprietor not worth the working。
As the price both of the precious metals and of the precious
stones is regulated all over the world by their price at the most
fertile mine in it�察�the rent which a mine of either can afford to
its proprietor is in proportion�察�not to its absolute�察�but to what
may be called its relative fertility�察�or to its superiority over
other mines of the same kind。 If new mines were discovered as
much superior to those of Potosi as they were superior to those
Europe�察�the value of silver might be so much degraded as to
render even the mines of Potosi not worth the working。 Before the
discovery of the Spanish West Indies�察�the most fertile mines in
Europe may have afforded as great a rent to their proprietor as
the richest mines in Peru do at present。 Though the quantity of
silver was much less�察�it might have exchanged for an equal
quantity of other goods�察�and the proprietor's share might have
enabled him to purchase or command an equal quantity either of
labour or of commodities。 The value both of the produce and of
the rent�察�the real revenue which they afforded both to the public
and to the proprietor�察�might have been the same。
The most abundant mines either of the precious metals or of
the precious stones could add little to the wealth of the world。
A produce of which the value is principally derived from its
scarcity�察�is necessarily degraded by its abundance。 A service of
plate�察�and the other frivolous ornaments of dress and furniture��
could be purchased for a smaller quantity of labour�察�or for a
smaller quantity of commodities�察�and in this would consist the
sole advantage which the world could derive from that abundance。
It is otherwise in estates above ground。 The value both of
their produce and of their rent is in proportion to their
absolute�察�and not to their relative fertility。 The land which
produces a certain quantity of food�察�clothes�察�and lodging�察�can
always feed�察�clothe�察�and lodge a certain number of people�察�and
whatever may be the proportion of the landlord�察�it will always
give him a proportionable command of the labour of those people��
and of the commodities with which that labour can supply him。 The
value of the most barren lands is not diminished by the
neighbourhood of the most fertile。 On the contrary�察�it is
generally increased by it。 The great number of people maintained
by the fertile lands afford a market to many parts of the produce
of the barren�察�which they could never have found among those whom
their own produce could maintain。
Whatever increases the fertility of land in producing food
increases not only the value of the lands upon which the
improvement is bestowed�察�but contributes likewise to increase
that of many other lands by creating a new demand for their
produce。 That abundance of food�察�of which�察�in consequence of the
improvement of land�察�many people have the disposal beyond what
they themselves can consume�察�is the great cause of the demand
both for the precious metals and the precious stone�察�as well as
for every other conveniency and ornament of dress�察�lodging��
household furniture�察�and equipage。 Food not only constitutes the
principal part of the riches of the world�察�but it is the
abundance of food which gives the principal part of their value
to many other sorts of riches。 The poor inhabitants of Cuba and
St。 Domingo�察�when they were first discovered by the Spaniards��
used to wear little bits of gold as ornaments in their hair and
other parts of their dress。 They seemed to value them as we would
do any little pebbles of somewhat more than ordinary beauty�察�and
to consider them as just worth the picking up�察�but not worth the
refusing to anybody who asked them。 They gave them to their new
guests at the first request�察�without seeming to think that they
had made them any very valuable present。 They were astonished to
observe the rage of the Spaniards to obtain them�察�and had no
notion that there could anywhere be a country in which many
people had the disposal of so great a superfluity of food�察�so
scanty always among themselves�察�that for a very small quantity of
those glittering baubles they would willingly give as much as
might maintain a whole family for many years。 Could they have
been made to understand this�察�the passion of the Spaniards would
not have surprised them。
PART 3 Of the Variations in the
Proportion between the respective Values
of that Sort of Produce which always affords Rent�察�and of
that
which sometimes does and sometimes does not afford Rent
THE increasing abundance of food�察�in consequence of
increasing improvement and cultivation�察�must necessarily increase
the demand for every part of the produce of land which is not
food�察�and which can be applied either to use or to ornament。 In
the whole progress of improvement�察�it might therefore be
expected�察�there should be only one variation in the comparative
values of those two different sorts of produce。 The value of that
sort which sometimes does and sometimes does not afford rent��
should constantly rise in proportion to that which always affords
some rent。 As art and industry advance�察�the materials of clothing
and lodging�察�the useful fossils and minerals of the earth�察�the
precious metals and the precious stones should gradually come to
be more and more in demand�察�should gradually exchange for a
greater and a greater quantity of food�察�or in other words�察�should
gradually become dearer and dearer。 This accordingly has been the
case with most of these things upon most occasions�察�and would
have been the case with a