The Vancouver independent. (Vancouver, W.T. [Wash.]) 1875-1910, 1879-03-20
The Worlds Go Id.

The formidable movement Of New
York bankers in the interest OF tie de-
monetization of silver leads TO . new
discussion Of the necessity on usefulness
of q double standard, or, in Other words,
the employment of both gold and silver
as the basis Of money circulation. If
an article OF intrinsic value be y;tal TO
the stability OF orr currency to preyent
injurious huctuation, it is desirable that
the recognized standards shall exist in
quantity as nearly commensurate as pos
sible with the bulk of the circulating
medium. The Ural Mountains, austria
liza, and the United States are the most
productive sources Of gold supply, The
first yielding &20,000,0G0 annually: The
second S31 .000,0 and the third 3d.
100000. Prior TO the discovery Of the
rich mines in the United States Tie total
production was only sos, 100000 per
annum. The fever Of gold-hunting,
which was excited by the finding OF the
great mines Oh the Pacific Coast, rapidly
increased the yearly production until, in
1850, it reached over $3.50, 900, 900, and
five or six years later gold bullion was
mined to the extent of the enormous
sum of nearly 100000. This was
the largest yield of any one year, and
since the production has gradually fallen
away. and seems 30 have iinally reached
an equilibrium Of about Tl00,000,Q99
per annum, nearly all which is found III
the three regions named. Nov, i this
represented the actual yearly increase in
the volume OF gold which is used rs The
basis Of the currency Of sold using
countries, it might serve, unassisted, IS
Il standard But the fact is, this pro-
duction does little more than supply the
place of that which disappears from cir
culation as money annually by loss and
wear, or metamorphosis into articles Of
commerce. 4 few years ago some Eng
lish statiscian, after q careful inves-iga-
ton, estimated the yearly loss Of gold
coin to The British Treasury was at
leas:, .e5,0O0,000 sterling, and cal
culating from this basis, the loss 20
the world must amount to nearly the To-
tai production, and therefore little add
ton to the bulk of gold in the treasures
of all nations can be expected. /, is
not to be supposed that there are undis
covered regions rich with auriferous de
posts. But against this are the uncer-
tainties of discovery with an almost Ger
tain decrease of the present production.
That there has been large increase of
the stock on hand during the past quar-
ter of Il century cannot be denied, but
this is 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, 0OO,-
900 Atpresent it is sos, 5000 100000.
but the increase was made durn. = few
years, and the past decade has added lit
tie to the stock. Pertinent TO this state
ment is the vast increase in population
and business in those countries which
use gold as standard. The proportion
of gold in store at this time is much
smaller i'll proportion to the wealth OF
the country than it was quarter Of 4
century ago, and the ratio is 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 tha, pro-
duction itself is subject to the chances of
discovery, 1t is, therefore, made plainly
apparent that gold alone does and will
not be adequate to supply the demand
for precious metals as money, and unless
some new financial system shall be dis
covered which is still unknown 10 any
enlightened philosopher on national econ
omy by which money of intrinsic worth
may be dispensed with altogether, the
employment of some other metal as an
assistant Of gold Seems imperative
Pittsburg Dispatch.