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These causes, which are equivalent to a growing scarcity of

silver (for a commodity may be said to grow scarcer when it

becomes more difficult and expensive to collect a certain

quantity of it), must, in time, produce one or other of the three

following events: The increase of the expense must either, first,

be compensated altogether by a proportionable increase in the

price of the metal; or, secondly, it must be compensated

altogether by a proportionable diminution of the tax upon silver;

or, thirdly, it must be compensated partly by the one and partly

by the other of those two expedients. This third event is very

possible. As gold rose in its price in proportion to silver,

notwithstanding a great diminution of the tax upon gold, so

silver might rise in its price in proportion to labour and

commodities, notwithstanding an equal diminution of the tax upon

silver.