The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-08-20

sought TO effect an agreem mt among me-
tions whereby the lit OF measure may
again be in either I'D or silver ar GER
tain ratio called b'-metallism.
should il b. possible 60 effect such an
agreement, or should the people oil the
United States decide TO hereafter use gold
alone for money of innate redemption.
condition OF affairs NAV be imagined
when such large proportion oil the
worlds annual gold product SHAH ne
used and consumed in the arts that an
increasing stringency in gold coin VIII
O eur. The use of gold in the arts Is now
increasing from year to year. As under
stand it. the principal purpose OF remon-
etizing silver, either with or without foT-
eieu assent, IL 10 increase the available
supply of redemption OF money.
"All parties are now agreed IN their
plattorms "a u the eNpediency oil dong
So. il possible. We are a debtor nation
and owe dollars and are interested that
the purchasing power of n dollar shall
not increase from year To year and hence
we are interested that the total numOer
of gold dollars in the world shall Increase
rather than diminish.
sit seems TO me that there IL yet an
other way of increasing the stock oil the
worlds coined gold, which may be
worth your consideration. a monetary
system of a nation is sound or unsound.
depending upon how much coined golu
lt had in its treasury TO redeem paper
promises to pay. The director OF the
mint reports that in 1898, out oil the
total worlds gold production, OF S2Oo,
OOO. 900, SOS, goo. 900 were used in the
arts. And out of the United States gold
product ot $40 100000, Sl3,OO0,OOO
were used in the arts, where tie greater
port on of il is beyond recovery. As
men grow more wealthy. more and more
of the worlds gold is used for purposes
other than coinage.
These data are from facts within the
knowledge Of the mint. Mech coined
gold must have been used in the arts oi
which there is no record. lt is Therefore
fair 10 say that nearly 40 per cent OF the
yearly god product OF the world IL not
coined as a circulating medium. III any
method could be devised TO prevent the
use of gold in the arts. by a
tax upon manufactured gold in the
shape OF jewelry. gold leaf, or any other
form. other metals might in large de-
gree take the place of gold so used. II
pations are interested in increasing the
stock of the worlds coined gold. TO make
sound their monetary systems, an agree
ment TO tax manufactured gold might be
reached IL is plain that unless the
output of gold continues ar even a
greater ratio than in the past five years,
&c will not keep up with the demand foi
t in the worlds expanding commerce
and increasing population. in view OF
this increasing gold CONSUMPTION al
D resent condition will grow worse.
"A decreasing supply OF money per
IS rita cannot but tend to concentrate
alling prices for labor or commodities in
order that the purchasing power
money NAV remain constant, IL IL neces
,ary that the ratio between available
primary money aud commodities be con
slant. This condition is fair to botn
borrower and lender. IL does not seem
that a varying tax upon
gold by mutual agreement
" oud tend TO regulate this. lt seems
20 me that the plan OF putting tax
Ipon manufactured gold, a. | have sug-
rested. is feasible and would produce
rood practical results. Ii would in the
irst place be means of raising revenue
rom those best able TO help the govern
nent and in the second place il would
lave a tendency TO increase the amount
Df gold that would be used purely as
,,opav -