Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1880-01-30
The Age Of Gold.

From Q lecture before the "buIlton
Club" OF New York. delivered by Prof.
Benjamin Silliman. the New York
Exchange makes the following synopsis:
He began by referring to the fact that
Nature holds the original sources Of
wealth. and that labor only creates val.
ues, all effort to create them or change
them permanently by human law.mak-
ing being . direct violation OF Q great
natural law. "What Is money!" said
Prot. Siiliman. "Thsre 10 Q substantial
agreement that money IL q common
medium Of exchange among civilized
nations. The choice OF the world from
the earliest time has been either silver
or gold az money. because these metals
demand value: (l) from the labor which
II costs to obtain them; (2) they are
little liable to injury o destruction BY
use or accident; (3) they are readily
divided into coins OF convenient size;
a. their transportation costs only o
small portion Of their value, and (5)
their quantity. although limited. may
always DO increased by mining to replace
the loss arising from consumption and
to meet the wants OF the growing popu-
lstion Of the world. No other known
substances possess this collective group
Of attributes fitting them to be used a.
money. Platinum was tried by the
Russian government some time since
without success. The preference for
gold % o medium OF exchange was
because gold possessed the power to
resist the ravages OF time and the action
Of chemical substances which destroy
silver. The value OF bank notes. checks,
bills OF lading, notes OF hand and other
substitutes for coin 10 precisely In pro.
portion to the credit OF their maker.
Coin sinks into tho character OF bullion
when its purity or standard 10 tempered
with.
At the time Of the discovery Of Amer.
lea the total value OF gold and silver
known to exist In the world was esti-
mated at $40, 900, 900. The total gold
product Of America in tho 50 years from
i492 to l5i5 wal 148. 400, 900. In 1900
the silver mines OF Potosi, Mexico, were
discovered, which were destined to pro-
ducs more than 81. 00O. 000, 900 In silver
between 1856 and 1903. The age Of
gold" wal inaueuratsd by tho discovery
Of gold in California.
The Asiatic absorption OF silver, Prof.
Silliman said, was the most remarkable
Of financial problems. This phenomenon.
acting with the great increase Of gold
during the 20 years following the dis.
covery Of Csliiornia's gold, disturbed
the long. established ratio between the
two metals, and for . time advanced
silver TO o premium in France and other
European countries.
In 1900 the value OF silver to gold
was about IL to /; in 1900. about 15H
to /, while the stock Of silver had been
increased only about Ave per cent.
Prof. Silliman thought that America was
destined to DO the largest producer Of
gold and silver In the world.
In conclusion. he said that both
gold and silver from the earli-
est times have been adopted by
mankind a. tho most convenient mater.
als for money; that gold properly 10
recognized a. the chief medium Of valus,
but that the principal cause Of the dsprs-
citation OF silver was it, demonstration
by Germany; and that upon the precious
metals alone Is 1t profitable to maintain
q bank.nots circulation, and II made NO
matter whether the entire mass Of the
reserve gold and silver vas In coin or In
fne bars. I'VE believe that With .
wise course OF national legislation, the
removal from the United States notes Of
their l-gsl.tendsr quality. and the rsten.
ton Of ample reserves Of gold and ell.
yer, will permanently maintain and
renew the financial credit OF the nation,
and give Us. in the best sesnss OF the
term, the age Of gold"