in the United States in Fifty Years. 209 



$57,503,892 



This increase in twenty years, from 619,000,000 to $57,503,892, 

 is equivalent to a decennial increase of 73 per cent, or nearly two- 

 thirds more than the increase of population. Without doubt the 

 quantity of the precious metals in the United States was considera- 

 bly augmented by the large loans contracted in Europe, but it must 

 be recollected that a large part — it is believed the largest part — of 

 those loans was contracted after 1837, in consequence of the re- 

 action occasioned by the preternatural distension of the currency, 

 and tended rather to check the efflux of specie (which it could not 

 prevent) than to increase its import; and that, whatever was the 

 effect of those loans, it would seem that the equilibrium was re- 

 stored by the same reaction before 1841, by the fact of the great 

 increase of specie within the last two years. 



In this comparative estimate, as well as in all those preceding it, 

 we should take into account the rise which the precious metals 

 have experienced since 1820, by reason of the lessened production 

 of the American mines, and which cannot be much if any short of 

 10 per cent. If we allow for this additional value, it will convert 

 the $57,503,892 in 1841 to more than $63,000,000, and raise the 

 decennial increase of those metals to something more than 82 per 

 cent. 



The result of the preceding comparisons may be seen in the fol- 

 lowing summary : 



Decenni 



601 371.94 



Which shows the decennial increase of capital and wealth to have 

 been to that of population as 601 to 371.94, or nearly as 50 to 31 ; 

 18* 



