The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-04-04
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During these nine years the production of
gold was more than triple that OF silver; from
1857 TO 1864 the yearly yield OF silver is estimated
at 24O,OOO,0O0; that OF gold, at 100000 900;
making q total during the whole seven years of
l,6SO O00, 900 francs of silver, and 5000 0OOO 600
OF gold.
These immense masses of precious metals,
however, no longer exist in their full integrity.
\ part of them is lost by waste and use,
another part by all kind of accidents, ship
wrecks fire, etc. The whole loss is estimated at
one-qu6rter of the total amount. About two
hfths have been coined; the rest was employed
in different branches of industry or in the form
of ingots awaits its future destination.
Although the above mentioned figures may
not deserve tull Credence, still they furnish q
tolerably accurate idea of the existing facts.
coming, and thus point to one of the directions
OF the currents. This Que might be called the
centripetal, because the precious metals must
necessarily receive their impetus from the centre
OF the civilized world. From thence begins
centrifugal current; the gold, and, still more,
the silver leaves the great storehouses OF the
European mercantile world to carry their vivify-
ing influence elsewhere They willingly go
wherever they are called for; good and cheap
mefchandises attract them surely. They GER
tainly satisfy some of our wants, but by far not
the most indispensable. We cannot eat golden
bread, nor drink silvery water, and however
much we may be pleased with shining orna-
ments and jewelry, and whatever pleasure we
may lind in counting over and over tingling
pieces of gold and silver, we willingly spend
them Tor what satisfies our hunger, or protects
us against cold and the changes of temperature.
Everybody knows that commerce is based
upon differences of products and wants, both
OF individuals and of whole countries; aud that
the precious metals in the form of coins serve
as means of exchange. We long for gold and
silver because they are commodious means of
obtaining that which satisfies our wants. If
we have well-stocked stores of them it is the
same as though we had storehouscs full of
flour, or of woven cloth, or of wood, or of coal.
If this be true, the gold and silver currents
must by preference take their directions towards
those countries which produce the most, or
those which have the monopoly of certain pro-
ducts without going back to those bar
barous times when brutal force and violence
interrupted the wellplanned calculations of
political economy, and victorious leglons de-
stroyed IN few weeks the accumulated in
dustrlal treasures of centuries, we shall limit
ourselves to the period Immediately after the
discovery Of America, Spain had the envied,
but not the envable destiny TO be the first in
the exclusive possession OF the transatlantic
Eldorado.
Who has not heard of the richly laden galleys
which year after year carried the produce of
all the mines of Mexico and Peru to the mother
country? But also who does not know that by
tanned in Spain? That country, with a decreas-
ing population and without industry did not
please them; they flowed to italy and Germany,
afterwards to France and England, where indus
try flourished, and useful meTchandses could
be obtained in exchange for them. Up to our
time the currents of the precious metals have
followed the same directions, although with
some considerable deviations and countertides.
If we first look to France, find for the period
from 1916 to 1864, the following data concerning
the importation and eXportatiOn:-
co.., IEmlPoerttatio|n lo9 t ESpomrtation 4 m Excess @