The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-01-22

ave millions Of dollars Taking the specie on deposit
n bank - the basis Of the paper currency We must
consider It iamoveabls any further necessary to
displaoe 90 much paper. The Sctusl circulation Of
money and its representatives, In the world so far
- We cen arrive ct Il, 10 ten hundred aud thirty
millions Of dollars, and that amount sufoss to carry
on the entire commerce Of the world Leaving out of
the calculation the amount Of gold and silver In bank
and taking Its representative which exceeds the dspo
site more than two hundred millions Of dollars and We
have aggregate above ThsiAerease In the cirou
lstion Of gold and silver growing of the wonderful
discoveries in Csfornis, must have In snss Of.
fsct the currency Every million Of dollars added
to the deposts in the banks will add ct lsa. ons and
half millions to the amount of paper issues. portion
Of the new supply Of gold will 80 into ORC ulasion
the currency will become expanded BY the process
Of Issuing Of coin than by the actual
increase in the precious metals.
In the event Of the mines Of California producing
ons-haf much estimated 1t will be seen that tue
amount OF gold In Calculation will be doubled Within
the 'xt ten years. Fifty millions Of dollars in gold
added to the currency Of the world in eac6 year,
will create . revolution In financial aud commercial
affairs greater than before experienced At
there will be great In the operations of
trade and for time everything will be ct loose ends
The rapid imitation In prio.s and the expansion OF
public and private credits will lead to an enormous
speculation in every species Of property aud We may
look for greater activity in every branch Of business
than the Oldest inhsbitant ever imagined. The ad.
in prices will not be by any means ned to
the latitude and longitude Of California or the gold
mines, or to msrchandss sent to that section
Of the world for ssle but It will be universal-it
will spread to the uttermost bounds Of the earth The
gold fast Is dug out Of the rocks ana the earth
will pass into the channels OF trade and, like water
find its level It makes very little difference what
course it takes from Ssu Francisco and Monterey
will ultimately settle down In all the great markets Of
the werld.
This city being the grand focus from which the
bulk Of the movements has been made, immense
sums Of gold must be sent here, and this port
being the half way depot between the eastern and
western world It must hsnceforth be tho grand rem.
dezvous for all engaged In the trade and commerce
each Our growth and prosperity from previous
causes have been wonderfully but hsvein the dsoove
ry Of this FL Dorado the Of progress that will In
lses than quarter Of . century make New York the
frst commercial city on the face OF the globe We
have around NJ the resource, Of wealth to
extsnt. Our agricultural and misunderstanding int
rests will receive impetus which must ct once place
them In the highest rank. We have almost now
WOxl0 10 supply, ~ I0e0t tme WIN al the
ries and many OF the neoessares Of s every branch
Of industry will Immediately be brought into requis.
tom ship yards FORCES our looms everything
will BE- actively employed to meet the demand from
this Our ships will be freightsd With OUT
products, sent round TO the Pacific ana never 70.
turn; they will there for tho commercial ma.
rine Of that sea, and be used In ira usportiug
the newly discovered wealth to ell those con utries
giving renewed impetus to industry by every m os
ment. Population will increase, consumption will In
requiring increased production only Of the
neoesares but Of the luxuries Of Mfs and for long
PERIOD tina greatest prosperity will apparently exist
That portion or tAis state Of things will be ARTIFICIAL
even In the face Of the most In the
supply of gold, NO one can for moment doubt. Orc,
dts will increase far beyond the most extra anti
cpations, and prices will reach points hardly hereto
fore dreamed Of Previous spsculstions will BE- mere
bssatss pared with It, and the bubble viii aua,ly
burst from too much expansion. We may then look
for contraction In the paper currency, and dspre.
citation in the value Of the precious metals Prices for
property and industry may not nd their former level
but tho reduced value Of tho circulating medium will
annul all artificial advantages, and form new basis
the regulation Of prices We shall have give more
money for the same quantity; but money will be more
abundant and more easily obtained There viii be more
property to msve and money will be req uirsd 20
moveit.
1t would DO well for all to bear in mind during
the enormous imitation in everything connected
with commercial matters, that collapse IL sure to
follow, matter what the basis Of the expansion IT,
and take in sail before there any indications Of
the approaching squall. We knew that 1t IL dioult
to do so that 1t naturafor every keep every.
thing In motion, with the belief that there yet time
TO make all snug and SAFE but there 90 few that
escape that w wish to sound the alarm In season
Many princsly fortunes will be made and lost within
-ext ton years. and thousana - he ruin.a, s".
the world will be benefited the resources of the couu
try bsrdsring the Pscine will be developed and the
industry Of millions be brought into reputation; the
area Of freedom and civilization extended, nations
brought into closer proximity by improvements grow.
ing out Of these movements and the whole human
race improved