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country。
For some time after the first discovery of America； silver
would continue to sell at its former； or not much below its
former price。 The profits of mining would for some time be very
great； and much above their natural rate。 Those who imported that
metal into Europe； however； would soon find that the whole annual
importation could not be disposed of at this high price。 Silver
would gradually exchange for a smaller and a smaller quantity of
goods。 Its price would sink gradually lower and lower till it
fell to its natural price； or to what was just sufficient to pay；
according to their natural rates； the wages of the labour； the
profits of the stock； and the rent of the land； which must be
paid in order to bring it from the mine to the market。 In the
greater part of the silver mines of Peru； the tax of the King of
Spain； amounting to a tenth of the gross produce； eats up； it has
already been observed； the whole rent of the land。 This tax was
originally a half； it soon afterwards fell to a third； then to a
fifth； and at last to a tenth； at which rate it still continues。
In the greater part of the silver mines of Peru this； it seems；
is all that remains after replacing the stock of the undertaker
of the work； together with its ordinary profits； and it seems to
be universally acknowledged that these profits； which were once
very high； are now as low as they can well be； consistently with
carrying on their works。
The tax of the King of Spain was reduced to a fifth part of
the registered silver in 1504； one…and…forty years before 1545；
the date of the discovery of the mines of Potosi。 In the course
of ninety years； or before 1636； these mines； the most fertile in
all America； had time sufficient to produce their full effect； or
to reduce the value of silver in the European market as low as it
could well fall； while it continued to pay this tax to the King
of Spain。 Ninety years is time sufficient to reduce any
commodity； of which there is no monopoly； to its natural price；
or to the lowest price at which； while it pays a particular tax；
it can continue to be sold for any considerable time together。
The price of silver in the European market might perhaps
have fallen still lower； and it might have become necessary
either to reduce the tax upon it； not only to one tenth； as in
1736； but to one twentieth； in the same manner as that upon gold；
or to give up working the greater part of the American mines
which are now wrought。 The gradual increase of the demand for
silver； or the gradual enlargement of the market for the produce
of the silver mines of America； is probably the cause which has
prevented this from happening； and which has not only kept up the
value of silver in the European market； but has perhaps even
raised it somewhat higher than it was about the middle of the
last century。
Since the first discovery of America； the market for the
produce of its silver mines has been growing gradually more and
more extensive。
First； the market of Europe has become gradually more and
more extensive。 Since the discovery of America； the greater part
of Europe has been much improved。 England； Holland； France； and
Germany； even Sweden； Denmark； and Russia； have all advanced
considerably both in agriculture and in manufactures。 Italy seems
not to have gone backwards。 The fall of Italy preceded the
conquest of Peru。 Since that time it seems rather to have
recovered a little。 Spain and Portugal； indeed； are supposed to
have gone backwards。 Portugal； however； is but a very small part
of Europe； and the declension of Spain is not； perhaps； so great
as is commonly imagined。 In the beginning of the sixteenth
century； Spain was a very poor country； even in comparison with
France； which has been so much improved since that time。 It was
the well known remark of the Emperor Charles V； who had travelled
so frequently through both countries； that everything abounded in
France； but that everything was wanting in Spain。 The increasing
produce of the agriculture and manufactures of Europe must
necessarily have required a gradual increase in the quantity of
silver coin to circulate it； and the increasing number of wealthy
individuals must have required the like increase in the quantity
of their plate and other ornaments of silver。
Secondly； America is itself a new market for the produce of
its own silver mines； and as its advances in agriculture；
industry； and population are much more rapid than those of the
most thriving countries in Europe； its demand must increase much
more rapidly。 The English colonies are altogether a new market；
which； partly for coin and partly for plate； requires a
continually augmenting supply of silver through a great continent
where there never was any demand before。 The greater part； too；
of the Spanish and Portuguese colonies are altogether new
markets。 New Granada； the Yucatan； Paraguay； and the Brazils
were； before discovered by the Europeans； inhabited by savage
nations who had neither arts nor agriculture。 A considerable
degree of both has now been introduced into all of them。 Even
Mexico and Peru； though they cannot be considered as altogether
new markets； are certainly much more extensive ones than they
ever were before。 After all the wonderful tales which have been
published concerning the splendid state of those countries in
ancient times； whoever reads； with any degree of sober judgment；
the history of their first discovery and conquest； will evidently
discern that； in arts； agriculture； and commerce； their
inhabitants were much more ignorant than the Tartars of the
Ukraine are at present。 Even the Peruvians； the more civilised
nation of the two； though they made use of gold and silver as
ornaments； had no coined money of any kind。 Their whole commerce
was carried on by barter； and there was accordingly scarce any
division of labour among them。 Those who cultivated the ground
were obliged to build their own houses； to make their own
household furniture； their own clothes； shoes； and instruments of
agriculture。 The few artificers among them are said to have been
all maintained by the sovereign； the nobles； and the priests； and
were probably their servants or slaves。 All the ancient arts of
Mexico and Peru have never furnished one single manufacture to
Europe。 The Spanish armies； though they scarce ever exceeded five
hundred men； and frequently did not amount to half that number；
found almost everywhere great difficulty in procuring
subsistence。 The famines which they are said to have occasioned
almost wherever they went； in countries； too； which at the same
time are represented as very populous and well cultivated；
sufficiently demonstrate that the story of this populousness and
high cultivation is in a great measure fabulous。 The Spanish
colonies are under a government in many respects less favourable
to agriculture； improvement； and population than that of the
English colonies。 They seem； however； to be advancing in all
these much more rapidly than any country in Europe。 In a fertile
soil and happy climate； the great abundance and cheapness of
land； a circumstance common to all new colonies； is； it seems； so
great an advantage as to compensate many defects in civil
government。 Frezier； who visited Peru in 1713； represents Lima as
containing between twenty…five and twenty…eight thousand
inhabitants。 Ulloa； who resided in the same country between 1740
and 1746； represents it as containing more than fifty thousand。
The difference in their accounts of the populousness of several
other principal towns in Chili and Peru is nearly the same； and
as there seems to be no reason to doubt of the good information
of either； it marks an increase which is scarce inferior to that
of the English colonies。 America； therefore； is a new market for
the produce of its own silver mines； of which the demand must
increase much more rapidly than that of the most thriving country
in Europe。
Thirdly； the East Indies is another market for the produce
of the silver mines of America； and a market which； from the time
of the first discovery of those mines； has been continually
taking off a greater and a greater quantity of silver。 Since that
time； the direct trade between America and the East Indies； which
is carried on by means of the Acapulco ships； has been
continually augmenting； and the indirect intercourse by the way
of Europe has been augmenting in a still greater proportion。
During the sixteenth century； the Portuguese were the only
European nation who carried on any regular trade to the East
Indies。 In the last years of that century the Dutch begun to
encroach upon this monopoly； and in a few years expelled them
from their principal settlements in India。 During the greater
part of the last century those two nations divided the most
considerable part of the East India trade between them；