The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1849-02-07
THE GOLD CRISIS.

As the successive accttintS frsIH SAiftHHs4
appear TO leave no rooni-fnr skrpticism In rei9.'
tim 10 the prodnrrivrnrss of those. gotden satfs
which are drawing adventures AZ welt fsasS
the island. of the Pacific a. the cpasfs of Tho
Atlantic, inquiry is more sharply set ~ ~ fhs
proballe results from this inflnx Of the trrasre.
All who have turn for investigations .afrfnpt
10 E,thom the future. What ix In H. thc cnu.
seqnencr Of all this fnnd Of nrtalfIc lwexlih 10
the Eprunes of The civilized world, seems Eo3be
the universal pr,l'lem. No one can1 pretrad
even To- iurEish a prnxT ate snlniinu, whilst QUO
Of the elements nf the qucstinn retnainsiss
undetermined. The rxfcnt Of the area which
contains Ills valuable deposit .m,,st .lcaye au
inquiry conj-ci,Hal until more thorough .explot
ration has a>ccrtained the extent Of these auri-
ferrous sands. Let US, however,. for.a moment,
approach the estimate Of the probable, ,prodnc-
tion within some assignable period Of time,
Let US adni, that the quantity ,cf gold will be
1000 millions the first year, founded on the silp-
position that as three millions of dollars worth
of gold dust has been gathered by 1000, men,
in the space of four man,Rs, 100000 persons
gather fully one thousand milIions"f dollars.
10 ten years The quantity prt'dueed would he
equal, Therefore, 10 about ono tenth of Tho
whole amoun, Of the precinus metals now ID
existence, which is estimated nj ten thousand
millions of dollars. Now we have nn ,conccp.
ton that there will he auy such large accession
10 The stock oil the precious metals within the
mex, ten years. The laws of trade must 10
inverted to produce any such effect. The sole
element Of Production in this case is not album,
dance aud facility OF acquisition, where msa
are to be subss,ed willis, they ob,ain wealth
by ever so small sacrifice Of personal eyer,
,ion. The price Of living imposes a limit 10
the value of labour or Of its products, It evea
lnbour itself is To be had in unlimited quaint.
ties. If the gaiherer Of gold Is compelled IN
exchange an ounce Of this metal. whirh hc
obtains in twenty.four hours, for one days subs
sistencc, his motive to continued cxcrtion sonu
ceases. Whatever may he the proportion be,
tween the price of the neccssaries oi life, 70.
verned by scarcity and the artificial yal,se
which the abundance Of gold illimpart to,all
objects Of exchange, in short time q level Will
take place between the results Of labour in
gathering this metal, and in other departments
Of physical exerl,on. 1t is impossible if 1000
annually tha, we can measure the increase of
gold by the extent Of the rmigralioH. The
high price Of provisions, and Of manufactured
products, will establish an equilibrium between
The quantity Of labour bestowed In procuring
treasure and industrial pursuits generally. We
do not admi, the probability. then, that one
hundred millions worth Of gold can he gathered
in California in the first year and s,ill lesa
admit the extravagant supposi.ion that such will
be the increase for each succeeding year,
There are no data ior even conjec.ural esti.
mate. If even one half the computed sanA
say 500 millions Of dollars, should be added.
within ten years. to the existing stock Of the
precious metals, It nigh, he expected 10 ei.en..
sively derange prices aud pecunia'y relations.
The addition Of ten per cent per saaaHa woatf
be more than double the annual increase fnths
period before and after the DISCOVERY sF tha
American mines. The stock OF con IN Ees>
rope increased in about 100 years ai,er The
discovery ofthose mines, down n the year l660
from $i70.000,oo0 to e9500 200 a0o. Emta
18oOto l7O0 |, had incrrasedso$ 81. 4s5, ,o00,e 600