New-York tribune., 1877-08-09
THE FUTURE OF GOLD.
MORE THAAHALF THE SUPPLY GONE.

a SINGLE GOLD STANDARD INENPEDlENI-AN
INTERESTING BOOK.
An eminent German geoloCist. Herr Edward Suess,
Professor Of Geology at the University of Vienna,
and widely known throughout Europe for his scien-
tifc works and researches, has recently published
remarkable book entitled "The Future of Gold -
"Die Zuknnf. dcs Golde" Ii is much more than
a mere collection Of facts specially relating to
the production OF gold. for it aims also to supply
unquestionablc deficiencies in our prcvious knowi-
edge concerning the matter of money. and TO apply
10 economic phenomena certain natural laws formu-
lated with scientific precision in the work in Ques-
ton.
As a peo!os.ist and mneraicgis, of authority, Hem
Suess asserts positively that the total production
of cold from the rcmOtcst epoch known 10 the pres
ent time has not been large enough TO authorize the
universal establishment of the single gold money
standard and that mankind is in far greater danger
of an ultimate c0id1Gmne than OF the exhaustion
of the coal beds Of the earth, was once alPeheh
sively considered possible. The existing stock OF
gold. coupled with that which may continue to he
extracted taken at the maximum that may bc rea-
sonably Anticipated Professor Suess mentions is OF
so little magnitude relatively as 10 excite the IA
tional fear that there will not be enough goldIorthe
cxigencies of future generations. To reach Tins
concusiou-f0T il Is positively that with the ITO
fessor-hc asserts that one has only 60 examine
closely on tac outside the extent of The present ana
prospective demands for gold, and on the other the
cuara cs Of production Afforded by the mines ana
fields now operated, together with thcPromse which
geology holds ont with reasonable assurance, oI hc
discovery Of new mines adequate 10 thc maintenance
of proper supply Of the essential precious metal.
And upon these material points the work Of this clni-
nent German sarGat is particularly interesting and
instructive.
He asserts that the mines Of the precious metals
arc simply magazines marking the geological trans
formation of icir component matter in the superb
cal strata of the earth accessible TO man; aud
these several stratas containing the precious metals
he subdivides OF distinguishes into three classes.
The first class contains gold ard silver, minutcly
scattered through the rock and this is the earliest
condition. In this class occur deposits of gold
blended with platinum and other metals IN
metallic stage. such as is found at N1n-Iapu III
the Ural Mountains. This particular cold-bcaing
stratum is rare and 50 insignificant in its production
that il is really otto be taken into consideration in
estimating the metallic resources for the worlds
monetary system. In the second class Herr Suess
places the seams or fssures which have been
wrought by volcanic action, 10 which class belongs
the so-called "bonanza7 of Nevada, the lodes or
veins of New Granada and of the Capathan
Mountains those of Victoria, of Queensland, and
some of the gauge of New Zealand.
As for the third and last class Of sources or depos-
its Of the precious metal, rather of gold il has It's
origin in chemical alterations and mcchamca dis
placement Of strata or beds Of the metal formerly
contained in the interior OF mountains affected by
water and the air. These two powerful transform
ing agents have in time, dccomposcd the Older
strata carried them away 10y meansof water courses.
and formed those beds of gold and platinum bearing
gravel and alluyun which constitute the great gold
fields OF California Australia. NewIealaud and tie
Ural They are mined by hydraulic processes.
Hem Suess estimates the total production of gold
for the quarter Of a century ending with 1915, at
lG.SOI, 100000 francs (S3,240.o00.0G0l. Of which
14,7S3,O00OO0 francs were supplied from tie a.lu-
vial OF placer mines and the remainder 2.o2l ,0u9-
600 francs .SS91, 100000, was derived from all
other sources. Thus it is this last class Of gold
sources which must play tie decisive part in the
supply of gold in the future Upon ills point tie
demonstration of the German gcologst is this:
From an geological revelations the production o. gold
must essentially deend upon those parts OF the c,i
sSl6 syc f., ,iTr the ssas oceans and Likes m,
stepues salt watoylcs- deserts and regions covered uy
Polar ice AID rial snow and deduct tic ground which
fnco 1 l he period 3hcH HSms,s H. sunk sl9;is in lie
Ak.ta the Coldncd Of that epoch we mus; necessarily
than hair Of tie quantity Of gold which coud possibly
be extracted from the earth 10y any means yet known
has already come into tho hands Of inau.
There is also reason for expecting this exhaustion
of the supply to be reached all the speeder because
OF the immensely greater scale and improved pro
cesses by which mining is carried on, and the
great depths that are reached. Consequently
the period when the production Of gold shall dimu
ISL in permanent manner and degree is relatively
approaching; and il must unayoidably happen ac
cordng TO Prof SucSS, within several centuries.
Therefore he maintains that, il proportion as gold
shall become rare il viii be Impracticable for il 10
maintain itself IN the money function with which it
has been invested and it viii have to be replaced.
On the other hand, 1t is entirely different in
mountains with respect to silver. 1t is true he
admits that this metal is in great part extracted
from veins formed by eruptions; but such veins are
so numerous aud 50 large, aud, relatively, 50 much
richer in the mass that the supply may be far more
confidently expected 20 stretch forward into Il re-
mo1e future. Moreover a very great progress Is to
be anticipated In the processes and means 81 extract
ing this metal from its various ores. From those
and other reasons this dispassiOnatc scientific inycs
tlgator concludes it TO he wholly ineNpedient 20
adopt the single gold standard generally in Europe;
and in fact looking 10 the relative rarity OF mines of
gold il were convenient, he suggests to rcnouncc
that metal as q circulating money medium. BE this
as il mav tho wori, of distinguished geOloEist
and political economist Is a most valuable contribu
tion to the subject and the questions embraced.