The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-04-01
IN. L. MARCY, Secretary of State.
From the Baltimore american, March IS.
The silver OF China Coming West.

The silver OF CHINA Coming West
The extraordinary increase of gold and diminu
ton OF silver, circulating mediums, within tn
last four years, have induced to inquire into tn.
condition of treasure in China, whose commerce
Tor soAong time dependedon the precious metal
alone. 1t is known thatthepermanent establish
ment OF the opium trade in China, since the late
shameful war between that country and Grea
Britain, is constant and copious drain upon the
stlUer which has always been especially coveted by
the Chinese Yet, notwithstanding the vast ex.
Portation there must still be considerable amount
boarded In the INTERIOR and saved by thousands oil
natives scattered over the Indian Archipelago, who
remit their earnings to their parents and relations
within the empire.
During the two centuries and a quarter in which
the Spanlards maintained an intercourse between
the west coast of Mexico and Manilla it is calcu.
lated that fully four hundred millions of dollars
passed thitber from Acapulco, and that one hun
dred millions at least, of this amount went from
Manila to China. Since 1854 about s loo, O00, 600
In specie were exported from the United States to
Canton. In sixty years of free commerce. Japan
has poured into China another hundred millions.
Siam and Cochin China sent thither large quaint.
ties of gold and silver in ingots Fifty millions
more have been added.from various nations The
'.afice mines yield about s 1000 900 yearly; and
throughout the whole empire the metallic circula-
ton, exclusive, we believe of the brass "ts;en' or
"cGsh, is estimated at 5 500 600, OOO Gold though
stamped in ingots, is used very little for exchange
In trade 1t is considered altogether as an article
of merchandise, and is bought and sold in the mo
ney shops at current rates of about one "tae'' of
gold for sixteen of silver.
The commerce of Canton is carried on in Span
ish dollars in the selection and relative value of
which the Chinese are esteemed extremely fasti-
dious. The issues of Charles Nv. are commonly
the most popular, and command premium, while
the coinages of the United States and of the South
American States, of Mexico, are liable to a dis.
count, varying from to per cent.
From these statements it will be observed that
the accumulation of foreign and domestic SLIDER in
(t,In txyn hun roI ov,I e. r.
discovery of America, must have been very great
The account, we consider, may be fairly stated as
follows:
Import of silver from Manila. $50. 100 900 900
Sc from the U. States. 100, 900 900
from Japan. loo, 0OU, 900
from England, Portu-
gal, India, and other western
sources. .........:........... 1Ooooo. 900
Imports OF silver from Siam and other
eastern observation-disclosures. 25,0oO, 600
Total foreign silver. $ 1876 900 900
Add to this, for an average production
OF the Chinese mines of So 100000
per annum, for $50 years, and we
have a total of domestic siIver.... 500 .OOO, 900
Total accumulation. ......... 1926, 0OO, 900
Such was the condition of things in China as long
as the commerce OF that empire insisted on ex-
changing its productions for treasure alone But
by degrees the Chinese relaxed their system and
received our merchandise as we'll as our money for
their teas and silks. Had this equitable exchange
of commodities been continued and the trade of
the empire remained exclusively legitimate, the
balances of silver would still have continued in
favor of China; but, unfortunately for the moral
character and happiness of the nation, as well as
for it's commerce. about the middle of the last cen.
fury Mr.. Watson suggested toea council of the
East India Company, held at Calcutta, a plan for
the expectation of opium from Bombay to China,
whereby he hoped to augment considerably the
revenues OF her Majesty's Indian government
tn TIC mt fhon fsr,o .,,.
chests of Turkish opium were yearly introduced
into China by Portuguese merchants.
Thus, by daring and systematic adventure of
this princey corporation, the foundation OF trade
was laid which, while it inficts the greatest
amount of social misery on the Chinese, israpidy
draining their country of its boarded wealth Nor
is this all The trade has been the cause of hor.
rid war, waged' to sustain commerce which was
not only hurtful in its material, but absolutely
while the bloody drama was prose.
cuted to successful issue by an illustrious nation
which does not hesitate to read to the rest of the
world lessons of moderation and humanity
But our object in preparing this notice was
financial and not political. Let us see, then, what
effect this illicit trade and its has had upon the
silver of China-for it is by silver
alone that the drug is purchased. From 1928 to
1888, the period when the opium business first be-
came vigorously important, the average sale was
IL 900 chests annually, which produced in the ten
years $72, 0O0, 900, at the current rates. From
1888 to 1889 the supply did not fall short of 10000
chests, yearly, producing an annual drain of S1S-
600 900, or los, 900 900 in the six years. From
l843 (after the war; and re-opening of trade) to
1853 the average import may be set down at
49, l38 chests per annnm, valued at 500 per chest
or $3l 1896 600 yearly, which in the decade would
swell to the. enormous sum of 1915 1856 ,OOO To
this must still be added the 1921 600 900 paid bv
China to England as indemnity for the 20, 900
chests of struggled opium destroyed at the begin
ming of the war; and we shall then have the fol.
lowing result IS Silver exported from China for
to 1899, 5 l08 900 900; from l843 to 1853, 1915
966, 200; for indemnity, 1921 ,OOO, 900; estimated
prior to 1928, $40, zoo, 900. Making
the total loss to China and gain to Great Britain Of
silver from the opium trade $526, $3.50 900.
If we deduct this sum from the entire accumu
atoms OF the Chinese empire, as we have before
exhibited them, we shall have sta rtIine result
which demonstrates that the great bulk Of silver
must soOn be concentrated in Europe or among
he western nations:
Total of accumulated silver in China in two hun.
dred and fifty years. ........... 1925 900 900
Total Of exported silver from China in
about nifty years 526, 966 900
$39S ,O34, 600
Thus $l0,539, 1920 have been annually drained
rom China for this poison during the last half |
entury; but, as the appetite for the pernicious |
rug increases rather than diminishes, we may
afey calculate that by observing the usual ratio
n such cases, the remaining three hundred and |
ninety eight millions will probably be exported in |
ess than twenty years. "AccordingIy the silver
the active commercial nations of the West will |
ot be decreased, but may be regarded as steadily
BY twelve or fifteen millions yearly