Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-08-03

states in particular. il is true also after
making allowance for the amount of
gold used in the arts. Moreover, it is
fact that the yearly output of the gold
mines is increasing instead OF diminish
ing, During the Is years 1ST3-'S7 1t was
about S104,000,0 900 per annum, but for
the next succeeding five years 1t was
$4,000, 900 per annum, and in 1899 1t
rose TO nearly $l3l 100000. We re-
publish the Columbia Journals article
in another column.
AS TO THE SCARCITY OF GOLD.
Columbia, s, G., Journal.
The free silver agitation which has
disturbed this country since the re-
sumption Of specie payments in 1879
has for Its fundamental idea the propo.
stion that there is scarcity of gold in
the world. Everybody is familiar with
this talk about the scarcity and cNnse-
qnent DEAFNESS of gold, and tue resulting
hardship TO the debtor class. The agi-
tatlon starts out with this assumption
and revolves around it.
All of the various nostrums which
have been proposed in the way of
Financial reform" whether greenback
ism, free silver or the sub treasury plan,
take for granted the scarcity of gold;
and, having accepted this diagnosis of
the disease, all manner of financial
quacks hurry TO the front with scenes
IL supply us with "money enough to do
the business OF the country"
But is the diagnosis correct2 Is there
any basis for the assertion that there is
not enough gold to meet the wants of
thcworld? Let us study the facts. The
Hon, Il, Q. Leech, who recently resigned
the dictatorship of the United States
Mint after making a world wide repu-
tGtion as a statistician of finance, gives,
in his recent report on the production
| Of Gold and Silver In the United States"
a statement Of the worlds coinage for
| 1882 e1-+a statement based upon re-
| ports from the lnints of all'the nations
| OF the world. For the three years mem
toned the worlds coinage of gold aver
aged S145, 10000 per year. From this
| figure deduction must of course be made
fol recoinages. The reports of recoinages,
however, are not quite complete; but in
1890 the reports include nearly all the
nations OF Importance, and give the re.
coin5ges as $23, 760, 900; but we shall as.
sumo an average of $25, 100000, which
seems liberal, thus leaving the original
cottages at Sl20,000000 for each year
The worlds stock of gold coir
amounted in 1891 to $3,656, 900, 900, a!
reported by Mr.. Leech to the United
States Senate May Gath, 1899. Now
$l20,000,000 is 81 per cent of 1856,
100000. Will anybody claim that thu
population of the civilized world is in
creasing at the rate of 81 per cent? rs
Inmates made by that veteran stats
ticiau, Mr.. Edward Atkinson, show tina
it Is increasing only about per cen
each year, and it is well known that tn,
population of the uuciyilized nations
which do not need to be taken into &C
count in any case--is gaining at an ever
lower rate. But the worlds business i
Of more importance here than mere
population, and this, too, is certainly
not increasing anywhere near 81 pc
centa year.
| Such are the worlds figures. How i
II with our own? Our yearly coinag
Of gold amounts TO an extremely insig
nifcant addition to our monetary stock
II we should judge from the persisten
clanor Of the inflationists. But let IL
see. The United States mints coine(
last year $84, 7S7 900 in gold. The re
port made about year ago Of the tota
money circulation of this country, OK
elusive Of what was in the treasury
showed our circulation to be 81 500,
100000. x,
: Now, our last years coinage of COL
alone, as Just given, equals It per cen
OF this Standardization. Besides coil
our minis manufactured So, $3.50, 900 i
gold bars last year, which amounte
practically to still further increase {
the gold coinage, since a considerable
proportion OF these bars are exported i
adjusting. trade balances, and thus d
the workicf gold coin. But, taking n
account of the bars, this addition Of .
I per cent Of gold alone to our volume {
/ money isl certainly sufficiently larg
increase for any normal demands
trade. Our population does not increas
, 1T per cont year, and it is more tina
] doubtful whether our business is grow
, ing at an equal rate just now.
/ I From these figures il would apes
] | that Congress could safely repeal th
/ Sherman Law Internationally, then q
/ home and let silver take care of itsel
s for ltmdst not be supposed that 1874
a 100000 is the maximum of our possib
. gold coinage. Indeed, this figure is b.
low the average for the past 20 years.
Q From 1873 to 1892 we coined a
d average Of $3S 100000 a year, and if Ii
{ / free silver men will Only take then
G selves of, and allow us TO compete vii
: other nations for the worlds go
9 product, we shall at once easily increa
1 our gold coinage to $50,000000 yea
C But the silverltes, although they may
# staggered by the statistics of gold coli
n age,iii the world, tell us that the world
4 production Of gold has fallen off. Ii v
1 allow them TO take as the point of cor
ID garrison several of the flush years INN
o | diately following the discovery of go
: III California and Australia, their cIai
Il Is true; but il is certainly not true tn
n thE production of gold is now fallit
d oil. On the contrary it is increasin
Y lrf'or, the fifteen years, 1873-'S7, II
I. worlds average yearly product W
IS $l03, 1925, 900; but for the five years sin
n 1887 the product has been $ll9, 1888 on
o a year; and the product for 1892 rose
e YlB0,Sl6,000, figure exceeded by on
j. five years in the early fifties. La
l. years product makes a formidah
IS showing even when compared with tn
# Of those flush years. Thus the avera
Ie yearly product for the ten years 1856
70 80 was $13l, 49,, 900. figure exceedi
j. last years production by only 81 1861
h But comparisons between these she
vi periods count for less than the bro
5, fact that since California and Austria
K land more recently South Africa beg,
ut production, the worlds output of "a
rs has been enormously increased as col
Or pared with centuries previous TO 49,
m For the 35S years from the discovery
er America TO 1850 the worlds product