From the above account, it would appear that a vein of quartz, to be considered productive, should give 36 dollars, or [188]192 francs per ton. This return represents a weight of 55 grammes upon 1000 kilogrammes, or 5½ parts of gold out of 100,000 parts of quartz. Mineral of iron stone will give 10 to 15 of metal per 100; and the production by melting is infinitely less troublesome or expensive than the extraction of gold. In Australia, it was at first supposed, after an analysis of some ounces of quartz, taken from Mount Ophir, that the ton would yield more than £1100 sterling; but these experiments, made on so small a scale, are of little value. It is not likely that Australia, when the miners find themselves reduced to the necessity of working the quartz rocks, will show any considerable increase of yield over California. The extraordinary abundance of gold, then, does not appear to be of permanent duration. It is a sudden outbreak which we, accordingly, have to meet. It does not appear to be, as far as we can now form any opinion, a reign of one metal, which is likely to take the place of some other; nevertheless, there will most infallibly be a very marked fall of gold in comparison with silver, unless met by a most extraordinary activity in working the silver mines; other causes, however, although secondary in themselves, appear, concurrently, likely to neutralize part of the effect of this superabundance. It is of little importance to ascertain the amount of the annual production of the precious metals, unless we investigate the proportions in which they are distributed between the two hemispheres. Silver gives rise to a regular trade, and, coming from sources long open, it is sent almost exclusively to Europe, as an article of exchange, against the produce of her soil, or of her industry. Gold in California, on the contrary, a source of unexpected wealth, starting up in a new country, is first absorbed by the wants of a local circulation. A new society, formed in the midst of a desert country, necessarily requires some medium of exchange: some money. Next to the immediate necessities of California come the wants of the United States. These States have, for some years past, been endeavouring to introduce a greater amount of the precious metals into their monetary circulation. The gold of California has powerfully contributed to effect this object. Silver coin now circulates, but in small amounts, throughout the Union. They have coined gold pieces of 20, 10, 5, and even of one dollar. Out of [189]400,000,000 to 500,000,000 francs, brought in during the three first years, not more than [190]70,000,000 or 75,000,000 have found their way to Europe. The import of 1851 has been more sensibly felt. According to the returns of the American newspapers, the quantity of gold shipped to Europe from New York and New Orleans, was, during last year, [191]200,000,000 francs.