The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-12-09

three hundred millions In 1852 Az for IL Austr,,s
yield, viii probably mot fall short Of ono hundred
hundred ana Gfy millions which these three great su
ferrous countries viii have poured Into the market pre-
The quantity produced BY the rsst Of the world w~
formerly, and indeed il ct present estimated ct little
more than nfy millions The quantity OF gold produced
millions Tho proportion then has the rs-
ito OF ono TO twelve. This Is serious fact aad one cal
culatee to ax the attention Of . statesman.
The first thing then to bs looked At Ia whsthsr this
great increase In the production Of gold hes thus
srcsed any material influence upon the value Of the
metal Ii VIII be remembered that tho premium for gold
disappeared and percsptibe decline in the proe Of the
metal was felt In 1850 But this only temporary
and nom.ntary dspreoiation !. WAS produced BY seye
OF silver And particularly BY the taken In
countries to cauoe thu circulation Of gold msdlum
the effect Of which the latter metal to over
flow market 1t Therefore without rsAson that the
abundance Of geld which encumbered Paris at that
has been attributed to the California discoveries Cali
forpia had yet sent nothing and the chief
which brought on doprsciatien In market
aply the fact that gold longer capable Of being
OF this to into market mass Of gold supe
rior even to the Caiiforsia production
According to Mr. Leon Psuchsr the change which had
been 20 noiy announced In the relative value Of gold
and silver docs not yet appear minsnt What
more probable Is simultaneous aud common depreoia
tiop In both metals Perhaps it Is to guard against this
unfavorshs contingency that stocks Ia railroad comp.
MES 60 are especially sought for a present 1t IL
tain that in this pcthess capitalists should give the
preference to such investments will give them chanos
to their capital their income increase with the do
probation Of the metal currency.
Here now II the answer Of Mr.. Michel Chevalior II
the suriferous districts contain auvia mines they
immense tracts Of country Siberia which stretch
o. from Ksmschatha to the Ural mountains would be a.
most untouched California would not have given any
Idea Of what she TO de- and Oregon and all the Mexican
department OF Sonora, would doubtless ear districts
fully as rich Australia larger than Europs, would pre-
rent immense field for tho search and production OF
gold Tho quantity Of metal existing in these aluvia
deposits would then be immensely great; 1t would pro-
mise considerable production during many years
while could not hope that the yield Of the silver
would be proportonately increased Nor
ably exsoct that the necessities OF monetary circulation
or the wants OF luxury viii suffice for the absorption Of
luton before long In the relative vue Of tbs two metals
For production Of the gold which has for centuries
borne the proportion of to thirty to that Of silver
should continue 1t Is In the proportion OF to
six 1t is evident that the gold must decline and that
We to continue to give the value In
soon disappear. and make room for the deprecAtiag
metal.
But b all this it may in theory thing certain
that nothing forces decide the question with any
degree Of haste. We ere In presence Of monetary
system to which We are accutomed- and which has
manifold advantages II throw gold out Of crculA-
ton advised to do should foreign
since other countries could not take from
the precious metal in return for the goods which they
port. This We think Is . reason why our legislation
have been absolutely clearly demonstrated to be ne
We present this necessity dees not exist Gold
after decline due to accidental has resumed and
maintains . premium value and We have not yet
that expectation Of silver which have often been
threatened with begun to be realised We have nothing
future, but at the same time study tho phenomena
which may manifest Themselves In tho circulation.