CHAP. xx. INCREASED PRICES. 113 



in the ages which had preceded the discovery 

 of America. It has given rise to a class of per- 

 sons properly denominated the middle order, who 

 possess the greater part of the wealth, the activity, 

 the intellect, and the influence in those parts ofthe 

 world whose position and connexion and civiliza- 

 tion may be said to rule the globe. 



Although the quantity ofthe precious metals 

 produced from the mines was less in the period we 

 have surveyed than in each ofthe two centuries 

 which succeeded it, yet it is of much importance 

 to the purpose of this inquiry. The quantity 

 introduced acted upon the small quantity pre- 

 viously in existence with most powerful effect. It 

 quadrupled or quintupled the portion of money. 

 It lowered its value as a commodity in the same 

 proportion ; or, in other words, it raised the value 

 of all commodities at the rate here stated. In 

 subsequent periods, it will be seen that the larger 

 quantities of gold and silver that were extracted 

 from the mines produced much less effect, be- 

 cause they acted upon the larger portions which 

 had previously been accumulated. 



In fact, in no period of the world was the 

 change in all mercantile and agricultural relations 

 and connexions in any degree approaching to that 

 which took place between the termination of the 

 fifteenth and ofthe sixteenth century. In the 

 next century, though more of the precious metals 

 was produced, the change was less extensive ; and 



VOL. II. I 



