54

APPLICATION OF

CHAP. XVII.

into action the treasures contained in their soil.In the fifty-seven years, upon the principle as-sumed in this inquiry as the rate of consumptionby friction, the loss upon the new acquisitions ofthe precious metals would amount to about onemillion five hundred thousand pounds, and thewhole quantity in existence may perhaps be fairlyestimated at about fifty millions sterling.

It is impossible to form any calculation of theproportion which that part of the precious metalswhich was converted into money bore to thatwhich was applied to purposes of ornamental oruseful articles. The first would have an influenceon the prices of all commodities; the latter fallinginto the general mass of commodities would haveno influence on them.

The age in which America was discovered wasone of intense religious feeling. New doctrines hadbeen propounded with zeal by its adherents, whichwere rejected with equal zeal by their opponents.The Spaniards who received the gold and silver fromthe new world were remarkable for the most rigidadhesion to the ancient faith. Their veneration forits imposing and showy ritual, and their belief thatpresents to the virgin and the saints would benefittheir worshippers, had the effect of drawing to thepublic or private temples a portion of the firstfruits of those precious metals which America hadyielded to their perseverance. The same feelingpervaded the rest of Europe ; and as the gold and