New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-27
TIE Output or GOLD.

There is an obvious intention III Mlnt Dlrector
Preston's elaborate display Of estimates and rea-
sonngs regarding the worlds output or gold
which tends strongly to weaken confidence in his
conclusions Statistics that appear to be laborl-
ously assembled for the purpose Of supporting
A theory are always apt to be distr'lsted. Inc
report in question seems to be compiled with ex-
press intent 10 make the present and prospective
output OF gold appear as large as p0ssiDle-so
large as TO make any addition to the worlds
supply Of silver not only unnecessary, but even
undesirable and mischievous. But Intelligent
people no longer indulge the notion that general
prosperity depends upon the supply OF coin IN
circulation. and Mr. Prestons apparent ac-
ceptance Of the exploded quantity theory as to
money does not recommend his statement.
1t is doubtless true. and fact Of much i'm
portance that the gold Developments In South
Africa and Australia have much Increased the
annual output Of gold, and while statistics on
that subject are never particularly trustworthy,
the want of data renders 1t difficult either to
dispute or to support them. There Is no other
country in the world which has better means Of
getting exact reports Of gold production than
our own, and yet the mint reports have differed
widely from those of Wells. Fargo & Co. If it
is not possible for tie highest authorities TO
agree about the production in this country, where
the best facilities exist for ascertaining the facts
there must surely be great doubt about the pro-
duction in other countries, and particularly from
mines represented by stocks which have been
marketed at several thousand per cent.
The Directors figures given out last May are
substantially those now extensively published,
and the prolonged Journey through the mining
regions and the investigations Of several months,
do not seem to have led the Director to modify
his statement as to 1894 in the least, which Is Of
itself circumstance Of interest. But he now
expatiates most enthusiastically upon the great
increase in gold production this year, especially
in Colorado. and perhaps the owners Of Cripple
Creek mines, and the promoters who have ar
rived in this country within the last month after
setting England and France wild with their
stock jObbing performances, will warmly appre-
ciate the Mint Directors contribution to their
schemes. Such vast loss and waste have resulted
from gambling in gold mines In other countries
that the United States might with reason pray
to be delivered from any share In the business,
but the mint report could hardly have been more
deity contrived 10 lay foundation for q mining
craze here If il had been personally prepared
by the ingenious and audacous promoters from
Europe
The output of gold Is undoubtedly increasing.
but Mr. Preston's estimate that the United
States alone will produce SIJ00OOO more in 1890
than in 1894, and that the world will produce
5000 more, appears 10 be sufficiently COM
mentcd upon by his own remark that 'predc-
"tions rs to the future production Of the precious
metals are always hazardous No one will
suppose that trustworthy information from all
mines has yet been obtained. even for the first
half Of the year and estimates based on the In
crease by those mines which have attracted most
attention because they are supposed to have
increased most largely are obviously liable to de-
feat. But the most important error In the report
is its constant assumption that a yield OF $40
100000 in gold would do vastly more to promote
prosperity in the country than a yield OF S4O,-
100000 worth Of iron ore. or wheat or cotton.
There Is always Il market for the gold, true But
it is always at price, and though unthlnking
Observers may imagine that the gold has at all
times the same purchasing power, the nuctua-
tons in stocks or products sent abroad some
times mark the price Of gold rather than the
prices Of securities and commodities