78 



Coin and Currency in [No. 9, new series. 



From the discovery of America about the beginning of the 16th 

 century until recently, the mines of Mexico and South America 

 were the principal storehouses from which Europe drew her sup- 

 plies of the precious metals. America supplied 0*9 of the pro- 

 duce of the entire globe. As an example I give Humboldt's esti- 

 mate of the values of gold and silver derived from America and 

 the other sources respectively in the year 1809. He also gives 

 the relative proportions of the two metals to each other, which 

 I add. 









Gold. 



Silver. 





.£ 



640,000 



45 



: 11-7 



Northern Asia . 



.£ 



261,000 



1-8 



: 4-8 





£ 



9,841,000 



59-5 



: 176-8 





£10,742,000 



65-8 



: 193*3 



A few figures will give a clear idea of the enormous quantities 

 of gold and silver which the American mines produced previously 

 to the revolutionary disturbances in 1810. From 1545 to 1810, 

 the gold raised in the Cordilleras, Mexico and South America 

 amounted to £337,150,000 ; the silver, (which it is said would 

 have formed a globe 85 feet in diameter,) to £1,089,050,000. 

 Total, £1,426,200,000. 



Potosi was discovered in 1545. Between that year and 1803 it 

 yielded silver to the value of £230,000,000. ' 



Mr. Meggens, quoted by Adam Smith, gives estimates of the 

 amount of the precious metals imported into Spain and Portugal ; 

 based in the case of Spain upon the average of six years, 1748 to 

 1753, in the case of Portugal upon an average of seven years, 

 1747 to 1753. 



Silver : 1,101,107 lbs. troy, at 62s. per lb. .. £3,413,431 10 0. 

 Gold : 49,940 do. at 44J grs. per ft>.£2,333,446 14 0. 



Total.... £5,746,878 4 0. 

 The Mexican mines were twice as productive of both metals as 

 those of Peru and Buenos Ayres. Between 1695 and 1803 the 

 produce of the former multiplied Jive-fold. In 1775, the annual 

 receipt of coin and bullion by Spain and Portugal amounted to 



