384 MEXICO. Spanish capital, ^vhich still remained in the country, after the declaration of Independence in 1821. The Old Spaniards, who had survived the first years of the Revolutionary war, (in the course of which many transferred the bulk of their convertible property to Europe,) retained a sufficient portion of their funds in circulation to give a certain activity to trade, and to the mines, in which most of them were, directly, or indirectly, engaged. The produce rose in consequence, (as tranquillity and con- fidence were restored,) from four millions and a half of dol- lars, (to which it had fallen in 1812) to six, nine, eleven, and twelve millions, which was the amount of the coinage, in 1819, in the capital alone. In 1820, the Revolution in Spain, and the apprehension of the effects which it might produce in Mexico, caused a consi- derable fluctuation, and the coinage of the year in the capital fell to 10,406,154 dollars. In 1821, when these apprehen- sions were realized, and the separation from the Mother- country became inevitable, the whole disposable capital, that had remained till then invested, was withdrawn at once, and the coinage in Mexico sunk to five millions ; from which it fell to three and a half, at which it continued during the years 1823 and 1824. In 1825, the foreign capitals recently invested began to produce some effect; but, in 1826, the total amount of the coinage in the five mints of the Mexican Republic did not exceed 7;. 463,300 dollars, as will appear by the Table, marked No. 12. This is not to be regarded as indicating a failure on the part of the Companies, but merely as proving that the capital introduced by them had not then proved an equivalent for the capital previously withdrawn ; or, at all events, that time had not been allowed to repair the ruinous consequences of the sudden abstraction of that capital, and the suspension of all Mining works that ensued.
