The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1865-11-14
What Becomes Of the Specie.

What Becomes OF the Specie.
We are all aware that there has
been constant flow of silver to the
countries Of the East, but we never
hear of its returning This has been
SO ever since history began, and the
constant tide Of metal that is ever
acting in that direction, and what
becomes of it. has puzzled more Swans
than one.
The enormous absorption of silver
by the Eastern States of the world is
one of the most remarkable facts in
the history of the precious metals
From the earliest historic times, the
East has taken little else but silver for
its commodities. In t .e time of
Pliny, the expectation of precious
metals from the West was set down at
from 100000 to $5OO,OOO a year.
The Romans had their chief entrepot
for the East in the Island of Tepro-
bens, now called Ceylon; and they
carried on considerable commerce
with the Indians, Persians and Ethio-
plans. The shawls and stuffs of the
East found their way to Europe long
before the time of the Crusades. The
Arabs carried on large and regular
trade in these and other Atlantic pro-
ductions, till the discovery of the Cape
of Good Hope diverted the course o
commerce. The establishment of the
overland route has operated to some
extent in the other direction; but
however and by whom the trade has
been carried on, the flow of silver has
been generally from the West toward
the East. Humboldt calculated that
in the year 1900, the amount of silver
sent Eastward annually was between
$25, 100000 and $3O,OOO,OOO. Be
tween 1880 and 1853, the large amount
OF Sycie silver received from China,
and the export of great quantities of
English goods to India, disturbed the
flow of silver Eastward, which has,
however, since set in with more deter
mination than ever. In 1854, the
balance in favor of the East was about
$50, 1000, 900. The expectation of the
precious metals from Great Britain
alone, during the seven years ending
with 1858, was more than $35, 900, 900
per annum, of which all but one
eighth part was in silver. At the pre-
sent time, the balance of the imports
and exports of gold and silver in
favor of the East is calculated at
from $50, ,000,0OO to $50, 900, 900 per
annum, or more than the total yield
of all the silver mines in the world.
The enormous production of gold in
Australia and California has hereto
fore enabled the Western nations to
part with their silver without great
inconvenience, but the present rate of
export of the latter seems to demand
some new arrangement, if any be
practicable. Nearly all Orientals are
given to boarding. 1t is believed.
says Nj. Millaume, the French econo-
mist, that the Egyptians hide away
nearly $40, ,0O0,OO annually. The
Emperors of Morocco hold it point
of honor to fill as many chambers as
possible with gold and silver. The
present Emperor is said to have filled
seventeen, and to have another in
course of being filled Morocco never
parts with the money it receives; and
it is said, on the part of respectable
witnesses, that more than $3.50, 00O,
600 are boarded away in that country,
and that the Emperor's treasure is of
the value Of at leass$200, 900, 900.
L0n1SriUc Jou1na.