Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-12

mcnded gold standard without gold
circulation. To such d point has come
this much-yaunted system, this bright
cCnsummate flower Of progress! 1t has
| given US twenty years of falling prices,
wiping out values TO an Incredible total,
! increasing nearly 100 per cent. the bur
! den Ofdebt, causing a never-ceas.ng con-
/ test among The nations TO get and to
/ keep gold, and producing feeling Of
uncertainty and alarm that has para
! lyzad business here and in all go.d-us ne
! countries. 1t must be clear to every
! one that there can be no permanent i'm
| provement in trade so long as it is felt
that call for gold may create astring-
! ency, and perhaps a panic.
That there is a scarcity of gold is
/ shown, TOO, by study OF its annual pro-
! nucton and consumption. The aver
age annual production Of gold IN tie
world from 1873 TO 1894, inclusive was
in round numbers, S114000,0OO. 1t is
/ the custom of the advocates
Of the gold standard in consid-
| ering the quantity OF gold available c0r
| coinage, TO quote the late DR.. SOetbeer,
I the eminent German authority, to the ef-
| feet that only about one-half of the
| yearly production was probably CONSUME
ed in the arts and industries. They
carefully avoid mentioning his later con-
illusions published but a few months be-
| fore his death, which arr summed up by
him thus: "One could not demonstrate
by figures the incorrectness of the hypo-
thesis that in recent years the industrial
| use of gold, togs ther with The needs of
Oriental countries and for private
hcards, had materially arrested the in
crease of monetary stock, and had very
probably absorbed the annual produce
ton of the metal but proofs are equally
lacking 10 support the contrary hypo-
thesis" According TO this same writer,
the sum t0ta! Of the bank reserves and
of the active circulation in gold-the
entire monetary stock OF The eaTth-ia
but little more than twO-thirds OF the
production OF the past forty years. The
one--hird. together with the production
Of the preceding ages. has b en- used up,
and IL Is not available for coinage. This
clearly indicates that the gold stock OF
money is greatly OveTeSumaIed. Pro-
fessOr Suess. of the University OF VI
emma. in 1898. sad on the subject. The
industrial demand increases from year
to year with the increase Of well-being.
We have either already reached the day,
or approached very close TO 1t, when
mining will yield less than industry
consumes"
Mr.. Glfen. IN 1889. expressed the
opinion that the annual production of
gold was all absorbed in the arts. and
Mr.. Fawcett. in Gold and D5bt,' es,i-
mates the annual consumption OF gold
I in the arts and manufactures ct $llO,-
I COO .O00. Sir Lyon P.ayfair estimates
hat not less than = per cent. OF the
yearly production goes 10 non-moneiary
uses. As early as 1869, Wh=n the de-
mard for gold was BIZ, a 1.-THE of what 1t
I IS now. The Economist the leading II
nancial journal, asserted that the an
nual Weld Of gold was no more than SUI
| fc.eut for current needs.
That. in spite Of the large increase IN
the production of gold, the money sup
plv is not. and cannot be expected TO be-
/ suficien- for the needs of the business
world is thus established On ths au-
rh0rl-v of the most eminent students or
/ -be subject. Are we. then, TO continue
/ me pol;cv which each day renders us
Do0rsr. and offers no prospect Of better
b times? Says MIR. GrenflL Ex-Governor
| of The Bank of England: The h2at
AGAINST falling prices and stock depie-
cation is an impossible one. Men are
/ holding on in the hopes Of better times,
/ but no better times can come IN g1O
/ countries where gold appreciates. Inc
| Ditiable army Of the unemployed mus
/ increase through no faul, Of their own.
| As 10 the condition Of the world under
his beneficial gold standard, take The
testimony of Mr.. Everett, a member
of the Parliament. who said. IN May,
/ 1894: 'Tf We look 10 the continent CT
/ Eurcpe. we find in Germany, in France,
/ and in the smaller countries Of Europe,
/ ire same Agricultural distress that there
/ Is here Il we cross the Atlantic and
gOinthe United States,we behold a spec
.acle similarly sad and depressing. L
do not exaggerate when l say that,
whether YOU look al home or 10 the
continent of Europe, whether you 90 10
the United States or 30 to the Austria
/ Ian colonies. or TO any other OF the great
agricultural colonies connecteG win
This country: everywhere you hnd de-
uression. sinking Of values and ag!icul-
ural ruin steadily progressing. A con-
stantly approaching standard ana
tbarefora constantly depreciating VAL
ne Of agricultural produce, is dogSing
the heels Of the agriculturist in every
gold-standard country. in every part OF
! -1a earth. As he follows the plow or
ends his fiocks or his herds, the blight
of the gold standard follows at his heels
md curses him with is cruel, bitter
curse Of unreQuited toll through ever
failing values of his produce.
| I. should be rememb red that the con-
d;rioD thus described is that OF The iarg-
est az all classes Of producers. the til!eIS
/ Of the soil. upon whose prosperity the
wcll-being of the whole business COM
/ monwealjh depends.
The advocate Of the gold standard con-
/ .emplate these results uamoVed' ana
nroDose TO let this ruin 60 on. Says
/ Al Giffen. ON the whole, l see no
o.1er outlet from the situation than IN
the gradual adjustment cf prices TO the
relatively smaller and smaller supply. OF
cold which must result from the m
cra9s.ng numbers and wealth CT the pop
rlqtions of the gold-using countries.
The gold standard, II seems must Dc
maintained at any cost.
TONS OF VIRGIN GOLD.