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 quantity of abundant metal; whence it follows, that a people is not enriched by being forced to give up useful things for the sake of having more money.

B. Thus, it is your opinion that the treasures discovered in California will not increase the wealth of the world?

F. I do not believe that, on the whole, they will add much to the enjoyments, to the real satisfactions of mankind. If the Californian gold merely replaces in the world that which has been lost and destroyed, it may have its use. If it increases the amount of cash, it will depreciate it. The gold diggers will be richer than they would have been without it. But those in whose possession the gold is at the moment of its depreciation, will obtain a smaller gratification for the same amount. I cannot look upon this as an increase, but as a displacement of true riches, as I have defined them.

B. All that is very plausible. But you will not easily convince me that I am not richer (all other things being equal) if I have two crowns, than if I had only one.

F. I do not deny it.

B. And what is true of me is true of my neighbour, and of the neighbour of my neighbour, and so on, from one to another, all over the country. Therefore, if every Frenchman has more crowns, France must be more rich.

F. And here you fall into the common mistake