CHAP. XVII.

IN AMERICA.

53

°f £52,000, would amount to £1,308,000

The amount for the twenty-five years

from the capture of Mexico to the

discovery of Potosi, at the annual

r ate as estimated by Humboldt of

£630,000 . , . 15,750,000

Total addition in sixty-three years £17,058,000

By a calculation before made in chapter x., ofthis inquiry, the quantity of the precious metals inexistence in the ancient world has been estimatedto have been reduced down to thirty-three orthirty-four millions. It has been also calculatedthat the mines of Europe yielded at the time ofthe discovery of America a portion of gold andsilver equal to that which was annually consumedby wear. If these various calculations approximateto ti’uth, it would appear that an addition hadbeen made to the gold and silver in existence atthe rate of fifty per cent., or one half of the pre-vious quantity.

The process of consumption would, however,be going on contemporaneously with the produc-tion. In this period the largest quantity would beproduced in the earliest and the latest years. That"'bich had been accumulated in prior ages by theaborigines would be acquired by the conquerors,and it would require some arrangements beforeBie labour of the subdued inhabitants could bedirected and excited in such a manner as to bring