Page:Vol 3 History of Mexico by H H Bancroft.djvu/695

Rh could be struck off yearly. With regard to the amount coined previous to 1690 nothing can be stated with any degree of accuracy, but since that time the annual coinage is known. Its progressive increase, and the enormous sums eventually struck off, are shown by the following figures: In 1690 the amount of silver coined was $5,285,581; one century later it reached $17,435,644. In the year 1796 $24,346,833, and in 1797 $24,041,182 were coined. In 1733 gold was coined to the amount of $151,702; in 1796 the coinage of the same metal reached $1,297,794, and in 1797 $1,038,856. From 1690 to 1803 inclusive the total amount of silver coined was $1,329,119,173, and of gold $44,819,830; in all $1,373,939,003. The net profit which accrued to the crown in the year 1798, after the payment of over $388,000 for expenses, was $1,280,746.

Despite the numerous and lucrative sources from which the revenue was derived, the treasury department in New Spain cannot be regarded as an exhibition of successful financiering and organization. What with the demands of the king upon it, the peculation of officials, and the fraudulent practices of the public, the royal treasury could rarely show a credit,able balance-sheet. Previous to 1644 statistics are so meagre that only a vague idea of the income and its gradual increase can be arrived at. According to certificates of the royal treasury the average receipts during the period from 1644 to 1673 was $1,266,519, and the payments $1,363,677, leaving an annual deficit of $97,158. Viceroy Mancera who found the exchequer bankrupt on his arrival devoted himself assiduously