346 MONEY IN 



CHAP. XXVII. 



that the annual supply required to keep up the 

 stock is proportionally greater for Asia than for 

 Europe. 



If the annual consumption, or rather application, 

 of gold and silver in Asia be compared with that 

 in Europe and America, taken according to the 

 estimated number of individuals in the respective 

 divisions of the globe, the former will be seen to 

 be much less than the latter. If Asia contains 

 five hundred and forty millions of inhabitants, and 

 consumes yearly gold and silver to the amount of 

 three millions four hundred thousand pounds ster- 

 ling, it will amount to no more than one penny 

 halfpenny per head. If Europe and America con- 

 tain together two hundred and seventy millions of 

 people, and consume yearly in gold and silver to 

 the amount of nine millions sterling, it will amount 

 to eight-pence for each individual. Viewing the 

 advanced state of society in Europe, and in that 

 part of America peopled by the descendants of the 

 British islands, and comparing it with the state of 

 Asia, we are disposed to consider the rate here 

 noted as not an improper one to be applied to the 

 relative general material wealth of the two divi- 

 sions of the world. It is not, however, applicable 

 to the proportions of metallic wealth. That of 

 Asia, as it consists in a much greater degree of 

 silver than it does of gold, to keep up the same 

 stock, as that metal consumes faster, must require 

 a greater proportion of annual supply. 



