mother　country；　and　the　caravels　which　transported　the　treasures　of
  the　new　world　became　objects　of　plunder　to　all　nations　hostile　to
  Spain。　　The　seas　were　full　of　pirates。　　Sir　Francis　Drake　was　an
  undoubted　pirate；　and　returned；　after　his　long　voyage　around　the
  world；　with　immense　treasure；　which　he　had　stolen。　　Then　followed；
  with　the　eager　search　after　gold　and　silver；　a　rapid　demoralization
  in　all　maritime　countries。
  It　would　be　interesting　to　show　how　the　sudden　accumulation　of
  wealth　by　Spain　led　to　luxury；　arrogance；　and　idleness；　followed　by
  degeneracy　and　decay；　since　those　virtues　on　which　the　strength　of
  man　is　based　are　weakened　by　sudden　wealth。　　Industry　declined　in
  proportion　as　Spain　became　enriched　by　the　precious　metals。　　But
  this　inquiry　is　foreign　to　my　object。
  A　still　more　interesting　inquiry　arises；　how　far　the　nations　of
  Europe　were　really　enriched　by　the　rapid　accumulation　of　gold　and
  silver。　　The　search　for　the　precious　metals　may　have　stimulated
  commercial　enterprise；　but　it　is　not　so　clear　that　it　added　to　the
  substantial　wealth　of　Europe；　except　so　far　as　it　promoted
  industry。　　Gold　is　not　wealth；　it　is　simply　the　exponent　of　wealth。
  Real　wealth　is　in　farms　and　shops　and　ships；in　the　various
  channels　of　industry；　in　the　results　of　human　labor。　　So　far　as　the
  precious　metals　enter　into　useful　manufactures；　or　into　articles　of
  beauty　and　taste；　they　are　indeed　inherently　valuable。　　Mirrors；
  plate；　jewelry；　watches　；　gilded　furniture；　the　adornments　of　the
  person；　in　an　important　sense；　constitute　wealth；　since　all　nations
  value　them；　and　will　pay　for　them　as　they　do　for　corn　or　oil。　　So
  far　as　they　are　connected　with　art；　they　are　valuable　in　the　same
  sense　as　statues　and　pictures；　on　which　labor　has　been　expended。
  There　is　something　useful；　and　even　necessary；　besides　food　and
  raiment　and　houses。　　The　gold　which　ornamented　Solomon's　temple；　or
  the　Minerva　of　Phidias；　or　the　garments　of　Leo　X。；　had　a　value。
  The　ring　which　is　a　present　to　brides　is　a　part　of　a　marriage
  ceremony。　　The　golden　watch；　which　never　tarnishes；　is　more
  valuable　inherently　than　a　pewter　one；　because　it　remains
  beautiful。　　Thus　when　gold　enters　into　ornaments　deemed
  indispensable；　or　into　manufactures　which　are　needed；　it　has　an
  inherent　value；it　is　wealth。
  But　when　gold　is　a　mere　medium　of　exchange；its　chief　use；then
  it　has　only　a　conventional　value；　I　mean；　it　does　not　make　a　nation
  rich　or　poor；　since　the　rarer　it　is　the　more　it　will　purchase　of
  the　necessaries　of　life。　　A　pound's　weight　of　gold；　in　ancient
  Greece；　or　in　Mediaeval　Europe；　would　purchase　as　much　wheat　as
  twenty　pounds'　weight　will　purchase　to…day。　　If　the　mines　of　Mexico
  or　Peru　or　California　had　never　been　worked；　the　gold　in　the
  civilized　world　three　hundred　years　ago　would　have　been　as　valuable
  for　banking　purposes；　or　as　an　exchange　for　agricultural　products；
  as　twenty　times　its　present　quantity；　since　it　would　have　bought　as
  much　as　twenty　times　the　quantity　will　buy　to…day。　　Make　diamonds
  as　plenty　as　crystals；　they　would　be　worth　no　more　than　crystals；
  if　they　were　not　harder　and　more　beautiful。　　Make　gold　as　plenty　as
  silver；　it　would　be　worth　no　more　than　silver；　except　for
  manufacturing　purposes；　it　would　be　worth　no　more　to　bankers　and
  merchants。　　The　vast　increase　in　the　production　of　the　precious
  metals　simply　increased　the　value　of　the　commodities　for　which　they
  were　exchanged。　　A　laborer　can　purchase　no　more　bread　with　a　dollar
  to…day　than　he　could　with　five　cents　three　hundred　years　ago。　　Five
  cents　were　really　as　much　wealth　three　hundred　years　ago　as　a
  dollar　is　to…day。　　Wherein；　then；　has　the　increase　in　the　precious
  metals　added　to　the　wealth　of　the　world；　if　a　twentieth　part　of　the
  gold　and　silver　now　in　circulation　would　buy　as　much　land；　or
  furniture；　or　wheat；　or　oil　three　hundred　years　ago　as　the　whole
  amount　now　used　as　money　will　buy　to…day？　　Had　no　gold　or　silver
  mines　been　discovered　in　America；　the　gold　and　silver　would　have
  appreciated　in　value　in　proportion　to　the　wear　of　them。　　In　other
  words；　the　scarcer　the　gold　and　silver　the　more　the　same　will
  purchase　of　the　fruits　of　human　industry。　　So　industry　is　the
  wealth；　not　the　gold。　　It　is　the　cultivated　farms　and　the
  manufactures　and　the　buildings　and　the　internal　improvements　of　a
  country　which　constitute　its　real　wealth；　since　these　represent　its
  industry；the　labor　of　men。　　Mines；　indeed；　employ　the　labor　of
  men；　but　they　do　not　furnish　food　for　the　body；　or　raiment　to　wear；
  or　houses　to　live　in；　or　fuel　for　cooking；　or　any　purpose　whatever
  of　human　comfort　or　necessity；only　a　material　for　ornament；　which
  I　grant　is　wealth；　so　far　as　ornament　is　for　the　welfare　of　man。
  The　marbles　of　ancient　Greece　were　very　valuable　for　the　labor
  expended　on　them；　either　for　architecture　or　for　ornament。
  Gold　and　silver　were　early　selected　as　useful　and　convenient
  articles　for　exchange；　like　bank…notes；　and　so　far　have　inherent
  value　as　they　supply　that　necessity；　but　if　a　fourth　part　of　the
  gold　and　silver　in　existence　would　supply　that　necessity；　the
  remaining　three…fourths　are　as　inherently　valueless　as　the　paper　of
  which　bank…notes　are　printed。　　Their　value　consists　in　what　they
  represent　of　the　labors　and　industries　of　men。
  Now　Spain　ultimately　became　poor；　in　spite　of　the　influx　of　gold
  and　silver　from　the　American　mines；　because　industries　of　all　kinds
  declined。　　People　were　diverted　from　useful　callings　by　the　mighty
  delusion　which　gold　discoveries　created。　　These　discoveries　had　the
  same　effect　on　industry；　which　is　the　wealth　of　nations；　as　the
  support　of　standing　armies　has　in　our　day。　　They　diverted　men　from
  legitimate　callings。　　The　miners　had　to　be　supported　like　soldiers；
  and；　worse；　the　sudden　influx　of　gold　and　silver　intoxicated　men
  and　stimulated　speculation。　　An　army　of　speculators　do　not　enrich　a
  nation；　since　they　rob　each　other。　　They　cause　money　to　change
  hands；　they　do　not　stimulate　industry。　　They　do　not　create　wealth；
  they　simply　make　it　flow　from　one　person　to　another。
  But　speculations　sometimes　create　activity　in　enterprise；　they
  inflame　desires　for　wealth；　and　cause　people　to　make　greater
  exertions。　　In　that　sense　the　discovery　of　American　mines　gave　a
  stimulus　to　commerce　and　travel　and　energy。　　People　rushed　to
  America　for　gold：　these　people　had　to　be　fed　and　clothed。　　Then
  farmers　and　manufacturers　followed　the　gold…hunters；　they　tilled
  the　soil　to　feed　the　miners。　　The　new　farms　which　dotted　the　region
  of　the　gold…diggers　added　to　the　wealth　of　the　country　in　which　the
  mines　were　located。　　Colonization　followed　gold…digging。　　But　it
  was　America　that　became　enriched；　not　the　old　countries　from　which
  the　miners　came；　except　so　far　as　the　old　countries　furnished　tools
  and　ships　and　fabrics；　for　doubtless　commerce　and　manufacturing
  were　stimulated。　　So　far；　the　wealth　of　the　world　increased；　but
  the　men　who　returned　to　riot　in　luxury　and　idleness　did　not
  stimulate　enterprise。　　They　made　others　idle　also。　　The　necessity
  of　labor　was　lost　sight　of。
  And　yet　if　one　country　became　idle；　another　country　may　have　become
  industrious。　　There　can　be　but　little　question　that　the　discovery
  of　the　American　mines　gave　commerce　and　manufactures　and
  agriculture；　on　the　whole；　a　stimulus。　　This　was　particularly　seen
  in　England。　　England　grew　rich　from　industry　and　enterprise；　as
  Spain　became　poor　from　idleness　and　luxury。　　The　silver　and　gold；
  diffused　throughout　Europe；　ultimately　found　their　way　into　the
  pockets　of　Englishmen；　who　made　a　market　for　their　manufactures。
  It　was　not　alone　the　precious　metals　which　enriched　England；　but
  the　will　and　power　to　produce　those　articles　of　industry　for　which
  the　rest　of　the　world　parted　with　their　gold　and　silver。　　What　has
  made　France　rich　since　the　Revolution？　　Those　innumerable　articles
  of　taste　and　elegancefabrics　and　winesfor　which　all　Europe
  parted　with　their　specie；　not　war；　not　conquest；　not　mines。　　Why
  till　recently　was　Germany　so　poor？　　Because　it　had　so　little　to
  sell　to　other　nations；　because　industry　was　cramped　by　standing
  armies　and　despotic　governments。
  One　thing　is　certain；　that　the　discovery　of　America　opened　a　new
  field　for　industry　and　enterprise　to　all　the　discontented　and
  impoverished　and　oppressed　Europeans　who　emigrated。　　At　first　they
  emigrated　to　dig　silver　and　gold。　　The　opening　of　mines　required
  labor；　and　miners　were　obliged　to　part　with　their　gold　for　the
  necessaries　of　life。　　Thus　California　in　our　day　has　become　peopled
  with　farmers　and　merchants　and　manufacturers；　as　well　as　miners。
  Many　came　to　America　expecting　to　find　gold；　and　were　disappointed；
  and　were　obliged　to　turn　agriculturists；　as　in　Virginia。　　Many　came
  to　New　England　from　political　and　religious　motives。　　But　all　came
  to　better　their　fortunes。　　Gradually　the　United　States　and　Canada
  became　populated　from　east　to