From 1849 to 1857, inclusive, the net exports of
specie amounted to $271,000,000; from 1858 to 1860, inclusive, to
$148,000,000, and from 1861 to 1867, inclusive, $322,000,000--making the
aggregate of net exports since 1849 $741,000,000. These figures show an
excess of product over net exports of $433,000,000. There are in the
Treasury $111,000,000 in coin, something more than $40,000,000 in
circulation on the Pacific Coast, and a few millions in the national
and other banks--in all about $160,000,000. This, however, taking into
account the specie in the country prior to 1849, leaves more than
$300,000,000 which have not been accounted for by exportation, and
therefore may yet remain in the country.
These are important facts and show how completely the inferior currency
will supersede the better, forcing it from circulation among the masses
and causing it to be exported as a mere article of trade, to add to the
money capital of foreign lands. They show the necessity of retiring our
paper money, that the return of gold and silver to the avenues of trade
may be invited and a demand created which will cause the retention
at home of at least so much of the productions of our rich and
inexhaustible gold-bearing fields as may be sufficient for purposes
of circulation.
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