The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-01-22

| Gold and silver.
| From the London Times Of December 9h
eve are informed" says evening contempo-
rary, 'thnt it has been determined by the French
Ministry, apparently in view Of the apprehended
depreciation Of the value Of gold in relation 10 sill
yer, to propose to the assembly immediate abo-
lition Of the law making gold, equally with silver.
legal tender" In the present state OF things il s
gal tender. If twevemonth ago standard Ma
poleon was worth twenty standard francs, it will
now be worth more than nineteen francs and
forty centimes, that being the actual depreciation
OF gold compared with silver, or, some would ra
Their put it, the appreciation of silver compared with
gold Even, if the present comparative values
should continue French ivefranc pieces will pro-
badly be exported to Germany, and even to Anne
rca; but should the demand for silver increase, it
will be found impossible to sustain the nominal
value Of the gold twenty franc piece in the French
by universally rendering the depresated metal in
payment of taxes and other debts 1t becomes, then
question which metal shall give way to the other.
In France that is hardly question. The franc ia
part OF the nation, and the gold currency has
been considerable Perhaps, too. it ia the interest
of the government to keep up the currency, its
enue being three times the interest of its debt.
Were silver TO be made the only legal tender,
with the present amount of the revenue and of the
debt, rise Of three per cent in the value Of silver
would be virtual gain OF nearly FL ,OOo, 600 year
to the government. Were gold to be made the
legal tender. supposing it possible, in France. it
would soon become necessary to raise the nominal
the double tender, and there can be no doubt that
the silver will remain. Whether there will still
continue gold coinage, and what place it will ocr
cupy in the circulation, IL is not easy to say. In
this country it is usual say that sovereign is
the only coin, and that shillngs and pence
only tokens. Ours, however. will soon be the only
nation in the world in which gold is the legal tend
er; and, perhaps, the only nation with gold cur
rcncy. II remains to be seen whether the United
States will succeed in relieving its Strengthened sill
yer currency with the substitution of gold. If the
int val Of he vOld ~ ia
depreciation Of two three per cent. every year,
its superior convenience in other respects will con-
stitute but a poor equivalent, and few will take
money which they win not be able to change into
dollars except at a considerable discount.
That the recent change in the comparative value
Of the two metals will proceed in the same direction
there can be no doubt. II is that there is
great aud extraordinary demand for silver; that il
IS wanted to pay the continental armies now in
motion, and that il is boarded by persons appre-
hcnsive of tulnult way; but it 10 equally true
that there great demands which are likely to
continue. There ia great demand for silver in
the United States. There must always bc great
demand for silver for the use Of large industrial
operations. Should commerce and enterprise re-
sumo their former activity throughout the conti-
nent at the settlement OF the present unfortunate
differences, there will forthwith be an increased
demand for the coinage Of class suited for the
payment Of labor. But, with the supplies Of gold
now pouring in from California, whatever increases
the demand for silver must aggravate the difficulty
OF combining gold and silver coinage any con-
dtions whatever, except that OF making the silver
coin a mere token. Even in this country, the mint
longer afford to issue shillings ut their
former weight of metal.
As the objections 10 gold coinage increase, and
as it becomes excluded from other countries, tho
metal must become cheaper and cheaper; and it ia
difficult to see how it should not be eventually de-
preciated, not only as compared with silver, but
also as interchangeable with the necessaries and
chief comforts Of life. Thus far, the latter depre-
citation has not taken place. A sovereign will now
purchase ofcorn, meat, and many other things
than it would five years ago, before the diggings
were heard Of. 1t will be observed that the above
remark ks founded the prospect of gold suffer
| ing gradual and uncertain epreciationSompared
| with silver, and becoming therefore Unfit a
standard Of value OF course if it settled at lower
value-f it sank at to rs per cent. of its for
mer value, and promised to stand at that per cent
age it would become more convenient than ever as
a Substitute for silver, and legal tender in
junction with that metal.
While there symptoms ola diminution in tho
demand for gold, there are none OF q failing sup
ply. That California will add its ElO,00O,0O0
year the former supplies, see little reason
doubt. The ratio of that sum to the increasing
wants ofthe world is matter of simple calculation.
The population of the whole earth is, in round num-
bers, ,OOO, 900 OOO its metallic currency, f3OO,
900 900, which gives 6s. Sd. to each member of the
| human species Mankind increases about 10 000,-
600 year, and, If every thing else remained the
same, the metallic currency would require an ndd
ton Of E3 000, 900 every year. On the hand.
however we must set the general increase and
diffusion Of wealth. which makes the average unit
| require more roady money than formerly; and on
the other hand we must set p.pcf currency, bills of
exchange, savings banks. State debts. railway
shares, and the many other forms in which money
is now invested, all of them having tendency to
superscdc the precious metals. Taking all things
into account, IL s not at all likely that the world at
large will want larger addition to its metallic
| rency than E5.00O.OOO year, OF which only half
need be in gold.
This calculation is cert taniy justified by the as
| pect of things Immediately around us--Engand
saturated with gold, Holland substituting silver
| for gold, and France about to give up the double
i tender In California itself production does not
| seem to flag. II il true that merchants have
been disappointed; but that is because the proceeds
| of their sales have been swallowed in payments
| which have found their way into private pockets,
| or in consgnments Of gold dust To other parties
4 The British merchant has to the gauntlet Of
Yankee officials, brokers, and tradesrnen, and has
secured his due proportion of the golden stream.
| which has nevertheless flowed in unquestionable
| abundance to all parts Of the world. How much
| the production Of gold pays for its cost is ques-
| ton for which require more data than at
present possess. The enterprise is news California
is new; its cities of the other day, and have
been several times destroyed; its roads, its steam
ers, its mills, and the whole plant and property Of
the State, are quite Ordinarily we do not ex
4 pcct a largo income at once from undertake
ing. All Is expense at first. But in this instance,
notwithsta ndng these enormous expenses, Callfor
MIA, three years DID, is already yielding 900
year.
n GoLp AND SIrvER.-O late most OF the coin re-
mitted to our banks from the North ia in gold, and
nearly all of il in double eagles, of the value of
$50 One hank has just received 8 100, 900 of this
coin. II is cumbrous. and in opinion a perfect
nuisance--only fit to be wheeled from one bank
| TO another. II is as much too heavy as the cold
dollar is too light. The only advantage we see in
this currency Is, that il enables the philadelphia
mint to turn out the coin faster than if they made
more small pieces. and we venture TO suggest that
| the proposal for such law came from the mint.
The gold pieces wanted for currency are, it seems
| to us, those Of the denomination of t2,, SIS, S7t,
and $40. In England one secs no gold pieces