The Minnesota pioneer. [volume] (St. Paul, Minn. Territory) 1849-1855, 1853-06-16
From the San Francisco Wig.
The Present Scarcity Of Silver.

Two causes have operated to depress the value of
gold, namely: IT'S own increasing abundance and the
steady dmlnuion Of the yield Of silver mines. We
look upon the rise Of silver in part apparent ard
compalative-gold being the standard. If silver is
at . per cent renium, four per cent. may perhaps
he charged to It's scarcity and one 10 the increase Of
gold; both metals being made measures Of all value
and alternately measures of each other.
The rise the other hand, is the real value of
silver con may be fully accounted for by the increase
Of trading and operative population in several quar-
ers OF the globe, the organization Of immense stand
ing armies IN Europe which paid IN small pieces
OF silver; the extension Of the banking system
which increases instead II diminishing the use Of
coin-the movement Of tras oceanic emigration car
yng to and fro steady current Of the representa-
tive metals; and IN addition 10 these well known ard
obvious causcs-the recent dimnuiIon from political
checks Of the Weld of Mezican and Central Amen.
can silver mines.
California aud Australia have begun a new epoch
in the general commerce OF the world by providing
abundant medium oi exchange for the larger epe-
raiions OF t,ade. The superior industry and iueli-
gence of the American and English people in the
two great gold countries has increased the wealth
Of the human race, ruiroads and steamships
crease II namely, bv facilitating the movements ol
commerce and population. They have thus created
valnes, Gar exceeding the apparent value Of the
metals they have taken out Of the earth
Previous to the discovery Of gold il California the
most accurate English statistics computed the entire
amount OF gold in circulation at S240, 900 600.
In lecture read before the Geol,gcai Society ii
London, in 1852, 1t onputed that the gold IN
circulation amounts to fi9 900 0oD. 1t is not con-
tended tla, this comprta'iou Is accurate no doubt
quantity Of gold escapes the observation ct
bankers; laying in small boards in countries where
specie is the only Circulating medium, and where 1t is
thrown into circulation uny in times of SCARCITY Ii
will serve however, a basis for estimates; are
not likely 70 approch nearer to accuracy; exact
know ledge would be Of service, even If il could
b. obtained.
! The and waste Of the precious metals is sup
posed t. be about three and half per cent.
The entire qua',ti,v of gpId, in plate specie etc
is SAID be 10 coo 900 pounds troy. This estimate
made ten years .sn; allowing f,r the inci of
tea Yeas, and ats !utey pure gold 20 D. worth 81
the ounce tsov, arrive NJ the ve,y large sum Of
2,i60 ,00c 900; upon which, however, place
reliance. EnoGmops quantities Of gold are known 20
be employed for ornamental purposes eS ecally
in Africa and Asia. This is thrown into circulation
by very SLOW degrees; by European conques,s and
commercial enterprise, converting he luXmies ot bal
/ h,rous Countries 10 The uses # trade.
The reader does need 10 oe iafo mad of The ex-
trerne d!!,ctY Of attaining correct know ledge in this
department of statistics
The quantty Of gold consumed in arts and manu-
factme IL be.te, known.
The Geological Society Of Londo, authorize the
fll wing estimates; in Great Britain and L Gland
: u 500 600 are consumed IN arts and manufactures
. IN anc' aDOUt G,vUD,DJJ, IN SNNf'r'anN. Z,
go 900; in other parts f Eo.oIe, IS, 600, 600; IN
the United States, ! 800 900. Thes- numbers
near the truth.
Thus it appears that the entire conSumr tion gold
in ihzed countries equals S2e000.00) annually
l. Birmingham, alone, between $1,000 and 49,
900 is annually employed in gliding, and for other
purposes. The gliding of porcelain and ot'ery
sunes not less than s, 500 ounces 10 En- nslandnore
, than : $50 900 worth OF gold.
Let us as hasis ot computation assume S24O ,OOO,
600 to be the quantity Of gold in actual circUation AT
the present time I he annual corsumI ton. for Eu
rope and America, is perhaps s 80 0oo 900. The
annual d;minnon u $50 900 ,00J for manufacture,
and we nav safely say SO coo, 900 for and tear
The quantity Estimated for circulation is doubtless
too small. The quantity lost cannot be accurately
known. When ii is supposed that all the specie OF
a cogniry is exhausted, great sums are buried N So
crei boards especially IN times of war. Gold makes
its appca ance, at TIE Cessation oi var, .I0 unex
pected quarters.
Assuming however, that the annual consumption
lass aud destruction of the gold in circulation is
less than $40 600 COO, the quantity raised in Caiior
MIA IL soon L" be more than double that amonnt. TIE
mass Of gold in commerce is consequently increasing,
at the present moment from California alone, at The
rate Of $40, 600 600 year. This is the clear it,
crease Of gold to circulation, deducting all lDsses
without reference to the recent addition from Aus
ITALIA.
Again, the mines Of Australia, though hut recently
opened, making annual addition Of S2S ,O00.-
900, which must have increased TO $50 Geo 900,
since this information obtained
!, follows that $4,000 900 annually added to
the gold Of commerce. over and above all losses and
wear.
Next in order, it is necessary 70 consider the Weld
Of other American mines, in Mexico, Centra Amer
ica and South America, supposed BY Humboldt to be
81 600 0O0 hu; since decreased let srros it
be 10000 600. Here then $50 900 ,0o0 from
Am rica and Australia, dedmting use loss and wear
Add now to this $40 900 900 more for the gold OF
Africa, Russia and Asia. The y,.d Of Russia alone
is at least 5000, 900. The islands of the Indian
Ocean, and the sands Of western and middle Africa
yield large quantities, which have been estimated
we have supposed the addition from Europe, Asia
and Africa to be $4,000 900, and it may he double
that amount; but will suppose $40 900 COO and
it will follow that the annual addition Of gold to com
merce by the merchants and traders Of civilized coim-