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proposal was approved of by the council。
As long as the whole or the far greater part of the gold；
which the first adventurers imported into Europe； was got by so
very easy a method as the plundering of the defenceless natives；
it was not perhaps very difficult to pay even this heavy tax。 But
when the natives were once fairly stripped of all that they had；
which； in St。 Domingo； and in all the other countries discovered
by Columbus； was done completely in six or eight years； and when
in order to find more it had become necessary to dig for it in
the mines； there was no longer any possibility of paying this
tax。 The rigorous exaction of it； accordingly； first occasioned；
it is said； the total abandoning of the mines of St。 Domingo；
which have never been wrought since。 It was soon reduced
therefore to a third； then to a fifth； afterwards to a tenth； and
at last to a twentieth part of the gross produce of the gold
mines。 The tax upon silver continued for a long time to be a
fifth of the gross produce。 It was reduced to a tenth only in the
course of the present century。 But the first adventurers do not
appear to have been much interested about silver。 Nothing less
precious than gold seemed worthy of their attention。
All the other enterprises of the Spaniards in the new world；
subsequent to those of Columbus； seem to have been prompted by
the same motive。 It was the sacred thirst of gold that carried
Oieda； Nicuessa； and Vasco Nugnes de Balboa； to the Isthmus of
Darien； that carried Cortez to Mexico； and Almagro and Pizzarro
to Chili and Peru。 When those adventurers arrived upon any
unknown coast； their first inquiry was always if there was any
gold to be found there； and according to the information which
they received concerning this particular； they determined either
to quit the country or to settle in it。
Of all those expensive and uncertain projects； however；
which bring bankruptcy upon the greater part of the people who
engage in them； there is none perhaps more ruinous than the
search after new silver and gold mines。 It is perhaps the most
disadvantageous lottery in the world； or the one in which the
gain of those who draw the prizes bears the least proportion to
the loss of those who draw the blanks： for though the prizes are
few and the blanks many； the common price of a ticket is the
whole fortune of a very rich man。 Projects of mining； instead of
replacing the capital employed in them； together with the
ordinary profits of stock； commonly absorb both capital and
profit。 They are the projects； therefore； to which of all others
a prudent lawgiver； who desired to increase the capital of his
nation； would least choose to give any extraordinary
encouragement； or to turn towards them a greater share of that
capital than that would go to them of its own accord。 Such in
reality is the absurd confidence which almost all men have in
their own good fortune that； wherever there is the least
probability of success； too great a share of it is apt to go to
them of its own accord。
But though the judgment of sober reason and experience
concerning such projects has always been extremely unfavourable；
that of human avidity has commonly been quite otherwise。 The same
passion which has suggested to so many people the absurd idea of
the philosopher's stone； has suggested to others the equally
absurd one of immense rich mines of gold and silver。 They did not
consider that the value of those metals has； in all ages and
nations； arisen chiefly from their scarcity； and that their
scarcity has arisen from the very small quantities of them which
nature has anywhere deposited in one place； from the hard and
intractable substances with which she has almost everywhere
surrounded those small quantities； and consequently from the
labour and expense which are everywhere necessary in order to
penetrate to and get at them。 They flattered themselves that
veins of those metals might in many places be found as large and
as abundant as those which are commonly found of lead； or copper；
or tin； or iron。 The dream of Sir Walter Raleigh concerning the
golden city and country of Eldorado； may satisfy us that even
wise men are not always exempt from such strange delusions。 More
than a hundred years after the death of that great man； the
Jesuit Gumila was still convinced of the reality of that
wonderful country； and expressed with great warmth； and I dare to
say with great sincerity； how happy he should be to carry the
light of the gospel to a people who could so well reward the
pious labours of their missionary。
In the countries first discovered by the Spaniards； no gold
or silver mines are at present known which are supposed to be
worth the working。 The quantities of those metals which the first
adventurers are said to have found there had probably been very
much magnified； as well as the fertility of the mines which were
wrought immediately after the first discovery。 What those
adventurers were reported to have found； however； was sufficient
to inflame the avidity of all their countrymen。 Every Spaniard
who sailed to America expected to find an Eldorado。 Fortune； too；
did upon this what she has done upon very few other occasions。
She realized in some measure the extravagant hopes of her
votaries； and in the discovery and conquest of Mexico and Peru
（of which the one happened about thirty； the other about forty
years after the first expedition of Columbus）； she presented them
with something not very unlike that profusion of the precious
metals which they sought for。
A project of commerce to the East Indies； therefore； gave
occasion to the first discovery of the West。 A project of
conquest gave occasion to all the establishments of the Spaniards
in those newly discovered countries。 The motive which excited
them to this conquest was a project of gold and silver mines； and
a course of accidents； which no human wisdom could foresee；
rendered this project much more successful than the undertakers
had any reasonable grounds for expecting。
The first adventurers of all the other nations of Europe who
attempted to make settlements in America were animated by the
like chimerical views； but they were not equally successful。 It
was more than a hundred years after the first settlement of the
Brazils before any silver； gold； or diamond mines were discovered
there。 In the English； French； Dutch； and Danish colonies； none
have ever yet been discovered； at least none that are at present
supposed to be worth the working。 The first English settlers in
North America； however； offered a fifth of all the gold and
silver which should be found there to the king； as a motive for
granting them their patents。 In the patents to Sir Walter
Raleigh； to the London and Plymouth Companies； to the Council of
Plymouth； etc。； this fifth was accordingly reserved to the crown。
To the expectation of finding gold and silver mines； those first
settlers； too； joined that of discovering a northwest passage to
the East Indies。 They have hitherto been disappointed in both。
PART 2
Causes of Prosperity of New Colonies
THE colony of a civilised nation which takes possession
either of a waste country； or of one so thinly inhabited that the
natives easily give place to the new settlers； advances more
rapidly to wealth and greatness than any other human society。
The colonists carry out with them a knowledge of agriculture
and of other useful arts superior to what can grow up of its own
accord in the course of many centuries among savage and barbarous
nations。 They carry out with them； too； the habit of
subordination； some notion of the regular government which takes
place in their own country； of the system of laws which support
it； and of a regular administration of justice； and they
naturally establish something of the same kind in the new
settlement。 But among savage and barbarous nations； the natural
progress of law and government is still slower than the natural
progress of arts； after law and government have been go far
established as is necessary for their protection。 Every colonist
gets more land than he can possibly cultivate。 He has no rent；
and scarce any taxes to pay。 No landlord shares with him in its
produce； and the share of the sovereign is commonly but a trifle。
He has every motive to render as great as possible a produce；
which is thus to be almost entirely his own。 But his land is
commonly so extensive that； with all his own industry； and with
all the industry of other people whom he can get to employ； he
can seldom make it produce the tenth part of what it is capable
of producing。 He is eager； therefore； to collect labourers from
all quarters； and to reward them with the most liberal wages。 But
those liberal wages； joined to the plenty and cheapness of land；
soon make those labourers leave him； in order to become landlords
themselves； and to reward； with equal liberality； other
labourers； who soon leave them for the same reason that t