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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

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