American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1858-06-11
s. SlEGFRlED, EDITOR.
SsI0RaANYowH:
FRIDAY. JUNE II, 1858.
" THE PRECIOUS METALS"

ments and commerce of Virginia" by
5. II. De- Blw,--of which Coal was
the subject. We Gud, in the Richmond
Enquirer Of June LIST, letter on "thc
PrccioyS Metals" Of which the follow
mg rs an extract -
TO show that all the gold Of Cali
lorna has not enriched us, or even in
creased our metallic currency, We need
only nIlude to the scarcity of the pre-
cious metals during the last winter and
even now. But u quotation from a
London paper, published long before
tho monetary crisis of 1857, will indi-
cate where the money goes and why
We cannot or do not retain gold
".'Out Of the $3.50, 100000 raised in
our Australian colonies, and shipped to
39ngland within the last two or three
years Tin 81, we have a stock in the
bank Of England scarcely as large as
we had previous to the gold discoveries,
ana our monetary requirements arc
more stringent than ever. The United
States, although parting with 500.
0Oo,OO Of the $500, 00O,O 900 received.
etlll find the balance Of coin Slipping
out OF their hands in continuous
stream. The European States and
Eastern countries seem profting most
by the absorption Of bullion. Tie void
III the metallic currency Of most of the
continental nations is fast filling up, &
deprecated paper currency has been
80 great extent Withdrawn. Still,
like quicksilver, you can scarcely fol-
low the movements Of specie, for it
travels rs rapidly from place to place
IS the electric fluid.
Since the time when the above was
pcnncd, almost double the amount Of
gold specified has been produced and
cent to foreign countries. Now such
state ot things proves first, that the
gold has cost us more in labor, men &
Incars, than it was worth; and second.
~, that We duy more than VIC scll-for
III no other way could we enrich the
nations with whom we trade directly or
indirectly. All the gold Of Mexico and
Peru did not enrich Spain. In Eng
land \ case, it is athcr astonishing that
sic should loac by her GOLD mining
epeculatipnS in Australia. Yet it is
even so; and when We consider that
she docs not protect her industry, tho
sho encourages it in every other man
icr, We can sec some light on the sub
jcct. III our case, it is different, and
easily understood. We scratch tie
earth oTcr and over again, drawing out
us strength, until an acre Of ground
will not produce two barrels Of flour,
and these We sell for a few rags Of cloth
or bar Of iron, which we might make
ut home, with half the labor bestowed
on the wheat Ca the flour, consequent
" our capital is always depreciatine.
Gold always follows the raw material,
since the manufacturer, who comes TO
us for cotton, tobacco, or even sugar,
IN q raw state, will not return it in a
manufactured condition, for the price
lie paid us originally. On the contrary
We must pay double, and frequently
several hundred per cent. more than
We obtained OF else We would not be
good customer. If he did not profit
by his traffic with US lie would not come
to buy our staples. If our raw produce
was manufactured at home, though We
paid higher prices for it, We should be
much the gamer, since the manufactu-
rcrs would not consume less produce,
flour, grain, &c., here than there, and
what We now pay for manufactured ar
tclcs would be retained in the country,
and tic stream Of gold would then flow
A0lDeward
1t cannot be Of much avail 10 US that
$40 have rich and prolific county,
when wo pay strangers, whose interests
arc quite the reverse Of ours, millions
Of dollars for work which We might
have done at home. We have paid 10
foreign manufacturers hundreds Of mil
lions Of dollars in hard gold, and We
have contracted FOR railroads, &C., ina.
ny millions Of dollars of foreign debts,
IN addition to the exports Of hundreds
Dt millions in raw materials. Such q
course drains our country Of that cir
culating medium which is so hard to
obtain and so necessary to our pros
perity aud places our producers in the
position Of u man without capital, who
lives from hand TO mouth, or sells
for just what he can get, and not for
what his stock may DO worth. Does not
this put US on par with the loboring
eIassos"f Europe, or even below them?
i prosperous state Of things Is al
ways indicated by an advance in the
valnc Of labor and the products Of the
farms, and those countries thrive mos,
where the cmpIoyncnts are most di.
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