The herald., 1897-08-29

1t is trite to say that nature is governed
by law in everything she does. When we
discover what those laws are, we prof:
and learn accordingly. Professor Val
of Pasadena has enunciated the annulaI
theory, which has been exploited from
| time to time in the columns of this paper
and which, to summarize it briefly, de-
clares that the richest deposits Of the
precious metals will be found at or near
the poles of the earth. 1t is unnecessary
to explain the theory here; just take it as
an, asserted propositions theory that
is backed up by reasonable and likely
conditions. based upon scientific laws 1t
is not new hypothesis brought forth to
account for discovered facts, but has
been advocated by Prof. Vail for more
than twenty years.
1t is large proposition. the doubling
Thomas will say. But all the great dis
coveries made by mankind in the realm
of nature have been based on large prop
ositions Such was the nebular hypoth-
Every great natural discovery has en-
countered its storm of incredulity, of in
difference, of fanatic opposition. The
truth has been established slowly, but
once established it has never gone back
ward. We take for granted now assump-
tions that would have hung a man or
burned him at the stake but few gener-
ations ago. Then why should We reject
off-hand the theory advanced by Pro-
fessor Vail, who is highly respected
citizen, a scientist of recognized reputa-
ton, and man highly qualified in the
essential of common sense?
The discoveries in Alaska and the
Northwest territory tend to confirm the
theory advanced by Professor Vail that
the richest and most extensive deposits
of the precious metals will be found in
the neighborhood of the poles. There is
little gold mined in Europe. but the
largest and richest Asiatic deposits are
found in the frozen regions of Siberia.
These have not been exploited more be-
throne of Russia; because the Slav and
the Mongol, and not the Caucasian, live
there and control the country.
There are rich deposits of the precious
that they are richer than the arctic OF
the antarctic deposits because We do not
know In practice we take things as we
find them and judge accordingly until
some man with brains and a special
aptitude shows us the short cut. Then
We wonder why it was not thought of be-
fore.
When we do ultimately discover the
were deposited-and we shall know
sometime-it will of course result in the
production, as we call it, of vast quanti-
ties of gold and silver, production SO
as money metals. 1t might even be ad-
vanced that the process of manufa cture,
call it transmutation, or what you will,
may some day be realized. But it will
pS SuliiClCHt IL we Sudll ulSCONeT NuelS
the present deposits are. That alone will
overthrow the whole system upon which
our ideas of values in currency are based.
When that time shall arrive and 1t be-
comes necessary on that account to re-
organize our money system, it seems in
evitable that our currency must be mere
fiat money-a representative of value
rather than value itself; unless, indeed.
the same mysterious processes of nature
shall discover to us some metals that will
take the place of gold and silver.
Our friends who are prematurely re-
joicing over what they claim is the prob
ability that gold will be discovered in
such quantities as to become the sole
basis of modern currency systems-the
sole money of ultimate redemption
would best go a little slow. They may
live to see gold in a far lower place in the
worlds economy than that now occupied
by silver.
In the meantime let us not reject Pro-
fessor Wallis theory because it is large,
or because it is new. 1t would be only
the part of foolish incredulity to place
it among the impossibilities.