GALLATIN ALBERT Autograph Letter Signed

Sale 2058 - Lot 74

Price Realized: $ 259

?Final Price Realized includes Buyer’s Premium added to Hammer Price

Estimate: $ 300 - $ 400

GALLATIN, ALBERT. Autograph Letter Signed, to Amasa Walker, discussing the value of precious metals in America, written one year before the California Gold Rush. 1 page, single 8vo sheet; mounted to a page from an autograph album, some browning, minor loss in the bottom left corner affecting a few words. New York, 6 March 1848

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". . . At my advanced age (in my 88th year) it would occupy me several weeks to form an estimate of the quantity of precious metals existing, or annually produced, and of the amount used as currency . . . The only new facts which are certain and notorious are the diminuation in the annual produce of the silver mines of America, particularly of those of Mexico, and the, probably in greater value, increase of the annual produce of the gold mines or washings of Asiatic Russia. Many years must elapse before this increase can produce any sensible effect on the market value of all precious metals; but it may on the comparative value of silver and gold somewhat raise the value of the first as compared to gold . . ."