Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1853-02-18

Effects of Goid-Discoye,Ie, in EaiifoInin
and Australia.
There is question Of our times possessing more
interest or exciting mere enquiry and sullcltude
among thinking men than that which relates 10
the effect Of the vast additions now making 10
the stock of the precious metals, rising out Of
the gold discoveries Of California and Austria
LA. There has been Il vast deal Of vague spec
ulation and anticipation upon the subject but
We have seen no views presented which afford
any satisfactory solution Of the problem which
these discoveries have originated, and which is
constantly provoking desires for its solution.
| Without pretending TO exhaust, or even to 90
cursonly over the whole subject, yet propose to
present the results Of brief survey Of the topic
in question, which may not be altogether use
less or inopportune.
AS near as can be judged, the present stock
of precious metals is not far from twea'y,frc
hundred thousand millions Of do'iars. Atany
rate, ii is coniectured that it cannot be over
three thousand millions At the discovery of
America, says in one year 1900, the estimated
stock in Europe was in round numbers, one
hundred and fifty millions Of dollars. The
supplies from America had by the year 1900
according to the most authentic calculations
reached, to near seven hundred and fifty mil.
lions OF dollars, or Just about five times the
original quantity During the century following
an equal sum is presumed to have been adde,
TO the stock, aside from the large quantities
which had begun TO be used IN the arts, so tina
the stock by the year 1900 had risen 20 some
thing like fifteen hundred miii0ns, or rattle
more than one-half the estimated quantity il
existence in 1850.
These calculations are the result Of long an,
diligent inquiries into the subject, and whI
from its nature absolute accuracy is impossible
they may be deemed to be not very wide Of thu
mark, and as atiordlng sufficiently reliable dat
for some conclusions in regard TO the stock q
precious metals, now being made from Cali
fornla and Australia.
) An inquiry into the rapid rise Of prices whlc
J. took place between 1900 and 1900 in consc
qucnce of the supply OF gold and silver roi
The effect that prices rise in proportion to til
j. increase of the stock Of coin, though .nHucrre
and qualified often, as regards particular com
tries, by the use of paper money, and by III
immediate direction Of the current of suppl
from the mines. This general law is most fc
IN the ultimate settlement; of prices change
by the augmentation Of the stock of prccior
metals. The prices of commodities are O.,
mated to have advanced, between 1900 al
1000, or the century after the discovery
America fire Jotd, or in the same proporlic
with the stock Of gold ond silver This cs
mate Is based on variety Of calculations
which, the relative prices Of wheat, Of lab,
and of land are the most important clemcn
Yet the rates of wages do not seem TO Ina
risen in the same proportion with other co
modiues, or even with the neccssarles of life.
Assuming the law of prices to be such as
have Indicated, and which many curious ia
connected with the expansions and conircutic
Of our own paper currency during the last
teen years, 20 far to establish, we shall fl
little difficulty in proceeding TO calculate
effect Of the influx Of coin from California a
Austrilia, taking the data we have laid down
to the stock on hand at the outset of these
traordlnary additions.
The coinage Of the T.. s, Mint during
year 1852 was over fifty millions Of dollo
Leariy all Of which was the fruit Of The CANT
MIA mines In addition to lhi-, those uuul
r"s regions supplied many m.,e rhdI.u