The advocate and Topeka tribune., 1892-12-28
Germany, which possess nearly the whole
Of the disposable stock Of that metal.

supplies Of gold since lS4S from Cali
fornia and Australia, supplemented more
recently bYnew supplies Of silver from
Nevada, majority Of the commercial
nations, which were ell paying coin in
1e4S, have since been obliged to suspend
such payments. During this time the
metals exported from the suspending
countries, together with current supplies
have barely maintained the level of
prices in the few countries still paying
specie. Supplies from suspending coun-
tries have nearly come to an end, as
there are but three or four commercial
countries left which now msintain specie
payments. The question therefore seems
to be serious one, whether both the
metals together are not inadequate for
the advancing wants Of the world.
During this time only one important
country, Great Britain, has been able to
maintain payments in gold. Such is
still the scarcity of that metal, notwith-
standing production since 1848 amount
ing to $3,215,OOO,OOO, that the pending
effort Of one other important country,
Germany, to establish gold standard,
has precipitated monetary convulsion
throughout the world without example
in it's extent and intensity, and the final
results Of which it is impossible to fore
see, and has inflicted upon Germany
itself an industrial prostration which
menaces the most serious social and po-
litical disturbances.
The attempt of third country, of the
Importance OF the United States, to es-
tablish gold standard, while the pro-
duction Of that metal is still stationary
or declining, will be ruinous failure,
or, if it succeeds, can only do 30 tempo
rarily and through the destruction of
ell the productive interests of the coun-
try. A detailed statement cannot be
made which will show that there is now
more than 81, $1,6O0,0O0,000 in gold coin and
bars in the western world. That the
current supply is not more than the cur
rent consumption, is shown by the fact
that no increase of the aggregate stock
since 1865 is anywhere visible. On the
Sd Of August, 1872, the London Ec0no-
mist published tables proving that the
annual excess of gold imports into Great
Britain over exports, from 1853 to 1871,
averaged 100000 sterling, showing that
amount to be needed annually to keep
up the British stock. On the 10th Of
January, 1875, the Economist reiterated
its convictions.
The annual supply necessary for Eng
land alone is e5,0O0,000.
Five millions sterling for that single
country is one-fourth part Of the present
total gold production Of the world.
At the lowest calculation s3OOOO0OO0
in gold would be required to enable the
government and banks Of this country to
resume and maintain specie payments in
gold. This amount is about 20 per cent
of the entire stock of the western world.
No such draught can be successfully
made upon that stock without causing
ruinous fall in gold prices everywhere.
These considerations should call halt
in the attempt TO chain this country to
metal whose supply, without any demand
from this country, has been insufficient
to prevent the general decline in gold
prices which has been a continuing one
for several years and is still unchecked.