The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-23

Il ItTIUQ SOlu. silver.
isSi-ss.. 5 years gears .isS. as as. 400 400 1c, "a, oss 40 4oe
1860. Is years...... lis, 2l7.3l0 9,sS7, SOC
lS66-93, ~ years......l11, 0O2,So5 100, 391, $50
1858. s years. ~. 124, 039, 162 1863. 944, $50
1898, 3 years.....1 42, 667, 1866 1877, 190,666
The stimated output of gold during
1894 is $1S2, 330,010. The value of the gold
mined in 1893 was $15s, 3SS, 923; in 1892,
$145, 567,1sS. and in 1891. 1929, 936, 477-a to-
tai of $616, 222. 54S during the past four
years. The largest output of gold in
any previous four years was in the
height of the production in California
and Australia, 1852, 1853 and 1S54-$565,-
5000. Thus the output of the last four
years Is 50,575,000 in excess of the largest
production in any previous similar
period. The statistics of the worlds
coinage Of gold would indicate that
quantities of that metal which nave
been used as ornaments or boarded, par
ticularly in India, China and the Orient
generally, where it has not been used
for a circulating medium, estimated by
DR.. Sootbeer at 5000, 900, 900, has in some
degree been restored to the m
of the world. No longer ago than 1886
the worlds gold coinage was but $685.
600. 900; in 1891 it was $119, 600. 900; in 1892
1t rose to $172. 900, 900. and in 1898 to $780,
900. 900. or $74, 600. 900 in excess of the out
put of the mines for that year. The
aggregate output of gold during the
t~wenty-four years ending with 1894 was
2,826, 1928. 900; for the thirty years end
Ing with 1870, 81, 959, 924, 600; for the thirty
years ending with 1910 it was only $685.
653. 900.
Does not the value of gold advance or de-
cline as the product of the mines increases
or decreases?
Undoubtedly, if the increase or de-
crease should be very large; but there
are other considerations which should
have weight. For instance, Mulhall,
author Of the Dictionary of Statistics,
issued in 1890. says that the banking
facilities of the world have increased
e~leven-fold since 1910, which has econo-
mized the use of actual money meal
cuiably. The telegraph, the ocean cables
and the rapid mail trains have made it
possible to use money three or four times
where it could be used but in one
transaction forty years ago. All large
commercial transactions are performed
by means of checks and drafts. MAX
ing coin or gold a mere measure of value
like a yardstick. In effecting the billions
of c%learings made by the banks in the
United States only about s per cent. of
the total amount in cash is required.
The Controller of the, Currency, by re-
cent inquiry, learned that in 1856 differ
ent points in the country 81 per cent.
of all the payments in the retail bust
ness were made by check. and in the
north central States, which include In
diana, IS per cent. of such payments are
thus made. These checks are largely
settled by the banks through clearing
houses without using a dollar of gold or
it's representatives. Again, a careful
statistician has compared the interna-
tional of the United States,
Great Britain, France and india, which
embrace 40 per cent. of the worlds trade,
for two periods of five years each, with
the following results:
Movement of Movement of
Period. merchandise. specie.
1S6c-64 .........s SIS, 56s, 7sS. 2l3 sS.l43, 65e, 2I
1SS6-9O .......... $500, 52S,5S6 2,77, ,7S3
That is, during the years 1S61-64 it
took II per cent. of specie TO make the
international exchanges of four coun-
tries, while during the period 1sS6-9O only
71a per cent. of actual money was re-
quired. 1t took 1926, 321 ,4ss less specie to
make the exchange of nearly twice as
much merchandise during the latter
period than during the earlier. Com
pared with the first period. about $780,
900, 600, 900 of merchandise was moved
without the use of a dollar of specie.
During the first period the aggregate
output of gold and silver was 49,, $780,
600. and ST, 2S4, 291. 600 during the last.
If the product of gold mining is short and
not keeping pace with the increase of the
population and business of the world is not
gold of much greater value now than 1t
was twenty-five years ago!
This question is practically considered
in the answer to the first. Consider
ing the improved mechanism for econo-
MIXING the use of money, the increase of
gold during the past ten years is keep
ing pace with that portion of the worlds
business in which gold alone is the
measure of values.
Suppose all the nations of the world should
adopt the single gold standard, what do
you think would be the result?
It is not even possible that such a sup
position could become a realization. but,
assuming that it could. it is probable
a basis for the worlds exchanges-a re-
sult which would lead to the apprecia-
ton of gold to the detriment of values.
The drift of opinion to-day among the
commercial nations is toward internal
tiona bimetailism. Taken by popula-
ton, 1924, 500, 900 people have a single sill
yer standard, 1874, 400. 900 the single gold
STANDARD and 331. 700. 900 a double stand
ard. At the close of 1894 the gold money
af the world WAS aStimat ad at 81 125 100