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


SIG ZOO, 900 from 1000 to 100; of $22 500, 00l
from 100 to 1850; and of $35 300, 900 from
1850 to the commencement of this century
From 1903 TO the discovery of the California
mines, the annual product is calculated by
competent authorities to have averaged $780,
600 900. This is at best but an approx
nation to the truth; but it is received by the
most careful economists and statistcians as suf-
ficiently reliable for all practical purposes.
With 100000 900 as the highest average pre-
viously known, it is not difficult to perceive
the revulsion that must be produced by an an
nual receipt of 100000, 900 from California,
and $80,0OO,0OO from Australia. A yearly
increase of $4,000. 900 forms startling con-
trast to the scanty $25 ,000, 000-the most ex-
travagant supposition of the modest writer in
the London Times. Assuming that twentieth
part of this immense increase be used in the
manufacture Of articles Of luxury and that
seems liberal alowance--there will still remain
$l7l ,OOO,O 900 to be added to the circulating me
dunn. The immediate effect of this accession
fspecie-if continued for series of years-will
doubtless be to stimulate commercial enterprise,
to give stability to banking operations, to pro-
mote improvements Of every kind, and, it may
be, to foster anew the spirit of speculation with
all its perils The more remote but not less
certain effect will be to increase enormously
the value Of real estate, and to produce total
change In all values and monetary relation
ships. In England, and in all countries similar
ly circumstanced, the change will be runous to
those whose incomes are derived from interest
on funded property; while it will afford CORE
spending relief to the great bulk of the commu-
nity-the taxpayers. The steady advance of
consols indicates the rapid cheapening of money
in the London market, and, if maintained, will
probably lead to the substitution of two and half
per cent. stock for the three per cents. now ex
tant. That will be the beginning of the new
adjustment between national debtor and creditor,
and it will go on in spite Of all the Legislation
with which the late Sir ROBERT PEEL hem
med in the subject, to fix values at the then
existing point. To the toiling millions Of Bri-
tain these gold discoveries will stand in the
light Of mercful dspensation Of Providence,
to rid them Of the consequences Of iniquitous
misrule.
With regard to the more general results Of
these golden discoveries, the New York Er-
press remarks:
at is of no consequence whether one country or
another 10 the owner Of mines of tho precious me-
tails. The metals will follow the course of trade
and therefore not confined to the place of pro-
duction. They OF universal use, and received
in fnr no IF Ia ora Cd
and will finally reach those nations that supply
neediul articles. England will be the Disturbing
point from whence the metals will be dfIused over
the trading world. The effect of this cheapening
of the price of money is in the steady ad
vance of consols, which are at nearly par, and
will very probably be at par, or above, in short
time. The British government will doubtless
avail Themselves of this favorable condition
Of the money market 10 reduce their expenses,
by reimbursing the three per cents. and issu.
ing "a per cent. stock This will induce
capitalists to look round for safe investments at
higher rates of interest, and as American stoc ks
which pay a better interest, are now sought for in
London with avidity, they will absorb large
amount OF the surplus capital seeking investment.
Ii is in this way we arc TO participate in the
plus Of the gold product from Australia; and
from the course Of the exchanges, as they now
appear, therc Is little or no probability that VIC
shall have occasion to ship specie from hence
for several months. Before that time arrives
The gold in the banks will exceed twenty million.
Of dollars. The time bas arrived when the banks
in this country will obtain their share Of the pre-
oious metals; they have been the nero agents to
receive and disburse the corn for foreign creditors
Our importatons will, no doubt be large, because
our wants are large. With greatly increasing
population, we consume more than formerly, but
produce more also; yet, notwithstanding our
large importntions il is safe to say that there is no
very grent probability Of an extra demand for
money during the present year"