Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-05-03
MONDAY MORNING, MAY 8.
Production of the Precious Metals.

L TOUUCUOH " We PRECIOUS uIct0LS.
The production of Gold during the present
year will, it is thought, be without parallel in
the past history Of the world. The last advices
from Australia justify the belief that the returns
from that country will amount to sixty or eighty
millions of dollars. The mines of California will
yield sum equally the large, and mines of other
countries will in all probability swell the grand
aggregate of Gold and Silver, for the year 1852,
to $2OO,OOO,0OO The New York Herald pub
fishes document prepared by gentleman con-
nected with the Treasury Department at Wash
ington, showing the probable production of the
precious metals in Europe, Asia and America from
the year 1892 down to 1859.
1t appears from this statement that from the dis
coyery of America in 1892, down to 1903, the
annual average yield of all the gold and silver
mines of the word did not exceed ST., OOO,O 00.-
From 1903 to 1882 it has not exceeded 500, OOO,-
600, including the exports of gold from California
since 1848. And yet it is estimated upon IA
tional data, that the grand aggregate for the pre-
sent year will reach, if it does not exceed the
enormous sum of 5000, 100000. That this sud
den and immense addition to the circulating me-
dunn of the world is destined to exercise pow
erful influence on all the various branches of hui
man industry, can hardly be doubted; but we i'm
agine it would puzzle the profoundest political
economist of our day to point out the precise ex
tent and nature of that influence We may specu-
late on the subject; but the speculations of the
sagest political economists are too often fasifed
by subsequent results, to justify us in relying i'm
plicity on their predictions. The able writer of
the money articles in the New York Herald in
dulges in some speculations on this subject which
we give for what they are worth.
While this enormous accession to the supply of pre-
cous metals is going have hundreds of paper
ufacurng machines located in all parts ofthe country and
Europe actively engaged in turning promises pay
demand in immense quantities Banks starting up
In almost every town and village in the Union. The old
mills are hard at work, and the will not suffer
their machinery remain idle. Its impression tha1
during the present year the paper currency of the world
will be augmented at least fifty millions fdolars This,
added to the augmentation OF precious metals will give
addition to the metallic and paper currency in one
year OF two hundred and fifty millions of dollars In
tempang this enormous increase in the representative of
wealth, weare lost IN wonder and astonishment.
Wemay not for year two feel any evil effect OF
this great annual supply Prices of property may be
permanently inflated the imitation may be so gradual as
to have visible influence for considerable time, upon
financial and commercial affairs. 1t be borne in
mind that Australia and California located in compare
lively world. We must not lose sight of the fact
that in those countries bordering the Pacific ocean,
there is population of fire hundred millions Of souls,
VINO nave been IN dormant state who have never be-
fore had such field opened before them for the extension
OF their commerce The capital required to give activity
to all the elements of trade such population
likely to call FORTH will absorb all the product of the
mines Of that section of the world for time least
Ultimately unless something happens the sup
ply OF bullion there must be plethora and then may
look for all those changes which depreciation ia the
standard OF value is to bring about The effect Of
such annual product of gold anticipate will
first he most favorable 1t will give activity every de-
partment OF industry will every with steam
ships and clipper shpsit wlcover the land with every
improvement for communication and trans portation; it
will build up and extend cities their utmost limi
it will pat motion the population Of the universal world
it will extend civilization and republcanisn, by
bringing people of all nations in with each 9TH
will give an impetus to every description OF enter
prise that the mind OF conceve it will develop
the resources of the land and Of the it win only
cultivate and adorn the surface of the earth bat viii dive
deepinto bowels and drag Urtht mineral wealth. viii