CHAP. XVII. IN AMERICA. 47 



not come into operation till the expiration of the 

 period. It was not till 1502 that Ovando de- 

 spatched to Europe the first large quantity of 

 gold, the greater part of which was lost in the 

 storm, which wrecked ftost of the vessels, and the 

 whole of what was shipped did not exceed 2560 

 marcs in weight, and may be valued at between 

 70,000/. and 72,000/. sterling. 



It seems necessary to guard against the ex- 

 aggerated language of the early discoverers of 

 America, who speak of enormous quantities of 

 gold, of immense wealth, of vast treasure; and to 

 correct this language by figures whenever in their 

 relations we meet with any. In this way, instead of 

 deeming Humboldt to have diminished the actual 

 quantity of gold and silver found in America, we 

 shall be disposed, if we venture to dissent from his 

 results, to believe that he has rather under than 

 overstated the quantities. According to the ac- 

 counts of the various Spanish writers, the gold 

 collected by the successors of the first explorers, 

 from the year 1500 to the invasion of Mexico by 

 Cortes in 1519, may have equalled, but scarcely 

 could have exceeded, that which Humboldt esti- 

 mates as the annual produce afforded by America 

 between 1492 and 1500, or about 52,000/. ster- 

 ling. If, then, in the twenty-seven years between 

 the first discovery by Columbus in 1492 to the 

 landing of Cortez in Mexico in 1519, the annual 

 produce of gold be estimated at 52,000 we shall 



