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The lowest price at which the precious metals can be sold, or the

smallest quantity of other goods for which they can be exchanged,

during any considerable time, is regulated by the same principles

which fix the lowest ordinary price of all other goods. The stock

which must commonly be employed, the food, clothes, and lodging,

which must commonly be consumed in bringing them from the mine to

the market, determine it. It must at least be sufficient to

replace that stock, with the ordinary profits.

Their highest price, however, seems not to be necessarily

determined by any thing but the actual scarcity or plenty of

these metals themselves. It is not determined by that of any

other commodity, in the same manner as the price of coals is by

that of wood, beyond which no scarcity can ever raise it.

Increase the scarcity of gold to a certain degree, and the

smallest bit of it may become more precious than a diamond, and

exchange for a greater quantity of other goods.