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An ingot of silver unmixed with gold, extracted by the process of amalgamation, weighing 135 marcs, at 11 deniers

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piastres. reals.

value 1171 6

127p. 6r.

4 0

147 0

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Remain to the proprietor 1024 6

If the silver is procured by smelting, and below 11 deniers 19 grains, we must add the expences of affinage, which amount to 8 maravedis per marc.

An ingot of auriferous silver at the rate of 12 deniers, 19 grains of silver, and 50 grains of gold, weighing 133 marcs, value

2 ochavas

In silver

In gold

piastres. reals.

1133 3

194 0

1327 8

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If the ingot is so rich in gold that it contains more than a half of its weight of that metal, the expence of assay rises to 4 reals per marc. It may be seen from these examples that the individual who delivers his silver into the provincial treasuries of Mexico, in exchange for specie, pays in the first case to government 12, and in the second 19 per cent. This impost excites the proprietors of the mines to the fraudulent extraction of the precious metals. Notwithstanding the experience of so many ages, the court of Madrid has several times attempted* to increase the duty of signiorage, without reflecting that this

*Representacion de la mineria de Nueva España sobre la doble exaccion del Señoreage, de 1766.

imprudent step would discourage individuals from bringing in their metals to the mint. It is the same with direct imposts on gold and silver, as with the profit which the government attempts to derive from the sale of mercury. The mining operations will increase in proportion as these imposts shall diminish, and as the mercury which is indispensable in the process of amalgamation, shall be furnished at a lower price. It is astonishing that a justly celebrated author, who had the soundest ideas relative to the exchange of metals, should have defended the duties of signiorage *.

From the information given by us in this chapter, it is almost unnecessary to agitate the question if the produce of the silver mines of Mexico has attained its maximum, or if there is any probability that it will still augment in the time to come. We have seen that three districts of mines, those of Guanaxuato, Catorce, and Zacatecas, alone furnish more than the half of the whole silver of New Spain. One mine which has only been known for forty years, that of Valenciana has sometimes† alone furnished in one year as much

* Adam Smith, Book iv. chap. 6.
For example in 1791.

silver as the whole kingdom of Peru. It is but thirty years since the veins of the Real de Catorce began to be worked, and yet by the discovery of these new mines the metallic produce of Mexico was increased nearly one sixth. If we consider the vast extent of ground occupied by the Cordilleras, and the immense number of mineral depositories which have never yet been attempted*, we may easily conceive that New Spain, under a better administration, and inhabited by an industrious people, will alone yield in gold and silver, the hundred and sixty three millions of francs, at present furnished by the whole of America. In the of a hundred space the annual proyears, duce of the Mexican mines, rose from twentyfive, to one hundred and ten millions of francs. If Peru does not exhibit an equal augmentation of wealth, it is because this unfortunate country has not increased its popu lation, and because being worse governed than Mexico, industry found more difficulties to overcome. Besides, nature has deposited the precious metals in that country at enormous elevations, in situations where on account of the very high price of provisions, the working becomes extremely expensive. The abundance

*Especially from Bolaños to the Presidio de Fren

teras,

of silver is in general such in the chain of the Andes, that when we reflect on the number of mineral depositories which remain untouched, or which have been very superficially wrought, we are tempted to believe, that the Europeans have yet scarcely begun to enjoy the inexhaustible fund of wealth contained in the New World. When we cast our eyes over the district of mines of Guanaxuato, which on the small space of a few thousand square metres, supplies annually the seventh or eighth part of all the American silver, we shall see that the 550,000 marcs which are annually extracted from the famous veta madre are the produce of only two mines, Valenciana and the mine of the Marquis de Rayas, and that more than four fifths of this vein have never yet been attempted. It is very probable, however, that in uniting the two mines of Fraustros and Mellado, and clearing them out, a mine would be found of equal wealth with that of Valenciana. The opinion that New Spain produces only perhaps the third part of the precious metals which it could supply under happier political circumstances, has been long entertained by all the intelligent persons who inhabit the principal districts of mines of that country, and is formally announced in a Memoir presented by the deputies of the body of miners to the king in 1774, a production drawn up with great wisdom and know

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