ESTIMATE OF CHAP. xxvi. 



dred and three million seven hundred and thirty- 

 six thousand pounds. 



From the 380,000,000 of coin left in 1809, 

 we deduct for loss by abrasion at the rate of one 

 part in four hundred and twenty in each year, 

 which in the twenty years would amount to 

 18,095,220, thus leaving in 1829 . 361,904,780 



to which may be added the supply from the 



mines . . . 103,736,000 



thus showing . 465,640,780 



from which must be de- 

 ducted that converted 

 into utensils and orna- 

 ments . . 5,612,611 

 and that transferred to 

 Asia 2,000,000 



7,612,611 annually. 

 Or in the twenty years . . 152,252,220 



This would show the estimated amount at the 



end of 1829 to be . . . 313,388,560 



Or less than at the end of 1809 . 66,611,440 



Or a diminution of nearly one-sixth part in the twenty years. 



During the period we have been considering, 

 and indeed for many years before, the comparative 

 value of gold to silver had scarcely experienced 

 any alteration. According to the view here taken, 

 the amount of gold applied to purposes of luxury 

 had far exceeded that of silver, perhaps in the 

 proportion of four to one ; but, on the other hand, 

 the treasure transferred to India and China had 

 consisted chiefly of silver, and much more gold 



