There is therefore no reason to fear that the accumulation of money in a state will cause prices to rise in it; and the principle established by Bodin that the great dearness prevalent in the sixteenth century was caused by the inﬂux of gold from America is not valid; though it is true that an increase in specie causes prices to rise at first, it also stimulates trade and manufacturing; the quantity of wealth grows and the number of elements among which the coinage is to be divided increases by the same amount.