We have seen that our present Commissioner of the General Land Office estimates our mineral public lands as of greater value than all the mineral lands of the world, and that, up to the 16th of April last, they had yielded, in gold alone, nine hundred millions of dollars. This is exclusive of our valuable mines silver, quicksilver, tin, copper, lead, coal, and iron. The lands yielding this $900,000,000 are estimated at five hundred thousand acres—making their value exceed one billion of dollars; and, at the same rate, the remaining twenty millions of acres would be worth forty billions of dollars, or $2,000 per acre. This would be a most extravagant estimate; but at the average price of twenty-five dollars per acre they would bring, as we have seen, five hundred millions of dollars, being a sum larger than our public debt on the 1st of July last. That this sum at least can be realized to the Government by a proper system from our public mineral lands, is my sincere conviction.
On this subject, the Commissioner says:
'As the development of the mineral wealth of the country advances not only of the gold and silver of California, but of Oregon, Washington, Nevada, Colorado, and New Mexico, and the vast mines of useful metals scattered there and elsewhere, with exhaustless supplies of coal to fashion and mould these for the various purposes of life, the yield in a few years may reasonably be estimated at $100,000,000; and when the Pacific railroad shall have spanned the interior, it may be augmented to one hundred and fifty millions of dollars' worth of mineral product.'
This annual product, as estimated by the Commissioner, would make the total value of these lands exceed one billion of dollars.
There may be differences of opinion
as to this estimate of the Commissioner: some may think it too large, and others too small; but, however this may be, it is quite clear that the subject demands the earnest consideration of the country.
No period has been so auspicious as the present to rearrange our gold coinage. Gold has ceased here to be a currency, and is used only in payment of our public debt and receipts of customs.
It is important that our gold coinage (retaining the decimal system) and that of England should be assimilated. This could be easily done by having in our half eagle the same amount of gold and alloy as in the British sovereign, carrying the system through our whole gold coinage. Thus, exchange here upon England or there here, would be quoted and governed by the same rules which regulate exchange between our own cities, and all the mystery and losses of our present system would disappear. This change would slightly depreciate our present gold coinage, but would not affect individual transactions, treasury notes being our currency and a legal tender. Should this plan be adopted, England could stamp on her sovereign, Equal to a U. S. half eagle, and we could stamp on our half eagle, Equal to a British sovereign, and thus furnish a currency, which from necessity would in time be adopted by all the world, avoiding vast trouble, loss of time, and litigation, and saving millions of dollars every year. This measure would soon prove the superiority of our decimal system, and render it universal. The United States and England being the two great commercial and gold producing nations, speaking the same tongue, and having the same coinage, would make the coin and the language of the coin of the world the same, the first great step toward a universal language. This assimilation of the value and language of coin would lead to the decimalizing and assimilation of weights and measures, both grand movements toward the fusion of nations and fraternity of man.