The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-01-16

4
double standard, and none for continuing 1t.
Supposinga single standard to be adopted which
should II be, silver goldY Silver has been thought
the preferable metal by most political economists,
because Is in most countries the ordinary measure
| OF value; and because from its greater abund-
ance than gold il is less liable to fluctuations.
Even IN England, where, after some changes OF
policy, gold has been finally adopted, some Of
her ablest writers the subject of money have
regarded silver the natural and real measure
| OF value. The question has, however, hitherto
been one of secondary importance, but now we
have a motive for obtaining IL that never before
existed The unprecedented fertility of the Caliior
MIA mines bids fair to reduce the value of that metal
with rapidity that is without parallel in the
mails of the world. Ii has scarcely been two years
since any gold was received at the mint from Cali
fornia, and the amount already received at Phila
delpbia and New Orleans exceed S25, 800 900,
OF which somewhat less than SO 900, 900 was
ceived last year, and somewhat more than $780,
900 this year. Surprising that gold has been
exported from California TO other countries in the
same proportion this year as the last, the whole
amount exported in the current year will exceed
$4,000 900. To this, if add the probable pro-
duct OF the Russia mines, of Brazil and Spanish
America, and the sum total will not be less than
the average annual product of gold from the
American mines, at the period when they
most productive of gold-from 100 to l750-did
not exceed IL, 000, 900 Nor does the whole amount
of silver drawn from the mines of America
and Europe exceed S35, 900 900 900 900 So
large an annual accession of gold must necessarily
alter the relative aue of the two metals in few
years; and should the product of the California
mines continue to increase, as there is much
son to believe they WILL the alteration will be both
rapid and great. What will be its extent, time
only can show. But when the relative value of
these metals for about two thousand years was
throughout the world ten to one, have reason to
presume that this is the natural proportion be-
tween them; and we cannot think it improbable
that as the rich silver mines OF Potosi and other
parts of Spanish America altered the proportion by
lowering the price of silver, in like manner the
rich gold mines of California and Siberia may
store the old proportion by lowering the price of
gold.
A writer in the British Quarterly Revielo for Sep
TENDER last has argued, however, in an elaborate
historical notice of the gold mnes hitherto known,
that the veins Of rock in which gold is embedded in
California not likely repay the cost of working
them and that the surface gold there which s now
so profitable and productive, will in very long
time be exhausted Surprising that his conjecture
should prove to be right, and that the vein mines
of California should not, like its surface mines,
prove richer than those of other countries and
should not like the mines of Brazil and some 9TH
ers, be long worked without diminution of profit,
the immense extent of the country yielding
face gold, and its unequalled richness, must neces
sarily reduce the price of the metal. The Nevada,
throughout It's whole length, OF at least 800 miles,
has, on Its western sides, numerous spurs or ridges
at right angles with it, and in all the streams
which penetrate the valleys between the ridges and
the aluvial lands on their banks, gold is found in
similar abundance. IL the annual yield ID
greater than at present, it must sensibly alter
the PROPORTION between gold and silver. And if the
product is increased, may be expected, the alter
alton will be earlier and greater. But whether it
take greater or less number of years, to exhaust
this vast region OF god--a region comprehending
from ten thousand to twenty thousand square
miles-the quantity it will furnish ia likely to be
several times as much as now exists in the world,
and must necessarily deprcciatc it, but TO what
precise extent it is impossible to foresee That will
depend not merely on the quantity thus furnished,
but also on the time in which it is furnished and
the future taste6 and cnprcp5 n M Hind in he
use OF the metal, and In small degree, perhaps,
on the practice of boarding, which the reviewer, by
way OF allaying the fears entertained Of deprecia
ton, gravely suggests as sufficient to countcrvail
the enormous products Of the California mines.
Such defence OF his opinion is virtua! surrender
of it.
u. S. Mail Steamship Ohio.
We have already mentioned the return Of this
noble steamer to this port. She came in Sun
day morning, the 9th inst, from Norfolk, where
she put in after the severe gales and trials of
strength to which she was subjected on her last
voyage from Havana.
So much has been said, in many exaggerated
forms, in relation to the voyage, that it more
than justice to mention that when the Ohio came
in, no one, after the most careful examination,
would have supposed that she had suffered any of
the terrible disasters deliberately described.
Except the injury done to her machinery before
starting from Havana, which consists Of the break
ing of the piston and slight damage to her star
board cyader, she is to all appearance sound and
firm throughout.
No part Of her hull is injured or strained her
pumps in order, and the leak came from no
injury to the hull, nor is she in any way worm
eaten, as has been asserted. The facing or hange
OF the discharge pipe was strained off, and the
ter came in through the opening. That was the
only cause of the leak, and the water at
time over three feet in the hold The pumps were
occasionally and temporarily choked with coal
dust, &c.
A few pieces of the cabin furniture were broken
by the rolling of the ship but nothing material in
number Of he
her buoyancy, and her admirable construction,
were proof against all the force of the elements in
the successive and fierce gales she encountered.
In several of the published statements stress has
been laid upon the fact that the Ohio not cop
pered This wonderful discovery has been
nounced with exclamation points and a becoming
degree of stage efect-as if it had any thing to do
with the injury done to the piston cylinder, or
to the working off of the iange to the discharge
pipe, which caused the leak. 1t is true that the
Ohio not coppered. The fact is well known
here, and certainly well known at Washington,
where, during the last session of Congress, il
the subject OF comment whenever the question of
the mail steamships was under consideration, and
was known TO be the only ground which she
not accepted under the company's contract.
And the reason why she was not coppered is also
generally known here and there. When the Ohio
was launched and completed, it not conve-
nient TO admit her into the Government dock at
Brooklyn, and at that time it supposed there
was no dock in America of sufficient capacity to
receive her.
ne pCOTRld, WIN very Httle OF ner machinery
on board, coppered on the sectional dock; but
the great weight of the Ohio's machinery, it was
believed, rendered it hazardous in her case In
April last application was made to the Navy De-
partment for her admission into the Government
dock. The Secretary of the Navy replied that the
new pumps and turning gates were then in course
of construction, and that the dock would not be
ready for the purpose desired until September.
Ne,o York Commercial.
FRoM TExAs.-The little steamer Galveston was
sunk a few day5 since in Trinity She had
been aground since last summer, and on being
hauled into deep water sunk Immediately.
A letter published in the San Antonio Ledger
says Judge Rollins has effected every thing
which could be desired with the Indians, notwth-
standing some very embarrassing circumstances,
among which the total failure of his beef con-
tractor, Capt. Ross, of Wacoe Village. The Indi-
present have manifested every desire for peace,
and have accepted promptly, and with apparent
cordially, every article proposed by the United
States agent; among which was the restitution of
- lIl L ILL.,