Loudon free press. (Loudon, Tenn.) 1852-1855, 1853-04-29
Fom The Baltimore American.
SILVER OF CHINA-COMING IVES

FOm the Baltimore American.
SILVER OF CHINA-COMING WEST.
The extraordinary increase of gold and di-
minution of silver,as circulating mediums with
in the last four years have induced us to enquire
into the condition of treasure in China, whose
commerce for SO long a time depended on the
precious metals alone. 1t is known that the
permanent establishment of the Opium trade
in China, since the late shameful war between
that country and Great Britain, is constant
and copious drain opon the silver which has al
ways been especially coveted by the Chinese
Yet, notwithstanding the vast expectation, there
must still be a considerable amount boarded in
the INTERIOR and by thousands of natives scat
tered over the Indian Archipelago, who remit
their earnings to their parent and relatives with
in the Empire.
During the two centuries and quarter in
which the Spaniards maintained an intercourse
between the west coast of Mexico and Manila,
it is calculated that fully four hundred millions
of dollars passed thither from Acapulco, and
that one hundred millions, at least of this a.
mount, went from Manila to China. Since II
81 about 800, 100000 in specie were exported
from the United States to Canton. In sixty
years of free commerce, Japan has poured into
China another hundred millions. Siam and
Cochin China sent thither large quantities of
gold and silver an ingots. Fifty millions more
have been added from various nations The
native mines yield about $3,000,00O yearly; and
throughout the whole empire the metallic circu-
lation exclusive, we believe of the brass "tSiR"
or "cdsh, is estimated at $500,000,000. Gold,
though stamped in ingots is used very little for
exchange in trade. 1t is considered altogether
as article Of merchandise, and is bought and
sold in the money shops at current rates of a
bout one "tael," of Gold for sixteen of silver.
The commerce of Canton is carried on in
Spanish dollars, in the selection and relative
value of which the Chinese are extremely fas
tidious. The issues Of Charles ", are COM
monty the most popular, and command premi
um, while the coinage of the United States and
Of South American StateS,or of Mexico,are liza
BILE to discount, varying from to 6 per cent.
From these statements it will be observed
that the accumulation of Foreign and domestic
silver in China, for two hundred and fifty years
after the discovery of America, must have been
very great. The account, we consider may be
stated as follows:
Import of silver from Manila 800, ,000, 900
United States.... lO0,O0O,O0O
Japan.............. lOOO0o,OOO
England, Portugal. l0O,O00,0 900
"India, and other Western sources 100000, 900
Imports of silver from Siam and
other Eastern ources............... 25,OOO,OOO
Total foreign nsilver..............-S425, ,OOO,O 900
Add to this, for an aggregate produc-
ton of the Chinese mines of $2,000,-
600 per annum, for 250 years, and
we have total of domestic silver $5G0,000,00O
Total accumulation. 1926, 100000
Such was the condition of things in China
as long as the commerce of that Empire inss-
ted on exchanging its productions for treasure
alone. Butt by degrees the Chinese relaxed
their system and received our merchandise as
well as our money for their teas and silks. Had
this equitable exchange of commodities
been continued, and the trade of the Empire re-
mained exclusively legitimate the balances of
silver would still have continued in favor of Chi
ma, but unfortunately for the moral character
and happiness of the nation, as well as for its
commerce, about the middle of the last century,
a Mr.. Watson suggested to a council of the East
India Company, held at Calcutta plan for the
expectation of opium from Bombay to China
whereby he hoped to augment considerably the
revenues of her Majesty's Indian Government
Previous TO this time not more than 200 chests
of Turkish opium were yearly introduced INTO
China by Portuguese merchants.
Thus, by daring and systematic adventure
of this princely corporation, the foundation of a
trade was laid which, while it nficts the greatest
amount of misery upon the Chinese is rapidly
draining their country Of its boarded wealth.
Nor is this all. The trade has been the cause
of horrid war waged to sustain a commerce
which was not only hurtful in its material, but
absolutely contraband; while the bloody drama
was prosecuted to successful issue by an illus
trious nation which does not hesitate to read to
the rest of the world lessons of moderation and
humanity.
But our object in preparing this notice was
financial and not political. Let us see, then,
what effect this illicit trade and its war has had
upon the accumulated silver of China-for it is
by silver, alone, that the drug is purchased
From 1923 to 1888, the period when the opium
business first became vigorously important, the
average sale was 10000 chests annually, which
produced in the ten years $72,000,090 at the
current rates. From 1888 to 1889 the supply
did not fall short of thirty thousand chests,year
ly producing an annual drain of Sl8,O00,000, or
$l06,000,000 in six years. From l843, after
the war and reopening of trade)to 1853, the av
erage import may be set down at As, 1873 chests
per annum, valued at $700per chest, or $751;
$4,000 yearly,which in the decade would swell
to the enormous sum of $3l5,966,000! To this
must still be added the $2l 100000 paid by
China to England as indemnity for the 10000
chests of smuggled opium, destroyed at the be-
ginning of the war; and we shall have then the
following result:-Silver exported from China
for opium from 1923 to 1888, ,S72, ,000, 900; from
1888 to 1889, $lO8, 900; from I843 to 1853
$3l5,966,OOO; for indemnify, ,2l 100000; estima-
ted consumption prior to 1923, $lO,OOO,O O,OO9.-
Making the total loss to China and gain to
Great Britain of silver from the opium trade
$246, ,966,OOO.
If we deduct this sum from the entire accu-
mutations of the Chinese Empire, as we have
before exhibited them, we shall have start
ling result which demonstrates that the great
bulk of silver must soon be concentrated in Eu-
rope or among the Western nations:
Total accumulated silver in China,
in two hundred and fifty years.. $925,O0O,OO0
Total of exported silver from China
in about fifty years. 556,966,OOO
hOdNIl S0JO,Uff;VOU
Thus Sl0 63Q 320 have hnnn annually drain