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With the greater part of rich people, the chief enjoyment of

riches consists in the parade of riches; which, in their eye, is

never so complete as when they appear to possess those decisive

marks of opulence which nobody can possess but themselves. In

their eyes, the merit of an object, which is in any degree either

useful or beautiful, is greatly enhanced by its scarcity, or by

the great labour which it requires to collect any considerable

quantity of it; a labour which nobody can afford to pay but

themselves. Such objects they are willing to purchase at a higher

price than things much more beautiful and useful, but more

common. These qualities of utility, beauty, and scarcity, are the

original foundation of the high price of those metals, or of the

great quantity of other goods for which they can everywhere be

exchanged. This value was antecedent to, and independent of their

being employed as coin, and was the quality which fitted them for

that employment.