Remarks on the production of the precious metals: and on the demonetization of gold in several countries in EuropeFaucher, Léon
History
Remarks on the production of the precious metals: and on the demonetization of gold in several countries in Europe
Faucher, Léon
Bimetallism; Precious metals; Precious metals -- Europe
It remains now to explore the auriferous
quartz veins which may extend to the centre of the Sierra Nevada. This
new work, however, requires large capital, and extensive combinations.
The success of such operations has hitherto been but moderate.
The auriferous richness of the quartz rocks in California appears
sufficient to remunerate the speculator; and foreign capital is not
deficient at St. Francisco. Whence is it, then, that the quartz mines
have hitherto been but slightly attractive? It has arisen from the want
of the requisite and essential conditions for the progress of such
undertakings.
Property in “placers” or in mines is not yet sufficiently secure; it
is neither yet placed fully under the safeguard of law, nor is it
protected by police regulations. Anarchy still reigns in this new
country;--not only have the miners to defend their persons and their
acquisitions against the incursions from Indian tribes; not only are
crimes and offences common (lynch law maintaining a permitted existence
instead of laws and police); but every one appears to hold his property
by right of first comer: a miner chooses the spot he likes best; a
strong arm and a carbine, with a steady eye, are his title deeds. To
seize upon a rich “placer” from a miner too weak to resist, is called
in the slang of the district, to “jump a claim.” The President of the
United States himself, stated in his last message, that “The mineral
lands should remain free to every citizen;” and the Secretary of State
has added, “that the right of occupancy should be submitted only to
such laws as the miners themselves thought fit to make.”
The continuous flow of emigration, and the continuous working of the
gold districts, appear to indicate, that in spite of many reverses
and sufferings, the mass of emigrants consider the result as likely
to be profitable. Without approaching to the fabulous accounts of the
early adventurers, these results have certainly largely exceeded in
magnificence those of any former period in history; let us endeavour to
particularize some of them.
Mr. Butler King, in his report to the Secretary of State, in 1850,
after a careful examination of California, values the washings and
gold working of the two years, 1848 and 1849, at [88]40,000,000
dollars. The basis of this calculation, the first officially presented,
was a produce of 1000 dollars ([89]5350 francs) per miner, per annum.
Public-domain text, read in full here on John Shaqi.
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