Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1849-02-09

411 o
70 The N. Y. Evening Post, in descan
ing upon the gold fever and California gold,
remarks as follows in regard 10 the proba-
tle effects Of the increase of gold coin:
"The increased abundance Of gold will
of course raise, comparatively, the value OF
silver. AS that metal rises in the scale oil
value, the desire TO possess it in the various
forms in which it can be applied to domes-
tic use or TO ornamental purposes Will be-
increased. A portion Of silver will iii tlle
way, doubtless, be Withdrawn from the cir
culation, which it will be necessary TO sup
ply with gold.
IA large proportion of the new found
gold must in the mean time be conveyed 10
foreign countries. A part of it will be car.
ried to China, into which the precious met
ais sink like snow into the ocean, never TO
be seen again, except in the shape Of giId~
ing or dashes of silver leaf on wares import
ed from that country. A still larger portion
will be absorbed into the circulation of the
world. 1t will require vast stream of gold
to be poured for years into that vast ocean
IN order to raise it senslbly above its press
ent level. Let it be considered that the
population of civilized nations las, during
the late long peace, been rapidly increasing,
that its limits have been extended by colo.
mics planted in remote regions, and that in
consequence Of the invention Of arts which
facilitate the intercourse between nations,
and multiply the transactions of commerce
between individuals, the occasions for the
tse of coin have been prodigiously multi
Piled, and we must be convinced that large
annual supply of the most convenient and
desirable of the precious metals may con-
tInue for long time without producing any
sensible excess.
The time, however, ifthis supply should
continue to be constantly poured into the
circulation Of the world, will at length ar
rive, when eovernmehts-boh our own,
and those OF foreign naions-will find them
selves obliged TO fix upon a new standard
OF value for gold, in comparison with silver
and TO increase the size of the gold coins
which represent the various denominations
of value.
One effect OF this influx of gold will
inevitably be the rise of prices. In the ac-
counts we receive from California, we hear
OF most extravagant values fixed and all
lowed for every possible article of consump-
ton, as well as for the wages for every SER
vice. This is consequence partly of the
abundance of gold, and partly of the search
~ of everything else. So far as il arises
from The abundance of gold, we shall soon
experience ii here, and soonest of all in the
Atlantic ports.
ut has in fact already begun to make itself
felt among us, ant if what we see already
is any indication of what we may expect,
the rise of prices within the year, when the
golden stream shall begin to flow steadily
into our market, will be very considerable.
This increase of prices, unless there should
arise a fever speculation TO carry it beyond
all reasonable limits, will be permanent and
at all events prices will never subside TO
their former level.
"Men will find it easier to pay their debts,
for they will pay them in currency Of de-
preciated values the creditor will suffer, for
he will receive in reality less than he stipu.
lated for; those whose income arises from
money at interest or invested in public stocks,
will be impoverished; those who snbsist on
fixed salaries, now just sufficient for their
support, will find them no longer SO, but
will be obliged to ask that they be in
creased"