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The quantity of the precious metals may increase in any country

from two different causes; either, first, from the increased

abundance of the mines which supply it; or, secondly, from the

increased wealth of the people, from the increased produce of

their annual labour. The first of these causes is no doubt

necessarily connected with the diminution of the value of the

precious metals; but the second is not.

When more abundant mines are discovered, a greater quantity of

the precious metals is brought to market; and the quantity of the

necessaries and conveniencies of life for which they must be

exchanged being the same as before, equal quantities of the

metals must be exchanged for smaller quantities of commodities.

So far, therefore, as the increase of the quantity of the

precious metals in any country arises from the increased

abundance of the mines, it is necessarily connected with some

diminution of their value.