The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-03-02


Precedentedly rapid advance of prices involv-
ing; OF course, proportionate diminution of
the present value of money.
Mr.. oTIRLIre, the latest of the writers re-
tered to, starts with the principle that s'the
cost OF production" forms the point ''about
which all exchangeaole value, all price os-
cillates-the centre OF repose and continu-
ance; and that, taking the world at large as
one great market, nothing will universally
and permanently either elevate or depfess the
value of the precious metals but permanent
change in the conditions of their production
This change constitutes one OF the most re-
markaole features in California and Australia
where gold is dbtained-even including the
labor If ali those who are engaged in ,he search
~ 80 49, ,.l. J;n,;.;shod .ost
-. $500 -,
iAs Iu'e' ho coinPieA OK llacilinely, no caPl'ai'
| Is necessary; even hired labor is employed but
seldom; the supply being more directly the
product. so far as value is concerned of mere
mammal l.ho, tb,n n;t.I sna noo,o ovol,s;uo1,,
~ 49, 49,, 80 1i, -,
wages 'n"n duy o'Hei cothniooity
"na'0'ei' IL oo'h countries lne goio is not
/
obtained from mines before known, but it is OBJ
tanned by comparatively much less labor.
Hence according tn Mr. Sr,p,,no,s nr;nc;njo,
tho sonrce &C .bo roIno &c nold ,ha oosi -
" oo,' u
p.ouuc 'ioniias oeen ihuctl uili'hls'led ~ tnese
discoveries; and all the gold In the world, like
old machinery, has been deterorated by the
discovery of cheaper gold or improved ma
cbinarv Mr. Sr,pY,rc estimates that in 1870
~ .-,..;...o - Ia c., T,.1;e,-.;.
~ : -, -
:. 1eAe - 49, - - LII. -. .r
',' '' '''''o
aT.a. 49,. o.-.a-s:.-
fo,na, ,hs ~ ,arsaI s..nd.,d r. nsIns -od,,osd
bv the himnleat labor in state ready for the
market the day after it is dug from the earth or
washed from the sands, and at almost no other cost
than the manual labor employed in gathering it
sna' 'nese supplies II continued wiz ploooce
o,d d.d - o. S,s,,t 80 u VI, rsosnt
furnishes no example. it seems impossible for apv
one accustomed to think upon such subjects to
entertain reasonable doubt
| He continues:
| my deliberate conviction Is, that II the present
| rate OF production Is continued but Tor very few
years longer great mercantile and social change
may De expected disturbance OF the existing re-
latons OF properly sucn as the world mas not seen
for nearly three centuries; and that we shall de-
ceive ourselves ny false analogy If we conclude
that the flood OF gold which is now pouring in up
on our markets from Russia, from California, and
from Australia, added to undated supplies from
older sources, will be as tardy in its operation upon
prices as the increased supply OF silver was in for
mer days."
Concentrating the national consequences of
tbis cb,nge moro nart;cnl.rly in thar boar;nr
Nro'- wv 'o 49, ;.
LING anticipates result olrecty oPPos'e 70
that which we have predlcated. lie thinks
that the pressure of taxation, instead of being
mitipated will he more severely felt. for
.h.,h ~ ,,LEo - ~ ii ,f h,,ua,
.,oo 600 ooo
'aion' " ~ioo'ooo'ooo =, uou'' ~ PioPoi-
ton TO the reduction OF the value OF money, the
pay of soldiers, sailors, and all the servants Of
the public will be increased in still greater
ratio. English history supplies parallel to
the case supposed. We again quote from Mr.
STRINGS work.
"During the whole period which interviewed be-
tween the MIDDLE OF EIzaoetn,s reign when the
.ad,,sa .ba;r as sas ."aa doe "
toration suoceasive governments had 10 strnauIe
with inadequate revenues, and constantly in
creasing expenditure England, in fact. for more
man a quarter OF century resemoled patent
.a.;h;I u,.ae, s's,ous u,gah h ~. useass
canae similar financial diaicult;es NAV . oa;r
occur. The same causes are at work, and may
be followed by the effects. 1t is our wis
DOM therefore, to be prepared. II general
prices ADVANCE 'aAes must advance a'ong win
faot,rsrs NV :, ,he hsvd.v IF risn,, nrice. .nd
increasing rents and profits, submit with cheer
fulness to the constantly increasing exactions of
the chancellor OF the Exchequer; but from dowa-
gers annuisants, pensioners iundnoioers' mort
gagees' ano all tha' CLASS whose h1eo money IN
comes Will be cut down, or, what Is the same
| thing, reduced permanently in purchasing pow
er, we must be prepared for long continued cry
of suffering and Distress $3.50
Work;nonoen be thinte ssm.y b.vo To con
ii -.:
'o"u WIN '"ii y, .o"i osu,