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I don't know that it was the first such reference, but one finds the phrase 
in William Petty's __Treatise of Taxes and Contributions__ (1662), in the 
following context: 
 
  "If a man can bring to London an ounce of Silver out of the Earth in Peru, 
in the same time that he can produce a bushel of corn, then one is the 
natural price of the other; now if by reason of new and more easie mines a 
man can get two ounces of silver as easily as formerly he did one, then 
corn 
will be as cheap at ten shillings the bushel as it was before at five 
shillings, __ceteris paribus__" 
 
See __The Economic Writings of Sir William Petty__, ed. by Charles Henry 
Hull, vol. I, pp. 50-51. 
 
Glenn Hueckel 
 
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