The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1849-01-13
Correspondence Of the Crescent.

Fine Seighing-The Addition of Gold-Is Effect on the
Currency-Qnanty coined in the last 200 years. etc.
NEW YORK, Dec 81. 1913.
Editors Crescent-We have warm day and consequent
thaw but little damage is thus suffered by the sleigh riders
as the deep enough stand drain from a week
sunshine grand sleigh ride of five miles only
pence and few Gothames Brookynies foego the enjoy
meut Of one. The that Kpp Brown the
Murphys. Palmer, etc., making eternal fortunes OF
the Livery stables also doing such everlasting
business that honest can't hire sleigh horse
because he unable pay the prices which her
conscences Justify them in charging.
We have steamer from ngland yet, and
begins to be felt abouthe look with interest
the by her bringing they will of the
of feeling touching gold mines OF course John Bull
will make effort to undevaR the importance of the dis
and place much of the the credit of
national habit OF exaggeraon but there question that
more than expedition is fitting out for the gold
regions.
Many specuations aoa as to the effect which will be
produced the currency of the world by the addition OF
SO much gold to the amount in circulation. Some
writers, it to underrate its influence while more
still, beyond what reasonable If the mines prove
productive the appearances indicate the poba
be effect to be feared that of bringing gold back the
position occupied a century two ago when, as Adam
Smith says If debtor offered yment gold the creditor
must either reject it or take it valuation agreed upon
between the parties.
But the probability is, that of gold necessary
to produce this effect will mo- be yielded by gold
There pretty certainly actual mines in California and
Its whole product will probably be confined the stream
gold which alone has yet been found there This article
deceived Columbus who judged from the samples which he
found in San Domingo, that immense mines existed in the
mountains of the sand while the proved them not
worth working.
The great writer that have Just named remarks con-
necon with this subject, follows: THE same passion
which has suggested many people the absurd idea of
philosopher stone has suggested to Others the equally absurd
of immense rich of gold and silver They did not
consider that the value of these metals has, all ages and
nations, chiefly from their scarcity and that their
scarcity has arisen from the very small quantities of them
which nature has anywhere deposited in place fom the
hard and inactabe substances with which she has almost
everywhere surrounded those small quantities and copse
quenty from the labor and to penetrate
and get at them"
The total amount of gold and silver as money
throughout the world hardly be less than ten thousand
millions OF doila-and it is probably much OF this
too think there greater proportion of gold than is
generally allowed We estimate within degree of
probability the gold in circulation from the amount that
know to have been coined during the last hundred years
The product of the Mexican gold mines for many years
gether, was eight millions of dollars per annum.
Take this average for only fifty years. and We ooo nm
Spanish South America averaged for the same
time five millions $50 900 600
Brazil aa Id according 70 HDmbol isS $780,
millions annqm coined 100 900, 900
least five millions per annum .e1.~ co. 100, OOo 600
million per annum. Observation-Disclosures. 80 900 900
100000, 600
OF this has been lost by wear say
By casualties 10 per cent. ....... 1Ol 900 90
Used by Godsmihs los 900 0O0 1910 600 600
Leaving in circulation perhaps. 500 600 600
about the fourteenth of the money the world know
this much proportion than statcians allow but
cannot well see how be made less with the dat be-
fore The relative of gold and silver in use are
generally estimated to be to about forty This how
ons be true think, regards the great bulk of
the metals manufactured and coined The quantity OF tver
used for household and ornamental purposes several hun
bred times great as that of gold.
Well to this 500 O000O0 add. within the twenty
years three hundred Millions Cor thirty six tons year, and
keep the silver coin and alter the relative value of
the two from fourteenth onetenth What commerce
would do about such change be left time for de
cson but repeat that the probable effect would be-
to unsee the value of gold, and make merchandise
stead of money. had idea of writing half much on
this subject when down, but what is written is
written" Respectfully, yours, INDICATOR.