On The Origin of Species by Charles Darwin Chapter 10 Page 38

area and number of inhabitants will decrease (excepting on the shores of a continent when first broken up into an archipelago), and consequently during subsidence, though there will be much extinction, few new varieties or species will be formed; and it is during these very periods of subsidence that the deposits which are richest in fossils have been accumulated.

4. On The Absence Of Numerous Intermediate Varieties In Any Single Formation

From these several considerations it cannot be doubted that the geological record, viewed as a whole, is extremely imperfect; but if we confine our attention to any one formation, it becomes much more difficult to understand why we do not therein find closely graduated varieties between the allied species which lived at its commencement and at its close.