The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-05-01
Production OF Gold.


probabilities Of the present or the future by the
sober realities of the past, will soon be classed
in the category OF exploded things. The con
tinual recurrence Of discoveries in the aurife
rous regions of California and Australia has
whetted the appetite for marves to an extent
which leaves the Munchausen faculty of nven-
ton far in the rear. The age is satisfied with
nothing less than gigantic proportions; and the
wonders of the gold diggings are on scale Of
magnitude commensurate with mans enlarged
capacity. The geological pundits Of London
and Paris, who sneered at Captain Suffers
revelations as the habitual exaggerations Of a
Yankee, and gravely staked their scepticism
on the experience of other times and countries,
are now constrained to swallow as unqueston-
ed verities exactly what they beforehand de
rided as physical impossibilities. They stand
confessed false prophets-professors of empiri-
clsm as well as science; while nature goes on
from day to day adding TO the store of wealth
and prodigies. and developing resources appa-
renily destined TO revolutionize the commerce
of the globe.
Let us, for a moment, glance at the sud >
denly augmented production of gold, as il is
described by reliable witnesses. report re-
Gently submitted to the Legislature of Califor-
MIA states that the amount of bullion exported
TO the end Of 1850, as manifested" at the
custom house OF San Francisco, was t27 60
$40. The exports in 1851 were, according to
the same official return, 1885, 39. These
amounts are exclusive Of the sums carried away
by passengers, and shipped without being mani
tested. The former are estimated at $500 per
head. Of the latter it is known that large
shipments were made in British men f-war
and by merchants and miners to Mexico, Chill,
and the western coast of America. The gold
carried through these channels in 1851 is esti-
mated at upwards Of t64 ,0O0,O Allowance
must also be made for the gold dust manufac-
tured into coin and jewelry, and for quantities
still in the hands Of miners and merchants
both being estimated at ST, 100000. In the
aggregate, the report represents the last years
production as having reached at least eighty
millions Of dollars and. with this fact as
starting point, 500, 000, 900 are assumed to be
the likely production Of the year now in pro.
gress. This amount does not embrace any
allowance for products contingent upon the
prosecution Of mining in Queen Charlotte's
Island.
In Australia the experience Of few months
has sufficed to raise expectations that even
California will be eclipsed. We read Of single
Jumps that sell for s. 500, and Of the convey
ance Of tons Of the precious metal under mill
iary escort. South Australia papers Of De
cember 20 contain detailed accounts showing
the production in the Melbourne and Geelong
districts during the three prior months to have
exceeded $50 O,0O0; in the Victoria district
the auriferous region is reported to be almost
illimitable, and the returns, so far, pro-
portionably greater, having in the same period
amounted 10 s. 100000 and the Sydney dis
trict apparently yields less only because the
distance OF the mines from the settlements has
operated to prevent the influx Of as many labor
ers as have 1ocked to the other localities TIL.
price Of gold at Sydney has fallen to less than
SIS an ounce leaving more than 81 80 pei
ounce to cover merchants profits and costs
Advices to the early part Of January more than
confirm the previous estimates, and convey in.
! b'lllIt0Cf VI iTSNH bisCoNfIlfS. w Doul huSlTd-
liza, and also Of the finding Of quartz in Var
Dieman's Land We are inclined, indeed. "a
regard the calculations of the Melbourne and
Sydney journals az under the mark for the
London Globe Of the 4th April reports the tota
receipts there from Australia, within two
months, at s20,000,O00. There is nothing
unreasonable, then, in assuming that the first
years results Of the Australian mines will
come up to ts0,000,0O0, or nearly thrice
the quantity realized in the early twelve month:
Of California labor and enterprise.
We remember that the London Times
whose commercial editor was one Of the fire.
to direct attention to the question in England
built long train Of reasoning on the suppos
ton that the exports from California NIGH
reach t25, 100000. The Times argued tina
if that amount were repeated for brief series
of years, a momentous change would be pro
duced in commercial values, and in the relative
positions Of debtor and creditor. The presump
ton was fair enough at the time, in view o
Al Il IL Al. II.