346

MONEY IN

CHAP. XXVII.

that the annual supply required to keep up thestock is proportionably greater for Asia than forEurope .

If the annual consumption, or rather application,of gold and silver in Asia be compared with thatin Europe and America , taken according to theestimated number of individuals in the respectivedivisions of the globe, the former will be seen tobe much less than the latter. If Asia containsfive hundred and forty millions of inhabitants, andconsumes yearly gold and silver to the amount ofthree millions four hundred thousand pounds ster-ling, it will amount to no more than one pennyhalfpenny per head. If Europe and America con-tain together two hundred and seventy millions ofpeople, and consume yearly in gold and silver tothe amount of nine millions sterling, it will amountto eight-pence for each individual. Viewing theadvanced state of society in Europe , and in thatpart of America peopled by the descendants of theBritish islands, and comparing it with the state ofAsia , we are disposed to consider the rate herenoted as not an improper one to be applied to therelative general material wealth of the two divi-sions of the world. It is not, however, applicableto the proportions of metallic wealth. That ofAsia , as it consists in a much greater degree ofsilver than it does of gold, to keep up the samestock, as that metal consumes faster, must requirea greater proportion of annual supply.