The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-01-02
MONEY METALS.
The Enormous and Rapid increase tn she
Worlds Production ofGold.

Worlds Production OtGoLH'
Chicago Tribune: Paul Leroy Beau
lieus article In the December Forum
on Conditions for American CONNER
clal and Financial Supremacy" dis
cusses state issues Of paper money and
bImctallIsm. The author says II Is most
surprising to Europeans that the
United States should hesitate TO adopt
tho single gold standard and reduce
silver TO the rank OF subordinate or
subsidiary coin. The market value OF
the silver we produce Is less than half
Of per cent OF the total Of our produce
ton, and to give an artificial value to
such an insiEnnincnnt portion would
compromise all the rest. THAT appears
unreasonable" Our Interests as silver
producers are wholly secondary IN com
parlsOn with the immense advantage oil
adopting the gold currency basis In use
by the chief civilized countries. and
alone suited to the use OF a rich people.
The United States can aspire to take
from England. In the course Of the
next century. the commercial and
financial supremacy heretofore enjoyed
by that country. But for such tri-
umph 1t will not suffice TO possess In
abundance coal, iron, cotton, tntetit-
gent workmen and cnterprIsing en-
ployers.- 1t must have n money system
that Is definite. rational and unchange.-
able. The dollar must be given the
qualities OF the pound sterling. That
Is. there must be no doubt that 1t is n
gold dollar, and that never. for any
reason or under any pretext, that which
Is called dollar will be paid In silver.
A completely solid monetary sytem
would enable us TO profit by large
part Of the capital accumulated In enor-
nous amounts by the old nations OF
Europe.
For more than twenty years the
single gold stnnnrd has been applied
in Germany, and for almost that length
Of time In France, Belgium md SwitZ-
erland. All those countries are less dis
posed to-day than they were ut the be-
ginning OF the fall in silver to take
artificial measures TO raise the price OF
that metal. A fixed ratio between gold
and silver is an arrangement long since
vanished. An entire new generation of
adults has arisen who never knew Sill
Yer In complete possession Of the func-
lions OF money. There Is not n single
European country. in normal hnan-
cIal condition, that attaches the slight
est importance 10 bimctallIsm. Now
and then some minister may utter in
parliament few equivocal words on
the subject. seeking TO avoid stripping
blmetalllstS Of their last hope, but these
vague promises to study the monetary
problem are due to the habit. common
to all European statesmen, Of avoiding
offending or estraDglnS any group OF
voters. even one OF slight Importance.
In 1876 silver had lost only l. per cent
of the monetary value accorded TO II
L.. IfV1tp VVNt1N
II seemed not impossible to overcome
this disparity, and yet at that time
there was not among the European
powers q single serious advocate OF
silver. II no understanding could be
reached then, how can any arrange
ment be possible now that the deprCcia-
ton has exceeded 30 per cent? HesiGes
that vastly increased difficulty the par
tIsans OF the double stanard have lost
their principal argument of few years
ago, which was that the production OF
gold had decreased from the colossal
yield OF 1850 to 1870. The colonization
OF previously little explored countries
has led 10 the discovery Of very pro-
ductive gold mines, and the lamcntR-
lions OF .Cernuschi. Lavaleye and nu-
merous others OF lesser note about an
alleged approaching money famine
have lost their weight. The production
OF gold In 1894 leaves far behind the
average of the great auriterous period
OF 1850 to 1870. and new age Of gold
Is opening which will strikingly eclipse
that following the California and Aus
tralian discoveries about the middle Of
the century. In few years South
Africa Will produce as much gold as
was produced In the whole world in
1883 or 1884, while the old aurifcrouS
countries are augmenting their pro-
duction and revealing new deposits,
and Siberia promises to come upon the
scene as a great Eold-bcaring country
with the opening up OF Its railroad
system few years hence.
NJ. Beaulicu says there cannot be
any scarcity OF gold now. \ too great
abundance OF the yellow metal Is rather
to be feared. But there need not be
any fear that gold. In relation to the
mass OF other commodities, VIII ever
fall as silver has fallen, because too
great decline would stop the working
Of a great number OF mines. He con-
cludes that there is but one course
worthy OF this nation, which is def
nItciy 10 recognize the pre-cmincnce OF
gold and 10 make this metal the sole
keystone of our monetary system" We
should have TO lose part of-the sums
80 imprudantly sunk by the United
States treasury In the purchase OF sill
yer. but the Joss would be urimportant
for us. and OF no consequence compared
with the solidity the gold standard
Will give to the American monetary
gystenl and to American credit.