70 COIN AT THE END OF 1599. CHAP. XVIII. 



hundred and twelve years from the first dis- 

 covery of America to the end of the sixteenth 

 century amounted to one-tenth of the whole quan- 

 tity produced, or about fourteen millions ; and we 

 may further suppose that one-fifth of the gold and 

 silver had been abstracted from its primary use 

 as money, and converted into other commodities 

 either for use or for ornament. This would amount 

 to about twenty-eight millions. The sum, then, 

 which formed the stock of money current in Europe 

 at the latter end of the sixteenth century would 

 be composed of the stock existing at the time of 

 the discovery of America, < 34,000,000 



that produced in the hundred 

 and twelve subsequent years, after 

 making allowance for the loss by 

 natural wear, . .'< 138,000,000 



172,000,000 



deducting from it what had been 

 conveyed to Asia, and what is sup- 

 posed to have been applied to the 

 purpose of commodities of all kinds, 42,000,000 



^130,000,000 



The stock of gold and silver coin in Europe 

 may then be estimated, at the end of the year 

 1599, to amount to one hundred and thirty mil* 

 lions of our present money. 



