“The particular way in which the Netherlands operations were carried out was especially calculated to produce the greatest disturbance of prices. The ten-florin gold pieces were sent to Paris, coined there into napoleons, and silver five-franc pieces drawn out in their place. At Paris, the premium on gold, in a few months, fell from nearly two per cent to a discount, and at Hamburg a like fall took place. In London, the great silver market, silver rose between the autumn and the New Year, from 5s. per oz. to 5s. 1⅝d. per oz., and Mexican dollars from 4s. 10½d. to 4s. 11⅝d. per oz.; nor did prices recover until towards the end of the year 1851, when the fall was as sudden as the rise.”—(WYLD, pp. 20, 21.) Now, without identifying ourselves with any unreasonable fears, or partaking of the alarms occasionally expressed, either at home or abroad, we cannot shut our eyes to the certainty of a serious amount of influence being exercised upon monetary and financial affairs, by a long continuance of the increased supplies of gold which are now pouring into the European and American markets. We concede all that can fairly be demanded, in the way of increased supply—to meet the wants of the new commerce springing up in the Pacific and adjacent seas—to allow of the increased coinage which the new States in North America, and the growing population of our own colonies require—to make up for the extending use of gold and silver in articles of luxury which increasing wealth and improving arts must occasion—to restore the losses from hoarding, from shipwreck, from wear and tear of coin, and the thousand other causes of waste—and to admit of the large yearly storing of coin for the purposes of emigration: all that can fairly be demanded to meet these and other exigencies we admit; and yet there will still, at the present rate of yield, be a large annual surplus, which must gradually cheapen gold in the market. There are no data upon which we can base any calculations as to the yearly consumption of gold alone for all these purposes; but estimates have been made by Humboldt, Jacob, and M’Culloch, of the probable consumption of gold and silver together, up to a very recent period. The latter author disposes of the annual supply of the metals—estimated at nine millions before the recent discoveries—in the following manner:— Consumption in the arts in Europe and America, £4,840,000 Exportation to Australia and India, 2,600,000 Waste of coin (at 1 per cent,) 1,600,000 —————————— Making together, £9,040,000