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 of concluding that what
affects one affects all, and thus confusing the individual with the
general interest.
B. Why, what can be more conclusive? What is true of one, must be so
of all! What are all, but a collection of individuals? You might as well
tell me that every Frenchman could suddenly grow an inch taller, without
the average height of Frenchmen being increased.
F. Your reasoning is apparently sound, I grant you, and that is why
the illusion it conceals is so common.
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