INCREASE OF COIN AND CHAP. XXI. 



must suppose the value of them to be a pound 

 weight of silver, or sixty-two shillings. If the 

 same quantity of silver remained, and the corn was 

 increased to two hundred thousand quarters and 

 the cloth to the same number of pieces, their ex- 

 changeable value with each other, the demand 

 continuing in equal proportion, would be the same 

 as before. But when exchanged for silver they 

 would obtain a less quantity of that metal. In 

 common language they would fall in price. If 

 the silver were doubled in quantity, the cloth and 

 the corn, with the same value to each other, would 

 be the same with respect to silver, and the price 

 would be said to be stationary. If one-half the 

 silver was annihilated, the cloth and the corn 

 would both be equally affected by it, and, without 

 changing their position relative to each other, 

 would become of less value in exchange for silver, 

 or would be said to have fallen in price. Though 

 this mode of stating a case may serve to illustrate 

 the effect of the rise or fall of prices, yet it cannot 

 be made applicable universally. 



Whilst from the years 1600 to 1700 the aug- 

 mentation of the stock of gold and silver was in 

 progress, the general stock of commodities in like 

 manner, but at what proportional pace it is diffi- 

 cult to determine, was also advancing. The gold 

 and silver in a country, contrary to the opinions 

 of the vulgar, are the least part of its wealth. They 

 can scarcely, under any of the changes of metallic 



