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of the European nations； for it is merchandise which Europe receives in exchange from America； and which she sends in exchange to the Indies。 A prodigious quantity of gold and silver is therefore an advantage； when we consider these metals as merchandise； but it is otherwise when we consider them as a sign； because their abundance gives an alloy to their quality as a sign； which is chiefly founded on their scarcity。
Before the first Punic war；＇7＇ copper was to silver as 960 to 1；＇8＇ it is at present nearly as 731/2 to 1。 When the proportion shall be as it was formerly； silver will better perform its office as a sign。
6。 The Reason why Interest was lowered one…half after the Conquest of the Indies。 Garcilasso informs us＇9＇ that in Spain after the conquest of the Indies the interest； which was at ten per cent； fell to five。 This was a necessary consequence。 A great quantity of specie being all of a sudden brought into Europe； much fewer persons had need of money。 The price of all things increased； while the value of money diminished； the proportion was then broken； and all the old debts were discharged。 We may recollect the time of the System；＇10＇ when everything was at a high price except specie。 Those who had money after the conquest of the Indies were obliged to lower the price or hire of their merchandise； that is； in other words； their interest。
From this time they were unable to bring interest to its ancient standard； because the quantity of specie brought to Europe has been annually increasing。 Besides； as the public funds of some states； founded on riches procured by commerce； gave but a very small interest； it became necessary for the contracts of individuals to be regulated by these。 In short； the course of exchange having rendered the conveying of specie from one country to another remarkably easy； money cannot be scarce in a place where they may be so readily supplied with it by those who have it in plenty。
7。 How the Price of Things is fixed in the Variation of the Sign of Riches。 Money is the price of merchandise or manufactures。 But how shall we fix this price？ or； in other words； by what piece of money is everything to be represented？
If we compare the mass of gold and silver in the whole world with the quantity of merchandise therein contained； it is certain that every commodity or merchandise in particular may be compared to a certain portion of the entire mass of gold and silver。 As the total of the one is to the total of the other； so part of the one will be to part of the other。 Let us suppose that there is only one commodity or merchandise in the world； or only one to be purchased； and that this is divisible like money； a part of this merchandise will answer to a part of the mass of gold and silver； the half of the total of the one to the half of the total of the other； the tenth； the hundredth； the thousandth part of the one； to the tenth； the hundredth； the thousandth part of the other。 But as that which constitutes property among mankind is not all at once in trade； and as the metals or money which are the sign of property are not all in trade at the same time； the price is fixed in the compound ratio of the total of things with the total of signs； and that of the total of things in trade with the total of signs in trade also； and as the things which are not in trade to…day may be in trade to…morrow； and the signs not now in trade may enter into trade at the same time； the establishment of the price of things fundamentally depends on the proportion of the total of things to the total of signs。
Thus the prince or the magistrate can no more ascertain the value of merchandise than he can establish by a decree that the relation 1 has to 10 is equal to that of 1 to 20。 Julian's lowering the price of provisions at Antioch was the cause of a most terrible famine。＇11＇
8。 The same Subject continued。 The Negroes on the coast of Africa have a sign of value without money。 It is a sign merely ideal； founded on the degree of esteem which they fix in their minds for all merchandise； in proportion to the need they have of it。 A certain commodity or merchandise is worth three ma…coutes； another； six macoutes； another； ten macoutes； that is； as if they said simply three； six； and ten。 The price is formed by a comparison of all merchandise with each other。 They have therefore no particular money； but each kind of merchandise is money to the other。
Let us for a moment transfer to ourselves this manner of valuing things； and join it with ours： all the merchandise and goods in the world； or else all the merchandise or manufactures of a state； particularly considered as separate from all others； would be worth a certain number of macoutes； and； dividing the money of this state into as many parts as there are macoutes； one part of this division of money will be the sign of a macoute。
If we suppose the quantity of specie in a state doubled； it will be necessary to double the specie in the macoute； but if in doubling the specie you double also the macoute； the proportion will remain the same as before the doubling of either。
If； since the discovery of the Indies； gold and silver have increased in Europe in the proportion of 1 to 20； the price of provisions and merchandise must have been enhanced in the proportion of 1 to 20。 But if； on the other hand； the quantity of merchandise has increased as 1 to 2 it necessarily follows that the price of this merchandise and provisions； having been raised in proportion of 1 to 20； and fallen in proportion of 1 to 2 it necessarily follows； I say； that the proportion is only as 1 to 10。
The quantity of goods and merchandise increases by an augmentation of commerce； the augmentation of commerce by an augmentation of the specie which successively arrives； and by new communications with freshly…discovered countries and seas； which furnish us with new commodities and new merchandise。
9。 Of the relative Scarcity of Gold and Silver。 Besides the positive plenty and scarcity of gold and silver； there is still a relative abundance and a relative scarcity of one of these metals compared with the other。
The avaricious hoard up their gold and silver； for as they do not care to spend； they are fond of signs that are not subject to decay。 They prefer gold to silver； because as they are always afraid of losing； they can best conceal that which takes up the least room。 Gold therefore disappears when there is plenty of silver； by reason that every one has some to conceal； it appears again when silver is scarce； because they are obliged to draw it from its confinement。
It is then a rule that gold is common when silver is scarce； and gold is scarce when silver is common。 This lets us see the difference between their relative and their real abundance and scarcity； of which I shall presently speak more at large。
10。 Of Exchange。 The relative abundance and scarcity of specie in different countries forms what is called the course of exchange。
Exchange is a fixing of the actual and momentary value of money。
Silver as a metal has value like all other merchandise； and an additional value as it is capable of becoming the sign of other merchandise。 If it were no more than