Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1870-07-14
New Series--Vo1. 10, No 25-

from the surface, and mined to the
amount of So, 500 900, 600. From that
date to the close of 1872, $4,000, ,0OO, ,OOOi
to 1860, Russia adds STAG, 900, 900 and
California and Australia, S2,00O, ,OOO.0O0
more. The amount of gold at present
in existence is estimated at s., $50, ,OOO, 600.
The quantity of gold and silver. OF all
denominations, in all quarters OF the
globe, is set down, by the best authorl-
ties, at from three to four hundred MIL
lions pounds sterling; and the quantity
of plate and ornaments at about S4oO,-
100000.
- WHAT BECOMES OF THE COIN.
In the reign of Darius gold was. thir-
teen times more valuable, weight for
weight, than silver. In the time OF
Plato it was twelve times as valuable
In that of Julius Caesar gold was only
nine times more valuable, owing, per-
haps to the enormous quantities of gold
seized by him in his wars. 1t is nat
ural question to ask, what become of the
gold and silver? A paper read before
the Polytechnic Association by DR..
Stephens, recently, is calculated to meet
this inquiry: He says, of our annual
gold product, full fifteen per cent is
melted down for manufacture; thirty
I'VE per ctHt SOc5 W GmChby
five per cent to Cuba; fifteen per cent to
Brazil; five per cent to Japan, China,
and the Indies; leaving but five per
cent for circulation in this country. or
that which goes to Cuba, the West In
dies. Brazil, full fifty per cent finds its
way to Europe, where, after de6ucting a
large percentage used in manufacturing,
four-fifths of the remainder is exported
to India. Here the transit of the pre-
cious metal is at an end. Here the sup
ply, however vast, is absorbed, and never
re .urns to the civilized world.
The Orientals consume but little, while
their productions have ever been in de-
mand among the Western nations. AS
mere recipients, therefore, these nations
have acquired the desire of accumulation
and boarding, passion common alike
to all classes among the Egyptians, In
dians, Chinese, and Persians. A French
economist states that in his opinion the
former nation alone hide away $20,00O,-
600 of gold and silver annually, and the
present Emperor oi Vi Orocco is reported
as so addicted to this avaricious mania
that he has filled seventeen large cham
bers with the precious metals. The pas
sion of princes, it is not surprising that
the same spirit is shared by their sub
IeCIS, anu ~ ID III tulS piCuiiCOpiOh
we discover the solution of the problem
as to the ultimate disposition of the
precious metals. This absorption by the
Eastern nations has been uninterrupted
ly going on since the most remote his
torical period. According to Pliny, as
much as Sl00, ,09O,O in gold, was, in his
days, annually exported to the East
The balance of trade in favor of those
nations is now given as $S0.000,0OO.
A system of international coinage is
proposed, and a congress has recently
been held in Paris, at which the several
nationalities were represented, includ-
ing the United States.
IF our Government shall indorse
the proposed system, there will be
national change in our coinage, if we
shall ever return to hard money times.
The proposed standard of coinage-the
francis equal in value to about nine
teen and one-fifth cents. A five franc
piece is accordingly worth four cents
less than the American dollar, which is
our present standard of coinage. Under
the proposed plan, our present half dol
lar would be represented by a piece
worth forty eight cents, etc.
The ancient English penny was the
first silver coin struck in England. 1t
was equal in weight to the present three
penny piece.-[ Christian Union.