Hannibal journal and western union. (Hannibal, Mo.) 1851-1852, 1851-12-25
From the London Times.
FUTURE OF GOLD.

Inc question us 10 INC pTODaOle effects OF an
abundance of gold is again in agitation.o Cali.
fornia has thus far realised more than was ex. :
pected by the most sangrine, the product at thu
end of each year having exceeded the highest
estimate at the commencement, and there ara,
now indications of SIMILAR promise from the
new regions in Australia. A disposition, how
ever, still prevails TO believe that no extraord.
nary changes in the relations of money are inc
pending. When the Californian mines were
first discovered, il was admitted that anythino
like eight or ten millions sterling should annualy
be produced for a series of years, there could be
no doubt strange effects would be witnessed
But il was contenled that instead of this con.
tinued yield, there would be gradual declin.
after the first year or two. That idea now being
effecually set aside, new argument is adopted
The exports of gold from California for the
twelve months ending the 3lst December, 1850
were egaal, il is supposed, 10 $4,000. 600
while for the present year, judging from The first
nine months, they may be estimated at 9l5,-
100000. In the face of this supply there has,
been no very observable disturbance in the mess
ure of value. 1t is therefore assumed that tn.
augmented quantity has been met by an aus
mented demand, and that with the increasing;
traffic of the world a like annual addition will
henceforth easily be absorbed.
This inference, although it is urged by see.e,
able economical writers, appears altogether I'M
supported. The only tests of the result Of the
increased supply would be an alteration in the
relative value of gold and silver, or general
and unaccountabe rise in the prices of all arti.
cles. That the extensive displacement of silve3
which has occurred in France and which wa.
plainly forseen, has prevented the first of these
from being available, except to a very limited
extent, while, with regard to the second, the
charges in our commercial system have been
such as TO produce rapid fall in all commodities
far more than sufficient TO neutralize any moder-
ate influences Of an opposite kind
Apart from free trade, moreover, there is quite
enough to account for the increase influx hay-
ing thus farpr, oduced no parable manifestations.
The Bank Of France at this moment holds Gs,-
100000 sterling in excess of what she possessed
in lS49, the extent TO which boarding both of
gold and silver has been carried on all over the
Continent during the past three years, and es-
peclaly in Italy andthroughoutt the Auslliln en-.
pre-, has perhaps been Unprecedented; drain
no less remarkable has been caused by the Irish
emigration, which has carried large totals TO
western America, where much of it will long
remain; and family, there has been the return to
India Of great portion Of that specie which was
suddenly drawn to England after the panic Of
lS47.
ENce!hloha' circumstances exist, therefore
sufficient to render it unnecessary TO assume that
an increase in the demand for gold has suddenly
sprung up to an extent such as steadily 10 absorb
fifteen millions per annum. The tendency of
civilization is to render needless the use of the
precious metals for the purposes of barter, and
although new colonies and settlements for time
create fresh demands, there is 10 reason TO sum-
pose that they more than counteract the economi-
cal influences elsewhere in progress. Even
California herself is rot believed to have absorb
ed, in the shape OF circulation, more than two.
or three millions, while on the other hand we
have TO bean in mind the effects of extended
banking accommodation and the use of money or
ders, postage stamps, and other similar contri-
vances, which are more or less being initiated in
every part OF the would.
Hence we may still infer that previously to
the discovery OF California the production of gold
increased as ithad been by the large supply
from Russia. was equal most probably TO the
annual demand; that its value is consequently
liable TO be reduced nearly to the extent of the
exports from California, and that such reduction
will OF course be measured by the proportion
which the new supply may bear to the existing
stock. What the amount Of that stock NAV be
is wholly unknown, but there can be little Dues
lion that 10 millions per annum is not relatively
an insignificant addition to it. Some inye.tipe
tors have surmised that 400 millions is about The
total in circulation throughout the world. If that
can be taken as In any degree correct it will
easily be understood that abe California supplies
must soon make themselves seriously felt when
ever the condition of Europe shall cause the
quantities now eagerly secreted to return to &C.
tive purpose.
but 1t is, after all, not question Of Gn addi.
ton OF fifteen millions per annum. II any re.
lance can be placed on ordinary evidence, the
production from California alone is onlv likelV
to be limited by the amount of population able
to reach the State and the rapidity of the ar.
engagements FOR obtaining machinery. Fis i'm.
possible TO name any other reason why the IF.
teen millions should not be increased 10 thirlv 90
sixty No word of failing supplies has vet
reached us. On the contrary, the miners seem
disposed TO welcome as many fellow laborers "A
may seem fit to join them, and every one asseytS
that the whole country is rich, and that as far az
the present generation care concerned Il NAV
be pronounced inexhaustible. The old imnre:,
sion that gold is never found in large or con-
tnuous quantities is wholly dispelled and scarce
y any news could now arrive from California
Bolivia, Peru, or Austalia, that could take the
public greatly by surprise.
In the face Of these circumstances ;t.mus,L Ia
injurious to encourage the tendency, always too
strong IN The majority OF minds, to believe that
the old routine OF things is to go on as it has al
ways gone. 1t can do no harm to keep IN. sa.-.
S'oait'es OF the cause constantly in view so that
people may learn gradually and quietly to ada q
their Interests to whatever may occur.
SENTIMENTAL CAPAcITY.-A Common Conn