cidedly less than the quantity used in the manufacture of plate, watch-cases, and other articles of that description. And these, when they either become unfashionable, or are broken or injured, are, for the most part, sent to the melting pot. According to the statement of Necker, quoted and sanctioned by Humboldt, a half of the gold and silver used in France by goldsmiths and others in arts, is supposed to be obtained from the fusion of old plate, &c.— (Nouvelle Espange, tome iii. p. 467.)

But, notwithstanding the high authority by which this estimate is supported, we believe that it is nearly as much above the mark as Mr. Jacob's is certainly below it. Assuming, therefore, that, ata medium, 20 per cent. or 1-5th part of the precious metals an. nually made use of in the arts is obtained from the fusion of old plate, we shall have, by deducting this proportion from the 4,563,0001. applied to the arts in Europe and America, 3,650,000l. as the total annual appropriation of the new gold and silver dug from the mines to such purposes, leaving about 2,000,000l. a year to be manufactured into coin.

It is not much more easy to determine the consumption of the precious metals when manufactured into coin, than when in plate. Mr. Jacob has entered into some curious details (vol. ii. c. 28., to determine the abrasion or loss of coins from wear, which he estimates at 1-600th part a year for gold, and 1-200th part for silver coins. This, however does not give the total wear and tear of the coins. To determine the latter, the quantities lost by fire, shipwrecks, and other accidents, must be taken into account. The loss from these sources can only be guessed at; but adding it to the loss by abrasion, perhaps we shall not be far wrong in estimating the whole at 1 per cent.

It is singular that, in estimating the consumption of gold and silver, Mr. Jacob should not have made the slightest allusion to the practice which has uniformly prevailed in all countries harrased by intestine commotions, or exposed to foreign invasion, of burying treasure in the earth. Of the hoards so deposited, a very considerable proportion, has been altogether lost; and there can be no doubt that this has been one of the principal means by which the stock of the precious metals has been kept down to its present level. Every one is aware that, during the middle ages, treasure trove, or money dug from the ground by chance finders, belonged to the Crown, and formed no inconsiderable part of the royal revenue of this and other countries. The practice has always prevailed to a very great extent in the East.-Bernier, Voyage de Mogol, Amst. 1710, tome i.p. 309., (Scrafton on the Government of Hindoostan, p. 16, &c.) But it is not confined to that quarter. Wherever property is insecure, it is invariably resorted to. Mr. Wakefield tells us, that it is common in Ireland. (Account of Ireland, vol. p. 593.) It has always prevailed to a considerable extent in Russia and France; and in the latter during the revolutionary anarchy, immense sums were buried, of which it is abundantly certain a large proportion will never be resuscitated. The wars and convulsions by which Europe was desolated for more than 20 years extended the practice to all parts of the Continent; withdrawing in this way from circula

tion a very considerable part of the increased produce of the mines. (Storch, Economie, Politique, tome i. p. 221, Paris, 1823.

3. Exportation of the Precious Metals to the East.-It must be well known to all our readers, that from the remotest era, down to a comparatively late period, bullion has always formed one of the principal and most advantageous articles of export to the East. Humboldt estimated that, of the entire produce of the American mines at the beginning of this century, amounting, as already seen, to 43,500,000 dollars, no less than 25,500,000 were sent to Asia,17,500,000 by the Cape of Good Hope,-4,000,000 by the Levant, and 4,000,000 through the Russian frontier. (Nouvelle Espange, tome ii. p. 443.) Latterly however, this immense drain has not only entirely ceased, but the current has, in fact, began to set strongly in the opposite direction. Thus it appears that the total imports of gold and silver from Europe and North and South America into Bengal, Madras, and Bombay, during the three years, ending with 1830 and 31, amounted to 479,3881.; whereas the total exports of the precious metals from these three presidencies to Europe and America, during the same three years were 1,119,973l., being an excess of 640,585l.; so that India, insteady of importing, as formerly, very large quantities of bullion from the Western World, supplied, during the period in question, about 213,000l. a year to its markets!-(Purl. Paper, No. 390. Sess. 1833.) The same is the case with China. During the year, ending the 31st. of March, 1832, silver was exported from Canton to England to the amount of 1,976,930 dollars, or 390,000l., besides about as much more exported to India!-A considerable part of this large export, consists of native silver, of which there are mines in several provinces. China has also mines of gold; and in some late years her exports of that metal have been considerable; she is, however, an importer as well as an exporter of gold, having for a lengthened period, drawn considerable supplies of that metal from Borneo, Celebes, and the Malay peninsula. It appears, too, that the efflux of bullion from Russia to China has ceased; and that there, also, the current is setting the opposite way.—(Jacob, vol. ii. 320.) And if there be any sums still exported by way of the Levant, which is doubtful, they are certainly quite inconsiderable.

4. Influence of the diminished Productiveness of the Mines on Prices. It has been customary in this country, to ascribe almost the whole fall that has taken place in the price of most commodities since the peace, to the diminished supply of bullion from the mines. But we doubt whether this circumstance has not been fully counterbalanced by others, and whether it has had iufluence in the way now mentioned. The cessation of the drain to the East, even admitting that M. Humboldt has somewhat over-rated its amount, would of itself have gone far to counteract the decreased productiveness of the mines; but we have just seen that it has not merely ceased, but that we are, in fact, deriving considerable supplies from that very quarter. In addition to this, the greater security and tranquility enjoyed on the Continent since the peace, has not only checked that burying of money, formerly so prevalent, but has

caused the bringing to light of a good many of the subterranean hoards. The institution of savings' banks, now so common every where, has also, no doubt, tended to prevent hoarding, and to bring a good deal of coin into circulation, that would otherwise have been locked up. These circumstances, coupled with others that might be mentioned, such as the cessation of the demand for military chests, the greater employment of bills in mercantile transactions, &c., afford the best grounds for doubting whether the quantity of the precious metals annually applicable to the purposes of circulation be not as great at present, as in 1809 or 1810. It is further to be observed, that the falling off in the produce of the mines, has been in silver only; and that the supply of gold, instead of being diminished during the last ten years, has been very materially increased and as gold is the standard of our currency, it is obviously false to affirm that its value has been increased from its being less abundant than formerly. It is contended, indeed, that in estimating the value of the precious metals, we cannot separate gold and silver; and that the fall that has taken place in the prices of all commodities, since 1815, proves that the value of money has sustained a corresponding advance. But the value of gold is in no way depended upon, or connected with the value of silver. The exchangeable worth of each metal is wholly determined by the peculiar conditions under which it is supplied; and the circumstance of gold falling in value when silver is rising, is no more to be wondered at, than that lead should fall when iron rises, or conversely. Neither is it true that the fall in the value of commodities since 1815, has been universal. We admit it has been very general; but we venture to affirm that there is not, without any exception whatever, a single commodity that has fallen in price since 1814, the fall of which may not be satisfactorily accounted for, without reference to the supply of gold and silver. Multiplied proofs of what is now stated, will be found in various articles throughout this work. And we have little doubt that those who investigate the matter with any degree of care, will agree with us in thinking, that, even without distinguishing between gold and silver, were the influence of the decreased productiveness of the mines on prices estimated at, from 3 to 5 per cent., it would be very decidedly beyond the mark, We believe its influence has been hardly perceptible.

5. Probable future supply of Gold and Silver.-Nothing but conjectural statements can be made as to the probable future supply of the precious metals. On the whole, however, we should think that a very considerable increase may be fairly anticipated. The anarchy in which the new South American States have hitherto been involved, will come to a close; and, with the increase of population and capital, renewed attention will, doubtless, be paid to the mines. It is reasonable also, we think, to anticipate that the supplies from the Russian mines will continue to increase.

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G., K., & L., keep a general assortment of Books in the various departments of Literature, Science, and Theology; also Stationery in all its varieties; all of which they will sell, at wholesale or retail, on the most liberal terms.

They are extensively engaged in the publication of SCHOOL BOOKS of approved character.

DR. WAYLAND'S WORKS.

The following valuable works by the Rev. Dr. Wayland have become so well known, and generally introduced throughout the country, that no commendatory notice seems necessary; yet, to assist some who may not have seen the works to decide upon their merits; a specimen of the many Reviews and Notices by distinguished individuals is here given:

ELEMENTS OF MORAL SCIENCE.

By FRANCIS WAYLAND, D. D., President of Brown University, and Professor of Moral Philosophy: 12th edition.

This work has already been adopted as a class book in most of the collegiate, theological and academical institutions of the country. It is now thoroughly revised, improved, and handsomely stereotyped, and thus rendered permanent and uniform.

[From the Literary and Theological Review, by L. WOODS, Jr.]

This is a new work on morals, for academic use, and we welcome it with much satisfaction. It is the result of several years' reflection and experience in teaching, on the part of its justly distinguished author; and if it is not in every respect perfectly what we could wish, yet, in the most important respect, it supplies a want which has been extensively felt. It is, we think,

1

GOULD, KENDALL, AND LINCOLN'S PUBLICATIONS.

substantially sound in its fundamental principle; and being comprehensive and elementary in its plan, and adapted to the purposes of instruction, it will be gladly adopted by those who have for a long time been dissatisfied with existing text-books, particularly the work of Haley. The style is simple and perspicuous, and at the same time manly and forcible; it is an eminent merit of the author that he has made a system of Christian morals. We consider the work as greatly superior to any of the books hitherto in use, for academic instruction.

[From Rev. WL BUR FISK, President of the Wesleyan University, Middletown, Conn.]

I have examined with great satisfaction and interest, the "Elements of Moral Science," from your press, by Dr. Wayland. The work was greatly needed, and is well executed. Dr. Wayland deserves, and I doubt not will receive, the grateful acknowledgments and liberal patronage of the public. I need say nothing farther to express my high estimate of the work, than that we shall immediately adopt it as a text-book in our University.

ELEMENTS OF MORAL SCIENCE.

Abridged, and adapted to the use of Schools and Academies.

The attention of Teachers and School Committees is invited to this valuable work;-it has received the unqualified approbation of all who have examined it; and must be acknowledged admirably calculated to exert a wholesome influence on the minds of the young; and lead to the formation of correct moral principles.

[From the North American Review.]

In its

Since the appearance of the second edition of the work which we have been noticing, Dr. Wayland has published an abridgment for the use of schools. Of this step we can hardly speak too highly. It is, as we have already stated, more than time that the study of Moral Philosophy should be introduced into all our institutions of education. We are happy to see the way so auspiciously opened for such an introduction. general style and illustrations, the smaller work appears to us to have been the result of more labor on the part ef the author than the larger work itself. Indeed, he himself informs us, it has been "not merely abridged but also re-written." We cannot but regard the labor as all well bestowed. The difficulty of choosing words and examples as to make them intelligible and interesting to the child, is very great. The success with which Dr. Wayland appears to have overcome it, is in the highest degree gratifying. We have no doubt that its circulation and utility will far more than repay its author for the pains he has taken with it.