Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-04-30
ANTICIPATED DEPRECIATION OF GOLD.

Many financial writer's in this country and in Europe
engaged in discussing the problem whether the sup
plies of gold flowing into Europe and America mus
not very soon cause great rise in the price Of all
modties its equivalent great decline in the value
Of money.
cit is usually computed" says writer in the April
number Of the North American Review that the metal
lie currency Of Great Britain and Ireland amounts to sixty
millions sterling about three hundred millions of dol
lars. If this consisted exclusively Of god its weight
would be about LIE, ,470 lbs troy Now suppose fall
Of onehird take place in the value of the metal then
the quantity required to effect the number Of
changes before would be half as much again, OF
764 05 lbs troy, being an addition Of 5Ss 235 lbs for
Great Britain alone The whole world would require at
least ten times as much somewhat less than six mil
lions lbs troy. The whole annual product Of California
and Australia does not probably yet exceed thirty mil
lions sterling about the necessary for efecting
this reduction in Great Britain alone that Ten years
must dpse before the value Of gold be deprecated TO
this full extent all the earth if the whole
nual product should be coined into money! supposton
which is far from being correct The annual depreciation,
therefore, can hardly erceed onehrtie, or hk more Than
three per cent"
We doubt whether the simple calculation made by the
author will stand the test Of argument experience
pecaly in this country. Let look the condition Of
England herself since the great influx Of the precious
metals The stock Of bullion in the Bank Of England
which formerly ranged from eight to nine millions
ling exceeds twentyone millions serling and yet
what is the result The rates Of interest reduced
but the value Of commodities is not correspondingy
mented.
In this country there is less danger think, Of any
extraordinary change first because the increase Of the
precious metals will only dispense with Of paper
currency for awhiie and secondly because, with our
immense unoccuped territory and the rapid immigration
that is filing ii up the augmentation Of gold will only
stimulate in thousand and profitable channels the
expansive energy Of our American population.
1t does not to safe to apply the old financial
and commercial tests this question Of the depreciation
Of gold At any rate 1t ought not to be anticipated by
speculative disqustons The world is vastly altered since
the opening Of the prolific silver mines Of Mexico and
Peru, which caused so wonderful change in the value
Of breadstuffs There for money that we're
then not dreamed of and feel quite confident that
matter what may be the reasonable yield Of California
and Australia people whose institutions afford them
unbounded freedom Of action intercourse and industry
will find means to employ the added wealth without the
depreciation apprehended by the North American Re-
view IL we use arithmetic alone, without taking into
consideration the progress Of the world and its wants.
may easily cipher gold into utter worthliness
Baltimore American.