The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-12-04

pIoposltiOu laDlIy Ol peIeOnb
not possibly live respectfully with salary OF 81 200 per
annuT. but it is not necessary Every sensible man
will see that this is at glance and have doubt
the subject will be carefully examined by the present Con-
gIess, and the remedy applied. Az.
For the Union.
Tho Navigation OF the Amazon and Its Upper
Tributaries.
The immense increase in the amount OF the gold cur
rency Of the world by the discoveries in California and
Australia, and the very probable further extension OF it,
whilst the quantity OF the sdu currency has remained al
the same annual average OF which it was previous to
those discoveries, present anomaly which, far
my recollection extends OF historical events, has hh
erto occurred There is no reason to doubt from the
past well from general consae in relation
10 the structure OF nature, that the amount OF silver is
properly proporonate 10 the amount OF gold BY prop
ery propoonate is, of course, conveniently pro-
portionale in the transactions OF business ordinarily
occuIs Gold is evidently the metallic provision made
by the Creator for the large transaction OF business and
by proper coinage and the formation OF into bullion,
may answer most OF the great transactions OF business
with the requisite despatch Gold also is the proper rep
resentaive OF paper money, 50 far as paper money
useful in business transactions. But, in general, all
small sums are best payable in silver The wholesale
ransacons Of business are a OF course, represented
by the minor transactions La fact the latter exceeds the
former considerably in amount at mes because OF trans
actions which represent no present wholesale ransac-
TONS though necessarily connected with such as have oc
cHrred AT a former period Thus the dividends on the
Bank OF England, on however small an amount oil CAPITAL
may, and sometimes do represent wholesale Transactions
of lens OF millions OF dollars, which took place, may be-
10 more years ago as Tor example, the loan OF twenty
millions OF pounds sterling made 10 1850 when Iheleu-
son, the banker, subscribed quarter oil million OF
pounds sterling, aud Hoare Co half million ditto and
there were besides numerous subscriptions as low as one
thousand, and hive hundred, pounds slerng Now,
tor the minor transactions IN dividends, as in vast
quantity of other business, silver is indispensable in
tain amounts, that they may be speedily and accurately
performed The proportion OF silver 10 gold that is de-
sirabe about that realized when The silver mines
| Of Mexico and South America were in full operalioB
| an immense check which occurred by the South
American revolutions, which check still, TO great
tent, continues But since that tme although the pro-
ducon OF silver has been immensely diminished annu-
ally from 1913 TO this date, that OF gold has been m
ensely increased The general eject business has
been most saluaTy from The increase OF gold. writer
Backwood' thus describes the effects produced the
fortunes oil nknd, and OF England IN particular, by
the discovery OF California gold and the amount OF II
obtained even SO early as January, 1851
"The future destines OF mankind, and of this country
in particular seemed, therefore. 10 be involved in clouds
and darkness did any means appear 10 be within the
bounds OF possibility by which the difficulties which be-
set or awaited industry could be obyiated. " serious
contest took place with observation-disclosures wrested
from them; and by the ultimate effects OF that conquest
some of the greatest evils inflicted by human seIshness
folly slleviated and the destnes OF the world
were changed"
He continues; at is impossible as yet to say, with
positive certainty, what is the amount OF gold which may
be obtained for long period from this auricrous region
but il is already evident that II will be very great-much
greater than al frat anticipated"
Page 9th, he further remarks: "Mr McCuoch OBJ
in his Commercial Dictionary should eight ten
millions yearly, in addition TO the present supply, be OBJ
tanned from any other soufcet Will produce gradual
alteration of prices similar to that which took place
three centuries ago the discovery oil the mines OF
Mexico and Peru No one can ooub, that this observa.
ton is welfounded; but il the effect Of eight
millions annually added 10 the treasures OF the world
would be considerable what must be the effect of the
addition OF sixteen eighteen mihionss Yet this addi
ton is now going on" This was nearly three years
ago; but Australia has since supplied large addition TO
his yasf and m no fairly he
nnua supply OF gold al twenty-four millions OF pounds
sterling, than hundred millions OF dollars
beyond the supply which the whole world furnished in
1915
:. The first effect" Blackwood remarks, ''of a grea,
addition being made 10 the annual supply OF particular
metal general and in high estimation all the
world H. that the excbangeabe value OF that metal, in
comparison with other metals articles OF consumption.
will undergo immediate alteration, which will prove
lasting and considerable ii the increased supply turns out
TO be great and permanent This ia than takes
place every day with all the articles OF commerce. Ac-
coding the crop OF wheat or OATS or barley or cot
ton proves abundant surely does the price OF these
tces fall IN the market III gold is produced in
much greater quantities than heretofore, its price,
pared with everything else, and in particular with the
precious metal, in common nse next 10 II IN value sl-
yer. must ere long change II the increased supply
proves very great il may n time 10 reduce the
price OF gold, compared with silver, fifty, eighty,
even hundred per cent"
We have an illustration Of this in the rise OF the price
OF silver compared TO that OF gold, which rise the
suit of the extraordinary abundance OF god while the
supply of silver has remained nearly stationary. In or
der 10 couneract the perncious effects OF this upon the
transactions of business the United States wisely passed
Law by which nearly per cent Of increase e.
ected the value of the legal dollar. This abso-
ulev necessary for the purpose of retaining proper
quantity OF silver among us. And should that vast dis
proportion between the annual production of gold and
silver continue for four five years longer shall
have TO increase the legal value OF exactly the same
amount in the dollar by hiteen il may be by twenty, per
cent
The natural remedy 10 this is to be sought in an in
creased production OF silver. The mines known to
exist ample abundance, If the proper labor and mach
merry were applied TO work them. Poiosi produces
very little, whereas il is moderate estimate to say that
il could produce ten millions OF dollars per annum, and
CeIro del Pasco could be made produce ave. All this
supposcs the presence of suitable machinery and labor
Only through the Amazon and its tributaries can these
be conveyed thi,her in adequate quantity. Otherwise
the expense would destroy the profit There many
other silver mines in Peru and Bolivia which could be
made TO yield richly with the same appliances.
| This great boon TO commerce never be obtained
without the opening OF the Amazon; the snre
cia world ia interested, therefore, in that measure The
coinage In gold at mint fair criterion OF the rea
tive amounts in the world generality for the last eleven
months shows immense aisproporlion Throwing
aside fractions, IL is as fotyeighi millions TO six mil
lions; but thi. does not exhibit the true amount of
relative productions; for probably. more than one half
.Jsnuary, 1851 currency extension act OF nature"
tResrrng TO the sources from which 1t that time