Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-08-28
The Appreciation" Of Gold

tons from this source, mas no
foundation 10 fact. Ga the con-
trary, gold is vastly more abundant
and more readily o5ta;nable, than
ever before In the worlds history.
Its production and circulation
have increased within thIrty'hve
years more than twenty times the
ratio of lheIncreaSe in the wOlld's
population. This estimate IS based
on actual statistics of production.
About one half the worlds pro
ductlon of gold during the past
400 years has been prOdOced with
II the lost twenty five years.
THIS fact, and the well known in
crease of gold as money within the
memory of comparatively Young
men, completely refute the claim
that gold is and has been "appre'
cialiug." Things or commodities
do not appreciate" when they
become more plentiful.
Cotton has deprecated greatly
in value because the crop has from
year to year largely Increased.
Planters have attempted to secure
a general agreement to reduce the
acreage, believing that by so do
ing, and thus materially reducing
the supply, they could" appreciate"
Its value and advance its price.
The same general law must apply
to gold.
1t would be hard TO demonstrate
Just what relation the Volume OF
stable money has on prices, since
they often decline or advance
without apparent reference to
monetary conditions. Supply and
demaud are more important fac
tors than the volume Of money.
But common sense teaches that no
particular kind of money eau tap
preeiate" IN value when the supply
IS largely increased, as in the case
of gold. Through its large pro.
duction only, silver has deprecated
Aud men now living may possibly
see depreciation in gold from the
same causes.
With the present annual gold
production, and the outlook for
Increased production, it is safe to
say that the output for the next
twenty years will equal the total
product for five hundred years
preceding 1860.
The output in 1894 was about
one hundred and seventy.hve
million dollars; in 1895 1t promises
to reach two hundred Millions
That Is to.say, the world will pro
duce as much gold in 1898 as was
produced in fifty years about the
time America was discovered; or 10
come to more recent years, double
as much as was produced In ten
years from 1921 TO 1880; nearly as
much was produced in tue ten
years 1881 to 1910; One-half as
much as was produced, in the ten
wears, 1S4I to 1850; more than
third as much as was produced IN
five years from 1871 to 1915; nearly
half as much as was produced i'll
five Years from 1881 to 1885; and
double as much lacking a few
millions, as was produced in 1881
Since 1887 the production has been
more remarkable than during any
other period of the worlds history.
r cent gold discoveries III
Africa, South America. Australia
and other parts of the world. are
many of them rich beyond con-
putafion. We are in a gold era,
such as cur fathers, nor even we,
ever dreamed OF.
lnasmuch as more than Que ba
The gold production for four bun
red years has been within the
memory OF comparatively young
men, and lnasmuch as that prOdnc
ZION is In a fair way 10 uOuOie oe
| IRE they beco ne very old men,the
talk about the appreciation" o
gold is very foolish; so foolish, IN
deed. that 1t will not be INDUCED
by we'll informed persons, unless
for purposes of deception. Ther'
Ils the greatest abundance OF golt
IIn all channels of business in tn
great nations OF Europe, and more
than one-thiid of the money OF the
| United States Is gold, enough To-
all practical purposes IT the ire'
silver people should cease to threa
len to drive it out with cheape
mOney.-DOllars, or Wbatf
secretary Smiths Resignation.
/ Hon. Hoke Smith, 3 cretary