CHAP. XXIX. OF PRECIOUS METALS. 



Much of the capital that existed in Spanish 

 America has been removed to the island of Cuba. 

 Although the loss attendant on the abstraction was 

 enormous, yet, having been invested in agricul- 

 ture, it has increased the productions of that island, 

 and notwithstanding the low prices of sugar and 

 coffee, has left the capitalists such a profit and 

 given them such a sense of security as would be 

 sufficient to prevent its return to the distracted 

 countries from which it had escaped. 



Estimates have been framed of the amount of 

 capital abstracted from Spanish America, in con- 

 sequence of its commotions, which carry it to an 

 enormous extent. Without adopting any of these, 

 we may safely maintain that it has been replaced in 

 a very trifling degree by the operations of the mining 

 associations, formed chiefly in England, and on a 

 smaller scale in other parts of Europe and North 

 America. The amount of these aids to mining, 

 which cannot exceed four or five millions sterling, 

 (a great part of which was improvidently squan- 

 dered before their operations commenced), can 

 have no perceptible influence on the future pro- 

 duction of the precious metals, even if the parties 

 who conduct them should acquire sufficient prac- 

 tical knowledge to work the mines with profit 

 should retain sufficient perseverance to continue a 

 uniform course and sufficient confidence with the 

 public to obtain fresh supplies of money. These 

 European efforts, however, will manifestly appear 



