Page:Mexico in 1827 Vol 2.djvu/51

Rh and this, again, leaves about thirty-three Millions of dollars as the circulating medium of Mexico at the present day, after allowing nearly thirty-six millions and a half for the Spanish capital withdrawn since the commencement of the Civil War.

The extreme scarcity of money that has been felt in Mexico during the last two years, renders the result given by this calculation by no means improbable. In 1810, with a currency of seventy-two millions, and a clear surplus produce of two millions more, which appears to have been the case during the seven last years before the Revolution, nothing could equal the facility with which advances were obtained for every useful, or even useless, project. In 1826, with a currency reduced to thirty-three millions, and a produce of eight, (the whole of which is required to cover the Imports alone,) three per cent, per month has been paid in the capital for specie, and that, too, where security was given for the full amount of the advances, by deposits of goods.

As it is to the Mines that we must look for the source of every future improvement in Mexico, I shall endeavour, in the subsequent parts of this book, to point out the manner in which their progress is likely to be affected by the present scarcity, which, operating, as it were, in a vicious circle, checks the produce of that, by which alone it can be itself relieved. Here, it will be sufficient to state the conclusions which may be drawn from the facts detailed in the preceding pages, with regard to the point