Daily National Intelligencer

TO THE EDITORS,

Gentlemen:

In one of my former letters, I expressed an opinion, and gave some calculations to demonstrate, that the quantity of the precious metals produced by the mines, was not equal to the present consumption of them, and that it was diminishing in Europe and America, whilst the demand for gold and silver was increasing.

I will now submit to your readers, some extracts from Mr. Bollman's letter to Thomas Brand, Esq. confirmatory of my sentiments.

"We learn from the careful researches of Alexander Humboldt, that the aggregate amount of the precious metals which had flowed into Europe from America, since the discovery of that Continent, up to the year 1803, a period of three hundred and eleven years, amounted to one thousand one hundred and sixty-six millions pounds sterling.

"The consumption for plate, in France, amounted, in the year 1809, to one million two hundred thousand pounds sterling: and Mr. Humboldt thinks, that the amount of the general consumption for plate in Europe cannot be estimated at less than five millions of pounds."

The same author, after a diligent examination of the various estimates of preceding writers, states the annual exportation of the precious metals from Europe to Asia, round the Cape of Good Hope, at four millions of pounds sterling; and that from the Russian Empire, by way of the Caspian Sea, at one million of pounds. Mr. Playfair estimates the annual exportation round the Cape of Good Hope from Great Britain alone, at two millions two hundred thousand pounds. On the other hand, the annual importation of the precious metals from America, amounted, in the first years of the present century, to about eight millions of pounds.

Mr. Bollman leaves out the consumption in the United States in plate, gilding, &c. and the exportation to Asia, stated by a Member of Congress to have amounted last year to twelve millions of dollars.

Mr. Bollman, after observing that silver lies deep, and that the mines are very ruinous generally, and that the ore cannot be rapidly brought to light, proceeds as follows:

"But the quantity of the precious metals brought to market, is not even regulated by the quantity of ore which is produced, or producible, from the mines. It is well known, that the only cheap, convenient, and expeditious mode of separating the precious metals from their ores, in the large way hitherto practiced in America, requires quicksilver, of which the annual consumption used to amount to upwards of twenty-five thousand quintals. Of this enormous quantity, from five to six thousand quintals were formerly drawn from the great quicksilver mine in Huancavelica, in Peru; but, as the principal works fell in about thirty years ago, Peru yields now hardly more than 3000 quintals. Spanish America is, consequently, dependent on Europe for its principal supplies of this most essential commodity—which supplies the Spanish government has reserved exclusively to itself. It formerly obtained the quantities of quicksilver required, partly from its own mines in Almaden, and partly from those of Idria, on the banks of the Adriatic. The late disturbed state of Spain must have deranged the working of the mine of Almaden, and still more the regular supplies of quicksilver to America. An attempt was made some years ago, under a knowledge of the circumstances mentioned, to furnish America with quicksilver from the Adriatic, without previously conveying it to Spain; and four thousand quintals were, for that purpose, transmitted to Jamaica; but the introduction of this into the principal mining districts of the Spanish Main was found impracticable, notwithstanding the great want of it, since it is seizable wherever found, unless it has been furnished to the consumers by the agents of government."

Mr. Bollman after this, alludes to the civil war now raging, and states, that even the Viceroy of Peru is in great distress for money.

I hope that these quotations will excite the curiosity of bullionists, and induce them to read the whole pamphlet, which is full of sound reasoning, on important facts.

It is surely incumbent on bullionists to prove that the precious metals are attainable, and can be retained. We are now suffering calamities by the general government enjoining what the State banks could not perform; a desire to obey, and the delusions of hope, induced the banks to make the attempt; and candor ought to divide the blame between the governments which chartered associations, and took bonuses for allowing them to supply the want of specie with paper.

Bullionists call those who read much, and think and write for the public good, absurd quacks and chimerical visionaries. The Bullionists require faith, in contradiction to reason and experience; whilst their opponents only solicit attention to mathematical conclusions. Was it absurd to say, that specie had vanished, when its place was supplied by one dollar, and even half dollar notes? Was it erroneous to state, that banks could not all, simultaneously, meet their notes with specie? Was it unphilanthropic to foretel ruin to the industrious classes, when money should be wanting to employ them? Was it unpatriotic to shew, that our government stocks must be sent abroad to bring the precious metals, merely to shew their faces, and to depart hence to be no more seen?

Surely, these who have had their will so destructively, and who must give up hopes of specie returning, ought to condescend to consider whether a republican government cannot make a national
value than specie, and more easily transferred from one man to another, and more completely under national control. Shall we give the power to borrow millions and millions for destructive war, and withhold it for loans, giving interest to the people, and affording a circulating capital to stimulate industry, to promote manufactures, roads, canals, and bridges; and to enable merchants to purchase and export agricultural productions, and also to enable buyers of land to pay the nation? These questions are submitted to consideration.

HOMO.