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this third kingdom； he flattered himself he had found a full
compensation for the insignificancy of those of the other two。
The little bits of gold with which the inhabitants ornamented
their dress； and which； he was informed； they frequently found in
the rivulets and torrents that fell from the mountains； were
sufficient to satisfy him that those mountains abounded with the
richest gold mines。 St。 Domingo； therefore； was represented as a
country abounding with gold； and； upon that account； （according
to the prejudices not only of the present time； but of those
times） an inexhaustible source of real wealth to the crown and
kingdom of Spain。 When Columbus； upon his return from his first
voyage； was introduced with a sort of triumphal honours to the
sovereigns of Castile and Arragon； the principal productions of
the countries which he had discovered were carried in solemn
procession before him。 The only valuable part of them consisted
in some little fillets； bracelets； and other ornaments of gold；
and in some bales of cotton。 The rest were mere objects of vulgar
wonder and curiosity； some reeds of an extraordinary size； some
birds of a very beautiful plumage； and some stuffed skins of the
huge alligator and manati； all of which were preceded by six or
seven of the wretched natives； whose singular colour and
appearance added greatly to the novelty of the show。
In consequence of the representations of Columbus； the
council of Castile determined to take possession of countries of
which the inhabitants were plainly incapable of defending
themselves。 The pious purpose of converting them to Christianity
sanctified the injustice of the project。 But the hope of finding
treasures of gold there was the sole motive which prompted him to
undertake it； and to give this motive the greater weight； it was
proposed by Columbus that the half of all the gold and silver
that should be found there should belong to the crown。 This
proposal was approved of by the council。
As long as the whole or the far greater part of the gold；
which the first adventurers imported into Europe； was got by so
very easy a method as the plundering of the defenceless natives；
it was not perhaps very difficult to pay even this heavy tax。 But
when the natives were once fairly stripped of all that they had；
which； in St。 Domingo； and in all the other countries discovered
by Columbus； was done completely in six or eight years； and when
in order to find more it had become necessary to dig for it in
the mines； there was no longer any possibility of paying this
tax。 The rigorous exaction of it； accordingly； first occasioned；
it is said； the total abandoning of the mines of St。 Domingo；
which have never been wrought since。 It was soon reduced
therefore to a third； then to a fifth； afterwards to a tenth； and
at last to a twentieth part of the gross produce of the gold
mines。 The tax upon silver continued for a long time to be a
fifth of the gross produce。 It was reduced to a tenth only in the
course of the present century。 But the first adventurers do not
appear to have been much interested about silver。 Nothing less
precious than gold seemed worthy of their attention。
All the other enterprises of the Spaniards in the new world；
subsequent to those of Columbus； seem to have been prompted by
the same motive。 It was the sacred thirst of gold that carried
Oieda； Nicuessa； and Vasco Nugnes de Balboa； to the Isthmus of
Darien； that carried Cortez to Mexico； and Almagro and Pizzarro
to Chili and Peru。 When those adventurers arrived upon any
unknown coast； their first inquiry was always if there was any
gold to be found there； and according to the information which
they received concerning this particular； they determined either
to quit the country or to settle in it。
Of all those expensive and uncertain projects； however；
which bring bankruptcy upon the greater part of the people who
engage in them； there is none perhaps more ruinous than the
search after new silver and gold mines。 It is perhaps the most
disadvantageous lottery in the world； or the one in which the
gain of those who draw the prizes bears the least proportion to
the loss of those who draw the blanks： for though the prizes are
few and the blanks many； the common price of a ticket is the
whole fortune of a very rich man。 Projects of mining； instead of
replacing the capital employed in them； together with the
ordinary profits of stock； commonly absorb both capital and
profit。 They are the projects； therefore； to which of all others
a prudent lawgiver； who desired to increase the capital of his
nation； would least choose to give any extraordinary
encouragement； or to turn towards them a greater share of that
capital than that would go to them of its own accord。 Such in
reality is the absurd confidence which almost all men have in
their own good fortune that； wherever there is the least
probability of success； too great a share of it is apt to go to
them of its own accord。
But though the judgment of sober reason and experience
concerning such projects has always been extremely unfavourable；
that of human avidity has commonly been quite otherwise。 The same
passion which has suggested to so many people the absurd idea of
the philosopher's stone； has suggested to others the equally
absurd one of immense rich mines of gold and silver。 They did not
consider that the value of those metals has； in all ages and
nations； arisen chiefly from their scarcity； and that their
scarcity has arisen from the very small quantities of them which
nature has anywhere deposited in one place； from the hard and
intractable substances with which she has almost everywhere
surrounded those small quantities； and consequently from the
labour and expense which are everywhere necessary in order to
penetrate to and get at them。 They flattered themselves that
veins of those metals might in many places be found as large and
as abundant as those which are commonly found of lead； or copper；
or tin； or iron。 The dream of Sir Walter Raleigh concerning the
golden city and country of Eldorado； may satisfy us that even
wise men are not always exempt from such strange delusions。 More
than a hundred years after the death of that great man； the
Jesuit Gumila was still convinced of the reality of that
wonderful country； and expressed with great warmth； and I dare to
say with great sincerity； how happy he should be to carry the
light of the gospel to a people who could so well reward the
pious labours of their missionary。
In the countries first discovered by the Spaniards； no gold
or silver mines are at present known which are supposed to be
worth the working。 The quantities of those metals which the first
adventurers are said to have found there had probably been very
much magnified； as well as the fertility of the mines which were
wrought immediately after the first discovery。 What those
adventurers were reported to have found； however； was sufficient
to inflame the avidity of all their countrymen。 Every Spaniard
who sai