REMARKS ON THE PRODUCTION OF THE PRECIOUS METALS, AND ON THE DEMONETIZATION OF GOLD IN SEVERAL COUNTRIES IN EUROPE. BY MONSR. LEON FAUCHER. TRANSLATED BY THOMSON HANKEY, JUN. SECOND EDITION, REVISED. LONDON: SMITH, ELDER, & CO., 65, CORNHILL. 1853. TO MONSR. LEON FAUCHER. MY DEAR SIR, I have fulfilled the promise I made you a few weeks since, by translating, I hope intelligibly, your remarks on the subject of the Production, &c., of the Precious Metals, which I read first in the August number of the “_Revue des Deux Mondes_,” and which have been subsequently published, somewhat amplified, in the reports of the “_Académie des Sciences Morales et Politiques_.” Since the date of your remarks, the production of gold in Australia has been greater than you anticipated; recent reports estimate the amount shipped, or ready for shipment, from thence, at not less than £8,000,000 sterling; at which figure, I think, we may safely place the produce of 1852. A gentleman who was with me a few days since, just arrived from Victoria, told me that the gold diggings at Bathurst were nearly at an end, and that he did not believe that any more gold would be shipped from Sydney. Although Sydney is only one of the ports of Australia from which gold has been shipped, this would appear to confirm your views, that the first gatherings cannot fairly be assumed as data on which to found estimates of future production: at the same time when we hear of so great an increase of production in other parts of Australia, I can hardly agree with you, that there is so little ground for alarm as to a depreciation in the value of gold, in consequence of these late discoveries. The effects of the production in Australia can hardly be felt at present, considering that the export of English gold coin has been, up to this date, I think, equal to the amount of gold we have received thence; but when the sovereigns lately shipped are found to be in excess of the wants of the community in Australia, and are re-shipped to this country, together with the produce of the gold workings between this and next summer, I cannot but believe that the supply in the market of the world will be found in excess of the demand, and that ultimately a considerable and general alteration in prices will ensue.