Book · An Inquiry into the Wealth of Nations
Page 587 of 2651
Author: Adam Smith
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The whole quantity, therefore, of the cheap commodity, must
commonly be greater in proportion to the whole quantity of the
dear one, than the value of a certain quantity of the dear one,
is to the value of an equal quantity of the cheap one. When we
compare the precious metals with one another, silver is a cheap,
and gold a dear commodity. We ought naturally to expect,
therefore, that there should always be in the market, not only a
greater quantity, but a greater value of silver than of gold. Let
any man, who has a little of both, compare his own silver with
his gold plate, and he will probably find, that not only the
quantity, but the value of the former, greatly exceeds that of
the latter. Many people, besides, have a good deal of silver who
have no gold plate, which, even with those who have it, is
generally confined to watch-cases, snuff-boxes, and such like
trinkets, of which the whole amount is seldom of great value.
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