Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-11-09
GOLD PROSPECTS.
Plenty OF Material for Sound Money In
Sight.

Plenty of Material for Sound Money In
sight.
More than n year ago the London
Statist predicted that the increased out
put of gold in the world would soon
cause general advance in prices and
greatly stimulate trade and industry
in all commercial countries. At that
time Mr.. Preston, the director of our
mint, took n like view of the prospect,
though he was cautious and conserva-
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 it was
only about $13o,OOo,0oo year for the
whole world. During the last calendar
year it was S1s0,00o,000, or more than
in any other year of which we have any
record. This year the output he esti-
mates will reach $200,000000. This in
crease is due in part to the recent de-
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.
Mr.. Preston is especially enthusiastic
over the prospect for this country. AS
late as 1892 the product of our mines
was only $33,000,00O, which was about
the same that it had averaged for ten
years, and in 1898 it was but little more
$35,000,000. But last year it rose to
$39,000,000, and this year he itimates il
ut $46,000,000. AS to the future Mr..
Preston says he believes "the gold pro-
ducing capacity of the United States is
destined to astonish the world" Speak
ing of q recent visit to the mining re-
2ions he said: 81 may be too enthusi.
astic on this subject, but / made every
effort to get at the true condition OF
affairs there, and L 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.
Mr.. 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
value 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 d
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 S3OO,oOO.O 900 in six
years. The aggregate product for fif
teen years from the beginning of the re.
cent increase may exceed So, 500, 900
or considerably crer 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 tc
present indications, the world will not
go to ruin very soon for lack of suffi'
cient supply OF gold to serve as the
standard of value.-Chicago Chronicle