It was very different in America:  the natives here, ignorant and savage, had no commerce.  “Even the natural productions of the soil, when not cherished and multiplied by the fostering and active hand of man, were of little account.”  Above half a century elapsed before the Spaniards reaped any benefit from their conquests, except some small quantities of gold, chiefly obtained from plundering the persons, the houses, and temples of the Mexicans and Peruvians.  In 1545, the mines of Potosi were discovered; these, and the principal Mexican mine, discovered soon afterwards, first brought a permanent and valuable revenue to Spain.  But it was long after this before the Spaniards, or the other nations of Europe, could be convinced that America contained other treasures besides those of gold and silver, or induced to apply that time, 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.