The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-19
THE AGE OF GOLD.

BULLION CLUB ON THE PRODUCTION AND
RELATIVE VALUES OF GOLD AND SILVER
AMERICAS GREAT MINES.
There a select gathering of gentlemen in the
rooms Of the Bullion Club. No. 10 West Twenty
fourth street. last evening to listen to lecture ny
Professor Benjamin Sillman. of New Haven, Conn.
the subject OF 1.-THE Age of Gold" The speaker
began with declaration that the original
OF national wealth are found in the
waters. the soils. the forests aud the mines. II
requires only glance at the elements of physical
and human existence said be, to remind US how
without value are the richest gifts of nature until
developed by human labor. We by what almost
creative power wealth springs ont OF barren rocks
and waste waters, when mans hand, guided by an
intelligent purpose and strong will. quar-
res the granite and ships the ice of
bleak New England hills and lakes
the wasted force Of gravity her waterfalls
into golden streams of industry in mills and fac
tories. Prices very much higher in the days of
Cesar Augustus than they in the sixteenth
century of The reason for this is found in
the vast accumulations OF gold and silver which the
Roman conquests had gathered from all parts Of the
ancient world about the commencement OF
the Christian era. and especially from Gaul.
and the consequent activity in all branches
of industry and commerce attending its disri-
button money. Every signal addition to
the stock Of the precious metals brought into the
channels of commerce has been followed by al
vance IN the prices paid for labor. land and COM
modites and OF course by great industrial activity.
We often hear the statement that gold and silver
selected for coinage because of their intrinsic value.
This is u mistaken view. since. regarded
as material substances, these metals can sup
ply but few OF wants. Iron is
far more valuable material under such
definition than either silver or gold. But the cost
OF obtaining pound of silver or gold from the
mines of those metals is about three hundred times
as much for silver as is the labor required for ex-
tracing and refining pound Of iron, and about
eight thousand or nine thousand times az much for
gold.
WHAT Is MONEY?
Bank notes. cheques, bills OF exchange, notes Of
hand and other things often form most con-
money. any more than the bills Of exchange rep
resenting the value in coin OF cargo OF
wheat or cotton are the substantial things
and sinks into the rank OF bullion simple COM
mercia commodity. If its purity or standard be tam
pered with or its weight is diminished. This the
Pretender found to his dismay when he attempted
to force debased coinage upon the people Of Eng
land in 1850 Every genuine sovereign and shilling
then disappeared from view az quickly we saw
coins vanish during the late war, under the
flood of an irredeemaole paper currency. At this
very moment ate in the full tide Of the
unsuccessful experiment Of attempting to
float deprecated silver coinage. We have boldly
not tor use harsher term-invested over S400 5000
of our money in the purchase OF silver bullion,
the coins struck from which now more than three
quarters of them slumber quietly in the national
treas ury the people refusing take them out, evil
IDENTIFY entailing loss whenever We Seek again to
realize upon them Legislation is impotent to ere
ate values, or to make two and two equal ive Jap
plause.) Alexander is great no longer; Egypt is
turned to dust; great Caesars clay may stop
bunghoe, but the coins they struck money
still. (Applause.) Should we pay the same homage
to the parcels of money placed in the mouth OF the
sacks of Joseph's brethren, could 1t be shown by
some curious antquary that tlese parcels were not
gold and silver but bundles of Egyptian ereenbacks.
issued for the purchase of corn during the seven
years of plenty and ornsmented with the engraved
image of Pharoah's Secretary of the Treasury?
uaughter.)
PRODUCTION OF GOLD AND SILVER.
At the time of the discovery OF America the total
value Of silver and gold known TO exist in the Old
World, whether coin, bullion or plate, has been
estimated at Sl70,O0O0O0 IN the 800 years follow
ing the discovery OF America the influx Of silver and
gold poured into commerce from America alone
increased the volume OF the precious metals
previously existing nearly forty fold in
nominal value No wonder. therefore. that the rate
OF wages advanced from penny sterling in England
in 1850 to shilling in 1880 that the cost of all the
essentials of life should have advanced in even
higher ratio. But the ruin Oh the Few was tho
enrichment of the many II the lord of the
manor WAS impoverished by the ruinous advance
i'll the price OF all commodities and OF labor.
while lie powerless to exact more rent for lands
held on long leases. the tenant was enriched by tho
advance in value OF all his products, and for the
first time in the history OF England land to u
tain extent or all Europe) the third estate the great
yoeman class. were enaIc pated from the penury
and hopeless dependence il which they had been
bound TO comfortable and intelligent indepen-
dence
Prior to 1859 the United states was not q silver
producing region. But the discovery OF tie rich,
grey suIphurets OF silver. worth many thousands
OF dollars per at the north end of the Comstock
vein in Nevada was the opening of an era of silver
production which has extended iu geographical
silver from the United States the close Of the
present year probably beyond S35U, 100000. OF tho
gross product OF the Comstock lode about AZ per
cent is gold a fact not always remembered when
speaking OF 1t US silver bearing vein.
MINING FIELDS.
The stimulus given TO exploration by the develop
ments in the Coms,ock lode has opened up vast
area of mining regions, and while thus far the
OF value in the output OF silver has but slightly
ceeded the value OF gold annually sent into
from other regions the discovery of such deposits
with the large aud increasing volume Of silver
parted from lead and copper in other districts.
point clearly a growing disproportion in favor OF
silver production. Evidently America both North,
south and Central. il destined TO remain, for ali
can now see. indefinitely the largest producer OF
both gold and silver Important permanent addi-
tons have lately boon made i'll the Black Hills
and in the Bodie district. The latter clearly
pointed out by the speaker and others over fifteen
years ago u region continuing system OF gold
bearing veins OF remarkable richness, but it has
waited long before it received the attention which 1t
now amply repays. The speaker permits himself to
say the fact OF the splendid confirmation of
his predictions and well founded judgments at Bodio
is found full not to say triumphant. refutation Of
the calumnies of which he years the object.
on former occasion l had the honor OF laying
before the Bullion Club the chief facts respecting
the "a eat reserves of gold which held in these
banks of deposit the deep lying placers of Cali
fornia Sand banks though they aro they will
honor all drafts made upon them. aud. unlike most
financial institutions. Will pay better the their
stock is watercd. tLaughter) Atcmporary check has
been given to the Developments of their great
gold from recent Legislative enactments under the
constitution in CALIFORNIA;; but it As sae to say
that these distractions must yield to the far more
important interests at stake.
At the conclusion of his address the speaker
warmly applauded, and remarks were offered by
Professor Newbury Mr.. Satterlce and others before
the Adjournment.
KILLED by THE WHEEL.