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
Fortunately, such a state of disorder is not likely to become chronic;
when public authority, which ought to suppress it, is declared
incompetent, society, alarmed for its own existence, steps in and
at all hazard gets rid of turbulent characters. What is to be as
much feared, especially in a community of such recent formation, is
the attraction to a spirit of gambling, from fortunes thus suddenly
acquired. Men, fascinated by such a magnet, abandon all productive and
useful employment. Neither their ordinary vocations or their known
duties will retain them in their ordinary habits; no rates of pay can
follow the progressive chances of the miner with his pickaxe; the
trade of gold-seeking supplants every other occupation; a whole people
are bowed down to the earth, and absorbed in a work which brutalizes
them, and they abandon to others all the cares of and attention to the
cultivation of the soil.
From the beginning of November last, the towns of Melbourne and
Geelong were forsaken. Out of this numerous population the women alone
remained stationary. The proximity of the “placers” at two or three
days’ journey rendered the access easy. It was not necessary, as at
Sydney, to equip for a long journey, or to lay in a stock of provisions
and money. Men deserted, in crowds, flocks, farms, ships, workshops,
counting-houses, and shops; no wages would induce them to remain. They
flocked in from Sydney, Van Dieman’s Land, South Australia, and even
from California. Vessels arriving could not discharge their cargoes
for want of hands; goods perished on the quays, where they had been
piled up. In many districts of the colony business and cultivation
were suspended; hands were wanted everywhere. When shearers were to be
met with, they asked the enormous price of 3s. 6d. for twenty fleeces.
A month later, and Adelaide, the capital of Australia, realized the
picture of the “Deserted Village.” Traders, artizans, proprietors, and
capitalists, all were either ruined or had emigrated to Port Philip,
to escape from inevitable ruin. The shares in the celebrated Burra
Burra Copper Mine, which had been sold for above £200, found no buyers
at £60, and their 700 workmen had disappeared; prices of all goods and
wages rose in a frightful degree.
We read, in a letter from Melbourne, of the 17th January, 1852:--“In
the Banks and at the Post Offices, the clerks work double tides; other
public services are at a stand for want of hands. There are no male
servants to be found, even at exorbitant wages, and women will not
remain, unless at considerable increase of pay. I requested first the
waiter, and then the maid, at the hotel where I was stopping, to send a
small parcel of linen to be washed. They told me that they could find
no one who would wash. I was obliged to go to a shop and buy some new
things. If you want a pair of boots, you must pay £2 10s. (63 francs).
A pair of shoes cost 20s. (25 francs).”
Public-domain text, read in full here on John Shaqi.
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