Volume 01: Production and resources of the northern and western districts of New South Wales, 1854 [ca. 1850-1857] - Page 624
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Transcription
341 STATISTICS OF GOLD
Tenth. That the efficiency of such incontrovertible paper is evidenced by the experiment of 1797, when paper maintained its value without depreciation, except what necessary Consequence of the premediated [?] over issues.
Eleventh That the belief in the necessity of the communitys [communities] providing & [?] eighteen millions of gold, to be kept in cellars, is a superstition of the same nature as if Manufacturers in Manchester, or a Merchant in Liverpool, should think he could not [?] [make?] his credit without a similar precaution.
Twelfth, That in any community the collection of a treasure of the kind is impolite and dangerous, as holding out temptation to invasion from abroad, and "Coups d'etat' at home.
Thirteenth That in a settled & civilised community there is no more necessity for the instrument of exchange to be framed of materials equal in value to the amount concerned, than for a bond or other obligation to be traced upon a plate of gold the value of the amount at issue.
Fourteenth That such paper money as proposed might be influenced gradually and the other paper withdrawn, thereby preventing the dangers of sudden change.
Fifteenth That it is expedient to attend to the question before any [?] excitement is raised by current events.
PROBABLE EFFECTS OF THE GOLD DISCOVERY.
The probable effects of the late gold discoveries on European currency and prices form the subject of an elaborate essay by M Leon Faucher, in the last number of the "Revue de Deux Mondes" M Faucher believes that the great influx of gold will be but temporary, and that the area on which it will operate is so vast[?] the general level of value will be affected to a very small extent. A [?] of the century must he says, elapse before at the present rate of production sum of gold is accumulated equal to the annual income of England alone, [?] moreover, of the population of Europe is insufficiently provided with metalic [metallic] money and the stream of gold must overflow with Spain, Austria, and the provinces of Danube, as well as into the remoter regions of India and China, before it saturates the circulation of the Commercial nations England, Belgium, Holland & France
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