and their Development. 157 



proved of less real value when exchanged for other commo- 

 dities. 



But even the civilisation of the greater part of Europe and 

 America is very imperfect, when compared with that of Eng- 

 land; and consequently as their trading transactions are 

 limited, so their gold currency is limited also. 



But give any of the most barbarous inhabitants just enume- 

 rated, amounting to hundreds of millions, give any one of them 

 mental culture, and bring him up under such advanced human 

 institutions as we are privileged to possess, each one, except- 

 ing those mentally and physically imbecile, is fitted by nature 

 to long for and enjoy the thousand etceteras of civilised life 

 with as much zest as any member of this Institute; and these 

 etceteras are not to be obtained by individuals and commu- 

 nities without gold and silver as circulating mediums. 



Gold is coming into use more extensively every day for the 

 purposes of gilding and jewellery. It is an undoubted fact, 

 that within the last ten years jewellers have increased two 

 and three fold. The sale of gold watches has increased enor- 

 mously; and if every one of the twelve hundred millions 

 of inhabitants in the world had but one single article of 

 jewellery each to supply them, it would nearly use up all the 

 gold we possess ; while of these, few of the softer sex, if they 

 could manage it, would be satisfied with less than a pair of 

 gold earrings, gold necklace, gold watch, gold chain, gold 

 rings, gold bracelets, gold brooches, and gold pins, while 

 much gold is lost yearly by friction, and large quantities in 

 gilding. 



The use of tea brought silver spoons into fashion, and only 

 a few years ago we had no silver forks; but the silver now 

 manufactured into teaspoons and forks amounts to many tons 

 annually. And thus new inventions may multiply the uses 

 of gold. But be this as it may, should Victoria, and New 

 South Wales, and California, and llussia furnish every year 

 for the next hundred years as much gold as is now annually 

 produced by them, I believe it would be all absorbed into the 

 general circulation of the world without any depreciation in 

 its value. And even now in this colony of Victoria gold is 

 being purchased in large quantities to send into China; but 

 the wants of China are now small compared with what they 

 will be. 



In concluding this paper I would remark that the chances 

 and changes whdeh may take place in the world within a short 

 time are incalculable. The annexation of a good part of 



