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Though, in one sense of the word, silver always has been, and

probably always will be, much cheaper than gold; yet, in another

sense, gold may perhaps, in the present state of the Spanish

market, be said to be somewhat cheaper than silver. A commodity

may be said to be dear or cheap not only according to the

absolute greatness or smallness of its usual price, but according

as that price is more or less above the lowest for which it is

possible to bring it to market for any considerable time

together. This lowest price is that which barely replaces, with a

moderate profit, the stock which must be employed in bringing the

commodity thither. It is the price which affords nothing to the

landlord, of which rent makes not any component part, but which

resolves itself altogether into wages and profit. But, in the

present state of the Spanish market, gold is certainly somewhat

nearer to this lowest price than silver.