The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1858-06-05
The Meet Of 0elA.

Iu0 present ttHtc g tho money ana
commercial world 10 frsught with interest
In respect 10 the future influence Of the
continued influx Of tho precious metals
When the discoveries were first confirmed
in lSiO, the world was filed with discuss
ions upon the probable effect Of the now
supplies upon tho prices OF produce. II
gold was to become very cheap, all other
articles would be relatively high. Thus
all debtors wonld find their burdens lighten-
ed. aud all creditors and snnuitnnts would
find the purchasing power OF their in
comes annually declining Silver would
il 10 thought, rise relatively to gold. and re-
assume something Of the proportion il held
before the discoveries OF Peru. These
ideas generally prevailed. and induced llol
land to dsmooeyiisc gold adhering to all
yer. Ten years have passed, and $500, 900
900 Of gold has been added to tho worlds
gold, yetprices generally are no higher than
before. Silver holds tho same relation to
gold that il did, and money within sis
months has been higher IN the open market
than it ever was before. Thus all the
prognoslics upon the gold Influence seem
to have failed. The stream Of gold has
not lowered its value. although led from
California. The question then recnrs.
will it 80 continue will gold continue to
flow in and swell TO OVERLOOKING the vaults
Of the banks without ultimately producing
the effect anticipa,edi II We look back
upon tho events of the last ten years. we
shall find that they have been such as to
counteract powerfully the Influence Of
gold. The discovery Of gold followed n
disastrous famine. when much capital had
been destroyed It was accompanied by
the revolutions Of Europe. when still Lars
ger amounts of capital were destroyed,
and gold boarded. The adven, of the
French Empire was followed by n large
absorption of capital in the shape OF goods
b, the gold countries The Russian war
followed, swallowing up immense Other
sums, aud still greater ones were put into
railroads III Apetics. in Western Europe,
aud IN India. At the same time, the haf,
vests again failed All these circums,an.
GEES were productive - high prices, and
these prices drew produce from Asia. FOR
which silver was sent back in large mass
es. The effect OF sending away silver,
was to reduce the mass Of money relative
" to commodities. All these circunstan-
ces have caused gold TO fail Of its effect.
The large losses by war, bad harves,s, and
railways, could no, have been met, but
from the results of Inc extraordinary pro,
ducllye industry stimulated by the aniicis
psted effect OF gold. The reaction has
now come. All commodities ARE ahun>
dsni, aud god--while accommodating In
swelling masses--is still pouring 10, TIA
harvesis are good, peace undisturbed, and
prices moderate. What viii now be the
elIsc, 81 $500, 900 900 more gold added
TO the worlds stock IN the next ten yesfs
There would seem to be lIule douh. bu,
tina, the effects formerly anticipated ara
now to be realized to some extent, and
when confidence in this fact once more re-
wives, the activity of business will com,
.ansate for the present sisgna,ion.--t United
States Economist.