The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1860-01-18

II. d. Smith of lauderdae county be nominated
as chairman. Both shairincn proceeded to tn,
speakers stand in the Hall Of Representatives ant
took their seats They were bothlputting motions
admid great noise and c6id1ision The two parties
finally compromised aid n Lyori vas selected al
~ 'D'sp' l9s s3o,) 49,
i Expert Of Gold and Silver.
L The Hon Howell Cobb, Secretary Of
the Treasuryin Ills late Annual Report
remarks as follows upon the expectation
Iof specie: 20 .sa
One fact, howeSe r connected with our exports
has attracted much attention, and led many to be-
lieve that we wereimpobting beyond our abilityto
pay. aHade to the increase of specie in our ex-
port tables. If specie occupied in the business Of
the country only the position Of d circulating med
UNI, and. the supply was liraited accordingly there
would be just ground for this apprehension; such,
however, is not the case. It constitutes an import
ant element in our productions; and, like all
other productions where the quantity exceeds
the legitimate demands of thccountry for use and
consumption, it becomes very proper article for
export. b sass ,s,
1t is estimated that since 1913 California has
produced over Ave hundred millions of gold.
Would her condition have been improved BY retain
ing that amount Of specie within her limits, to the
exclusion of those articles required for the use Of
her citizens, and ill exchanged for which this specie
has been sent to the Atlantic and abloads During
the same period Georgia has produced more than
five millions bags Of cotton. The same policy
which would require California to retain her gold
beyond the legitimate wants of her people, would
with equal propriety require Georgia TO retain
within her limits the excess of the production of
cotton over the wants of her people. The argu-
mentis as applicable to all the States as to one,
and have used the illustrations Of single States
only because they were more marked and striking
Unless the export ofsspecie goes to stfeextent Of
violating this manifest principle, it constitutes 10
Just ground OF alarm or dnxety. Inthis connexions
it should be Observed that the large excess Of
specie exports commences with the discovery, of
the California mines, and has increased very much
in proportion to their Increased production, as will
be seen bg reference 10 tabfes Which exhibits for
a series of years the amount of our export OF
specie. The exact amount ofsthe production Of
the California mines during this period is not
known, but lit is believed that it exceeds very
largely the amount which has been generally stated
We havesfio reliable mode Of ascertaning it, but,
from the best information have been able to obtain
Ishoud estimate the amount for the hst year. at
not less than seventy seventy millions Of dollars.
Whenever the export of. specie shall exceed
rroperlilnits the effect will soon be seen and felt
in the financial and commercial operations Of the
country q ID would sprobablvs be Rrsticxhbtea in
the spsdie pasisoft l,e baNs, showing ani,cgeased
proportion 3of ejaculation and deposits to the
lmount of specie ii their vaults, and this would
sopn etolosed by derangelnentssand depression
nthe general tgsde and business of the country.
Atpresent there isno evidence that either oflhesc
results is to be apprehended BY reference ito
able oit viii BE seen tlf,fihe specie basisof Gle
banks lWaen the tables fol, $50 were prepared,
sscofupafseig and deposits, is
more favorable than IN 1850, the year lprscesing
q specie expofts Itis.pfoba that
o1ne change bus occurred since q e last bark
eports ;sof that weihaseas reliable intarIaation;
,ut it not believed Tina II will raaserial Nv wary
be epfof,ostoa. y y appropriate here 10 reniark,
lHh y yisws he end eso9st'sa NJ increase Of
he production q precious metals, The cohntry t
hoald l9sk sto lie i.shey efsubs tatins snecie to
). GREET extent fer, tie pepper circulation. Tlles
'tocess 81 ould he gradual, IND, whilssitlRoes not
sraage the business Of tie country, would |
pafqte as Wholesome chez; upon byaliEingpnd
Iyertradilg The adoption of an, independent +
ruasufy system by che several States, sas8reseni- I
nendeeaa former report, would $50 far :towarslsF
Aeaceomplhhnent Of this desirable residtsta's Y
there IS no mode Of ascertainihg tlieansonht Off
pceiein general circulation: All estimates ont
hat point are purely speeaIat During pros
circus condition Of thesc country y ne doubt in
reases Sithsibe demands Of business /; and when
yer boni anyScause the supply isbelow The wants
{ the country, twill be manifested BY adepres-
ion in trade and general embarrassment. Until
iese indications appear We may sefely calculate
nat there has been the. 6spal and necessary
icrease.