Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-12-13
The Worlds Gold.

A formidable movement of New
York bankers in the interest of the de-
monetization of silver leads TO a new
discussion of the necessity or useless
ness of double standard, or, in other
words, the employment of both gold
and silver rs the basis of money circu-
lation. II an article of intrinsic value
be vital to the stability of our currency
to prevent injurious fluctuation, it is
desirable that the recognized standards
shall exist in quantity as nearly COM
mensurate as possible with the bulk of
the circulating medium. The Ural
Mountains, Australia and the United
States are the most productive sources
of gold supply, the first yielding $780,
100000 annually, the second S37, ,000,-
600 and the third 100000. Prior
to the discovery of the rich mines of
the United States the total production
was only SOS, 200, 900 per annum. The
fever for gold hunting, which was ex-
cited by the finding of the great mines
of the Pacific Coast, rapidly increased
the yearly production, until in 1850 il
reached over S120, 000,0 900, and five or
six years later gold bullion was mined
to the extent of the enormous sum of
nearly Sl85,000,0O0. This was the
largest yield of any one year.
and since production has gradually
fallen away, and seems 10 have
finally reached an equilibrium of
about 800, 100000 per annum, nearly
all of which is found in the three regions
named. Now, if this represented the
actual yearly increase in the volume of
gold which is used as the basis of the
currency of gold-using countries, it
might serve, unassisted, every purpose
as standard. But the fact is, this
production does little more than sup
ply the place of that which disappears
from circulation as money annually by
loss and wear, or metamorphosis into
the articles of commerce.
A few years ago some English statis-
tician, after a careful investigation, es-
timated the yearly loss of gold coin to
the British Treasury was at least 45,-
0O0,0 sterling, and, calculating from
this basis, the loss to the world must
amount to nearly the total production,
and therefore little addition to the bulk
of gold in the treasures of all nations
can be expected. 1t is true that new
mines may be found. 1t is not to be
supposed that there are no undiscovered
regions rich with auriferous deposits.
But against this are the uncertainties
of discovery, with an almost certain
decrease of the present production.
That there has been large increase of
the stock on hand during the past
quarter of a century connot be denied,
but this has been due principally to the
remarkable discoveries in the United
States, which in few years doubled
the store. Thirty years ago the entire
stock of gold coin was only little
more than $4,000, 100000. Now it is
800, 800, 900, 900; but the increase was
made during few years, and the past
decade has added little to the stock.
Pertinent to this statement is the vast
increase in population and business of
those countries which use gold as a
standard. The proportion of gold in
store at this time is much smaller in
proportion to the wealth of the country
than it was quarter of century ago
and the rotio is steadily decreasing. A
greater quantity of the metal is used in
the domain of art than formerly. Its
employment as money is being extended
to new fields in company with expand
ing trade, and underlying the whole
question is the self-evident fact that pro-
duction itself is subject to the chances
of discovery. 1t is, therefore, made
plainly apparent that gold alone does
not and will not be adequate to supply
the demand for precious metal as
money, and unless some new financial
system shall be discovered which is
still unknown to any enlightened
philosopher of national economy, by
which money of intrinsic worth may be
dispensed with altogether, the employ
ment of some other metal as an assis-
tant to gold seems Imperative
burg Dispatch.