The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1867-04-09

KEOKUKTN0W

INN4 y.4E
s KEOKUKT EOWAs
,TuEsnxr n01GlnG ALL !.
PnnnAHnsR ns6A u uoS6hp. / 4
lis sbvioos 70 evsy nan,a espssAsssioa,
that there has bssn . vssy conidssabls riss
in ~ psises Of eennodhass, = vslIn a
labor md rsai es1aAs, wIsAiaa ~ 49, pask |
And unasr ths osahised inAssncs q party
clsmor, and lack Of general i.fornsaos and
shoughsfdl coosidsratioa By he public, the
rise il accounted fcs in general apprehension
by tAs-deprsciasioa Of the carrsaey. dfpsr-l
soma Aevsver, win take tie rains TO devote
. few minutes thought 70 the subject, they
viii BE- sasisfisd that the cause assigned bsas
no adequate proportion V ~ sssals wit.
messed.
For inssAnes, She diGsrsncs betwssn gold
and currency in this country, at the present
time. isabeut thirty three Per cent, q one
third. But the diifsrescs in the value OF b.
Dor and commodities, generally. viii average
at the least, one hundred per cent.-pricss
being twice ~ high nov - they were seven
year ago. A depreciation Of one third in the
value Of currency, l. NOT equivalent to an
increase Of double the value in price Of COM
modities, and therefore, does not accoant for
nor furnish an adequate cause for that in
crease.
Again, there has been very considerable
rise in the price Of labor and commodities in
Europe, and other portions Of the earrh,
outside and beyond the range and influence
Of the deprecated currency circulation Of the
United States. Hence We end the result q
genera one, in depreciation Of piisss, TO .
greater or less extent, while the cause assign
ed is special, and limited in It's operations,
and therefore, inadequate to produce the
effects Attributed 10 il.
We must look then, elsewhere for the cause
Of these marked and general effects and
We 6nd 1t readily and certainly, in the rapid
and immense increase Of the precious metals,
since The discovery of the California gold
1csos- 0Ntuk w tue inSt tuat tucfc Woe
. large vacuum 70 be filled, and to the alb
sorptiea Of the precious metals by Eastern
Asia, - appreciation of prices was very
gr.dQalid the earlier years of gold produc
ton in California But Of late years. the
effect Of the increase ofthe precious metals in
advancing prices, has been patent TO the dull
est observer. The fact could not have been
otherwise. Gold and silver are the materials
which represent in some sense the exchanges
able value of all commodities, and form
the circulating medium of the world. Con.
sequently, if gold and silver increase more
rapidly in proportion than the commodities,
or the uses TO which it is applied in the com.
merce Of commodities, there will be Q rise
in prices. This rise in prices would have
been greater, but for the increased develop
ment of material wealth, and the multiplied
activities in all departments Of improvement
and production, which have required IN in
creased circulation, though not in proportion
TO the increased production of precious
metals.
Within few brief years the quantity OF
the precious metals in the world has been
trebled, and hence its value in proportion to
the mass of the other products of labor must
have deprecated, or the price of those PRO-
ducts must, of necessity, have been en-
HANGED.
Such have been the effects passing under
our eyes, since the opening of the new
sources of supply Of the precious metals on
the Pacific coast. And in the latter portion
Of this pAsiod, We have witnessed the mani
festation Of this powerful cause, in revolu-
tioniziug business and prices, and unsettlins
the habits and customs, and initiating the
imaginations of the people. And the cause
of these effects is still continuing ito opera
tion with increasing power and vieor. The
annual accretion to the stock Of precious met
sis Of the world is increasing year by year,
and the progress of our Railroads towards
the mines, and the growing proximity and
density of population and settlement, has q
tendency to decrease the cost of mining, and |
to increase the amount Of labor and capital
devoted 10 mining, and as . natural result, |
w &nGEcose the prouuction "a Goiu anu SILVER
in the world
In this view Of the case, ii is not reasons
BILE to expect any general and permanent fall
in prices but on the contrary, it is fair
to count upon maintaining present prices in |
this country. as we gradually approach q
specie basis, and to increase the average |
price Of commodities, the world over.
Old things, in this aspect Of affairs, have
passed away and all things have become new.
Grain and pork, live stock, cotton and sugar,
viii never sell again in this country 1t the
low Mates that ruled before the war. Neither
viii slavery be re-estsblished, and society |
settle down in the South on the old basis. |
A change has taken place North and South,
Of which We have seen As yet, bat the open
ing buds. They give promise, however, Of
blossoms and rich fruit, and prudent
not expect to see again, "the
Yin any Of its old aspects.
sire it, when they once
rPundings, and realize