The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-02-05

general stock. And If we take az an example the
actual produce of Spani,h America, which excited
the same sangune hopes, and compare the probable
produce OF CalIornia, as estimated on the preced-
Ing data, which exceeds bv far the whole from that
source, we may reasonably infer that the mama
will eventually eiher end delusion or be produce
richer by an extravagant supply OF the precious
metals. If gold fall in price, 1t will exchange for less.
and that is ALL It will disturb existing arrangements
and materially touch rents and fixed Incomes, while
be observed, another reason against such an x-
travagant hypothesis as that put forth, that the
known returns of the mines Of Spanish America
esteemed greater than the earth had ever before
yielded from her capaclous breast-comprlsed both
gold and silver II we suppose there are now 900
men IN the Sacramento washing gold, each of
whom obtains two pounds sterling day, set forth
as the n,s~imnn', the whole would collect 100000
day-two hundred pounds weight, or $4,000, 900
a year, equivalent to the whole weddings OF the
Russian mlnes and all this without the labor skill,
capital and machinery necessary In precarlOus
mining operations And here, be 1t observed, is
the MARVEL nature for the first time known to men,
pours from her lap riches abnndantly, and, in a
kindly mood, gives wealth to those who acquire it
not according TO her ancient decree--industry, or
the sweat OF the brow So that II for a moment
we can fancy the barren valleys OF California
giving up half an ounce OF virgin gold to each
restless and wandering adventurer everv dav. thus
pouring into the world an enormous stream OF
that Which Is now considered true wealth, some
thing among the few things OF earth esteemed Of
genuine intrinsic value, we must undo all expe-
rlence, and believe nature has turned over a new
leaf IN her great book. The question Is not whe-
ther she acls thus bountifuy now, as she has done
often before, only to deceive and betray, but whe-
ther she Will continue so to act; In word, whe-
Their the sources are not merely superficial as well
as irregular. But allowing for exaggeratlon IN the
description of the golden sands, there Is this pecu
llarlty, that where gold found it will at least do
more than repay the OUTLAY OF time and labor,
which has seldom or ever been the case in work
ing mines. 1t IS probable" says Jacob on the
precious metals, that in all ages those metas
have cost more IN their production than their Value
ever repaid" And the same writer observes that
even the most promising mines declined IN pro-
duce, the celebrated Peruvian mines in the rich
district of Potosi yielding after time not
third of their original produce. But then the
mines OF Spanish America were, and now are,
worked with labor, and at great expense, and their
precious products therefore came gradually into
Europe; whereas, our Californian intelligence be
correct, the probability is, the supply will be not
only great but sudden, and the effect so much the
greater
The Mexican mines which, perhaps on the
whole, were the most rich and permanent, yielded,
according to Humboldt, the large sum OF Ea6i,,
s47 739 IN ITO years, at the average rate of 33l6
706 per annum. And Jacob (p l67) gives the fol-
lowing tablet ..
Spanhn America: E7Oo 4ot,43S
Portuguese America. ............... 100000
E7ss45. 434
or an annual product from all the mines Of e.
1876 namely, of gold and silver.
1t is manifest, then, that sudden supply of even
Blk millions a year, instead Of sixty, would pro-
duce material effect on the price OF gold all over
the world, sulposng the present supply to be kept
up from other quarters. But we think Judging
from experience, that nothing like six millions an
nually will flow from the valleys of California