New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-03
THE SUPPLY OF GOLD.
ENTIRELY ADEQUATE TO THE WORLDS
GROWING WANTS.
FACTS AND FIGURES TO SHOW THAT INTER
NATIONAL gIMETALLIsTs OF 1873 MUST
LOGICALLY BECOME GOLD MONO

LOGICALLY BECOME GOLD MONO
METALLIsTs IN 1896
To the Editor OF The Tribune.
Sir: The reasons that prompted the bimetallsts
about twenty years ago at the time OF the discus
sion and passage Of the Bland bill. were, accord
ing to their own presentations
First-The conviction that the then recent de-
mone,ization Of silver would eventually suppress
It's use in the monetary service II not over all the
world at least in the god-standard countries: and
that such suppression would. in the language OF
Baron Rothschild amount to ver.table destruc-
ton OF values without any compensation
Second-That equity requires that the unit with
which a man pays his debts shall possess as near
possible the same purchasing power at the ex-
piration Of his contract that Il had at its incep-
ton and that the ruling out Of silver would neces-
sarlly work inequality and injustice as to contracts
extending over long periods Of time
Third-That unless the new supply OF gold. AFTER
the demonstration OF silver sufficient to sat
sfy (a) the annual requirement for arts and manu-
features: % the and tear OF coinage. losses
by shlpwreck. etc. ard (c) the new wants arising
from the increase Of the worlds population and
the extension of its industry and trade-whch re-
quirements were estimated by competent experts at
S2l0OD.00 less xGCCOrD in silver for the worlds
subsidiary coinage say net S500Oco annually to
be supplied In gold alone-pr.ces would greatly de-
cline to the detriment or the producing u'otoi
classes.
For the ten years iSl-lsS) the average annual
production OF gold was sil5O0cC0 and OF silver
little under 81 10000 together S07o0Ooo: the an
nual deficit OF gold below the sl5o0c,co required
for the worlds wants. above stated. stood there
fore at Ss5.ooOcO.
We shall not stop here to discuss the situation OF
the worlds finances since 1873. except TO call atten-
ton to the fact that during the fifteen years from
no i0p ~
averaged sl2s.0ocDo a year. and that during these
same fifteen years the banks OF France. England.
Russia. Austria and Germany together added the
vast amount OF S75.oo0oo To their reserves OF gold
100000 average per annum large portion OF
which increase drawn from the United States
Against this withdrawal of y55.ooo.cco from the
worlds circulation mus; be Offset Seoo0.coo OF sill
Yer added to the currency OF the United states
under the Bland and Sherman acts. and which the
Treasury is obliged by law to maintain at parity
with gold. Had these laws never been passed this
country would not have exported large part OF
the gold 1t subsequently lost.
We will now consider the present position OF af-
fairs in 1896.
First-The characterization acts OF 1873. etc. have
not as was apprehsnded. suppressed the use OF
silver as money In any part Of the world They have
Only suppressed such as TO the new silver pro-
duced subsequent TO those enactments But me
world has continued to use SooU'Vu OF ne" st ,ed
states has coined s5oOoo.cD under the band ana
Sherman acts. ,,, -,
S.cond-The gold product Of the world (Which had
been averaging $lf.OOUp0 "A year during the nfteen
years lssl-lss4,. had raised 10 s9NcCv IN me year
1895 and promises 10 exceed S225 Cp.H in lSS. ana
To 20 on Increasing progressively hereafter Cd
serve sr1 OF gold alone In 1896. against WV
o.. 90 OF gold and silver together per annum during
lS--lsSO II We consider that t50.OtCcO Of silver
wear is still employed for subsidiary coinage. We
metals available annually for the various new
wants Of the world. against sS1.pO.o per annum
produced in ls1l-iSS0 As the annual requirements
for the whole world have been placed by careiul
experts at 500 60 go OF the precious metals the
world is therefore adding to its supply about 500
co 1.pD more gold than ls needed 10 keen up the
parity OF prices. the blmeta theory. ana 10
prevent the much proclaimed injustice or the debtor
and agricultural classes.
In addition to the above. we must bear IN NINA
that a part OF the vast accumu lations or soid py
Russia and Austria will before long be sent back
into circulation upon the resumption or specie pay
mcnts thereby inducing an imitation IN those coun-
tries analogous 10 what was experienced In thr
United states In lS,9lSSl after the Treasury had
resumed payments in gold -, ,..
as not only adequate TO supply the world
wants but promising a gradual imitation or
prices the effect OF which must be TO remove the
discomfort now prevailing without being open TO
the fatal objections moral political ana financial
attendant upon the proposed coinage or silver at
IN rio greatly I'm excess Of its bullion value.
IL seems therefore only fair TO claim that all the
arguments which led the bimetallists OF Europe
and America to demand the joint coinage OF gold
and silver twenty years ago. are satisfactorily met
a. The present day by the production OF gold alone.
And the necessity for the coinage of silver so as
10 secure Justice to the suffering agricultural and
debtor Classes no longer exists.
New-York. Nov. ?. 1856 PETER MARIE.