any material change. There is, therefore, nothing in the fluctuations of the Commercial Exports to affect the calculation with regard to the Average of the whole term; while the Produce, undoubtedly, rather exceeded, than fell short of, the Twenty-four millions of dollars at which I have estimated it; 1,192,381 dollars being, in the opinion of those whom I have had occasion to consult upon the subject in Mexico, a very inadequate allowance for the Silver not included in the Mint Returns.
I cannot, therefore, estimate the annual addition to the circulating medium, before the Revolution, at a less sum than Two millions of dollars; and I am the more inclined to conceive this calculation to be correct, because the Exportation of Specie during the last fifteen years, (from 1810 to 1825,) appears so much to have exceeded the whole Produce of the Mines, that the country, had it not been for the surplus which accumulated during this season of prosperity, must have been left without a circulating medium at all.
This brings me to the second part of my enquiry, viz. the Average annual amount of the precious metals raised from 1810 to 1825, with the Exports during the same period.
I have already stated the impossibility of forming any very accurate calculation upon the last of these points, with regard to which much conjectural evidence must be admitted. As to the first, (the Produce,) although, for the reasons mentioned in
