The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-17
The Golden Revolution.


The Golden Revolution.
We cannot admit that we expect to see a
time when our tea-kettles and fire-rons will be
made Of gold. We know the respect that is due
to the opinions of those who anticipate such
things; but still we must humbly demur to their
reasoning, and candidly confess that we shall be
surprised if shovels cease to be made of iron
and latchkeys Of copper OF brass Cali them
% aser'' metals, as we WILL they have their
peculiar merits, and, in their proper sphere are
decidedly preferable to gold. We consider them
safe. Whether. as some pretend, the increasing
supplies of the precious metals will SO alter the
relative prices of gold, silver, iron, copper,
lead, &c, that the latter, instead of the former,
will become the standard of value-whether
iron and copper are destined to promotion
in the list of minerals while dust " becomes
drug in the market-or, whether the demand for
the raw material at the minis will continue for
an indefinite period to exhaust the supply, as
heretofore. are very different matters. 1t is hard
to reconcile oneself to the idea that gold will
go out Of fashion-still harder that silver, iron,
or copper, or lead, will come in. 1t requires
bold imagination to picture Broadway dandy
wearing tenpenny nail as breastpin or a
fashionable belle with leaden wings or a copper
bracelet. Such plagiarisms from our friends
the Choctaws rather shock our notions.
And what is to be done with the gold? Accord
ing to the estimates of Sir Roderick Murchison
and Mr.. Scheer, the total produce Of California
and Australia, up to June last, did not fall short
of three hundred and fifty-fve millions ofdollars
Allowing for an exaggeration of even one hum
dred millions, on the part of the latter gen.
tleman, the quantity of gold thrown into circu-
ton in the world. between lS48 and June, 1852,
would still amount to the enormous sum of two
hundred and fifty-five millions Of dollars Since
that period the increase Of the supply has been
far beyond the most sanguine estimates The ex-
port of gold from California during the first two
months of 1852 were s4675. 1872. This large ex-
port is not one-half that of this year up to the
10th ofFebruary. The figures are as follows =
Treasure shipment from San
Francisco in January, 1853 - ,576,0l3
Do from LIST to 18th February. 6,220,593
Do during Januury and February, 1882 1875 ,s92
Increase this year. Observation-Disclosures. SG,120,5A
At this rate, the supply of gold from Califor-
MIA during this year would exceed eighty-four
millions of dollars. Murchison estimated the
yield of the Australian mines during the year
at sixty millions Of dollars; but we see by the
last accounts from England that the import of
gold during the next four or five months only.
is expected to reach fifty millions Of dollars, at
which rate, the annual yield would actually
amount to upwards Of one hundred millions OF
dollars. We may then-supposing the various
tabular returns and estimates on which we have
relied to be correct, and they possess great
authority in the commercial world-calculate
that by the lst of January, 1854. California and
Australia will have furnished five hundred mil
lions of dollars worth of the precious metal.
Speculations as to the future annual yield
would of course be unsafe; unlike the other me-
tails. gold, as is known, is tickle in its deposits
and cannot be implicitly relied upon. But, I'M
less the diggings suddenly fail, the annual crop
cannot fall short Of from one hundred and eighty
to two hundred millions. Meanwhile the mines
of Liberia are progressing at rate which,
though it cannot compare with those we have
just mentioned, was still, in 1916, deemed wor-
thy the notice of political economists. From
about nine and a half millions, in 1872 the yield
increased to nearly seventeen millions, in 1916,
and was estimated at upwards Of thirteen mil
lions in 1851. Any one who takes the trouble
to add together these various estimates, will
find that Mr. Scheer was rather under than over
the mark, when he supposed that the remaining
forty-seven years Of this century were destined
to witness the production of seven thousand
millions worth Of gold.
Statisticians differ widely in their estimates
of the stock and supply of gold before the dis.
covery of California. One suggests thirteen
hundred millions as the probable value of all
the gold in use and in circulation. If this guess,
and our estimate Of the total future yield Of the
world-say two hundred and twenty-five mil
lions per annum-be correct the supply would
be doubled every six years.
Birkmyer supposes that in 1916 the total
crop Of gold was under thirty millions of dol
lars. Murchison, McCulloch, and others, seem
to think this estimate too low, and believe forty
five or forty-eight millions nearer the mark.
We see no reason for doubling their figures;
and at this rate We shall lut the golden revo-
lution in the clearest light by saying that we