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The discovery of the abundant mines of America seems to have been

the sole cause of this diminution in the value of silver, in

proportion to that of corn. It is accounted for, accordingly, in

the same manner by every body; and there never has been any

dispute, either about the fact, or about the cause of it. The

greater part of Europe was, during this period, advancing in

industry and improvement, and the demand for silver must

consequently have been increasing; but the increase of the supply

had, it seems, so far exceeded that of the demand, that the value

of that metal sunk considerably. The discovery of the mines of

America, it is to be observed, does not seem to have had any very

sensible effect upon the prices of things in England till after

1570; though even the mines of Potosi had been discovered more

than twenty years before.