The southern press., 1852-01-17


ment, warrants the opinion, that California will
continue to produce gold to the amount of
$75,00o0O0 to $l00,OO0,000 for many years to
come. He gives no authority even for that as
sertion, which we all believe. II may amount
to ten times as much, for adj that we know. The
government is reprehensible for not having sent
there, long since, the highest talent and scen-
tiic attainments, that they and the public might
have been instructed on a subject of such mo-
mentous Importance. But we are left to specu-
late upon. the future, by the past yield of pre-
cious metal, and the vague, unreliable reports of
which we have heard to safety. We should
have been pleased to know the information pos
sessed by the department, and upon which the
Secretary bases the advice to Congress to change
the relative value of gold and silver. In so
grave, so serious matter, we should have all
the information possible.
We know too much Of mining, and the ma
ture of those who usually engage in that kind
of business, to place the least confidence in their
reports Thus far we have evidence of the rich.
ness of that region in the quantity of gold pro-
duced, and that is sufficient to excite desire
for reliable information upon the country from
which it comes. As far as we are informed,
there are but two sources from which we are to
expect gold from California. We believe that
the principal and main resource, will be found
in the aluvial deposits, in which, by virtue of
the great specific gravity Of the metal, it has ac-
cumulated. The gold here found was, origin
ally, irregularly distributed through extent of
ground that by the constant and long continued
action Of the atmospheric agents, has disap.
lpeared, leaving the metal more or less regularly
disseminated in spots 1t will be found, for
tunately, that the word inexhaustible is not APP
pIicable to those deposits. 1t is our individual
opinion that they will prove to be the main and
only reliance for gold from California. The
gold there found had its origin in the quartz
veins, which have been broken down as de-
scribed, and once formed part of the immense
system yet UNEMPLOYED. Experience and histo-
ry teaches us that gold is one of the most uni
versally dffused metals, invariably accompany
ing quariz; yet we know of no one instance on
record, where quartz vein has contained suf
fcient gold to pay the expenses of methodic
mining operations for any length of time. On
the contrary, they have invariably ended in dis
astrous failure. So far as we have been able to
learn, no operations on quartz in California have
proved profitable, and it is our opinion that CAL
ifornia will form no exception to the general
rule, and that the best machinery that can be
devised will be found unavailing. 1t is further
our opinion, that the amount of gold already
produced from that famed region, has depended
more upon the number of hands at work, than
from the extraordinary profits derived by all
those working. We admit that there are ex-
ceptions; but considering the number of hands
employed, if the truth were known, extraordin.
AIRY profits would be found the exception, rather
than the rule. There are probably thousands
that continue TO labor, not because they could
not do better elsewhere, and at other business,
but precisely because they have failed to accum
ulate the necessary means to quit the country.
We then ask in all frankness, If this state of
things can endure, and if it is wise TO legislate
upon our currency without more reliable infor-
nation.
He tells US that the operations of the mint
have been conducted for the last year with ef-
6ciency, and highly satisfactory results so far
as the rapidity Of stamping coin goes; that may
be so. But that is simply an affair Of more or
less machinery, and to which no more import
ance is to be attached than the rapid making Of
buttons TO I'll a commercial order.
He tells us that the relation Of gold to silver
in the legal coin of the United States Is as to
1898 in Great Britain as TO l4,2Ss, and in
France as l to l5,499. So soon, therefore, as
the state of our foreign commerce, as is now the
case, requires an expectation Of specie, silver
will be exported first, as long as il can be pro
cured, until the demand for expectation is sup.
piled; and from the operation Of this law Of COM
merce arises the present scarcity of commerce"
We are inclined 10 believe that there are often
causes in operation and that the evidence Of which
| is abundantly manifest We should be pleased to
know what occult influence paper currency
(such ~ exists in some of the States Of this Uni.
/
on,) has over the value ofpropehy, specie includ-
ed Further, If the government has the exclusive
right TO coin money, IL has the right and power
TO protect il from every kind Of debasement,
whether il proceeds from forgery, sweating, clip
ping, or the issue Of paper money from States,
corporations, or individuals
We are also inclined 10 believe that there is
room for Improvement in the mint, and that the
operations Of that establishment are neither so
efficient or satisfactory, as we might be led TO
imagine. The public should be informed Of the
costs Of manufacturing dollar, and how that
cost will compare with the expenses Of other
minis 10 other parts Of the world Perhaps it
would be found advisable, in every respect, 10
farm the whole business out We have no
doubt, il such mode was pursued, that the Uni
ted States treasury would be greatly relieved,