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In the end of 1847, auriferous deposits of unequalled richness 
were discovered in California. In the succeeding year, about one 
million was received from this new source. Next year, the supply 
from the same source increased to four millions ; in 1850, to twelve 
millions ; and in 1857, to fifteen and a half millions sterling. 
In February 1851, rich gold-fields were discovered in the territory 
of New South Wales ; and in the August following still richer, and 
apparently inexhaustible, deposits were found in the Province of 
Victoria. In 1857, the annual produce of that province alone 
amounted to nearly eleven millions. 
Thus, the total annual supply of gold, which at the beginning of 
the century, and for several years afterwards, did not much exceed 
two and a half millions, has now come to average about thirty-seven 
millions sterling. 
The entire stock of gold in Europe and America, which was esti- 
mated at the beginning of this century at 354 millions sterling, is 
supposed in 1848 to have amounted to about 560 millions. America, 
in the 356 years which intervened between the memorable voyage 
of Columbus and the first discovery of gold on the Sacramento, had 
furnished of this quantity about 400 millions. In the twelve years 
from 1848 to 1860, the additions made to the stock amount to no 
less a sum (assuming the rate of yield of 1858 to have been con- 
tinued in 1859) than 280 millions, — equal to one-half of the pre- 
viously existing stock. In other words, one year’s supply at present 
is nearly equal to one-tenth of the entire American supply for three 
centuries and a half. 
When the produce of the Russian mines had reached four millions 
per annum, the late Sir R. Peel expressed an apprehension that so 
unusual a supply might create an action on general prices ; and it 
is not to be wondered at that the vastly increased supplies of 
the last twelve years should have given rise to inquiry and con- 
troversy. 
In France, the question of probable depreciation was felt to be 
more urgent and pressing than with us, from the circumstance that 
the Government of that country has persisted, in defiance of all sound 
principle, in maintaining a double standard of money, which we had 
long before got rid of. The silver coins of France, as had been pre- 
dicted by M. Chevalier, began soon to disappear, and have since 
been exported, it is believed, to the amount of not less than sixty 
