156 On the Resources of Victoria, 



us. But even at the present day, though America is within 

 such a short distance of the cheap labour countries of Europe, 

 yet the rates of labour in all parts of America are double 

 what they are in England, yet America finds it profitable to 

 manufacture for herself. Nearly all her manufactories are 

 in the northern states, where there is no slave labour, and 

 where the rates of wages are highest. But after all, where 

 machinery and subdivision of labour are carried out practi- 

 cally, the mere item of dear manual labour is an inconsidera- 

 ble one, as a set-off against the expenses of long voyages, 

 interest of money, insurance, and many profits. 



As many opinions are entertained on the value of our gold 

 deposits, I cannot but glance at the question. 



Gold and silver, as mediums of exchange, act as a stimulus 

 to industry and invention; without these two metals we 

 should have to fall back on the obsolete system of barter. 

 These metals also exercise a most decided influence on the 

 distribution of wealth, for having a certain relative value to 

 each other, we can offer much or little of these metals in 

 exchange for what we want, according to the value of the 

 articles; and our mode of payment will be acceptable all over 

 the earth, no matter what may be the race of our customers, 

 or their language or habits. 



Looking upon gold and silver in the light of permanently 

 acceptable mediums of exchange, has opened up speculations 

 as to whether these two metals will continue to bear the same 

 relative value to each other as they do now. This must de- 

 pend on the quantities of each commercially available, and 

 on the quantities commercially required. This subject re- 

 quires breadth of treatment, and speculations founded on the 

 present limited commerce of the world cannot grapple with 

 it. As human beings become civilised, so do their wants 

 increase, and the imports and exports of all communities are 

 less or more, exactly in proportion to their industry and 

 intelligence. Africa has no gold-coined money, with near 

 two hundred millions of barbarous inhabitants, most of whom 

 in their uneducated condition, like the inhabitants of ancient 

 Nineveh, do not know their right hands from their left. Asia 

 has six hundred millions of pagan inhabitants, and even in 

 India and China, at this advanced period of the world's 

 history, gold is not used as coined money, but is bought and 

 sold exactly as pearls, diamonds, and precious stones, for 

 personal ornamentation and barbarous display; and where 

 gold is not used to perform the functions of money, it has 



