me, labour, and capital, which were
requisite to unfold all the additions to the comforts, the luxuries, and
the health of man, which the New World was capable of bestowing. When,
however, European skill and labour were expended on the soil of America,
the real and best wealth of this quarter of the world was displayed in all
its importance and extent. In addition to the native productions of
tobacco, indigo, cochineal, cotton, ginger, cocoa, pimento, drugs, woods
for dying, the Europeans cultivated the sugar cane, and several other
productions of the Old World. The only articles of commerce supplied by the
natives, were furs and skins; every thing else imported from the New World
consists at present, and has always consisted of the produce, of the
industry of Europeans settled there.

But though it was long before Europe derived much direct benefit from the
discovery of America, yet in one important respect this discovery gave a
great stimulus to East India commerce. Gold and silver, especially the
latter, have always been in great demand in the East, and consequently the
most advantageous articles to export from Europe in exchange for Indian
commodities. 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 muc