, 1876-02-25


largo proportion Of the yield Of the costock lode ID
gold. On this tho Aua California says:
~ he @ sn4 sss1 shs
bullion 70 gold + u AZ reported - silver. whlis -
just statsa ne.Ty 1pehai = Hust b. dsaneed Thu
Vhsh mssssy saees she Gaia It sl,es suoa S
@ s as 1si ias hs 9
po1ton q gold. II 1874 tho rsodact ras tol9lol2t
oo coo. with proportion of gold. tbs Iest
posted exports esttAte Ito product oi tho Cons;ock
sooooS, oi wich % ovor % % per cent vii l. soI Thera
u nothing slss1nng n theas hguses TO aoptssa tho
pouaeed, md believed pes @ meath for f ths
whole year.
The surprising change which has taken pl4cs IN tho
value Of silver, and The poaaiby wide fluctuations in
the valuo Of gold that may follow tho Development Of
tho as yes hardly touched gold miues OF the West
raiie aome very important and difficult questions
about tho standard VI yalup. WILL It not bo necessary
To abandon tho precious metals standards OF yaus
between 1909 aud l649 tho vsluo Of gold 146 per
ceut Sunderng 11ed payments such ~ rcnts, annui-
ties, interest, and tho Ike, two and a half times
valuable IN i6i9 as In 1900. 6ta8ttca ahow that In
eyey credit cycle thcro u cuations OF from 10 To
Is rcr ccntn tho value Of gold Tho Colleges Of Or
ford, Cambridge, aud Eton, In England, which
wars obliged By set Of Parliament In Queen
Elizabeth'a time 10 1eaao their 1Ands for cogn-
rent and andoHments exprcssed in money havo sunk
to but fraction Of their auclent valuc. Cobbett
showed In 1874 that pound sterling at that AatB
would purchase no moro than . ahtluDg In Henry
Wills time. Money Is depreciating, and Ia not
constant standard OF yaue for long pertods. hut
have no better. Political economists have proposed
thasx standard Of value ahould ba obtained by making
due payable In commodities Of certain specified
quality md quantity,-i e., in practice, and In the
amount Of gold they wou1d purchase. For instancc.
isl 900 II borrowed IN 1876, to 10 repaid In lBI3
1T ita valne bo measured not In gold, which,
a. We havo aeon, may vary 10 to 100
per cent but In ecrsa!n definite amounts OF !rop, and
sn and cotton, and corn, aud leather, and lea al,
coce the total value Of Which should bn 81 ,Uo In
lb76 Then, when 1890 aud payday come, lat tto
lender b repaid not 81 900 gol but tho atm In god}
that would be tho equivalent in value Of Tho amouuts
specified in 1870 Of tic ahoyo commodities. Bono
would hayo in value; eoue would have declined;
but taken In tho average, Tue change would havc ben
much less than Ia the ktu8le commody Of gold. Pay
ent In thls way would 10 nure equitable than in thas
now prevalent. Tlis standard, which Il called tho
hbuAr standard OF yauo by political economists, doos
no. present much practca dincuity, and IL worth
ors serious confederation than over before, In faco Of
Tho indications that tho Yield Of the precious tnctas Is
shout to 10 greatly increased and their relative value
disturbed and altogether altered.
TIE GERMAN DEMAND Foa GOLD.
An order for gold from tho 0ormAo 0overnment
which ha2 Cc&n postponed Tor some time IL Sha hoPU
That ths foragu arrivals would be suiciant 10 moot
ihs requirements, tias to-day boeu completed by tho
Withdrawal Of C17oooo from ths bauk aud further
sum from = private store This forced export Of
bullion 10 Germany, with tho object Of aa.AbllshinR
thezs gold currency, must have cost that country
already no Uncomfortable autn; yet IL We rightly
spiormed hsFs Il no batter prospect Of tban
when the currency reform Was decided on, At tho
present moment ucrn1n gold rclchynAEfs would be
In couss Of importation to this country II II wcfo not
for the freight and insurance, which just atso.h
Tho prpht Which tho business would otherwise yit!.
There being such impeachment 10 their ezposistuE
to naghhoEng CoatlAsntAl atAle4, considerable
amounts have found thef Way 70 the Trench aud Nal.
giuR frouigrs, which will doubt. circumstances
permit continue thals journey aud bo melted
down and reaod 10 the German Government iu bars,
This u tbs difficulty which Franco gu oue occasion
had To deal with Whsn premium being pAd hero
for gold for export to Nspoeons were t.le1 uus
Of thA bank OF France aua melted ana sold to tbs
axsnta commissioned to obtain tho required supprS.
Tbs bullion de1lezx linus managed for tta to niAko
Asnsn pront On tho operations. Much tbs sAme pro-
caas noH going ~ regards Germany but with the
dlfarcnce that shtss II chronic Adyvrs0 balance Of
trade to - dealt with In hor eso sna how this IL 10
ba susmouAked In shs present state ok tho internal
sds ot that country oue u II l<t to undsrstaud.-
tsHaHetat aFtlef<, Le'don Itn<s, Ftb. 3.
10tEAAkE1T AuGNH.