The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-12-16
S2S5,2I0
S529,i05

From this appears that considerable portion of the
product is coined ut the minis All the large companies
that undertook mining dissolved. Those who dig
farmers and others who do incidentally other business
This is the result Of the expectations from
Atlantic miners There is however, doubt but that those
Of California far richer. Indeed the quantities that
have been far exceed those of any former experience
and is said that value of $500 900 via Panama will he
received here in February.
Whatever may be the ultimate abundance of gold the
spirit of speculation is fairly afoot based it, and will
be easily aayed The effect of abundance of gold
must depend upon degree OF abundance, and the
Of getting at IT, Large poured into the lap OF the
Union in crculable shape, will produce the usual effects
OF abundance of money viz: general rise in prices and
activity OF trade. As this however, is real abundance
not IN the false shape OF promises it will be sustained
by the continued supply, and not be subject to collapse
through failure of paper money The in prices will
produce large mporations Of foreign goods, swelling the
to great extent and compelling the necessity of
redemption OF the government debt any terms, abb
serb the surplus The product of civilized labor will
here steady streams long the supply of precious
metals here them be cheaper here than other
trses and this cheapness will manifest itself high prices
will be remembered, however that the gold bills of 1891
and 1857 altered the coinage, the ground that by
old Standard gold was cheaper than silver, and that it
sequently left the country. The bills advanced gold,
compared with silver, from IS to to Is to l. Inasmuch,
now, that gold promises become cheap compared
with silver, the latter will become article of mporta-
ton in exchange, and may necessate revision of the
bills Should the supply Of gold be pushed to extreme,
viii operate ruinousy to all annuitants holders of Stock
mortgages, &c, while eaeholders morgagers, &c, will
derive the benefit of paying in cheap money. Thus a
farmer may mortgage of $1,000, which the in
$50, twelve barrels of -four present
prices, If the flour rises 3d. he pays with barrels
instead of twelve All the debts of the States would be
ghtened in proportion to the cheapness of money but
only in the effect upon obligations would real differ
renee be effected Already demand for real estate is
manifest the city the strength of growing speculaons
Thus buy land house, paying down say 81 000 and
morgagng for $1,000 depending upon the growing cheap
money discharge the mortgaget will be OBJ
served that such of fairs tue value of property
affected in a double ratio The demand from a desire
speculate, would naturally raise prices if the volume
Of money remained the sans; but this advance arising
from demand is added that appare rise through de-
probation of money Abundance of money carried this
extreme it is obvious that stocks, promises pay
money would become of little value because the money
received annually Interest, would have little value. On
the other hand stocks that represent property railroads.
will swell in value immensely, inasmuch that trade
will become very active, and reights &C. relative
w. ia view OF the general effect upon trade, it is oh.
that for the general interests of the Union it is
Of first necessity that the gold should be turned into
United States IL from the mines, in order
that may the channels Of the home trade. Ii
it goes from the mines abroad foreign account
turns will be derived the United States consequence.
On other hand if it becomes article OF domestic
port it be procured by Europe only in exchange for
the products OF labor, which constitute real wealth II
through the operation Of mint California and New
York. the gold becomes money and raises prices, stmu-
lates trade and improves wages all parties, well those
who dig those who pursue their ordinary ayocations,
may become benefited by it.
The disposition speculate does not arise entirely from
the gold fever Money for weeks has been gradually
becoming abundant and IS had freely stocks
par per cent; afoding the of carrying
the desire embark in enterprises promoted by the gold
The mpouatons of goods have been less and the exports
continue fair with falling exchanges. The imports the
port Tor the week ending the Sh have been follows