The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-18

than E462, 377 The falling of in this case may to
some extent, be attributed to the competitor of the
screw steamers now running between Liverpool,
London, and Turkey, many small amounts OF
specie being transmitted by those vessels, which
tend TO lessen the total which would be otherwise
brought by the Peninsuar and Oriental steamers.
The imports of specie by the Penlnsular line of
packets from Gibraltar, Lisbon, Oporto, &c., can
not be so accurately arrived at as the foregoing
They are estimated at about 10000 for the half
wear, and at about G200 700 for the whole year-a
falling of of clio 600 when compared with lS49
The aggregate mportations of silver, gold, gold
dust, &c, into Southampton, for the year 1850,
derived from the above returns, are therefore as
nearly as possible as follows
By the royal mail steamers from
California, the Pacific, Gulf OF Value.
Mexico, Central America, and
the Wet Indies. .AsSzS1s or A.9os,ais
By the Pt ninrular steamers from
By the Peninsular steamers from
Constantinople, &c........... 235ol6 - 47l,le5
By the PeninsulSr steamers from
Gibraltar, Portugal &c....... lNooooo- Noooo
Total. ...............2 rs 7O2 Oss or 57o82lo
The grand total of importatons in 1919 reached
the enormous sum of s33 1925. or E6,7SS ,655
sterling, thus showing, when contrasted with The
above, that the receipts in 1850 have declined tom
less an extent than 1921 ILL., or ,4S9 ster-
ling.
While the receipts have SO largely declined, the
exports have undergone very considerable aug
mentation. They are estimated as follows, for
the year.
palue.
To India Egypt, and the Medlter.
ranean . q, eco coo or 100000
To the West Indies &c......... Il 235 600 : 265Ovo
To spain Portugal and Gibraltar i $4,000 100000
Total. Observation-Disclosures. .7735 600 or 1,565,ooo
From the London Economist
In our last number We instituted an inquiry into
the comparative production of the precious metals
at different periods since the beginning of the pre-
cent century, from which it appeared that 10 lsi5
the production was ss, l42 IA N lss, prior to the
discovery of California, ell ,O27, 237, Che whole
increase having arisen IL Russia); and in 1850,
G2l 500 600, OF which no less than flO 600 COO was
contributed from the entire new source-Cahfor-
mia. But tina. inquiry also showed that the Iela-
tive quantities of gold and silver produced at those
different periods had greatly changed: AT each of
Proper. P,opor.
Production fion Of tion ~
Qgoid aud gold pr. sarcr
sinr. Geld. Siiro. cent. pr Ct.
49, 81 asSSsS
1870. q, SEQ 600 14l9o0C0 100000 e5 90 80 600
Here, then, we have two very important facts es-
tablished:-l. An enormous increase in the quanEi-
ty Of the precious metals produced. I'd very
great increase in the proportion Of gold TO silver
Compared with 1910, the annual produce of the
mines in 1850 had increased more than l5O cent,
and even within the last two years the increase
reTresentt barely 10 per cent OF the whole quanu-
y in 1910, in lSts represented nearly 81 per cent
and in 1850 no less than 90 per cent. This change
been caused entirely by the combined effects of
Russia aud California The supplies Of gold from
Russia had already become large in lSiO, and in
creased rapidly IN every year up TO le4S while the
supplies of silver renamed nearly stationary,
but without producing any percepible difference
in the relative values OF the two metals. Ii
must, however, be borne In mind that, so long
as opinion remained unaltered with regard 10
their relative values, very great change might
take place in the actual quantities held In stock
without affecting their relative values, owing
to the peculiar purposes tor which gold and SILVER
are used. One Of the chief Of those uses is the
large reserves held throughout Europe IN PARTICULAR
by the great banks OF each country. With the ex-
ception Of the Bank Of Hamburgh, where, we be-
lieve, the entire deposit has always been kept in
silver the two metals have been used almost indis
cnmnately for that purpose. For example, even
the Bank of England, though bound To pay all her
Liabilities in gold, is yet authorised by the act OF
lS44 10 hold silver in the issue department, IN the
proportion Of oae-fourh Of the amount of gold bull
| lion and coin held at any particular time and in
practice, until lately, the Bank OF England has al
ways held a large quantity OF silver. In the year
1876 the silver in the bank was as high ut one time
ar ,727 000i Again, the Bank OF France had even
better reasons for holding either of the metals in
fuctuaiinR quantiiier, and receiving them indiscr
minstely; for though, practically, silver is the cur
rency Of France, yet gold Is also legal tender al
| hred proportion. In May, 1913, the amount Of
bullion held by the Bank Of France and
| IL has exceeded 1s,0C0, 00tL aud IN that great
| increase there is no doubt gold and silver nave
been received unfortunately. Again, in the
Bank Of Holland, where, TIL lately, gold and silver
were legal tender, gold bad accumulated TO the
amount Of Ct 100000, and at this moment, not
withdrawing the recent change OF the law, ~ held
| 10 the amount of G25o0OOO Again, IN Ia the
great Bank Of St. Petsrsbufgh, though its notes
are psy able only in silver. yet large portion Of
the GO G00, 600 10 g22 600 900 OF bullion held by
that etta blishment has been IN gold IL will l. re
membered that at one time, in 1877, the Russian
government cold in Pans and London no les. than
G5,0O0,U00 Of gold, and purchased public stocks.
The same msy be said Of other public and private
hanks throughout Europe. so long, therefore, ss
god and silyer continued 10 be Tecev, IA 5iscrmi
nsrely by these various banks, at liked relative
ratesso long ss the large reserves OF bullion held
from time 10 time were allowed To consist 81 vary
ING proportions q gold and silver-it l. clear that
the actual aggregate qusntttis ~ eacs might uctu-
etc very materially without producing aay psrc.pti
bic change in their relative values Take the Bank ~
England as an example On the ~ Of September,
1870, that establishment held in the issue depart
m, nj hnslion to the amount Of ELS, s64 $50, which
consisted OF El3 I'D SS3 m Rold. and g. 7l0L77 ia
silver. At the beginning ot 1850 the bank held
bullion 10 The issue department amounting TO GIG.
25s $40, but which was comprised Of Gle, s6i 2S3
IN gold, end only G277 on IN silver; thus showing
that while C., 49, 60 had been Withdrawn from
the bank reserve IN silver, G2,707,O00 had been
sdd.d to Il N goid; and II " obvious that similar
bsDges in the Proportions Of gold aud silver may
h, we taken place throughout Europe Yet, during
thu whole ~ Rod, aud for many months afterwards,
no perctptible alteration was experienced In the re-
LATIN value Of gold and silver, although there can
be n. doubt the relative qusnies he Ia Of the two
metals underwent a considerable change And,
ind,,d II was not until the Bank ~ Holland, In the
su,nt, 10 change her reserve If 81 250.f 600 ~ gold
int sIIv er, csused 30 considerable demand for
the Iat,i IN exchsags for the former, both In Lon
don sud 'sfiS, that silver htRbn 10 rise Eng.
land, and aold began to fell ON the continent The
,n, q, Of ina operation in Holland, combined with
a, mspd for q liver m Austria and Germany coming
IS both did wi en- the public mind was muo excited
with reference to California, hos no doubt created
n greater dtstu, .hance in the exchanges between
those countries using a gold standard and those
using silver sta, .dard, aud between the relative
prices of the metals than me increased s-pply Of
gold actually receio,ed IN Europe would warrant
ended TO follow the example - Hoan :, and TO
exclude geld from their currenciee, tended 10 az.
srsvste the alarm slreuoy excued. An eminent
hsnberln Heuburgh wute. that IN that city " on
Rndar Lar ihefe wsa aetna lly gold panic On