The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-18
CON MERCIAL AFFAIRS.
MONEY MARKET.

MONEY MARKET.
Sunday, Dec. 17-6 p. M.
During the past week the excitement in the stock
market has been intense and appeared at the close
t, be strong at any time previous 1t Is imposs
BILE to tell what it will lead what will be the result
The most extravagsnt anticpstous have been formei
and unless they speedily realized, reaction must
take place The people Of this country specua
tive in their character that tie effect Of any th ny cal
culated in time to produce prosperous state Of
affairs Is anticipated, and when the reality comes It
falls far short of the result expected This will doubt
less be the with the California gold exctemeut.-
We have doubt an immense amount Of gold will be
in time received from that part Of the world but the
public mind has been wrought up to such point, by
the extraordinary accounts already received that the
arrival of millions upon millions of dollars would hardly
suffice to satisfy it, Very little gold compared with
the quantity which must have been prsduced IL the
reports bat partially correct has yet been
ceved, and we have accounts of there bsing much
on the way But that Is nothing All that is ,essary
for the purposes of speculation is the fact that
limited supply of gold exists. Its production and in
corporation into currency Is matter that must
follow, as matter of We are given too much
to impulse to wait for thai The actual receipt of the
metal ard coming it into money, reali ties which
are Of but ondary Importance The eff ct will appear
long before such slow process can produce it, andit
il question If, after millions have been added to ths
currency q more moderate state of things will not
exist than at present. Prices for stock SECURITIES
have become very much inflated by the prospect Of
great accession to our circulating medium As yet no
other species of property has advanced in market vaus
and It will probably be some tine before upward
movement will commence If it commences at all. In
the event Of an imitation in prices it cannot but be
and the result of speculation The increase
of gold does not add anything the real wealth Of the
country or of world Money is the NEE token OF the
Of property Property is the result of labor
and is the represented by one as by
one Thousand millions Of dollars in gold 1t is impos-
sbe to add the real property of the world by merely
multiplying the symbols Of wealth. The currency,
whether gold paper adapted to the uses of society
and is regulated by the public wants sudden inda-
ton In the currency increase in the qSantity OF
circulating medium, whether paper or coin. may, for
time initiate prices and appear to be the regulator of
the value of property blu: such state Of thing can.
net long be 81 stainedproperty nd Its compare
tive level and the currency must undergo cores
pondipg contraction The relative valae Of property
in the world cannot be, changed, by doubling or
quadfupling the quantity Of gold Suppose We take
this city and separate it from the rest Of the world for
the purpose Of illustrating the theory. The value Of
real and perse nal estate In this city will put down
at three hundred millions of dollars-his is repre-
o. sented by, tay ten millions of gold. Upon this
basis is established the value Of property Should
this amount Of gold be suddenly doubled or quad.
rupled would it follow that the value Of real
and estate in the city would increase in
responding ratio? By NO means. The same property
would be represe nted by greater quantity Of gold
and two, three or four dollars in gold would be
auired after things become settled down upon the
new basis to purchase the same quantity Of property
that BEFORE could be purchased for one dollar in gold
1t would be quite possible TO double the population
Of . country by the manufacture of automstons,
standing for men, to double its wealth by circua
ton of its representative. The discovery Of noun
tains Of gold in California will not make our lands
produce breadstus without labor and that labor being
real wealth. must be remunerated in the proportion
bears to the value of the commodity created in tn,
market Labor is the only true regulator of the
value Of anything gold regulated in its value
by the labor required to produce obtain it, and
one can for moment believe that its value long
remain ahe present standard If it is obtained in the
ous ntities and with the little labor represented by
those who have visited California. Gold is not
lusbe as any other metal mineral If produced in the
ssme quantities.; and If tons were found in CALI
,ornia where they find ounces, 1t would
hardly be worth smelling. Seine other metal would
take its place as circulating medium, and the
rency would experience very little if any alteration
heretofore, gOd mas been W
anything else, and 1t has from time immemoral beef
boarded in immense sums II thu California stories
true, it would be well for those having much gold
on hand to get rid Of by turningit at into real
prpertyinto anything that possesses within itself
real value. Gold will be drug in the market, il or
half that anticipated is realized, and will sometime
hence bought cheap as old iron, or Lake Superior
copper.
The annexed statement exhibits the quotation, for
stocks In this market for each day Of the past wee X
and at the close Of the week previous. 1t will be
that most of the fances have advanced several per
cent during the past week.
OuorArIoEs rHE SrnCws IN Nry