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The increasing produce of the agriculture and manufactures of

Europe must necessarily have required a gradual increase in the

quantity of silver coin to circulate it; and the increasing

number of wealthy individuals must have required the like

increase in the quantity of their plate and other ornaments of

silver.

Secondly, America is itself a new market, for the produce of its

own silver mines; and as its advances in agriculture, industry,

and population, are much more rapid than those of the most

thriving countries in Europe, its demand must increase much more

rapidly. The English colonies are altogether a new market, which,

partly for coin, and partly for plate, requires a continual

augmenting supply of silver through a great continent where there

never was any demand before. The greater part, too, of the

Spanish and Portuguese colonies, are altogether new markets. New

Granada, the Yucatan, Paraguay, and the Brazils, were, before

discovered by the Europeans, inhabited by savage nations, who had

neither arts nor agriculture. A considerable degree of both has

now been introduced into all of them. Even Mexico and Peru,

though they cannot be considered as altogether new markets, are

certainly much more extensive ones than they ever were before.