Democratic banner., 1849-02-26
EFFECT ON VALUES,

The writer of the commercial articles il
the Washington Union, in his letter of tn,
l23d ult., estimates the quantity of specis
in the country as follows:
On hand, per Gallatin, 1920, $780, OO, OOC
Product of U. S. Mines, l2,74l, 647
Net import, S2,Os6, 46l
Immigrant supplies, $1,000, OOC
1t may now Says the correspondent be
inferred that a supply approaching this sum,
derived from the California mines, will pro.
iduce some disturbance in the exchanges
1t will operate suddenly, as the Mexican
mines did gradually, upon values in Eu-
rope. The first effect will be speculation
and a rise in prices, and goods will flow
here TO obtain the cheap gold. This will
be what is called unfavorable exchanges,
and this will continue until the gold finds
its level throughout the commercial world,
even to theiremotest corners of Asia-the
country which is the richest, giving the
most for tie metal. The industrial wealth
of the whole world will come here, put in
motion by the gold attraction. It must
then result that gold being produced much
lcheaper in California than elsewhere, all
Other gold mines, except perhaps those of
Russia, which produce $50, 00O, 900 per an
mum, will cease to be worked, and the sup
Iply be so much diminished and the hoard
iLg in Europe and Asia facilitated, further
to absorb the supply. Before the discovery
of the American mines, the value of fine
gold to fine silver was ten to one; that is to
say. one ounce Ct fine gold was worth ten
of silver. As the silver flowed from Amc-
RIGA faster than gold, its price fell, until in
1850 it was one to fourteen-and finally, at
the establishment of our mint in 1892, ff-
teen ounces Of silver were found wortli one
of gold. This continued until in 1884 it
was found that tile value Of gold, as COM
pared with silver, had further advanced,
and by the gold bill Of that year, it was ia
ken to be l6.2l5 silver to one of gold
This was valuing the gold too high, and the
act of 1897 reduced,it to 1898 toiOne:-h
is now evident that the joint operation Of
the California and Russian mines may be to
sink the value of gold as compared to silver
to where it was before the discovery Of
America-say one to ten, and to sink the
value of both metals in the general market.
|
Discovery Of q .New Mountain Pass
A Texan hunter-one Of those wild rUvingI
characters peculiar to the unsettled wilder
ness of the West and ~South--givss the fol-
lowing account Of a new pass through the
great chains Of mountains. which traverse
the continent:
He has suggested a new route for a mill
tary road or a railroad scross the CONT
nent that is perhaps entitled to as much con-
sideration as the celebrated project Of Mr..
Whitney. He states that there is a broad
pass between the vast ranges Of the Ana
huac Mountains on the South, and the
Rocky Mountains or CordilleraS Of the
north, that extends quite across the conti-
nent, from the valley Of the Rio Grande toj
the valley of tho Rio Hiaqui. This pass,
he says, resembles the Southwest Pass dis
covered by Fremont, and the ascent to the
summit Of the table lands Of Mexico is
there SO gradual that it appears like an ex-
tended plain, and carriages and loaded
can pass from the valley Of the Rio
Grande to the valley of the Hiaqui as east
ly as they can pass over the uDduIa'ing
prairies of Western Texas. The distance
from one valley to the other he estimates at
only five hundred miles. This pass, he
says, about in the latitude Of twenty-nine
degrees, extends between the valleys Of
Monclova and the Cochos.-HO2sion Tee-
graph, I'd Jan.
Missouri LEGIsLATvRE.-There are 20
farmers in the Senate, n hotel keeper,