The same Subject continued.
THE bullion drawn from the American mines, imported into Europe, and from thence sent to the east, has greatly promoted the navigation of the European nations; for it is a merchandize 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 a merchandize; but it is otherwise, when we consider them as a sign; because their abundance gives an allay to their quality as a sign, which is chiefly founded on their scarcity.
Before the first Punic war, copper was to silver as 960 to 1; it is at present nearly as 73 and a half to 1. When the proportion shall be as it was formerly, silver will better perform its office as a sign.