The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-02-10

first, the with which a commercial people can sup
ply themselves with any amount of gold and silver
when they please to do so and secondly, the ample sup
ply ospece in this country at this time to enable eve
ry solvent bank to resume payment instanter
The tables show that whole acquisitions ot spe'
Gle, amounting to EIGHTY millions of dollars were
made dnring SEVEN YEARS of tho glorious admins.
traliOns of Jackson and Van Buren, that whole los
were anterior and pOsterior these years
and that after ALL the actual loss of the last three years
is only eight mlionsl thereby leaving still NINETY
millions in the country. Ninety millions in the
hy-wth demonstrated capacity to increase 1t when
weplease, at the rate ofeleven millions per anum: and
yet we have an Administration that sends down for
NAL proposition to strike paper money! we have d
league of banks which refuse to pay cent at their
counters but forward specie New York, to be ships
ped to England we have nineteen States, three terrific
and one District in which particle of silver large
as your thumb nail is not allowed to crculals
and to crown the picture, we have Federal Legisla-
ture, 10 State Legislatures, and Territorial Legisla-
lures, all quietly looking on, and kindly toeraing this
state Of hingS-a state ofthings ifighlfIl even
for ts sad depreduons upon the morals osocieY than
for its devourng ravages upon the property and labor
Of the country.
Not specie enough in the world TO do the business of
the country! What an insane idea! Do eople who
talk in that way know any thing about the quantity of
specie that there is in The world even in Europe and
the amount that different nations according their pur
suitsr employ in their business2 they do not let
them listen to what GALLATIN and GOUGE say up.
on the subject and let them learn something which
man should know before he ventures an opinion upon
currency. Mr.. Galatn, in 1884, thus speaks of the
quantity ofgod and silver in Europe and America.
''The total amount of gold and silver produced by
the mines Of America, to The year e03 inclusively &
remaining there exported to Europe has been esi
mated by Humboldt at about FIVE thousand six hundred
millions ofdollars and the product ofthe years 1904
1880, may be estimated at seven hundred and fifty mill
lions. Ifto this we add one hundred millions, the
nearly asceraned product to this time Of the Mines Of
| Siberia, about four hundred and fifty millions for the
African gold DUST and for the product of the mines of
Europe (Which yielded about three millions year. in
hebeginning ofths century, from the discovery of A.
merca TO this day, and three hundred millions for the
mount existing in Europe prior TO the discovery of A.
merica, we find total not widely differing from the
fact, of seven thousand two hund ed millions of doll
lars Itis much more difficult to ascertain the amount
which now remains in Europe and America together,
The loss by friction and accidents might be estimated,
and researches made respecting the total amount which
has been exported to countries beyond the Cape of
Good Hope; but that which has been actually consu.
med in gliding, plated ware, and other manufactures of
the character, cannot be correctly ascertannt,
| From the imperfect data within reach il may we
Think be affirmed that the amount still existing ia Eu-
rope and America certonly exceeds four thousand and
most probably falls short of five thousand millions of
dollars Ofhe medium, or four thousand five hundred
millions. which we have assumed, it appears that from
one third to two hs is used as currency and that the
residue consists of plate Jewels and other manufactured
articles I'll known that ofthe gross amount of
thousand two hundred millions Of dollars about eigh-
teen hundred millions one fourth OF the whole in val
ue and one forty eighth in weight consisted of gold
Of the four thousand five hundred Millions the presu-
| med remaining amount in gold and silver, the propor-
ton off gold is probably greater account of the ex-
portaton to India and China having been exclusively in
silver, and of the greater care in preventing every posS
sble waste in an article so valuable as gold"
Upon this statement, Mr. Gouge, in his Journal Of
Banking, makes the following remarks,
"We begin to day with Mr. Galatins estimates oil
the quantity of gold and silver in Europe and America.
In work published by him in 1881 entitled "Consid-
eraons on the Currency and Banking system of the
United States" he estimates the amount of precious
metals in these two quarters of the world at between
four and five thousand million dollars. This, it will be
recolIected, was years ago. The amount has since
heen considerably increased, as the mines have annu-
ally produced millions, and the demand for the China
trade has been greatly diminished
| Taking the medium, however, ofthe two sums sa-
ted by Mr. Galan-four thousand five hundred million
doars-and supposng the population of Europe and
America to be two hundred and seventy millions
it will amountto sixteen dollars and upwards for every
man, woman and child onthe two continents. The
same gentleman estimates the whole amount of curren-
cy in the United States in 1929, paper and specie to-
gether at only six dollars head.
1T not too much 10 say, that if the natural laws Of
supply and demand had not been nterered WITH the U.
States would have, in proportion 10 population four,
five, six, seven, yea eight times much gold and sill
many countries of Europe. Take it only the
double ofhe average for the population of the two con
nents and it will amount to thirty'two dollars head,
or to five hundred and fourteen millions. This would
give one-nnth part of The stock of gold and silver
in Europe and America while population is bu
one sixteenth but for the already stBted under
natural order ofihings. we should have man for man.
much larger portion ofthe precious metals, than falls
to the lot ofmost countries of Europe.
Suppose, however, we had but the average of six
teen dollars head. This would amount to two hun,
dred and fifty seven millions. a
On two points do people THAT is some people capi,
tally err First, in regard to The quantity of gold
silver in the world: thus is much greater than the,
imagine il to be. Under sound money, sound credit
and sound banking system, ten dollars head woult
probably be amply sufficient in the United States
The points on which the statesman attention shoult
be ixedn these statements, are, 1, The quantity o
gold and silver in Europe and America, to wit $4, sol
100000. 9. Our fair proportion of that quantity t
wit $685., 900 900, or $l6 per head. g. Our inabili