CHAP. XXI.

coin in 1599.

181

seems, therefore, probable, that instead of one-tenth only being diverted from its application ascoin to that of ornaments and furniture, an assump-tion may be admitted that it at least amountedto one-fifth.

In that view of the subject gold and silverwould have been added to the coined money tothe amount of two hundred and forty-four millionpounds. But allowance must be made on thissum for the regular wear, at the rate before es-timated, of one part in three hundred and sixtyannually, which would amount to about thirty-four million pounds; thus leaving, at the end of1699, coin in circulation in addition to what ex-isted at the end of 1599, as may thus for greaterclearness be exposed in figures.

Stock of coin left at the end of 1599 £130,000,000

Deducted from this by abrasion and loss in the

course of a century, to the end of 1699 43,000,000

87 , 000,000

Produce of the mines in 100 years 337,500,000Transferred to India and China in

part by the Philippine Islands 33,250,000

304,250,000

Deduct a fifth converted to other

objects than that of coin 60,250,000

244,000,000

Deduct from this by wear and loss 34,000,000

210 , 000,000

£297,000,000

By this account, taking the stock of coined

k 2