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 would be worth no more than crystals, if they were not harder and more beautiful. Make gold as plenty as silver, it would be worth no more than silver, except for manufacturing purposes; it would be worth no more to bankers and merchants. The vast increase in the production of the precious metals simply increased the value of the commodities for which they were exchanged. A laborer can purchase no more bread with a dollar to-day than he could with five cents three hundred years ago. Five cents were really as much wealth three hundred years ago as a dollar is to-day. Wherein, then, has the increase in the precious metals added to the wealth of the world, if a twentieth part of the gold and silver now in