Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-04-12
cold aua sIlver.-what they are doing.


The New York Journal of Commerce, one OF the best
aformed commercial papers in this or any other country
au article on gold and silver, affords information that
very iateliseu: reader will thank US for laying before
i'm We call attention to the following extract from It's
ricle
Few who have not studied the subject have any Just
lea Of the increased production of the precious metals
nee StS when gold was first discovered in California
he estimated available annual production in ls41,
mounted 70 S2I7 600 of silver, and Sl5,6I5 900 in
,li, making total yield of S4S,39O,0O0 per anuum 10
Ippy the use aud loss Of these precious metals Alter
SIS the production rapidly increased up to the begin
ing Of this year when the annual yield estimated in
luui numbers al $50 600 900 in silver and $3.50 100000
gold. milking to'al product Of S3OO0oo,0O) against
,s than S5OOloO1O only about ten years ago These
}m7sra,ive figures show how senseless is the pan
Of those who look with dread upon the increased
movement of the precious metals as shown in
Ir foreign commerce But a new phase is about
D appear in connection with this production.
heretofore IL will be SEEN the most important gain has
zen To- ro.l for while the annual production Of silver
Is only increased so per cent, the production of gold
q increased 500 per cent change vast that its
innate eject upon commerce is beyond all computation.
st as this startling truth has become fixed in the minds
those who have studied the subject all the theories
lev hav, evolved from it. are again upset by an an
olucemeut of an equal probable increase in the yield
t. silver We see no for doubling the assertion
a in two years the production of silver in Pacific
lssessioas viii amount to 50oJO,OO0 per annuul The
T.c of such production not to be considered solely
settling the question of a supply for India. Il has
llca NOSE important bearing upon the commercial
-opr,ty Of this city.
"F0r many years tho silver current in Eastern Asia
.,asisei altogether of Spanish pillar dollars. After
lese became scarce, Mexican dollars admitted and
.,ely few American dollars have been received. All
. would be necessary TO make the latter current
ne former would be their shipment in large quantities
C uaitorm value. This could readily be done the mo-
asnt the supply Of silver bullion sufficient for the
,rpose Now, We pay for tea spices, drugs, silk,
md other Eastern products chiefly drafts London.
Sc meet our exchange on London by shipping gold,
nd the English banker paws his correspondent in India
~ a remittance Of silver TIE moment coin our
LIVER az San Francisco and ship it to India direct
m turn the waslJ ~, of exchanges at leas, Tor our
n purchases in this direction Instead ola flow ofgol
trough New York to England to buy silver for india,
,o-ail viii pay orr deb. to our andpodss by remit
acof silver and the ovarpIas may be used to give the
7adoa banker creli, on New York. The silver will
s paid for in san Francisco by draft on the Atlantic
l.ss. whence supplies viii sill be needed to feed and
5t8s the miners. Tue moment that rate of exchange
pom this city is Cass established in Europe aud Asia that
5msut London ceases TO be ouf financial center. Our
ayers w no longer pay their Manchester purchases by
sterling draft under aleuer Of credit which costs "a
lnntssi9a. b1.by b. PAYABLE in this city, and New
5k will become the Elluc',, center of America, and
d. certain extent Of the worl'