Better days; or, A Millionaire of To-morrowFitch, Thomas
Philosophy
Better days; or, A Millionaire of To-morrow
Fitch, Thomas
Utopias -- Fiction; West (U.S.) -- Fiction
Ten thousand dollars in gold, distributed through two thousand pounds of
quartz, may not make much of a showing in the quartz, for in bulk there
is fifty times as much quartz as gold; but one hundred tons of such
quartz would yield a million dollars, and the ledge uncovered by the
waterspout was forty feet in width and thirteen hundred and sixty feet
in length to where it ran under the basalt wall. It cropped twelve feet
above the ground, and extended to unknown depths below the surface.
Thirteen feet of rock in place will weigh a ton. In that rift in the
mountain there was now in sight above the surface, all ready to be
broken down and sent to the stamps, six hundred and fifty thousand cubic
feet, or fifty thousand tons, of quartz, containing gold of the value of
$500,000,000.
What was to be done with the vast amount of gold which might be
extracted from the Morning mine? How was it to be placed in circulation
without unsettling values, reducing the worth of all bonds, inaugurating
wild speculation, and revolutionizing the commerce and the finances of
the world?
Would not the nations, so soon as they should be made aware of the
existence of this deposit, hasten to demonetize gold, make of it a
commodity, change the world’s standard money to silver exclusively, and
so lessen the value of the Morning mine to a comparatively small amount?
Under the plea that increased production of silver necessitated a change
in relative values, that metal was demonetized in 1873 in Europe and in
the United States, and its value reduced one-third. Might not gold now
be similarly dealt with, and, with such a vast deposit known to be in
existence, be diminished by demonetization to the value of silver or
less?
The entire production of gold in the world for the last forty years, or
since the California and Australia mines began to yield, had been but
$5,000,000,000, and as much might be extracted from the first one
hundred and twenty feet in depth of the Morning mine. All the gold money
of the world was but $7,600,000,000, or less than might be excavated
from the first two hundred feet in depth of this marvelous deposit. The
total money of the world—gold, silver, and paper—was but
$11,500,000,000, and a similar sum might be extracted from the first
three hundred feet in depth of the mine.
If the ledge extended downward a thousand feet, it contained as much
gold as three times the sum total of all the gold, silver, and paper
currency of the world, and its value was equal to the value, in the year
eighteen hundred and ninety, of one-half of all the real and personal
property in the United States.
How much of this gold could be added to the circulation of the world
with safety? and how could the existence of the vast quantity held in
reserve be kept secret?
Public-domain text, read in full here on John Shaqi.
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