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Before the discovery of the mines of America, the value of fine

gold to fine silver was regulated in the different mines of

Europe, between the proportions of one to ten and one to twelve;

that is, an ounce of fine gold was supposed to be worth from ten

to twelve ounces of fine silver. About the middle of the last

century, it came to be regulated, between the proportions of one

to fourteen and one to fifteen; that is, an ounce of fine gold

came to be supposed worth between fourteen and fifteen ounces of

fine silver. Gold rose in its nominal value, or in the quantity

of silver which was given for it. Both metals sunk in their real

value, or in the quantity of labour which they could purchase;

but silver sunk more than gold. Though both the gold and silver

mines of America exceeded in fertility all those which had ever

been known before, the fertility of the silver mines had, it

seems, been proportionally still greater than that of the gold

ones.