|Author||R. Hogarth Patterson|
|Publication Date||July 5, 2012|
At the beginning of the present century, full thirteen hundred millions sterling of gold and silver had been extracted from the earth for the use of mankind, and poured into Europe, since the year 1500. But one-third of this enormous quantity had been exported from Europe, chiefly to A sia; a sti Ularger quantity had been converted into plate and ornaments ;while about one-eighth (or 170 millions) had been lost to the use of mankind, by casualties and abrasion. The total quantity of gold and silver existing as coin in Europe at the beginning of the present century is reckoned to have amounted to about 380 millions sterling. This was more than ten times as large as the stock existing at the date of the discovery of A merica; and the annual supply was in a still larger proportion to what it had been in a.d. 1492. Some of the American mines had become exhausted, but these were more than replaced by the See fpra, note to chap. x.
(Typographical errors above are due to OCR software and don't occur in the book.)
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