er.

The quantity of the precious metals, formerly used for the purposes of
luxury, greatly diminished after the decline of the Roman empire, and
in the middle ages they were sparingly employed except for coinage;
ornamental work in gold and silver, mostly executed by first-rate
artists, being confined to men of rank, till the opening of new mines
added to the supply; which was afterwards increased by the abundant
treasures of America; and the quantity applied to ornamental purposes
then began to vie with that of olden times.

M. Leon Faucher even calculates the annual abstraction of the precious
metals from circulation by use for luxury, disasters at sea, and
export, at 25 million dollars, in Europe and the United States.

The silver from the American mines exported to Europe in 100 years, to
1630, gave an addition to the currency of 5 million dollars annually,
besides that used for other purposes, or re-exported; and from 1630 to
1830 from 7-1/2 to 10 millions annually; an increase in the quantity
used for currency having taken place, as well as in that exported to
India, and employed for purposes of luxury.

Humboldt states the whole quantity of gold from the American mines, up
to 1803, to be 162 millions of pounds in weight, and of silver 7,178
millions, or 44 of silver to 1 of gold.

Again, the total value of gold produced during three centuries to
1848, including that from Russia, has been estimated at
$2,825,000,000; and the total annual quantity of gold, before the
discovery of the Californian fields, has been reckoned at about
$50,000,000. That from California and Australia already amounts yearly
to $170,000,000 (or 3-2/5 times as much as previously obtained), and
is still increasing; but though far beyond the supply afforded by the
discovery of America, the demand made upon it by the modern industry
of man, together with the effect of rapid communication, and of the
extension of trade, as well as by the great deficiency of gold in the
world, will prevent its action being felt in the same way as when the
American supply was first obtained; and still less will be the effect
now, than it would have been in ancient times, if so large and sudden
a discovery had then been made. For, as Chevalier says, "Vast as is
the whole amount of gold in the world, it sinks into insignificance
when contrasted with the aggregate product of other branches of human
industry. If they increase as fast as the gold, little or no
a