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Show 114 ON THE NATURE AND [ CH. II. tals, ho'v little comparatively they could be depended upon as n1easuring, in different countries and at different times, the quantities of labour which con11nodities have cost. If indeed the fertility of the n1ines were always the san1e, \Ve should certainly get rid of that source of variation 'v4ich arises fron1 the existing contrary quality, and of the effects of such a discovery as that of the American n1ines. But other great and obvious sources of variation vvould remain. The uniforn1 fertility of the n1ines would not essentially alter the proportions in which the precious metals 'vould be distributed to different countries; and the great differences, which are now known to take place in their value in different places, when con1pared with corn and labour, '\\-Tould probably continue nearly the satne. According to all the accounts \Ve have received of prices in Bengal, a given quantity of silver vvill there represent or com1nand six or eight tin1es more labour and provisions than in England. In all parts of the 'vorld articles of equal n1on ey prices exchange for each other. It 'vill consequently happen that, in the commerce carried on between the two countries, the product of a day's English labour must exchange for the product of five or six days of Indian labour, after n1aking a sufficient allowance for the difference of profits. Perhaps it will be said that the high comparative value of silver in India arises 1nainly from the effects of the discovery of the American rnin~s not having yet been adequately cotnmunicated to this part of the \Vorld: but it tnust be recollected that the SEC. V.J 1\IEASURES OF VALUE. 115 discovery is no\v of long standing ; and that the difference in the relative value of gold and silver, con1pared \!Vith their values in Europe, ,vbich n1ost clearly indicated an incomplete con1n1unication, is now at an end. I an1 disposed to think therefore, that the hig~1 value of silver in India arises mainly !ron1 other causes. But at all events the difference Is now so enorn1ous as to allow of a oTeat abate- b n1ent, and yet to leave it very considerable. It is not ho\vever necessary to go to India in order t~ find sin1ilar difFerences in the value of the preCious metals, though not perhaps so great. Russia, Poland, Germany, France, Flanders, and indeed almost all the countries in Europe, present instances of great variations in the quantity of labour and provis_ions ~hich can be purchased by a given quant1ty of silver.· Yet the relative values of the precio~1s metals in these countries 1nust be very nearly the san1e as they 'vould be if the An1erican . ' tn1nes had been .at all tin1es of a uniforn1 fertility: and consequently, by their present relative values \Ve n1ay judge ho\\r little dependence could b~ placed on a coincidence in different countries bet\ veen the n1oney prices of comn1odities and the . quantities of labour 'vhich they had cost even on the supposition that n1oney 'vas always' obtained from the mines in America by the san1e quantity of labour and capital. But if \\·e are not fully satisfied with this kind of reference to experience, it is obvious that the same conclusio~ follovvs inevitably from theory. In those countnes \vhere the precious metals are I 2 |
