EARLY COLLECTION OF GOLD chap. XVII.

sufficiently near to the richer countries of Mexico and Peru for some of the precious metals to havebeen derived from those sources. The streamsof their own mountains might have furnishedsome to even the most negligent searchers; andhence, though it is not possible to read theaccounts of that period without some suspicion ofexaggeration, yet when we consider the ages thatmay have passed in collecting gold, there seemsless reason to suspect any great mistatement inthe relation of the facts. In truth, the wholequantity for the first twenty-five years from thedate of the discovery to the possession of Mexico and Peru was very small even if compared withthe diminished quantity which then existed in theancient world.

Humboldt has estimated the average annualamount of gold and silver which America fur-nished to Europe in the period from 1492 to 1500at about 52,000/. sterling 1 . No writer, perhaps,is entitled to more implicit credit for any factwhich came within his own knowledge; few de-serve more attention to any estimate which he hasformed. In this estimation could only be includedthat which the natives had collected before thearrival of the Spaniards, for the tribute imposedon the Indians by the successor of Columbus did

1 Political Essay on New Spain, vol. iii. book iv. cap. xi.p. 433.