The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1895-12-28
GOLD PROSPECTS.
Plenty of Material for Sound Money In
Sight.

Sight.
More than a year ago the London
Statist predicted that the increased out
put. of gold in the world would soon
cause a general advance in prices and
greatly stimulate trade and industry
in all commercial countries. At that
time sir. Preston, the director of our
mint. took a like view of the prospect,
though he was cautious and conserya-
tive in his expressions as became man
in his official position.
This year Mr.. Preston expresses him
self more freely, and, indeed, with con-
siderable enthusiasm. The main facts
which he has to report and upon which
he bases his favorable predictions are
these: The production of gold is rapidly
increasing. A few years ago 1t was
only about $130,00o,O00 year for the
whole world. During the last calendar
wear it was S1s0,000,000, or more than
in any other year of which we have any
record. This year the output he esti-
mates will reach S200,000,000. This in
crease is due in part to the recent de-
| yelopment of new fields, especially in
South Africa, but quite as much, per-
haps, to the discovery of processes by
which ores which were formerly value
less can now be reduced at profit.
The new fields promise to be prolific
and the new processes, of course, have
come to stay. Hence the prospect OF
continuously increasing output for
| years to come.
Mr.. Preston is especially enthusiastic
over the prospect for this country. AS
late as 1892 the product of our mines
was only $4,000, 600, which was about
the same that it had averaged for ter
years, and in 1893 twas but little more
49,, 000, 900. But last year it rose tc
S39, O00, 900, and this year he estimates II
at S46,O00,O0O. AS to the future Mr.
Preston says he believes "the gold pro
ducing capacity of the United States !:
destined to astonish the world" Speak
ing of recent visit to the mining re
Lgions he said: 81 may be too enthusi
astic on this subject, but made ever,
effort to get at the true condition O
affairs there, and 1 am convinced tina
there will be such a flood of American
gold within the next eight or ten years
that the price of the metal will depre
ciate instead of approaching"
Mr.. Preston means, of course, tina
the value of the metal will fall instea'
of rising. It's price, being stated il
terms of gold, will necessarily remain
the same-$20.67 plus of our gold coil
per ounce of gold 1000 fine. But tn
value will undoubtedly fall, which !
the same as saying that the average o
commodity prices viii rise if the pres
ent annual output is maintained for
considerable time, and still more if tina
output goes on increasing as it has don
. for the last few years.
At this rate of increase we will hav
an annual product of $500, 1000, 900 in 81
/ years. The aggregate product for fl
teen years from the beginning of the re
, cent increase may exceed So, 500, 000,o0'
or considerably over one-half more tina
, the aggregate output for fifteen year
, after the mines of California and Au:
tralia began to be- largely productive
With so large an addition to the world
stock commodity prices must rise an
booms must flourish. According
present indications, the world will nc
go to ruin very soon for lack of suff
; cient supply of gold to serve as til
standard of value.--Chicago Chronicl
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