New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-12-15
NEW YORK TRIBUNE.
The California GoId-Probnble Erect on Ia.
dustry. Prices, &C. sc.
rI.DRIPffA Dec I'D. f-4-

always read with interest and profit the anti
essi Ti TrJaps which touch upon the principles Of
soitical Economy applied 20 the questions of the
s.y
The developments OF the California Discovery seem
ssly 20 disturb the foundations Of the Science aud
many publications appear predicting revolutions 10
rnmmerce ruinOus rise of prices, SC. and this view,
o. sorne extent Is taken of the matter in The TTibHe
Of the 9th inst 10 an article however chiefly devoted to
1ther highly interesting and more novel accessories.
Rsiherby way Of inquiry allow me 10 offer some OBJ
ervaors taking for granted what is by means GER
tain that the general value Of Gold will be- much re
igced by It's becoming Ia California go much iess rare
snd costly Ot production.
Gold ana silver are legally adopted standards Of
sslus but the law does not and cannot alter their in
,rnsc value ]; their commercial value, but
the silver dollar the unit OF monetary systen.
and silver has as much Gold ts influence on nOmi.
ial values u, owing 20 some great discovery or i'm
prove mcni lands. without increased exp nditure Of
labor should produce double the present quantity Of
wheat, he consequence would be that wheat would fail
greatly IN value say a third less OF silver or gold
would purchase an equal quantity, but other aIucfs
would no, rise, OF but slightly in price, third less
cloth would also be exchanged for equal (the pres
emit quantity of wheat
Wen If Gold be produced with half the present ex
yendure OF labor become twice as plenty, its price
s fail greatly aud shall be able 20 purchase, say,
an equal quantity Of IL with third less of silver or
wheat than a. present silver and wheat, cloth and IRON
viii mol or will but slightly rise in value in nomi
Ba value To insure this result, what more viii be
necessary than 10 establish announce by law. the
new commercial value Of gold If IL fall in value to
ten dollars toe en times the value Of silver as
II seems have done from temporary circumstances
derangng all values In California and the legislatures
of the Nations should speedily enact that the dou5OoDs
shall be valued $40 the eagle at So % sc what de
rsngement Of general values will ensue
suppose this done aud that gold falls 80 per cent
In value merchant ls-o offers certain quantity OF
cloth for an osge-SlO sfer the fall in value he might
demand two eagles for the same but how many SILVER
dolarsi Would he demand more, or more wheat than
AZ present
Think the Importance of Branch Mint 10 be set up
In California exceedingly rated. 1t is evident the
present depreciation of gold dust there Is the result OIL
temporary causes prin ipsy the almost total absence
81 coin the ignorance, improvidence and wasteiunesf
Of those into whose hands II has ialep. Com Tor cur
rency owing rs rarity, has risen in temporary value
just ss shovcs. buckets SC have also from the vast
temporary dsproportioD between the demand ana sup
ply But how soon will the supply both of CON and
shovels. fully meet the demand They are now IN mo
lion by every ship. aud how long will II be that the
miner. however ignorant gili give sn ounce OF eo'd
tor eagle
And is Il possb that the great currents of Commerce
which now said 20 take Oh the gold % other coua
tries becsuac mis- not coued-can be disturbed and
ehanSed by Sd slight circumstance If it be true ih.
Il thus g1es II IL owing IN influences of magnitude
much sss ccntroilsble But II s not Rirsa away It's
valae will be received .n exchange and it - the very
thing desired by the sarnists, who predict that lis
coming wiii ruinOus disturbance and Imitation
OF prices
cv (which will at i-plsce gold dust and OK hdes)
and what more will commerce demand than ingots,
with legal stamp iI is surprising that local rough
coin bss already been made such as circulated ia
Georgia few years ago.
Ri IN ,ecar ]. nIornent 10 ny main subject h
resolves itself into these questions viz May not eod
tai IN value without other articles rising much even IN
uominsl vsue' u cay nHeh' tor am aware that--s'
In the case supposed Of wheat, If the macs become
possessed of an increased amount ef either, u would
increased demand for all other artces) And
what will be the influence OF silver, one OF the shan
dsris OF perhaps greater amount Of value and impor
lancet
/ ,rus, YOU viii excuse this liberty OF a personal
stranger Perhaps shall see my doubts solved IN me
Tribane ! have no wish TO see my crudiues in PRINT
certainly not unless endorsed, thought velusble
an NerJ respectfully, ~, s1ur Oh servant 49,
u Gssrsu
We think our correspondent mistakes at the
outset in assuming that the sdrer dollar Is the
unit OF our monetary system" When he proves
N0f, we stand ready to admit good part OF his
case But if we are right in assuming that Goid
Is the general standard of currency and tombstone
OF convertible values throughout the civilized and
commercial world then we submit that his fabric
la Ks n cornerstone.
Let MS try to come together owe a debt OF
one thousand dollars ana can Of coure pay It with
one thousand silver dollars. or very nearly one
thousand ounces OF coined silver But can also
pay il can not y with one hundred American
Eagles, and can procure those Eagles at the
Mint or in the mart for a substantially equal
weight oi uncoined gold. Now, If this sold shall
become SO abundant and readily procurable that
the labor required in the average 10 produce
bDshe, OF wheat an ounce OF silver viii produce
leven ia California; an ounce of Gold, Silver VIII
cease 60 circulate at the present legal rates ana
become an article OF merchandise, while substan-
italy all debts will be paid, all money contracts
fulfilled in Gold. The man who owes a money
debt VIII always pay it with the smallest amount
Of value that IS legal tender aud if one hundred
Eagies can be bought at brokers' with two, three
Or Eve hundred siiye or dollars, he will change his dol
lsrs into eagles and pay his debt with coined gold
OF course Wheat. Pork, Cotton, Rents, Lands
aud everything else will be graduated by this
lac, aud he who has anything to sell will ask Tor
u, not what Il is worth in toe dearest but IN the
cheapest legal medium OF payment II the legal
currency is couiormed to the new relations and
values OF the precious metals. IL Will be done las
was the case in Bentons Gold bill 10y placing a
hNtNtAaAt NhAGt ON inc dlPfNttut
and not by efhSlng lower currency value to the
deprecated metal. In consequence debts will be
paid with far lessvalue than they represent Ma.
hODal with oiher) Debts will practically be one
bali or two-thirds swept away all sorts Of Real
Estate will rise in money value and those who
depend on annuites. dividends on stocks. &c. will
dad their incomes greatly reduced while there
viii be great clsmor from oaice-hoders for an III
crease Of salaries, in many cases with good reason
Our correspondents fundamental mistake, there
lore, is bis assumption that, in case OF novel pro-
hs'on OF gold, the eagle may deprecia,e in value
70 SCI, or any other sum. la fact, the eagle would
remsin ten dollars. while the silver dollar would
use IN market valae to sll - ~, and perhaps
IS or even $40.
As 70 Mint in California, Sc he IS very nearly
nsa' ANY simple aud rapid process OF testing
"s purity Of gold snd casting il in.o ounces and
P'"-iay and l-would answer the purpose
-"a 'oe eiiiux to Peru. sc. will cease whenever
=. oesln TO supply toe Caliiornians with what
need cheaper than the Pernvians, &c. can.
extension II our Revenue Laws over Calor