CHAP. XXVII.

ASIA.

345

in the United States of America by the emissionof paper dollars—in France by the circulation ofassignats—in Russia by the excess of paper roubles—in Austria by her issuing a superabundance ofpaper florins—or as was felt in England by firstdeviating from, and then returning to, a currencyin the precious metals. We are then justified inconcluding that the supply of the precious metalsto India, China, and the rest of Asia , has beennearly that which was required to maintain anequable proportion between them and the mass ofother commodities.

Whilst the mines of Asia have not increasedtheir products, the importations of treasure havelessened, and yet no sensible decline in generalprices has been experienced. The dispersion ofthe hoards which had been heaped up during thetimes of the insecurity of property has probablybeen found sufficient to render prices steady.

As the population of Asia may be taken at aboutdouble that ofEurope and America , and as we haveseen that the quantity of the precious metals con-sumed in the two latter divisions of the globe is tothat obtained by Asia in the proportion of fiveto two, we may conclude that the use of themis ten times as great among the Europeans andAmericans taken by the individual as among theAsiatics; but as the prevailing metal in Asia issilver, and a great part in Europe is gold, and as silverwears much faster than gold, we must conclude