Weekly national intelligencer., 1851-02-15
NATIONAL INTELLIGENCER.
TO THE EDITORS.

ant speculation in the public Journals cohcoi nls ~
metallic currency, ask the use OF your columns
with the hope Of reconcing some OF the Poins os
difference among them, and of obviating part OF
the objections made to the proposed legislation on
the subject. Let US now inquire:
lst Hou much haue the Russian ana CdiyoT-
rian mines added to the Average annual produci
of gold? L.. n..a,,,,,,
increasing in proIuctiveness from 1923 certainly to
1s48. and it is believed to the present year.
The whole amount produced from 1879 10 lS4o'
both inclusive is estimated at about hundred and forty
millions of dollars But inanmuch as gold had given clear
indications gradually rising in value since 1870 let us as
sumo that this large addition to the ordinary supply furnished
to Europe and America not more than sufficient to make
up the deficiency occaoned probably both by diminished
production and increased consumption and let us limit our
estimate of the increase the product of the mines OF
Russia and California for the last four years.
In year ls47 the Oural and Aa mountains Of Russ
furnished gold to the amount Of something than nine
teen millions of dollars. The quantity has since been in
creased and in Backwoods Magazine for the last month
the annual yield Of both metals stated to be five or SIX mil
lions of pounds serng equal to twenty-five or thirty millions
of dollars Of which not fifteenth part is silver We shall
then be within the mark if set down the gold furnished
by Russia twenty-one millions year tor each OF the ou
years But is said that only half Of the product Of these
mines is thrown into circulation the other is put away
for occasions Of emergency II none Of this dePosite was
drawn forth aid in suppressng the Hungarian revolt then
the efficient addition made Russia to the gold Of Europe
in the last four years be reckoned only at forytwo
millions.
In estimating the product Of the California mines, our data
are less precise yet they sufficient for our present pur
pose The whoi. Of gold drawn from .hs mines in
ls49 reckoned by there under fifteen sixteen
mlions-and many went greatly beyond it. Other facts
show that this estimate is a low We know that the
mint Philadelphia received in that year 439 and
the mint at New Orleans 1868, ,92l; that England and
France received in the year about 00O and that
the qusntty received by other parts Of Europe by China
Chill, and Oregon, together with what retained
rency in California have greatly exceeded five millions
Itprobably exceeded ten millions
The product Of 1850 has been variously estimated In
England it has been lately generally computed to be about
ten millions sterling. fifty millions Of dollars; and late
writer in Blackwood estimates the yield Of the California
mines in the last year el5, 100000 $75O00OOO, but
as his estimate partly founded loose coDectues is
titled little respect. Taking the lowest estimates recently
made by competent down less than
$45 OOO OOO which would make the whole of Cali
fornia go the lst Of January last sixy sxtyone mil
lions of dollars
But we know exactly the amount Of California gold
received by the mnts Of the United Saes and very nearly
the received in Europe these items being far the most
considerable, may enable make approximation
to the truth.
The whole amount Of gold which Europe had received from
California before November 49, 1850, was according to the
London Times Of that date e. 000 equal to ,5O0
O00 But the receipts much greater in the last part
Of the than in the rs may fairly add another million
for the residue Of the year-orty-on days-makng in all
Sl7,500, ,000
of 49, TIc:toJ
States to the end Of the last year follows In ls4S
at Philadelphia and New Orleans, S45, ,30l in ls49, at
Phladephia $54sl,43s, at New Orleans $669,92 in
1850, at Philadelphia, $751; 667, sos, New Orleans
S4,575,547, at Dahlonega $780, 025-makng in all S42,-
469, ,75S.
There be added to the above the amounts
ported Oregon to Valparaiso and other ports the Pa
cic and China, from all which places California pur-
chased largely and made in god md, lasy the
large retained in California perform the functions Of
currency We of ascertainng any Of these
es much less the aggregate would scarcely be set down
at less than sO0OOOOo year by the Calornans but
will estimate it at only half that amount and assume it to be
SlO0OO 900 for the two years. thus raising the total Of
California gold $685. s6s, $50. According this last est
the extraordinary accession of gold Europe and Ame-
RIGA for the last four years may be thus stated:
Half the product Of the Russian mines $42 OO0 900
California gold sent to Europe. ........ l7,5OOO0O
Do received at the mint of the United
States. Observation-Disclosures. AZ, ,se9, ,75O
Do sent to Chill, Oregon Chins, &c.
and retained in California ., 10000, 900
1I2,46s,75O
II estimate the whole amount OF gold in Europe and
America, before ls47, at from fifteen hundred eighteen
hundred millions dollars and that from onethrd wo-fhs
of it Is co then the above accession of hundred and
twelve millions will be from about six anda half per
cent the gold of all descriptions and from fifteen and
half to twenty-five per cent Of the gold coin in America and
Europe four years ago.
Estimating the whole amount Of gold annually supplied
before ls47, by the mines Of Europe and America and
commerce with Africa twelve millions of dollars, that
amount received 6ved increase last year from the mines
in California and Russia.
2dy. How far has this increased product Of gold caused
or is Hhely TO cause, its depreciation?
On this question opinions differ widely. With the great
increase Of gd silver has become comparatively scace and
commands premium of from three to four Der cent both
here and in Europe.
While most PERSONS BY obvious course Of reasoning,
infer that the price Of gold hss besn lowered by its redun
Dance others attribute tho change in The relative value of the
two metals to rise in the price Of silver caused by uc,ua
ton in the MARKET ordinary n character bu, extraordinary
in degree and they refer to the sudden large demand for sill
yer in Holland and Belgium the alteration Of their
currency aud the demand in Austria pay off her troops as
sufficient to account for the present premium that metal
These unwonted demands for silver may, indeed have