The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-04


lnah has been charged With draining Europe Of ~ gold
and evsr for the centuries bsswesa the time Of
Pny and .h. q oos%S- Vsd si sa5'S: sss.
ed In the same way when bad and nov plunderng
worse u IN ever although the gold Of oAhosa and austria
snent Of the thoughusss shall give short explana
ion which hope may tend 70 disabuse them Of very
sssa dSp q s Precious Cola ana silver
more constitute the wealth Of nation than do Iron, cop
per- TIN but they no. IKE i% part IL ~
commodity, they have their specific uses They are used
for plate and for ornaments; but their chief use Is
for which their high value, durability and divis-
bilty peculiarly suit them. For this last purpose,
asures with which We keep our socoan.s We could not
without great fncsnvenienoe do without them, but We
could certainly dispense with them with far less nconve
njence could with iron "copper" perhsps
with tin If nature had mot furnished them to u.s. We
should certainly be put 70 awkward shifts but that would
be ALL In order to understand what to follow, We pre-
mi.e that the different metals which may be used
money depend the social state Of the community con-
cerned Our in the time Of julius Caesar used
they advanced used Alver and finally both gold and
silver. Our standard, Is the weahiest people 10 the
world, Ia gold, while silver and copper are with Us
Anglo ssxons Of America. The French, who have .
Cling against It's inconvenience will soon be driven TO
follow our example, for their silver rapidly draining
people If Asia from the Black TO the Yeo. Sea- silver
The gold and iiver which beyond our own wants at
home send abroad, and during the last year We have
millions worth, consisting almost wholly Of GlvG and
this 10 certainly equal in vaae 70 the wholo pro
duce OF the gold of Australia within the time This
10 the drain which supposed 10 rob Of wealth but
II clear that II is no more drain than our export OF
% Of 70 u ana
China because is at present. by some 10 per cent more
valuable in those countries than In England ana no
from America to England because II Is more valuable in
England than In America There robbery oss OF
wealth TO any party oorcerned. but, on the cont ary
were possible all the gold and silver import would be
10 maintain mot only uselesa but pevnicious hoard Il
brics and metals which We did moi want and refusing to
exchange them for what we did want II would DO
Adam Smiths smile Of keeping more pos and pans than
Supppoee for example, had, IL possible, kept all
the gold and silver have imported Since the California
and Australian discoveries the amount woah by this
time have probably been fourfod and above
wants Independent Of the cott OF maintaining tho
every commodity gold lad oliver represented The
loaf Of Bread instead Of Cd would cost US 81 and our OK
orbNant prices would cut us OH from all foreign inter
Our present exports Of CLIO GOO would cease,
and Of course would imports, since no foreigner
would take our goods No more gold and silver would
depreciation per The only advantage should
derive would consist In cheaper trinkets and cheaper
late: A silver Tee pot which now costs x.o might DC
pay II 3. would be had for hafa crowna precious com
pcnsaton for folly But 10 return to India and China:
Our principal export Of silver at present is TO these
tries AM why is Is readily explained. As have
already stated IL H. with the exception OF small change In
copper zinc Shells the sole OF country
and few bills Of exchange, and the consequence Is that
their consumption Of silver large proporioned 70 their
small wealth. Hindostan and all the countries 10 It's neigh
borhood which have been represented for eighteen
turtles as the special sink of the precious metals have no
silver mines Of their own and must of necessity receive
silver from abroad, and they do receive 1t lat pre-
sent chiefly through us) exactly In the same manner
largely consume, but d which they are As destitute as
Of the two precious metals India, then, no more
sink Of silver than Is Of copper and tin indeed Is
hardly greater sink Of The cous metals than England
peh. which produces very little and imports vast deal.
But besides India II II present porting great deal Of
is produce and importing much less OF We lex
port 70 about ell go 600 worth AMI In indigo, cotton,
at least fla 900 worth The balance must be paid in
silver. Again, the construction OF railways proceeding
In India with English tarital 70 the amount Of many mil
Ions and this as to be sent 10 the shape Of bullion. Sill
at this moment than 10 per cent dea In In
dia than In England, and long this s the
portaon from the aer 70 the former Is 10 continue
The case OF China Ia somewhat different, although
similar. II has mines both or gold and silver, and
quires . smaller foreign supply: Al present, how.
over exporting and chiefly In the great staples OF
and M X, far than imports Of English Indian
products. But thna 10 far more easily saturated with the
Porter OF them importer. For ce OF years and
down 10 1851 exported 70 the yearly amount OF couple
millions, and ourselves, In the form Of ctribv.eu
curied Cd round six millions, nearly the whole " mad
silver. Such reiaX ID pretty 70 take pbas Ia due
hno and then there viii assarcdiy follow an increased
consumption OF Indian products and Brtlsk msmf ures
We trust have SUFFICIENTLY expined the nature OF
that drain which some weak people void have believe
must 70 our undosg, but which, on the contrary,
contributes largely 70 advanlage II be drain II
all, Ia that clears land OF posone super.
fully and the stream from which, flowing dsAnt lands
irigatss and fcrtlises them 10 our abundant profit