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promised。 Let me allude to the results of his discovery。
The first we notice was the marvellous stimulus to maritime
adventures。 Europe was inflamed with a desire to extend
geographical knowledge； or add new countries to the realms of
European sovereigns。
Within four years of the discovery of the West India Islands by
Columbus； Cabot had sailed past Newfoundland； and Vasco da Gama had
doubled the Cape of Good Hope； and laid the foundation of the
Portuguese empire in the East Indies。 In 1499 Ojeda； one of the
companions of Columbus； and Amerigo Vespucci discovered Brazil。 In
1500 Cortereal； a Portuguese； explored the Gulf of St。 Lawrence。
In 1505 Francesco de Almeira established factories along the coast
of Malabar。 In 1510 the Spaniards formed settlements on the
mainland at Panama。 In 1511 the Portuguese established themselves
at Malacca。 In 1513 Balboa crossed the Isthmus of Darien and
reached the Pacific Ocean。 The year after that； Ponce de Leon had
visited Florida。 In 1515 the Rio de la Plata was navigated； and in
1517 the Portuguese had begun to trade with China and Bengal。 As
early as 1520 Cortes had taken Mexico； and completed the conquest
of that rich country the following year。 In 1522 Cano
circumnavigated the globe。 In 1524 Pizarro discovered Peru； which
in less than twelve years was completely subjugated；the year when
California was discovered by Cortes。 In 1542 the Portuguese were
admitted to trade with Japan。 In 1576 Frobisher sought a North…
western passage to India； and the following year Sir Francis Drake
commenced his more famous voyages under the auspices of Elizabeth。
In 1578 Sir Humphrey Gilbert colonized Virginia； followed rapidly
by other English settlements； until before the century closed the
whole continent was colonized either by Spaniards； or Portuguese；
or English； or French； or Dutch。 All countries came in to share
the prizes held out by the discovery of the New World。
Colonization followed the voyages of discovery。 It was animated by
the hope of finding gold and precious stones。 It was carried on
under great discouragements and hardships and unforeseen
difficulties。 As a general thing； the colonists were not
accustomed to manual labor； they were adventurers and broken…down
dependents on great families； who found restraint irksome and the
drudgeries of their new life almost unendurable。 Nor did they
intend； at the outset； permanent settlements； they expected to
accumulate gold and silver； and then return to their country。 They
had sought to improve their condition； and their condition became
forlorn。 They were exposed to sickness from malaria； poor food；
and hardship； they were molested by the natives whom they
constantly provoked； they were subject to cruel treatment on the
part of royal governors。 They melted away wherever they settled；
by famine； disease； and war； whether in South or North America。
They were discontented and disappointed； and not easily governed；
the chieftains quarrelled with each other； and were disgraced by
rapacity and cruelty。 They did not find what they expected。 They
were lonely and desolate； and longed to return to the homes they
had left； but were frequently without means to return；doomed to
remain where they were； and die。 Colonization had no dignity until
men went to the New World for religious liberty； or to work upon
the soil。 The conquest of Mexico and Peru； however； opened up the
mining of gold and silver； which were finally found in great
abundance。 And when the richness of these countries in the
precious metals was finally established； then a regular stream of
emigrants flocked to the American shores。 Gold was at last found；
but not until thousands had miserably perished。
The mines of Mexico and Peru undoubtedly enriched Spain； and filled
Europe with envy and emulation。 A stream of gold flowed to the
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 wo