It Was Therefore Absolutely Necessary For The Continuance Of A Commerce So Much Extended As This To India Was, In Consequence Of The Portuguese Discoveries, That Increased Means Of Purchasing Indian Commodities Should Be Given; And These Were Supplied By The Gold And Silver Mines Of America.

If these mines had not been discovered about the time when trade to India was more easy, expeditious, and

Frequent, it could not long have been in the power of Europe to have availed herself of the advantages of the Portuguese discoveries; gold and silver would have become, from their extreme scarcity, more valuable in Europe than in India, and consequently would no longer have been exported. But the supply of the precious metals and of Indian commodities increasing at the same time, Europe, by means of America, was enabled to reap all possible advantage from the Portuguese discoveries. The gold and silver of Mexico and Peru traversed the world, in spite of all obstacles, and reached that part of it where it was most wanted, and purchased the productions of China and Hindostan.

Yet, notwithstanding the effectual demand for East India commodities was necessarily increased by the increased supply of the precious metals, yet the supply of these commodities being increased in a much greater proportion, their price was much lowered. This lowering of price naturally arose from two circumstances: after the passage to India by the Cape, the productions and manufactures of the East were purchased immediately from the natives; and they were brought to Europe directly, and all the way, by sea.

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