Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-05-17
RICHMOND ENQUIRER.
S.T1IRDaY MORNINGS, MAY II, 1863.
corn AND IT'S INFLUENCE.

m.rc, and Fl Is every channel Of human industry !" ~
ouur.rs Of the globe with the golden tide Never SIM.
dreams or The exaggerated fances OF Midas, mas "'''
,ov hing resembling in fiction or in reality, tue
,folusun Of The precious supply. Imagination. % ,s
excited at the first discovery Of the mines OF tho
soon oulsrppcd by the brilliant rapidly WV ,,o;, led
diggings rendered up their treasures. r. conjecture
s.. ;a,.t nm The expanding domain OF
''",'' 1"., sohor reason The reason, basng is
| .;,;,, ,n rive immense results whe" p =,
-, - ;, fo,esee promised an abundance -
| a. .ssioq all former experience ana s''.y
N. c,edulity which was ANXIOUS 70 oene'' -, hd
o r ~, American mines of the precious mc'"is ''ou
~, !, 1922 according TO Humboldt 10 siS'oo0'ooo. ~
,e40 according 10 Wyd the total annua' p'ouu'' u so
,ns had risen 10 twice that amount. l" 1910 '"e ''
;, California gold and in eighteen months or iess'
M ,;o, from that source alone was equal 10 an amman
eouiyulent the whole annual production rom
| , With auch miraculous augmentation 10
,, ,,a ,f their conectures political economists ven
50, >, s,o,pnce probable addition TO lie former gold
~ Of ,hi,,y millions per annum The prophecy was ex-
aeded nv the reality They then hazarded Tue ooa peacoh
ss .;,,o,s Of dollars 1t was S66 5s7 900 from Cali
ernie; o,on. in 1850 and $4,000 OOO in 1851 Meanwhile
Mr Fillmore and the Wing Secretary OF the Treasury, were
Numbering 10 the OF score OF millions or So, every
e and ugubvousy bemoaning the fatal drain on the cur
od ,he mcnacing expectation Of specie. Even cal.
vi
,o, table Of arhmetica and geomeca progression at her
command could not keep pace with the miraculous pro-
Dress of the reality We have not noticed the returns or
1879 h,, we would suppose that the production for 1888
copd scarcely less from the indications Afforded up 10
This time than one hundred millions.
r. ,bs mean time accident had discovered in Australia
me rich mines OF gold exceeding in productveness hose
California which The science OF Sir Roderck hlurchlson
foretod wi,hou, any effect some years previously Inc
estma Yield in Australia 10 the Isl oil harch OF the
current year. 1885, the supposed production io
the year 1852 put between one hundred ano one nun
dred and twenty-five millions with strongly expressed
conviction that il will! transcend The larger OF these
amounts.
We have thus reason TO expect tia, the gold crop for Tie
vsar will be al least two hundred and twenty millions
over and beyond what used to be The ample supply OF twenty
FIVE millions from older sources which, they nave tnl'ed
in part been than epenshed by Inc aooohs o
ber or the increase of some Mines This of increase ii
appears from the best evidence Is more likely 10 DC ausheh
ted hau 10 be diminished for many years 10 come as e
anreous fields seem 10 be almost boundess there is no
appearauce yet of any exhaustion as The goId-peafng
ouar,z is indefinite quantity and will venture to add as
the equally rich if richer fields in the Northwest OF
Braz in Central Africa and Central Asiu are as yet uneX
plored.
Confirming the known and now productive re-
pions we have startling result which has scarcely
VET been appreciated its full magnitude The accunua.
lions of gold for last five years will by the expiration OIL
the wear 1853 amount least TO six hundred millions oi
dars and we shall have before the prOspec, Of an an
nual addition OF least two hundred and hy millions OF
gold alone The numbers enormous, and yet we are
6,ry ourselyes within the limits Of safe precedent
This vast MULTIPLICATION Of the precious metals must have
an immense elect on tho value of properties and the prices
of commodities and concoman or previous effect on the
value of gold ITSELF II is no wonder mat houghui men
are beginning speculate anXousy on the nature OF the
chances which must ensue NJ Chevuier, has recognized
At length depreciaon Of god which announced three
years 400 in The Southern Quarterly Review He estimates
the increase OF prices at three per cent? ana
rho New York Tribune 10 avoid appearance of indebted
ness to man Of genuine science, loosely guesses louT.
The New York Journal of Commerce, thinks that there viii
no no n.teral of prices but that lie cxpan
sim of commerce. the extension OF industry the ameoTa-
ton of The population, and the curtalment OF oahh
issues will preserve the old balance The journal
of Commerce blunders its vision cannot perceive me
subtle but energetic changes in progress and mistakes
ia own blindness for illumination Credit WIN De expand
ed along with of the precious metals anan great
tor nroporon than their wherever il may be tempo
rarlv possible rhe Of the banks may possibly dml
nish 10 limited amount; but it will not be voluntary, nor
wi, il be probable They will keep as much oil Their paper
in circulation and as long possible and will only contract
it when they driven from tho table oil Inc money
The other alleged will only retard mol pre-
| vent the depreciation
The preyaen want of clear and definite views on the sub
iect is illustrated by the New York Trbunes poposa 10
speak OF the appreciation Of prices instead Of depreciation
of moa.y These equivalent phrases any more than
thew are identical ELECTS Their consequences are not
The only resemblance consists IN The similarity
If n simple elect The relation of commodities 10 gold.
Cheyacs estimate of the depreciation, may be cor
rect for France; will not say 1t Is not but II 10 certainty
not universally The depreciation viii not be Uniform
in All n,ces nor al all times Ii will vary in complicated
RATIO dependent upon the present currency the present or
past value OF money relatively To labor the density oil pop
ulstlon the openings for industry The facilities tor enter
prise and many other considerations n different parts of the
world We have the time to unravel this web; we may
return TO it, The disturbance is disocaton OF preeXsent
hamonies and necessarily Produces not regular order OF
change but DISCRIMINATION In this country prices Will
much more rapidly than in Europe-so WIZ speculation
We see the evidences Of the fact around US we see IN
Virpinia--we see il 10 Richmond
| --4sss--------
Democratic meeting at Canollton, Alabama, On the I'd
inst "esolved generally in politics. as in war; the
ne policy shoo, deseers" This IS pretty good uoc-
ne and that will have to be extensively resoeo 10 III
Virginia during the present canvass.
Ii is shiny To meet with such devotion 10 the Demo-
cratic casc and truly spirited and patriotic letter as
tho following at crisis thoroughly trying to the princi-
Piles of ambitious members of the party, as the present.
Mr. Riycs one able and efficient Democrats IN
the State array his great persona! popularity
against the principles and organization 10 which he Is
attached.
TO THE VOTERS OF THE SECOND CONGRESS
| SIGNAL DISTRICT.
E.,loy Cltiz.ns The various notices which have ap-
peued in The Wing and Democratic papers OF Norfolk and
Petersburg announcing that would be used as
candidate in The Congressional election soon 10 take place
make il necessary for me say that whilst duly appeci
ale the compliments thus paid me- and shall fundy
member kind friends whose honorable notice salu my
new nolitica association with them, yet cannot under
stine permit 10 be used In the pend
Ing canvass.
The late period which the Congressional districts were
arranged necessity somewhat deranged party