The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-01-28

The constant influx of gold into Great Bri,ai,
from Australia and California is drawing increased
attentlon 10 the subject of general finances and
the effect OF universal expansion of the currencv
in commercial nations British writers boweyer1
are by no means OF one mind in their judgments
as TO the future and permanent consequences az
this aPprehended change in the basis OF property.
Mr. Aiieon the historian who has written 500
elaborate essays this topic regards the disco,~
cry OF the new gold mines the greatest blessno
conferred by Providence on the present generation
OF mankind, who, according to his arguments.
have thus been saved from commercial rpin and
popular suffering of the most tremendous maoni-
tude. On the other hand there are writers. fanj
liar with monetary and commercial affairs. who
feel alarmed at this sudden increase of the precious
ne'ai, ana argue the most sinister results. The
London shipping and Mercantile Gazette saws;
"From what ia already known of the production
OF the Australian gold fields insuffici ntlv nd nm
sclentlhcsily worked as they yet are, we shall not,
produce from fl5,0oO, 900 to EGO 900 900 ANIMAL,
" tor the next few years. Should that amount
md It's way to England, as it has hitherto done.
1t is difhcuit to understand what is to be done
with 1t, or to predict what the effect NAV be mon
the social system of the country We NAV, per.
haps, be singular in thinking that, at the present
moment, England is suffering under a plethora of
wealth; this, we think, is shown by the low rate of
interest which money commando
The London journal of Commerce saws:
We admit that in some respects the country is
prosperous, lnasmuch trade and manufactures
nave iull employment and that labor in most
branches is in sufficient requisition at reason.
able rate of wages. There are manv donhIIess
VINO consider that country must be prosperous
which has nearly twenty-one millions of unen,
Ployed-that is, of acknowledgements in bank.
we, however are not anon gst those who think so;
on the contrary, 1t lie not without alarm that we
observe the vast increase OF gold in the country
Inc London Times, in long and elaborate
financial article, has the following remarks:
Hoio, after its production, soon becomes
earth, and exercises corresponding influence
upon prices In all parts; it's effect however in the
hrst instance must be felt with the greatest mower
In tne country entrusted with its distribution IL
Ia from that quarter that the impulse to surround
ing communities must proceed, and hence IL
makes considerable difference as regards the
nature of the immediate investments into which
the treasure is likely to find its way whether II is
dug up In Australia or in California
"For the past three years it has been seen that
the home demand for American securities has
been beyond all precedent, and that although new
railroads. and other undertakings have been
brought out In that country day by day-so as
to lead casual observers, unacquainted with the
causes In operation, to put forth incessant predc
tlons OF crisis-they have been steadily absorbed
the New York money market remaining as easy
tlon Henceforth similar result, but apparentIv
In much more extended degree, must be expect
ed here Whatever turn events may take how
ever, the TACT is certain that while the Australian
must iinpart ACTIVITY 10 every p0rtlon
OF the world, their first great results either in the
shape of direct remittances or of profits from the
trade, will be felt in London, and that gathering
OF capital is consequently to be expected, which
will cause rapid demand for all descriptions of
securities
From the above statements it wouli appear that
everybody IN England expects that something will
happen In consequence of the overflow of gold, but
whether it is to be something good or something
evil, Is what those who affect to be wise in ouch
matters arc not agreed upon. Thus far, to say the
least OF it, there appears to have been no caamit-
GUS effects produced in Great Britain by the Aus-
tralian discoveries