Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1884-04-15
THE FUTURE GOLD SUPPLY.


One of the very strong arguments adj
yanced by the advocates of a bimetallic
policy. who are the friends of silver, is
the constantly decreasing yield of gold
Also. that the existing supply OF this
precious metal is being continuously and
largely diminished. The statement il
made on excellent statistical authority
that the amount Of gold buried in grave
wards will shortly reach 81, 1000, DOC, 00t
worth. The quantity of gold removed
from sight and use as money, in this and
in numerous other ways cited is pro
digious. The currency needs of the
world are growing larger, and the cor
sumption of the precious metals is con
tinually on the increase.
If the gold dollar be fixed as the sole
standard of value, therefore, it will con
tinually appreciate in value to the detri'
ment and suffering of all debtor classes.
who compose, of course, by far the
greater portion Of the population. So fal
as this aspect of the problem is con
cerned, then, the question is simply one
of fact. If the bimetalists are cor.
rect in the position that the gold supply
is on the decrease, the ills they predict
will follow.
A writer in the New York Herald has
undertaken to controvert the statement
that gold will get scarcer from year to
year, The two points he makes are that
new and productive gold fields are still
awaiting the miners labor, and that more
improved methods Of extracting the ore
will, in the future, give vastly more val
liable results than the old ways of min
ing. He admits that in the last 25 years
the worlds output has decreased mate
rally. For the 10 years ending 1860,
the annual production was SIZE, 27s,-
9S5; for the five years ending 1881, it
was about $llO, OOO, 600. But, notwith-
standing this admission, he very conf
IDENTIFY predicts that this deficiency will
be overcome in the future. and all the
gold we need will be forthcoming.
But with regard to his first statement,
that new fields of great value remain to
be discovered, this is almost entirely a
matter of conjecture. He locates one
group of his supposititious treasure
vaults in South Australia, Tasmania,
New Zealand and New South Wales.
That there is some gold there is admitted,
but that it may be found in quantities
sufficient to keep pace with the ever
growing requirements, is another thing.
The really valuable mines in the prov
ince Of Victoria, Australia, have beer
worked out, and the chief attraction
and most lucrative occupation in those
southern islands is now agriculture,
There are continually eager searchers
there, of course, after new mines, but sc
far no wonderful discoveries have beer
made. The same remarks will apply tt
the other region which is referred to as
bonanza ield-that portion of Soutl
America north of the Amazon river. 1
N gold hunter has ''struck" a rich fine
there, he is yet to make it known to thu
world. 1t would thus appear that tn
monometalist's strongest argument j
really a mere trusting to luck, with tn
chances against him.
As to the second point, the more scien
tific treatment Of ore to obtain its great
est value, there is some weight in this j
the ore could be obtained. By the mod
ern processes more pure metal can be OBJ
tanned from a ton of collaborating quart
than formerly, but the problem is hov
to obtain the rock, and if the writer
first claim of additional discoveries fai
to materialize, the second will be wort
little. The facts, therefore, are altogethe
on the side of the less sanguine reason
ers about the worlds gold. The Heral
writer might fall back on the philosc
piers stone for consolation, but as tn
science of alchemy is not in a very -four
ishing condition, the support of his hop
is rather slender.
49, 4 C-.LI