Pine Bluff daily graphic., 1895-11-17
GOLD PROSPECTS.
Plenty of Material for Sound Money in
 Sight.


 Plenty of Material for Sound Money in
 Sight.
 More than 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 Mir. Preston, the director of our mint, took q like view of the prospect, though he was cautious and conserva- tive in his expressions as became man in his official position.
 This year Mir. 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 it was only about $130,000,000 year for the whole world. During the last calendar wear it was $1s0, 100000, or more than in any other year of which we have any record. This year the output he esti- mates will reach $200, 100000. This in- crease is due in part to the recent de- velopment 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 a 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.
 MT. Preston is especially enthusiastic over the prospect for this country. As late as 1892 the product of our mines was only $33,000,000, which was about the same that it had averaged for ten years, and in 1893 it was but little more, S35,000,000. But last year it rose to $39 100000, and this year he estimates it at $46,000, ,000. As to the future Mir. Preston says he believes "the gold pro- ducing capacity of the United States is destined to astonish the world" Speak ing of recent visit to the mining re- eions he said: s.I may be too enthusi- astic on this subject but made every effort to get at the true condition of affairs there, and 1 am convinced that there will be such flood of American gold within the next eight or ten years that the price of the metal will depre- ciate instead of appreciating.
 Mir. Preston means, of course, that the value of the metal will fall instead of rising. Its price, being stated in terms of gold, will necessarily remain the same-$20.67 plus of our gold coin per ounce of gold 1000 fine. But the yalue will undoubtedly fall, which is the same as saying that the average of commodity prices will rise if the pres ent annual output is maintained for q considerable time, and still more if that output goes on increasing as it has done for the last few years.
 At this rate of increase we will have an annual product of $3o0,o0o,000 in six years. The aggregate product for if teen years from the beginning of the re- cent increase may exceed S3, ,500, ,000, ,000, or considerably over one-half more than the aggregate output for fifteen years after the mines of California and Aus tralia began to be largely productive. With so large an addition to the worlds stock commodity prices must rise and booms must flourish. According to present indications, the world will not go to ruin very soon for lack of 0 su1fi- cient supply of gold to serve as the standard of yalue-ChicaVO Chronicle