The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-05-25
PRODUCTION AND USE OF GOLD.

Some recent writers of eminence claim that
gold is depreciattng In its intrinsic value in
consequence of the vast supplies which have
been poured into the worlds markets from this
country since the California discoveries, and
from the eXhaustless mines of Australia since
1S49 For the century from 1850 to 1850 the
annual product of gold and silver from all the
mines OF the world is put down at but $33 000 000
Now the annual product is reported to be more
than S200O00,000. Accord ng TO the recent report
of Mr.. j. Ross Browne United states Treasury
Agent, commissioned last year to examine the
mineral res ources of the States and Territories
o %est % q the me k0eHy more than one
from the Pacific slope of our country, which is
sum more than four times as greatas the total
gives the product of gold and silver In this
region for 1866 followS:-California S25 900 OOO
Montana, SlSO0OOOO; Idaho, $l7 900; Colorado
$l7OOOC0O; Nevada, $l6OOO6Oj; Oregon, IS, 900 OO0
other sources $5,000.0O0 - total. $lO6,00O000
Mr. Garnett, formerly employed in the Gov
ernment Mint at San Francisco says that
the mines of the State of California and the
years, produced an average of S60,OO0 900 per
annum, or an aggregate OF $l,0OO,OOJ,O 900 of bull
lion; and yet so unremunerative are mining
operations. as whole, that 1t would be difficult
to-day TO find In that State one man for each
the mines This, however, he attributes TO
taxation and mining restrictions. which are
ment But while the annual product of precious
metals is SO great, the expectation also of gold
and silver from the United States ls very large,
IN e4ehange ior the luxuries Of Europe nod
Asia. That country, however, which pro-
duces an article esuperabundantly should export
IL freely is natural, and is generally a healthy
and desirable result. Yet in the matter of gold,
we may, by our indulgences, send it abroad,
under present circumstances, to an excessive
degree, We are looking forward, and hoping
again to bring our financial condition to the
specie basis, and the indulgence of tXtrava-
gance is not the way to do It, In most mining
countries 1t is necessary to export the mi neral
products in order to purchase the necessaries OF
life, but this is not the case here California is
becoming as famous for its wholesale eXporta
tion of flour, grain, and wine as for Its unpre-
cedented production and export OF gold. She
tic ports of this country, but to Europe and to
China and Japan direct. In the Rocky Noun
tain region, also, irrigation is securing
abundant crops, and Co orado is not only sup
plying itself, but is helping Montana, which
In time Will subsist ITSELF 1t is therefore
evident that actual want does not influ-
ence this tide of gold from our own
coffefe, where, with our present redundant
paper currency, 1t is so much needed to keep
life in the commercial and business pursuits
of the nation. 1t would seem that we are quite
as ready to create artificial tastes and crave the
luxuries OF the Old World as they are TO crafty
them and supply us. But Mr. Garnet, In his
letter recently transmitted to Congress, sug-
gests the mint regulations as greater cause
for the outflow of precious metals, Wnlcn IL
much more easily corrected than curbing the
luxurious tastes of the people. He contends
that the "charges upon the recOtnage or foreign
currency, and exorbitant refining and revenue
charges upon foreign and domestic bullion deter
the one from seeking our markets, and compel
our own 70 seek the cheaper markets of other
nations, or, rather, where the smaller charges
make its commercial value greater than It's
minting value at home" In aiming to render
the mint and its branches selfsusLain ing, we
have subjected the owners of bullion to exac.
tions unknown in other countries. The subject
is worthy of careful investigation. on.-Bahtnore
Sun.