The miners' express. (Dubuque, Iowa) 1849-1854, 1853-04-20
PRODUCTION OF THE PRECIOUS ME-
TAILS IN Is53-THE FUTURE OF GOLD.

PRODUCTION OF THE PRECIOUS ME-
TAILS IN ls53-THE FUTURE OF GOLD.
The extraordinary production of gold, at the
present time, renders it an interesting problem
to ascertain how this production compares with
(what we may not improperly calD the crep of
gold at other periods; and whether this crop is
likely to continue as large. 1t it be true, that
The production of gold IS row greater than ever,
and that IT Is likely to continue for series of
years equally as great, then the financial ques.
tons, as to the amount and kind IF currency
necessary or convenient for commerce, must
all assume shape and form. There will be
new era in commerce. The first thing to be as
certained is, the relative supply Of gold at diff
ferent periods We knew of no better authori-
ties on this subject, than Jacob and Mccullough |
and according to them, we have the following
results:
The whole aosrnge annual supply of precious |
metals from America, as stated in Humboid,'s
.fe1o Spain
From 1900 to 1915 $3,OO0,0 900
Sc 1913 to 1000 IL 900, 900 |
" 1000 to 1905 10000, 900 |
1900 to 1850 22,50o, 000 |
+" 1880 to 1900 $4,000, 900 |
The production of the mines of America grad.
ually increased till 1919 or $780, when the
highest annual average was about $i3,000,000. |
From that time, the supply of precious me-
tails from America, or rather Spanish America,
| has diminished till within very few years.
| There is now probability that the old mines Of
| Mexico, and South America, will be worked
with new vigor, and furnish new supplies. The
important fact to be noticed here is, that the en-
| tire product Of both silver and gold in America,
| which was supposed to have produced so great
a change. in the value of money nerer reached
annually the supply noc furnished by Catitor
mia alone
From the year 1900 TO 1880, the total supply
of precious metals in the world, tat least the
world Of commerce) rapidly diminished
| Thus
Ten years ending 1899 1912, 900
1909 297 733 900
90 1919 100, 54D,000
&c 4" 1929 l57,32O 900
Allowing for all errors, the annual supply
could not have reached, for ten years together,
more than about forty millions per annum and
that in 1880, it must have fallen as low as
taoenty millions Since 1880, however, there
has been a gradual increase, till 1850, when
the gold crop of California has carried the pro-
duction of precious metals beyond any thing
| known in the previous history of the world.
After 1880, the production of the Russia gold
mines began gradually to increase, till in 1885,
| Mr.. Mccullough estimated the entire annual
supply Of precious metals at thirty millions of
|
for the period between 1890 and 1880, One I'm
poran fact to be noticed in the metallic revolu.
t"n going on, is that in 1880, four. .ftths of the
amount of precious metals produced was silver.
| Now the result is exactly reversed.
| But lei us look into the reiatire production,
at diff rent periods, and ascertain in what re-
| lation we stand to the bullion currency, COM
pared with other periods of time. In the first
place, what was the production of precious me-
1 III, . IL
l,ws:
Gold production of California $50,OoO,GOO
/" Australia 2l,00U,b0O
| &C Russia mines 15,00O,OOD
Silver production Of Mexico and
South America. 100000
Gold and silver from the other sour
ces 100000
Production of 1852 SlOO,OO0,O60
| Now, on this state Of facts, two things are to
be observed
LIST The change in the relatire supply of gold
In 1880 gold was 10 silver TOD
| In 1852 " Sto1
1t is, therefore, impossible that silver shall
long preserve anything like an intrinsic equal
ity with gold nor can any art (save very great
and uncomnercial aloy) keep it in market
| IN equal terms.
|
erably more than doubled since 1880 and the
annual supply is now l20 per cent above the
| ighest mark reached since The Christian era.
| The vast ma gnitude of this fact, an ele-
mrnt of commercial revolution can hardly be
estimated, and it will appear OF still greater
sequence. when we consider that the supply of
precious metals is still farther to be increased
| The cons dpration III that part Of our subject,
we reserve for another article. In the mean
1 t,I, I....y tl,, ab.t,t
1853. There is nothing known to dimin-
sh the supply of either he California or Russia
mines On the other hand, new stimulus has
| been given to the silver mines of Mexico and
South America, so that they are likely to pro-
duce an increased amount The great feature,
| however, in The market of precious ,als, is
the newly discovered mines of Australia. Look |
ing to- the latest and most authentic accounts,
we are compelled to believe that the gold mines
there are quite rich, and quite unlimited as
| those OF California. Indeed, the first supplies
have been larger in proportion to time and pow
| err employed, than were those. Of Calitornia--
| Taking the known elements of supply into view,
we estimate the production of precious metals IN
| 1853, thus:
California gold s5O,ooO,o00
| Australia g 50,0D0,000
Russia &C Is, 900 ,OUO
Mexico and South America, silver 12,0OO,00O
Other sources 5000 900
| Aggregate $3.50, 900, OGO
! This is 30 per cent, upon last years supply,
and we have no doubt is, if any thing different
from the truth below the mark.
The effect Of this vastly increased production
of bullion on the amount OF currency the rate
of prices and the evolutions of commerce., we
shall consider hereafter .-Railroad Rec r.
The N. Y. Herald's correspondent of the 10th
inst says:
Tremendous numbers have left on Saturday,
yesterday, and to day; most ofthem in perfect
disgust Some would have remained longer
and hoped against hope, but their finances gave
out. Men who came armed with patches of
letters from the hights quarters-rccomend-
| atoms sufficient if reliable, to qualify them for
the Offices of President of the Union, are return.
ing home sadly disappointed, having met little
or no encouragement, probably not having obs
tanned even an audience, and their papers left
at the mercy oflhe Wing clerks of the depart
menis, perhaps never to appear again, or TO
appear in very questionable shape. And
when these men of consideration in their own
locality are fortunate TO obtain an audience from |
the President the heads Of the departments,
they are limited TO minute or two nfiur, and |
are surrounded by pack Of hungry hounds i'm
patient for the prey. In such state of things |
the most deserving men most likely To come |
off second best, for if they men OF spirit
and honest pride, they must feel Inundated at the |
position and retire abashed, while the impuirnt
and brainiess rush on and take the prize. Some
very estinable men have gone home, vowng
that they will never look for place again
There is one curious ground urged for Office
namely, the fact Of having had monopoly of IT
when the Democrats were in power before
The whole thing appears to be in p 10 use a
printer s term. The President and Cabinet are
sadly puzzled as to the course they ought to
persue amidst The rival claims OF so many can
dldaes for each office.
GREAT SWINDLE-ARREST, AND RE-
ce%ERY OF THE MONEY.
On the 18th inst, e. II. Smith, who has fig
ured as President OF the Buckeye Health Assoc
citation, received through the Post Office, letter
directed to & II. Smith, Woodbury., announcing
that package Of 5000 had been forwarded
by express from Troy, TO the Office in this
City