The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-11-26
The Gold Producis OF California and Aus
tralia.

traIia.
According to the accounts that reach US by
every steamer from England, Australia equals
California in the richness Of its gold mines as well
rs in the nexhaustible quantity of the precious
metal that is mixed with its soil. The scenes
which occurred in the former, when the glittering
metal was discovered in such profusion, are being
re-enacted in the latter. The prices Of labor, and
Of AL the necessaries Of life, are increasing ct an
unprecedented rate; the towns and villages are for
saksn, and gold, gold, gold, is on every tongue
Indeed, If the last reports from them are true Aus
tralia exceeds California in her mineral resources
and when the population increases there as Il has
increased In California, the yield will be immense
II is now time to reflect upon the consea uences
that viii flow from the great accession to the cur.
rency Of the world, from these two sources-the
consequent decrease In the value Of gold and the
apparent increase in the value Of real estate and
property Of all kinds II Australia really IL az rich
rs California is-and there is every reason TO be-
heve she is an addition will be made to the curren
ey Of the world before long, the extent of two or
three hundred millions Of dollars year The re-
Rut will be that it will take proyortionally more
gold to purchase commo iities than 1t now does A
similar arrangement will take place In the fund,
and finances Of the whole civilized world The
effect Of such state Of things the fund-holders
of Europe and on those whose means and resources
consist OF the interest they receive for loans made
by themselves or their ancestors to governments
will be severely felt. With depreciation TO any
extent in the value OF gold. and an increase in
the price Of the necessries flife the modicum Of
interest which they receive will be insufficient for
their maintenance It is estimated there are three
hradred thousand persons in England, and about
nmilion in Europe, the majority Of whom depend
on the interest they thus receive from the govern
mentG FOR their support and maintenance A reduc-
tion n heir incomes that would ensue from depre-
citation ir the value Of the precious metals, would
be serisVs Inconvenience 10 them. Il would like
wise lessen their attachment TO the gevsrunents
and to the existing order Of things These fund
bolders and these recipients Of interest are the
strongest support Of the despotsms Of the old
World, from selfish motives. Their very means Of
existenos depend upon the pepetuity Of the govern
nents. wrOse creditors they are. Hence 1t follows
that this influence 10 always opposed 10 revolution
nod to change. On tae other hand, the owners Of
real estate VIII not suffer in the least Ifanything,
they will be benefited Land, and the produce Of
land, and all commodities that are necessary for
the existence and comfort add luxury Of mas, will
maintain their intrinsic value; although their prices
may vary and increase pari fusas with the dspro-
c'atior IN TIC value Of gold. Their value will be
regulated BY the law Of demand and supply; but IL
would require more gold to purch ase given guam
my Of either, under such circumstances than it now
does As the incomes Of the fapdholdcrs become
Less valuable 50 viii their attachment to the go
vernments decrease. Hence troportSonass amount
Of support which the dsspots Of Eu,ops ,soeivs /
from that source. will be withdrawn. anI the
advocates ofchsnge -Ofrepgblicansa.- stronyth.
ered on the same ratio.
The gold discoveries In California and Australia
are destined 10 create great changes hs yet Aoue !
has been perceived but the laws which control
Fuch matters are all powerful and all pervsdng
They cannot be resisted; and although we do not
at present experience any Of the results We have
pointed out, they are inevitabs sooner or later, 81
the gold mines in these places are ss inexhepribe
~ there is reason to believe they are.