Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1860-04-11
American Product of Gold and Silver

American Pro1uct OF Gold and Silver.
While the pioneers who directed their foot.
steps to the region under the dominion of the
United States were less imbued with an expecta-
ton of acquiring wealth by the discovery of gold
or silver mines than the original emigrants to any
other portion of the Western World our country
now bids fair to exec, all other nations IN her pro.
dnctioa OF gold and silver, as well US ia many
other important respects. The liberal policy
adopted by our Government towards miners when
valuable mineral treasures are discovered upon
the unoccupied territory Of the Republic has done
SO IN UGH 70 stimulate mining enterprise that dis
tricts which, under the rule Of Spain. or OF any
other monopolixing nation, or under the control
OF Mexico, with its constant disorders and its
plundsring rulers, would have produced but tri.
fling yield, now make contributions of many mil.
lions annually 10 the available stock Of the pre-
cious metals.
California eontinses to pour forth her mighty
stream Of wealth with uninterrupted regularity,
and even the Pixies Peak mines, Notwithstanding
the many disappoin,men,s of last year, promise
rich reward during the coming season, to those
who have been fortunate enough to obtain good
claims
Since the discovery Of the now famou. Washoc
silver mines in Western Utah. the probability
that they will be worked with characteristics
American energy renders it by no means unlikely
that our product of silver will equal the Caliior.
Ma product Of gold, and tina. We will thus become
the greatest silverprodseiug nation in the world
The New York Journal Of Commerce has some
interesting remarks npan tho probable financial
effect of the success Of the new silver mines, as
follows:
Few, who have not studied the subject, have
amy just idea of the increased production Of the
precious metals since lSls, when gold was first
discovered in California. The estimated available
annual production in ls47, amounted to $27 u.s.
600 Of silver, and SIS .575 900 In gold, making
total yield Of S43, 900 per annum to supply
the use and loss OF these precious metals. After
ls4S the production rapidly increased up TO the
beginning OF this year when the annual yield
was estimated in round numbers at $50, 600 600 in
in silver. and $3.50 ,o0.OO0 in gold, making total
prodac. Of $500 zoe, oe0. against less than $50.
100000 only about ten years ago These compa-
ratiye figures show how senseless is the panic Of
those who look with dread upon tho increased
movement OF the precious metals as shown in our
foreign commerce. But new phase il about to
appear in connection with this production. Here
toforo, it will be seen, the most important gain
has been in gold, for. while the annual produc.
ton Of silver has only increased so per cent, the
production Of gold has increased 1900 per cent,
change 80 vast that its ultimate effect upon COM
msree is beyond computation. Just as this
startling truth has become fxed in the minds oil
those who have studied the subject, all the theo.
ries they have evolved from it are again upse,
by an announcement Of an equal probable increase
in the yield Of silver. We see no reason fol
doubling the assertion that in two years the pro
cuction OF silver In our Pacific possessions vii
amount to fifty millions per annua,. The effec
OF such production is not to be considered sole
ly q settling the question Of supply for India
~ has much more important bearing upon tn
commercial prosperity Of this city.
For many years tho silver currency in Easter,
Asia consisted altogether Of Spanish pillar dol
lars. After shsse became scarce, Mexican dollar
were adnittsd, and lately few American dol
lars havs bsen received. All that would be ne
eesssry 70 mako tie latter q current as the form,
would n chair .shipmsns n large quantities
spiforn value. This ccuid readily be done u
moment the supply d siIsef bullion was suHicie,
sr ~ parpose. Nov. we pay for our tea, spice
drugs. silk, and other Eastern products chiefly