The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-04-29

ties quoted, whether the amounts Of the precious
metals stated to have been produced at different
tire production, but the inference is strongly in IA
vor Of the latter 1t will DO seen that the actual
and estimated productions of the United Stateshave
been separately stated.
The limited production Of gold and silver in the
last years OF the fifteenth century, may be very ma
turally accounted for in the limited number OF
people who at first ventured to explore the New
World. and in the scarcity of those metals in the
lands first occupied by Columbus; but it will, per-
haps, excite surprise to find that the actual deposits
of California gold in the MINIS of the United States,
in the year 1851 exceed the highest annual produce
ton of gold and silver in Mexico and South Ame-
rica by nearly forty per cent
McCuloch, in commenting upon the extraordinary
increase" in the product Of the Russian gold mines,
adverts to those of California, which he had zen
QS4s'49) hoard estimated producing 70 900, OO0in
year. and for the year to come at $40 0OO,0 600,
and goes On to say:-"An it is plain, unless this
estimate be very. greatly exaggerated, (Which
supply be maintained at this level for a few years,
it win, combined with the increased supplies from
Russia increase the total annual supply of gold to
there is not, and cannot well be, any corresponding
increase in the demand for gold its value will sus-
tain corresponding fall And hence we think that
a rise in the prices of most articles may be fairly
anticipated. This will, probably, be slow; but
should eight nine millions of pounds sterling of
gold be henceforth annually added to the existing
stock of the commercial world, q repetition of the
effects consequent the first discovery of the Amer
lean mines will most likely be experienced. And
we have elsewhere stated our reasons for thinking
that such contingency, or that gradual and con-
siderable fall in the value of gold would be OF the
greatest advantage to this couRtry."
If McCullochs reasoning be correct, what can
we anticipate but decline in the value of gold in
its relation to silver and corresponding advance
in the prices Of all other commodities. This result
is inevitable, the laws of trade exercising as certain
if not SO Immediately pcrceptible an influence
gold and silver as upon other merchandise. Much
has been written in regard to the loss of gold and
silver by abrasion, by shipwreck, by conccalment in
time Of war without subsequent recovery, and on
the annual consumption of both metals for manu-
featuring purposes but such calculations are vague
ard uncertain and perhaps not called for in this in
curry, which looks only to production aud even that
can only be ascertained from partially uncertain
data But it may reasonably be sed, and in
cuded in our anticipaons of the effects of the vast
productions of the California mines, that the chief
source of consumption Of the precious metals other
than coinage, that of manufactures, will be greatly
expanded, perhaps it would not be unreasonable to
say trebled quadrupled, as well from their actual
decline in value as from the sudden increase Of
means which the community-whether the miners,
or the parties into whose hands the gold ultimately
passes, is immaterial-wl have acquired through
the acquisition of California.
IT may not be amiss to observe that at this mo-
ment the bullion in the banks of France and Eng
land is estimated at the enormous of 1920, 000
Geo. Those countries have received the California
gold in exchange for increased importations of
necessaIies and luxuries.
APPENDIX.
Volume z, page $50. of DE Bows Commercial
Ferit1c, contains article (author not namely on
coins, weights and measures, in which, Up. 2o5) it
is stated that "according to Humboldt the silver
and gold received from America, from 1872 to 1900
amounted to E52000000 sterng," and chat Ja-
cobs says this enormous supply continued until 1919
when the quantity in circulation in Europe had
doubled, and reached the enormous amount of
I52, 000,000. Apart from the evident inconsistency
between these two periods and sums, Jacobs own
work Opp. l26-l27) utterly fails to confirm such dis
crerances but on the contrary, completely corrobo
rates the second paragraph following the generalre
sumo, in the preceding report.
In p. $50 Of the same article, in De Bow, will be
observed some estimates of that accurate author A.
Gaiatin in which he states, in round numbers, that
which is distinguished by (a) in this report, to be
$4,000, OOO.O0O and those of (c) and d, $3.50 0O0,
Geo. being very close approximation in estimates
OF this character; the estimate () relates to pc
rod subsequent to his Investigations But Gallatin,
according to De Bow, is said to have estimated the
product of the Russian mines at 5000 0OO, 900, diff
ference from that Of McCulloch totally rreconcila
bic.
Mr.. Gallatin does not appear to have made any
such estimate as in the preceding report is marked
%, but if Hunboldt's views of the annual product
OF the mines of Europe and Asia, in 1900 and
MoCullochs of the subsequent product, be correct,
some addition must be mado for the period anterior
to 1850. especially those mines were for CEN
turtles the principal sources Of supply.
No. TO- p 395, states that the official report of the
Russian government makes the product of gold from
1915 CHE first workings Of the mnes) to 1884, to be
l500O0000 rubles. six hundred millions of francs
compare this with the estimates in the preceding re-
ports, and with Galatians statement, in which lat
ter it is evident the printer has put dollars for
francs and even for an earlier period than the Rus
| sian official report.
No. 81, p. 4i3, Chevalier Paris) estimates the an
nual product of South America (l8i6) in gold and
silver. at $50 600 600 In the preceding report the
average from 1880 to 1852, () is put down at $780,
10000.
No. los, p. 66l, the official report Of the Russian
government appears to have formed the grounds of
McCuloch's estimate of the produce of gold in Rus
| sa, from 1897 to 1916.
No. 100, p. 10, the latest official account, makes
the product Of gold and silver in Austria, (alone,
and presumed to be in 1860 to be 81 900 OOO COM
Iare this with Q.) in the preceding report.
$50; No. i42, 4Ss and No! TO- p ssl more r,
or less confirm the estimated product Of the Russian
mines at three and hafto four million pounds ster-
ling; the last, No. l2O referring to slight falling
| off.
No. al, p. 3s6, official report of the gold and
silver coined in Mexico alone, for eighteen months,
ending July l. lSi9, $2sOOO, 600, or nearly nineteen
millions per annum, which confirms other state
ments already quoted or referred to.
There is nothing in these notes from Hunt to
warrant any alteration of the estimates presented
in the report Of March 18th; The apparent
Of Gallatin. is corrected in Hunt, No. 76, showing
the probability of its originating with printers
who, in the use of figures or signs, indicating
quantity or value, often commit the most serious
or ludicrGus mistakes.
The following estimate of the present annual pro-
duct of gold and silver in all parts of the world,
| Exclusive of Australia, from which no reliable
data can yet be obtained) may not be an napt ter
mination to the present inquiry
All South America see C).............. o,7100o0
| Add for any probable increase according to
the best authorities. .................. 8 200 600
| Hungary. saxony and Northern Asia (B . 900 900
knssaaat the highest estimate of late years 20000Oe0
africa ana south ASIA "a rough estimatc). 100O000
Caroe1na Georgia, nc. -................... 100000
IahI<rna ...-..-..................6 g. 500 600
Total. .......... 1924, 600 900
The long established usage of the addenda of
II. H.. to an ordinary account among merchants
| might well be applied to paper like ths-anythng
| approaching accuracy is out of the question. w.