The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-12-18

other gold organs. This great in
crease in the gold production" we
quote from the Philadelphia Times.
cannot fail to have stimulating eff
feet upon business everywhere"
Surely if gold depreciate to any ap'
probable extent as the result Of the
will be great, but we cannot accept
the roseate views of Mr.. Preston.
The increase in the production of
gold has only been marked in the last
few years. The last decade showed a
gradual increase from an average an
nual production for the years 1S81-85
Of 500, 10000, which period marked
the smallest production since the dis
covery of the gold fields Of California
to $l23 4S9, 600 in 1889 and $l18 S49, 900
in 1890 Since then increased produc-
tion has been more marked, $3.50, So
coo for 1891, STAG, 298, QUO for 1892, $751;
22S, 900 for 1893, and $lS4, 100000 for
1894. These are the figuriS given by
Mr.. Preston, and for 1895 he estimates
a production of over 100000, O00 This
is the increased supply of gold as Civ
en- by Preston and spoken Of as the
foou of gold,' but in accepting these
figures it should be rememberd that
Mr.. Preston has every incentive to
liberalty in his estimates.
But assuming that Mr.. Preston has
not over-estimated the production Of
gold, is there ground for belief that
the place from which silver has been
driven and is being driven, will be
readily filed by the increased produc-
tion of gold, that money will become
more plentiful in an appreciate de-
gree, that gold will depreciate and
prices rise so as to stimulate prOduc-
zion?
We fear any one basing hopes of re-
viyal on this increased production OF
gold will be doomed to disappoint-
ment. Those who follow Mr.. Pres ton
tell us that with the increased supply
Of gold, gold will depreciate, but they
overlook the fact that with increasing
money must also increase, SO that
even in the face of increased prod uc-
tion gold may even appreciate. The
stock of gold money in the world is
about $4,000, O0O, 600 Of the estimated
production of 100000. 900 of gold for
1895 at least $5O,OOO.O0O will be re-
quired for consumption in the arts.
This is not an over estimate, Mr.. Pres
ton himself, estimating the conSump-
tion Of gold in the arts for 1894 at
$52, 1876. Therefore by the most
liberal estimate there will be avail
able for coinage not more than $780,
900. 600 of gold, so that not taking into
account abrasion and loss Of gold coin
in use, the stock Of gold money will
not be increased by more than $780,
0vO, 100 per annum, or by less than
per cent. 1t follows, if population in
creaseS at like rate, the demand for
money will be equally increased, and
so we might have supply Of gold in
creased per cent, demand increased
per cent.-reSult, no change in the
value of gold.
But in hastily jumping at conclu-
sons gold-monOmetallists overlook an
even more important fact. They pro-
pose to destroy all the silver still in
use as money Of ultimate redemption
AS such silver is discarded, demand
for gold will arise to take it's place.
Instead Of 81 900, 000 900 of gold and
81. 00O, 100000 of silver to start with,
they propose to rest the business of
the world on but 81 200. 600. 900 of gold
alone. -Four billions of silver which
we might use as money being discard
ed, there is double the demand for the
four billions ofgold made TODD double
duty, resulting in increasing the pur-
chasing power Of gold 100 per cent,
and causing prices to drop one half.
A void of $4,CU0,O0O 900 of silver either
discarded or to be discarded if the
gold-monometallist have their. way,
must first. be filled with gold before
the $3.50, 100000 Of gold that Mr.. Pres
ton assures us will be available for adj
ditiOn annually to our stock of gold
Can commense to meet demands made
by an increasing population for mon
ey and thus maintain prices. More
than quarter of century must the
miners of Colorado and the Transvaal
toll ere they can ill the void that
would be caused by the final and abSo-
lutte demonet Zation of silver, even
should p pulation remain at stand
still and the demand for gold not
thus increased.
The addition of $780, 900 annually
to the worlds supply Of gold, which
will be absorbed as fast as added by
the increasing demand of a growing
population. will not suffice to give us
renewed prosperity. 1t is the addition
of s., 000, 900. 900 of silver to the stock
of money Of ultimate redemption
that we must bring about efore we
can establish ourselves on the road to
prosperity.
Remember-has three (3) qualities: l.