The Caucasian. (Clinton, N.C.) 188?-1913, 1893-02-02

disastrous. To make the evils of
snch legislation understood it is
necessary to review some of the facts
relating to the production and use
of gold and silver as money.
THE GOLD FIELDS OF CALIFORNIA
AND AUSTRALIA.
The great gold fields of California
and Australia were extraordinary.
No similar discoveries had been made |
since the placer mines of Spain and
Italy were exhausted, more than IL
800 years ago. No other similar gold |
fields are likely to be found. Gold |
placers are easily discovered because
they furnish abundant evidence of
their existence in the gravel and
sand of the beds of the streams
which drain the country where the
mines are located. The world has
been sufficiently explored to remove
all reasonable probability of another
California or Australia, unless it be
found in the interior of Africa
where the daring prospector has been
unable to explore. The placers of
California and Australia are about
exhausted; and the world must
hereafter obtain its supply of gold
from silver mines where that metal
is found in combination with silver;
in the gleanings of the old placers
fields, and in the few vein mines
containing gold.
FULLY HALF THE SUPPLY OF GOLD
DERIVED FROM SILVER MINES.
It is estimated that in ordinary
times, and in the absence of such
gold pIacers as were found in Cali
fornla and Australia, fully one-half
of the supply of gold is derived from
the silver mines. If silver mining
were not prosecuted, the supply of
gold would be reduced fully one
half. The attempt to maintain a
gold metallic basis is about as
revolutionary as the issuance OF the
French assignats and other unlimi,
ted issues of paper money. Colo
never was and never can be used by
the great mass Of the people as mon
ey. It's quantity is too limited. 1t
function has been and must be t.
supplement silver for reserves il
banks and moneyed institutions; no
to be used as a general circulating
medium.
RATIO OF PRODUCTION OF GOLD AN
SILVER.
: What would have been the condi
l tion of the civilized world for th
, $50 years preceding 1850 if gol
'' had been the only money meta
u During that period more than thirty
e two ounces of silver were produce
t from the mines of the world f(
o every ounce of gold. If the coinag
} ratio had followed the ratio ofprodut
/ tion, IL would"ils.Te lcqdiled tnirt
Il u two ounces of silver to be equal
u u value to an ounce of gold. But tt
d coinage ratio in Europe at no tin
= exceeded 154 ounces of silver to
u ounce of gold.
:, UTTER DEMONETIZATION OF sILVI
r, WOULD STOP SILVER MINING.
~ As before stated, the weight
er silver produced during the peril
Id mentioned was more than thirty-t,
ne times greater than the weight
IN gold, and more than double t
4 value of the gold produced. Assu1
~ ing that one-half Of this gold cal
aS from silver mines, the rejection
to silver, which would have closed
as silver mines, would have cut off h;
m of the supply of gold. But if t
ho output Of gold was only one-half
n0 l., the value of the product of silver,
Oh one-thlrd the aggregate of gold a
silver, the demonetization of silv
he which would have stopped sill
Of mining, would have cut off half
YER supply of gold, and the gold p
he duced during the period named wo1
ol- have been but one-sixth of the
he gregate of the gold and silver VIII
,39 was actually extracted from
of mines.
ms. CIVILIZATION DEPENDENT VI
ar PRODUCTION OF PRECIOUS META
gal Could modern civilization b
W been achieved if che production
uiii the precious metals had been redu
:, fve-sixths? Would it have b
ght possible to distribute so small
1or amount of gold among the masse
neo the people, or would the gold b
ent been confined to the rich and
i IL great mass OF people deprived
,in. UNI money?
PROSPECT FOR THE FUTURE UN
GOLD STANDARD.
be- If the gold standard would
| he been disastrous in the past, wha
ont the prospect for the future?
gold fields are about exhausted
Sill the relative production of the
tba metals will soon assume their mol
re- proportions. There will be at
cas- So of silver produced to 81 of
to on the ratio of 16 to /. The las
tbe port of the director of the
,nch shows how rapidly we are appro
s1 ing former conditions which
NAV interrupted by the gold from Cal
is. MIA and Australia.
5 of NEW ERA IN SILVER MININ,
de, For several years after 1850
llteo value of the product of gold
as, many times the value of the OF
liteo of silver. But the discovery Of
coin, Comstock inaugurated a new e.
aees' silver mining, since which time
De product of silver has increased
1eots the output of gold from all sol
nvoo,f from, tho silver mines