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mother country； and the caravels which transported the treasures of
the new world became objects of plunder to all nations hostile to
Spain。 The seas were full of pirates。 Sir Francis Drake was an
undoubted pirate； and returned； after his long voyage around the
world； with immense treasure； which he had stolen。 Then followed；
with the eager search after gold and silver； a rapid demoralization
in all maritime countries。
It would be interesting to show how the sudden accumulation of
wealth by Spain led to luxury； arrogance； and idleness； followed by
degeneracy and decay； since those virtues on which the strength of
man is based are weakened by sudden wealth。 Industry declined in
proportion as Spain became enriched by the precious metals。 But
this inquiry is foreign to my object。
A still more interesting inquiry arises； how far the nations of
Europe were really enriched by the rapid accumulation of gold and
silver。 The search for the precious metals may have stimulated
commercial enterprise； but it is not so clear that it added to the
substantial wealth of Europe； except so far as it promoted
industry。 Gold is not wealth； it is simply the exponent of wealth。
Real wealth is in farms and shops and ships；in the various
channels of industry； in the results of human labor。 So far as the
precious metals enter into useful manufactures； or into articles of
beauty and taste； they are indeed inherently valuable。 Mirrors；
plate； jewelry； watches ； gilded furniture； the adornments of the
person； in an important sense； constitute wealth； since all nations
value them； and will pay for them as they do for corn or oil。 So
far as they are connected with art； they are valuable in the same
sense as statues and pictures； on which labor has been expended。
There is something useful； and even necessary； besides food and
raiment and houses。 The gold which ornamented Solomon's temple； or
the Minerva of Phidias； or the garments of Leo X。； had a value。
The ring which is a present to brides is a part of a marriage
ceremony。 The golden watch； which never tarnishes； is more
valuable inherently than a pewter one； because it remains
beautiful。 Thus when gold enters into ornaments deemed
indispensable； or into manufactures which are needed； it has an
inherent value；it is wealth。
But when gold is a mere medium of exchange；its chief use；then
it has only a conventional value； I mean； it does not make a nation
rich or poor； since the rarer it is the more it will purchase of
the necessaries of life。 A pound's weight of gold； in ancient
Greece； or in Mediaeval Europe； would purchase as much wheat as
twenty pounds' weight will purchase to…day。 If the mines of Mexico
or Peru or California had never been worked； the gold in the
civilized world three hundred years ago would have been as valuable
for banking purposes； or as an exchange for agricultural products；
as twenty times its present quantity； since it would have bought as
much as twenty times the quantity will buy to…day。 Make diamonds
as plenty as crystals； they would be worth no more than crystals；
if they were not harder and more beautiful。 Make gold as plenty as
silver； it would be worth no more than silver； except for
manufacturing purposes； it would be worth no more to bankers and
merchants。 The vast increase in the production of the precious
metals simply increased the value of the commodities for which they
were exchanged。 A laborer can purchase no more bread with a dollar
to…day than he could with five cents three hundred years ago。 Five
cents were really as much wealth three hundred years ago as a
dollar is to…day。 Wherein； then； has the increase in the precious
metals added to the wealth of the world； if a twentieth part of the
gold and silver now in circulation would buy as much land； or
furniture； or wheat； or oil three hundred years ago as the whole
amount now used as money will buy to…day？ Had no gold or silver
mines been discovered in America； the gold and silver would have
appreciated in value in proportion to the wear of them。 In other
words； the scarcer the gold and silver the more the same will
purchase of the fruits of human industry。 So industry is the
wealth； not the gold。 It is the cultivated farms and the
manufactures and the buildings and the internal improvements of a
country which constitute its real wealth； since these represent its
industry；the labor of men。 Mines； indeed； employ the labor of
men； but they do not furnish food for the body； or raiment to wear；
or houses to live in； or fuel for cooking； or any purpose whatever
of human comfort or necessity；only a material for ornament； which
I grant is wealth； so far as ornament is for the welfare of man。
The marbles of ancient Greece were very valuable for the labor
expended on them； either for architecture or for ornament。
Gold and silver were early selected as useful and convenient
articles for exchange； like bank…notes； and so far have inherent
value as they supply that necessity； but if a fourth part of the
gold and silver in existence would supply that necessity； the
remaining three…fourths are as inherently valueless as the paper of
which bank…notes are printed。 Their value consists in what they
represent of the labors and industries of men。
Now Spain ultimately became poor； in spite of the influx of gold
and silver from the American mines； because industries of all kinds
declined。 People were diverted from useful callings by the mighty
delusion which gold discoveries created。 These discoveries had the
same effect on industry； which is the wealth of nations； as the
support of standing armies has in our day。 They diverted men from
legitimate callings。 The miners had to be supported like soldiers；
and； worse； the sudden influx of gold and silver intoxicated men
and stimulated speculation。 An army of speculators do not enrich a
nation； since they rob each other。 They cause money to change
hands； they do not stimulate industry。 They do not create wealth；
they simply make it flow from one person to another。
But speculations sometimes create activity in enterprise； they
inflame desires for wealth； and cause people to make greater
exertions。 In that sense the discovery of American mines gave a
stimulus to commerce and travel and energy。 People rushed to
America for gold： these people had to be fed and clothed。 Then
farmers and manufacturers followed the gold…hunters； they tilled
the soil to feed the miners。 The new farms which dotted the region
of the gold…diggers added to the wealth of the country in which the
mines were located。 Colonization followed gold…digging。 But it
was America that became enriched； not the old countries from which
the miners came； except so far as the old countries furnished tools
and ships and fabrics； for doubtless commerce and manufacturing
were stimulated。 So far； the wealth of the world increased； but
the men who returned to riot in luxury and idleness did not
stimulate enterprise。 They made others idle also。 The necessity
of labor was lost sight of。
And yet if one country became idle； another country may have become
industrious。 There can be but little question that the discovery
of the American mines gave commerce and manufactures and
agriculture； on the whole； a stimulus。 This was particularly seen
in England。 England grew rich from industry and enterprise； as
Spain became poor from idleness and luxury。 The silver and gold；
diffused throughout Europe； ultimately found their way into the
pockets of Englishmen； who made a market for their manufactures。
It was not alone the precious metals which enriched England； but
the will and power to produce those articles of industry for which
the rest of the world parted with their gold and silver。 What has
made France rich since the Revolution？ Those innumerable articles
of taste and elegancefabrics and winesfor which all Europe
parted with their specie； not war； not conquest； not mines。 Why
till recently was Germany so poor？ Because it had so little to
sell to other nations； because industry was cramped by standing
armies and despotic governments。
One thing is certain； that the discovery of America opened a new
field for industry and enterprise to all the discontented and
impoverished and oppressed Europeans who emigrated。 At first they
emigrated to dig silver and gold。 The opening of mines required
labor； and miners were obliged to part with their gold for the
necessaries of life。 Thus California in our day has become peopled
with farmers and merchants and manufacturers； as well as miners。
Many came to America expecting to find gold； and were disappointed；
and were obliged to turn agriculturists； as in Virginia。 Many came
to New England from political and religious motives。 But all came
to better their fortunes。 Gradually the United States and Canada
became populated from east to