The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1895-07-19
THE COST OF GOLD.

THE COST OF GOLD.
.Jadssd by the standard Of Cost tho Gold
Dollar II Three-Fourths Flat.
The favorite stock argument of the
advocates and defenders OF the single
gDld standard Is what may be called
'the cost of pfoduetions thsory. ~ IS
It runs about this way: First, that
Kbld Is commodity. the value of
which is governed .nd liked by the
SHINE factors which control the values
OF ali other commodities, to-wit: Cost
OF production and supply. aad deiaand.
Second, that geld would have tho
same exchange value it now has, if it
did not have coinage privileges and
was not used as money. Third, In
Pref. Laughlin's language,
l''1f this explanation Of Salds be kept
clearly In mind, n viii BE easy to see
why government stamp on money
eanhot fix it's value. The stamp, certify
Ing that gold coin contains 23.2
grains of pure gold, is not all that Is
NEEDED to give to the gold an exchange
value; nor is ft even an essential Gold
would have value even if it were
never STAMPED. The stamp is only a
convenience to save weighing and as
saying at every use of gold.'
1t would seem unnecessary to con.
tinually expose this absurd theory,
and yet such course seems unavoid-
able, from the fact that the argument
thus advanced is the citadel of, the
money power-tlie "Iast ditch,"Ias it
were.
Noticing, very briefly, the 'surply
and demand" argumert1 il will be
sufficient to state that, for the past ten
years, We have produced an average
supply of 5000, goo ounces annually,
while the demand for use in the arts
has been about one-half, or 1900, Doc
ounces Annually. With no other '.de.
gold would be worth less than the cost
of productions; but here it is that, the
''demand" for monetary purposes In
tervenes. and by affording an tinlim.
tied market, at fxed price, for all
surplus supply renders it impossible
for any gold to be obtained for use in
the arts at less than its money value
as fixed by the coinage laws. So much
for supply and demand" y
And what about cost of produc'
tion2', -.
". F. Kendrick, of Denver, Col.
says: THE cost of producing one dol
lar coinage value, in silver from some
| of our. great silver mines Of Colorado
has been SO often given at from 3:
| cents to 30 cents that 1 give the follow
ing as the, in most cases, actual, anc
In other cases closely Appropriated
cost of producing one dollar. coinage
value, in gold from a number of OH
great gold mines: Since the first o.
January the cost of producing one dol
lar in gold from the independence
mine is cents; the Victor mine for the
past two years, 29h cents; the Port
| land mine for nine months. including
heavy development work and new. ma
chinery, 50 cents; the Bogart. mine fol
the. month of March, when they frs
Encountered. ore, S cents. the Isabells
| mine Tor the year 1894, including the
expense of labor trou bles, doing devel
| opment work and new machinery, 81 \
cents. The cost of producing gold il
the Union, Elkton, Moose; American
Eagles, Little Johnnie, Tom Boy anc
a Hum Der of other mines. of the
given. Gold is produced from oul
large gold mines at much less cost or
the dollar than silver from any silver
mine eversopened in Colorado . &
Confronted with these facts. oul
gold-bug friends come to the, from,
with statement like this:
''Old miners-men who have hat
from thirty to forty years active ex
perience in gold mining-say that ts
take al the money received from golc
mines and place it on one side of {
pair of scales and take all the money
| that has BEEN expended in prospect
ing and working Improbable mine.
land place it on one side of pair o
scales and very nearly balance would
result" E1jTGCi g !1t p. -.-t :
What nonsense!! Why not apply tn,
same afguhneut to silver? OF HsiR I
all the .frpit1css ehortss expended ana
time wasted in fishing were com
,puted and taken into account insfxins
| the price of fish, none but very ricl
people could afford to eat fish. And i
pended in the RUTHLESS shorts to rails,
W heat, in cases where the crop fails
were added Ito the,price ID the whea'
| thatI -ssraittcsA,.At TO- What's height
! would the price of-wheat soar2 There
is nothing in the gold bugs argume Mt
| kansas City Journal. - - i''ia -
CONE INTO NY PARLoR.
Until the'End of the World There WIN b
GntA