University of Virginia Library

Search this document 
  
expand section 
  
expand section 
  

expand section1. 
expand section2. 
expand section3. 
expand section4. 
expand section5. 
expand section6. 
expand section7. 
expand section8. 
expand section9. 
expand section10. 
expand section11. 
expand section12. 
expand section13. 
expand section14. 
expand section15. 
expand section16. 
expand section17. 
expand section18. 
expand section19. 
expand section20. 
expand section21. 
collapse section22. 
 22.1. 
expand section22.2. 
 22.3. 
 22.4. 
collapse section22.5. 
5. The same Subject continued.
  
  
expand section22.6. 
expand section22.7. 
 22.8. 
 22.9. 
expand section22.10. 
expand section22.11. 
expand section22.12. 
expand section22.13. 
 22.14. 
 22.15. 
 22.16. 
 22.17. 
expand section22.18. 
expand section22.19. 
 22.20. 
expand section22.21. 
expand section22.22. 
expand section23. 
expand section24. 
expand section25. 
expand section26. 
expand section27. 
expand section28. 
expand section29. 
expand section30. 
expand section31. 

22.5. 5. The same Subject continued.

The bullion drawn from the American mines, imported into Europe, and thence sent to the East, has greatly promoted the navigation of the European nations; for it is merchandise which Europe receives in exchange from America, and which she sends in exchange to the Indies. A prodigious quantity of gold and silver is therefore an advantage, when we consider these metals as merchandise; but it is otherwise when we consider them as a sign, because their abundance gives an alloy to their quality as a sign, which is chiefly founded on their scarcity.

Before the first Punic war, [7] copper was to silver as 960 to 1; [8] it is at present nearly as 731/2 to 1. When the proportion shall be as it was formerly, silver will better perform its office as a sign.

Footnotes

[7]

See chapter 12 of this book.

[8]

Supposing a mark of eight ounces of silver to be worth forty-nine livres, and copper twenty sols per pound.