In 1776, adam smith observed what fact about the western hemisphere?

In 1776, Adam Smith in the Wealth of Nations comments on the economics of the discovery by Europeans of the New World and its colonization, and the influx of goods from there, including gold and silver and fur, increased the wealth and enjoyment of some Europeans while at the same time resulting in a drastic decline in the population of indigenous people due to things like smallpox and being obtained from the exploitation of their labour.