Manilla have been very rare, even The vessels sent from the West India and formerly from the ports of the States to the western coast of Africa, lave trade, exported not only fire arms, and hardwares, but also silver in specie; s exportation was compensated for by chase of gold dust on the coast of and by the lucrative commerce which glo-Americans carry on with several Europe.

if we deduct from the 5706 millions es, drawn from the mines of the New t, since its discovery by Christopher Is, till the present day,

millions of piastres which exist either in specie, or in wrought gold and silver in the civilized part of America. and,

nillions of piastres which have past from the western coast of America into Asia,

illions of piastres,

hat Europe has received from the d in the course of three centuries, 5420 piastres*. Taking also the 186,000 old, which have passed as spoil into of the conquerors at 25 millions,

200,000 Sterling. Trans.

of livres tournois, or 153,333,000 piastres. A very small part of the gold and silver extracted from the mines of America, passes immediately into Africa and Asia, without first touching Europe. We shall estimate the quantity of precious metals, which has flowed from Acapulco into the Philippine Islands, since the conclusion of the 16th century, at 600,000 piastres per annums. The expeditions from

* We have followed in these valuations, the principles laid down by Adam Smith and Necker, taking for basis the number of inhabitants, the mass of imposts paid to the government, the wealth of the clergy, and the relative activity of commerce. These calculations are the more uncertain, as a great number of Negroes and Indians are mixed with the whites.

† 32,858,137 Sterling. Trans.

£126,000 Sterling. Trans.

I am aware, that Lord Anson found in the Acapulco galleon which fell into his hands, the sum of 1,357,454 piastres. (Anson's Voyage, p. 384); but we cannot estimate the annual importation at more than 600,000 piastres, when we consider that the galleon has not sailed every year since the end of the 16th century.

Lima to Manilla have been very rare, even latterly. The vessels sent from the West India Islands, and formerly from the ports of the United States to the western coast of Africa, in the slave trade, exported not only fire arms, brandy, and hardwares, but also silver in specie; but this exportation was compensated for by the purchase of gold dust on the coast of Guinea, and by the lucrative commerce which the Anglo-Americans carry on with several parts of Europe.

Now if we deduct from the 5706 millions of piastres, drawn from the mines of the New Continent, since its discovery by Christopher Columbus, till the present day,

153 millions of piastres which exist either in specie, or in wrought gold and silver in the civilized part of America. and,

133 millions of piastres which have past from the western coast of America into Asia,

286 millions of piastres,

we find that Europe has received from the New World in the course of three centuries, 5420 millions of piastres*. Taking also the 186,000 marcs of gold, which have passed as spoil into the hands of the conquerors at 25 millions,

* £ 1,138,200,000 Sterling. Trans.

it follows that the quantity of gold and silver imported into Europe from America, between 1492 and 1803, amounts to five thousand four hundred and forty-five millions of piastres, or to twenty eight thousand five hundred and eightysix millions of livres tournois*.

This calculation like all those of Forbonnais, Ustariz Necker, and Raynal, is partly founded on facts, and partly on mere conjecture. It is easy to conceive that the results are the more accurate, as we were enabled to avail ourselves of a greater number of facts, and as the conjectures are founded on a more intimate acquaintance with the history and present state of the mines of the New Continent. It is for those of my readers, who are accustomed to researches of this nature, to judge whether the sums fixed on by me are nearer the truth, than those which have been hitherto adopted in the most esteemed and popular works.

Dividing the 5445 millions of piastres, among the 311 years since the discovery of the New World, till 1803, we find that the average annual importation amounts to seventeen millions and a half of piastres. From the historical researches which it has hitherto been in my power to make, it appears to me that the treasures of America have flowed into Europe in the following progression.

* £1,166,775,322 Sterling.