The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-27

OF this was available in 1850. Since
leoo the whole production of gold has
! been revolutionized. In the As wears
from 1851 to 1895, the total production
OF goio has been $3.50, 1882, $50. The
1act Is astounding. In the last As wears
the production of gold has been nearly
twice the total production of the world
IN the 358 years previous to. 1850 While
for silver, the product previous to 1850
was 1883, $4,000, the product since 1850
was only 1886, 080, 85O or not one-half
IN 1898, the. product Of gold was S2O3.-
O00,O00, while that of silver was only
$104, 100000 For 1885, the director of
the United States mint estimates the
product of gold at 100000, 900. This has
never before been equalled
And 1t Is certain that the great out
put from the South African mines will
continue on the present scale for at
least 10 years, thus adding So, 900 900, 900
or gold in the near future. Instead of
gold being scarce, it would seem that
the country wishing to have for it's
money that metal whose total supply
was to be the largest must inevitably
select gold rather than silver Adding
to the existing supply Of So 600 600 600 Of
gold in 1850 the subsequent product Of
$5,o7O, 382, $50 there is total durable
stock of gold amounting to 81, SIC, 1882, $50.
How much has the world chosen to
trader" The director of the mint in
1895, fixes this at $4.068, 800, 900 for all
the countries of Europe, Asia, Africa
and America. But some one may say
the arts consume all beyond this. But
the largest estimate for the annual
consumption of gold in the arts is
$50 DOC, 900 for 1895. Supposing this to be
the rate for the last As years (Which is
quite absurdly high for former years.,
only $2,700, 600, 600 could have gone into
the arts. Adding this to the worlds
monetary demand, we still have a sur
plus of $1.100,000,000 unaccounted for.
Instead of gold being scarce it is diff
cult to find the demand for the total
supply.
But how about other evidences of the
scarcity of gold? The countries of
Europe have been allowing gold to fill
up their currencies and to let silver go.
From 1877 to 1885, the visible stock of
gCld increased, according to Dr. Scot
beer, from 1922, 900 900 to 81. 26O. 600 900.
By examining the reservoirs of gold, [
find that from 1887 to 1895, there was an
increase in the stock of gold Of over so
per cent. Moreover, the gold reserves
behind the paper circulation increased
In 1S71-74 there was 81 of gold for every
$3.50 of paper. In 1885 there was 81 for
every $2.40. In 1898 there was 81 of
gold for about $3.50. In addition to all
this the rate of discount at the great
European banks has been more regular,
fuctuating less than before 1873. And
in the United States, the rate of inter
est on loans Gf that be said to have
any connection with the matter, has
fallen in Western states from II to s,
OF per cent within ten years or more
What is the clearest evidence of the
unparalleled abundance of gold? 1t is
that out Of this abundance the great
commercial states of Europe have been
able to supply themselves with gold
currencies, one after another, and dis
card the heavier metal, silver The
reason why silver has fallen in value
is because the enormous output of gold
has been taken up readily, and silver
has been thrown overheard The
trouble with silver is the abundance
not the scarcity, of gold.
j. Laurence Laughlin