circulation would buy as much land, or furniture, or wheat, or oil three hundred years ago as the whole amount now used as money will buy to-day? Had no gold or silver mines been discovered in America, the gold and silver would have appreciated in value in proportion to the wear of them. In other words, the scarcer the gold and silver the more the same will purchase of the fruits of human industry. So industry is the wealth, not the gold. It is the cultivated farms and the manufactures and the buildings and the internal improvements of a country which constitute its real wealth, since these represent its industry,--the labor of men. Mines, indeed, employ the labor of men, but they do not furnish food for the body, or raiment to wear, or houses to live in, or fuel for cooking, or any purpose whatever of human comfort or necessity,--only a material for ornament; which I grant is wealth, so far as ornament is for the welfare of man. The marbles of ancient Greece were very valuable for the labor expended on them, either for architecture or for ornament. Gold and silver were early selected as useful and convenient articles for exchange, like bank-notes, and so far have inherent value as they supply that necessity; but if a fourth part of the gold and silver in existence would supply that necessity, the remaining three-fourths are as inherently valueless as the paper on which bank-notes are printed. Their value consists in what they represent of the labors and industries of men. Now Spain ultimately became poor, in spite of the influx of gold and silver from the American mines, because industries of all kinds declined. People were diverted from useful callings by the mighty delusion which gold discoveries created. These discoveries had the same effect on industry, which is the wealth of nations, as the support of standing armies has in our day. They diverted men from legitimate callings. The miners had to be supported like soldiers; and, worse, the sudden influx of gold and silver intoxicated men and stimulated speculation. An army of speculators do not enrich a nation, since they rob each other. They cause money to change hands; they do not stimulate industry. They do not create wealth; they simply make it flow from one person to another.