Note 14 — Chapter V
Reading edition
The quantity of silver taken from the American mines has exceeded that of gold in the ratio of forty-six to one. (Humboldt, Essai politique, tom. iii. p. 401.) The value of the latter metal, says Clemencin, which on the discovery of the New World was only eleven times greater than that of the former, has now come to be sixteen times. (Memorias de la Real Acad. de Hist. tom. vi. Ilust. 20.) This does not vary materially from Smith’s estimate made after the middle of the last century. (Wealth of Nations, book 1, chap. 11.) The difference would have been much more considerable, but for the greater demand for silver for objects of ornament and use.