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68

Specie movement at New York from
1859 to 1868 ......

Quicksilver and Mining company... 317 Specie payments, a way to return to. 120

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Specie payments, the resumption of,
and the condition of the country
South Carolina, debt an 1 finances of. 187
South and the next cotton crop..... 189
Stock exchange, course of prices at,
for three years.......

Taxing Wall street.

T.

....

88

244

Taxation of loans as capital.... 134, 868
Tariff, Delmar's report on
Telegraph system by government,

proposed and opposed..

Trade of Great Britain

289

97

.152, 233

340

885

873

Trade, aspects of our foreign.
Transportation from West to the East,
how to cheapen

Treasure movement at New York,
Transportation, land and water....

1859-68

Tunnel railroads for New York.............

U.

68
142

United States debt, monthly state-
ment...... .151, 258, 316, 348 466
United States bonds abroad-advan-
tages and disadvantages.. 175, 178
United States and Great Britain-
their relations..

407

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V.

Pittsburg

257

Railroad, Michigan Southern and
Northern Indiana.....
Railroad, New York and New Haven 254
Railroad, New York Central.....
Railroad, Ohio and Mississippi...... 231
Railroad, Philadelphia and Reading. 191
Revenue, special report on the.....
Revenue, internal receipts for four
years..

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310

W.

221

Wall street as a subject of taxation. 244
Water and land carriage...
878
Watering railroad stocks.......377, 447

59

Y.

108 Yantze Kiang River

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THE

MERCHANTS' MAGAZINE

AND

COMMERCIAL REVIEW.

JANUARY, 186 9.

THE GOLD QUESTION.*

DEPRECIATION OF GOLD AND SILVER.

The money question is again the order of the day; it was raised sometime after the discovery of the placers of California and Australia, when the amount of specie was greatly increased by the supply of gold. Fr several years in fact these placers yielded for each country 300 or 400 million francs, say 700 millions for the two [about 140 million dollars). The greater part of this gold was exported and reached the great com. mercial centres-the United States, England and France. There had been nothing like it for centuries-since the discovery of the famous silver mines of Mexico and Peru. Before 1848 the production of the precious metals in the entire world was probably from 400 to 450 million francs [80 to 90 million dollars], and yet it had nearly doubled since the commencement of the century from the working of the new silver mines of

* Translated from the "Revue des deux Mondes" for Hunt's Merchants' Magazine.

Russia. But with a sudden bound, in a few years, we pass from 450 mil. lion francs 1100 or 1200 millions. It is natural that some anxiety should have been felt at this state of things, and that its consequences upon Political economy should have been studied. It was asked especially if gold, which was becoming so abundant, would not lose its value, and if it was not wise to devise means of avoiding as much as possible the effects of depreciation. This precaution seemed to be demanded by those States which had either the silver standard or the double standard [silver and gold]. Those which had the silver standard adhered to it more rigorously than ever, and those which had both were induced to proscribe gold as legal coin, reserving its use simply for commercial purposes. It was under the influence of this prejudice that in 1849 Holland withdrew its gold from circulation, and that some years after, the example was followed by Belgium. In France there were also some very clever men who urged our country to follow the example of Belgium and Holland and return to the exclusive use of silver, which they considered the true monetary standard of France, by virtue of the law of Germinal in the year XI. Our Government was not induced to do this, preferring to remain in statu quo; and some years after, public opinion underwent some change, At first it was rather pleasant to see gold substituted gradually for silver, which bore a premium, and, consequently, disappeared from circulation. It was found that the new coin was more convenient and easier of transport, and finally as people became convinced that this gold, although supplied in abundance, was needed for circulation, and did not even fully supply the demand, they ceased to be alarmed at the annual production of seven or eight hundred millions in America. In fact, in 1856, when the mines had already furnished to the world six or seven thousand millions of francs, the precious metals became very scarce, discount reached six or seven per cent in England and France, and the principal financial establishments of these two countries, which, in 1852 and 1853 had had a cash reserve of five or six hundred millions, were straightened to maintain it at two hundred millions. It will be remembered that the Bank of France made considerable sacrifices to supply itself with coin; it purchased, from 1855 to the end of 1857, one thousand three hundred and seventy-eight millions, for which it paid in premiums the sum of 15,883,000 francs. The same thing occurred in 1863 and 1864; silver became very dear, and the cash reserve of the Bank of France and the Bank of England sank below two hundred millions; it was even urged upon our principal financial institution to sell its stock in order to obtain the precious metals. After this experience several times repeated, of the dearness of gold, notwithstanding the production of the mines, no one concerned himself longer with the question of specie.

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