The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-09

y NollIOxnlos
Prom the Londsn Globe, Dec. Ill
The Times offers short solution of the Califor.
nan gold question:
That Csliioruis win add its 10000 600 year 70 the
ratio Of that to the increasing wants OF the world
IL matter OF simple calculation Ths population of
metallic cusrency, f3o0SO0ooo, which gives IS 3d. to
each member Of the human species. Mankind in.
remained the same, the metallic currency would
quire en- addition Of f3OO0,000 every year. On the
and diffusion Of wealth, which makes shs avsr.Ss unit
require more ready money than formerly; and on the
other hand We must Get paper currency bills Of OK.
and the many other forms In which msnsy Is in
vested all OF them having q tendency to supsrssds
the precious metals. Taking ell things into account
1t is not at all likely that the world At large will want
larger addition to its metallic currency than
coo year, Of which emily half need bein gold.
Short, but not satisfactory.
The anticipation, /" that California will add it's
100000 year to the former supplies" is rather
indefinite. The diggings have now been worked
for theee annual seasons; and the most trustworthy
estimates of their produce do not make the total
more than El5, 600 900, at the outside Then il is
TO be remembered that however large the crop,
there is but one; and that that, once dug up,
not be rene wed. According to the best authorities,
highest annual produce within no longer period
after il has first been steadily worked. Even the
auriferous tracts OF the Oural and Siberia seem to
form no exception. The returns of I849 justify the
inference that the produce there, has already be-
gun 10 decline. That California may " add its
100000 year to the former supplies" is not
improbable. 1t may even have added this sum in
the present year. But how long will the addition
be contnuejl Five yearsl Tent Twenty! 1t
is the continuance of such an annual addition, and
not its amount in single year, that seems impOr-
tent to the present question.
Then "the ratio of that sum (El0, DOC, 900 year)
10 the wants Of the world is matter Of simple CAL
culation The population Of the whole earth is, in
round numbers, 1000, 1000; us metallic cur
which gives g. Sd to each
IL is said that child may ask questions wise
man cannot answer. We take the inqury-what
is the total population of the world Ito be of
these. But il is one that somebody, how wisely
we will not presume to say, has long since an
swered. School books have long set down the
total at the sum stated by the Times. The largest
item, we believe, rests on the distinguished au.
thority Of the Chinese mandarins, who told Lord
Mccartney, more than half a century ago, that the
happy inhabitants of the Central Flowery Land
then numbered exactly 1893 000, 600. Possibly, how
ever, the answer is a correct one and as our
temporary endorses it, and we have no evidence to
offer on the other side, We will take il for granted
The "metailc currency" OF the world we
are disposed TO set down at rather more than
/" G3OO, OOO, COO" The saly English work in which
this subject has yet been Systematically treated is
that published by Mr.. Jacob in 1881 Gan Historical
Enquiry into the Production and Consumption Of
the Precious Metals. vols. 8vo) Mr.. Jacob
(chap XVI estimated the whole quantity OF gold
and silver in use, in Europe and America alone, at
the end of the year 1923. at E3l3, 3S5, $50. fhs
population using this of coin, he set down at
100000 600, or little more than one fourth OF the
population of the world, as above stated. II we
allow 10 the other 100 900 900 of people, including
be it remembered, the 900 900 of Chinese, and
the 10000, 900 of the inhabitants Of India who
are all known TO use gold and silver as com), only
.El00, 900 more, We may Set down the total
quantity OF coin in use in the world more than
twenty years ago, al els, 000, 900, or say one
third more than our contemporary supposes to be in
use for that purpose al present We might rea-
sonable suppose that il had increased in the inter-
val. But ms we have no evidence 70 adduce, we
will leave the estimate as it is.
Now, come TO an arithmetical error, manifest,
yet small, and which IS of importance only as we
are dealing with hundreds of millions. f3 00000, 900
divided among 200 OCO, 600 OF persons, gives, BY
our Calculation. not 6s. Sd, but Is. per head
) l0ths Of pound, not l-3d.
The next sentence brings US TO pause" Man.
kind increases about l0,000,000 4 year, aud, If
everything else remained the same, the metallic
currency would require an addition OF ESOOO,O 600
every year" As we ourselves know nothing OF
the annual rate Of incr. ase of mankind, we can
only accept, on this point, the dctum OF our con-
temporary. But We may perhaps be permitted TO
ask how il is that, il ten millIons IRE added every
year, the sum totel remains last what II was said
IN be thirty years ago! Was the school story of
thnty years ago, untrue! And was the total in
1873 only $50 mlions-ia 1859 only $50 millions
in 1879 ony $50 mlllions-and 80 Ca! Are We
really incrt asIng at the rate OF hundred millions
every ten yeaTsl But hoc-if We pursue this topic
We snail re. ont of our depth. We wall take the
fact 10 be a. Our contemporary states IL; aud IN the
meantime set down our wonder TO our ignorance.
The conclusion is, that, taking all things into
account -setting the increase ant ditusion OF
wealth on one hand against exped,cnts for super
.eding coin the other-t is not a. all likely that
The world at large will want larger a1ditiou Ia
its metallic currency than 5000, 600 year, OF
which only half need b. in gold.
Now, about this conclusion we venture TO in-
dulge some doubts; and as Others may possibly
- ,k,a.,, liasnt hat 81
our conte mporay may think them worthy Of at
tenilon.
Ia the first place, then, we have always supposed
and see, yet, no reason Tor giving up the notion
that coin, or metallic currency" Is only one of
several uses TO which the gold and silver in the
world are applied. Mr.. Jacob evidently INDUCED
The same idea; for (chsp Nxviii) he forms some
what elaborate estimate OF 1.-THE actual value OF the
pre- cious metals in personal ornaments aud in do
mt site utensils in Europe and IN America, In 1873;
and comes 70 the conclusion that they amodai 10
about GOO, 900 600 sterling in value. Pursuing he
idea, he also allows for the consumption, or weu
end tear, Of the precious metals in theee shops.
After careful inquiries, he set down the annual
consumption in Great Britain exclusive altogether
OF the "metallic currencyD al 12,i57 al; in
France and Switzerland At g, $50 900; and in the
rest ct Europe al CT COS, i90-tOiIl, Gj.6i2,7ll.
For all America, on the same account, he added
ESQ $50 year Altogether, 60 sJ3 2i0. lie also,
after consulting "the most considerable re1ners,"
sets down 10Th OF This al the quantity contributed
by the remeltiag Ct gold and silver previously
manufactured making he annual demand for new
metal, in Europe and America alone, exclgsi We OF
coin, upwards of $4,000, 900 sterling We know
this estimate has been objected 10. The Edin-
tWgh R,ritc, noticing Jacobs work, (yolume So
Sc, down the whole Europe an dem nd for gold and
silver, annually, besides coin, q: CT DC, 900
The proportion got frem Old wares is still more
yariously estimated. Necker and Gerboux both,
high authorities, thought II might be one-half
Peuchet aud Humboldt quote this, but offer no es-
innate OF their own The Edinburgh reviewer
puts il al one nth; and allowing 5f3O0,000 year
Tor Amsrica, Gets down the absolute consumption
Tor desiruc,ion) OF gold and silver in Europe aud
America (bssides con) at .e3, 100, 900 year This
was twenty years ago.
We Will put the entire demand at el 501, 900 in
1880 And, remembering how much more god
ana silver, proportio their entire wealth, is
according TO all accounts, used for personal and
domestic purposes by the iGh ibitants OF China and
India than by those of Europe aud America, we
may, Notwithstanding Their comparative poverty,