Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1897-08-21

t~orstion OF specie psyments-insugursied
the crusade against silver and, In conjunc-
ton with Germany. went upon the gold
standard.
Now, there is great difference of opinion
among the advocates OF the gold standard
o. to whether or not gold has appreciated.
l shall not take up time in . lengthy dis
| cussion as 10 this. But let me read to you
/ the prediction Of DR.. Lindermsn, at that
| time the Director OF the United States
| Mint, an advocate Of the gold standard,
| with reference TO the effect then apparent
and which be said would be more apparent
10 the fall Of prices. On page II Of DR..
Linderman's report for 1873. be says:
The countries adopting gold as the sole
measure of value have. as q necessary oonse-
quence. assigned Q subsidiary position for sill
yer. This system increases the use OF gold as
money and decreases that Of silver for the
same purpose, or. in other words, enhances the
value of the one and depreciates that of the
other. while the demand for gold for coinage
has materially increased. large quantities Of
silver hitherto in circulation as standard
money in Germany, Denmark and Sweden and
Norway, and constituting treasury and bank
reserves in those countries, will by the substi.
tuition of the gold standard. be thrown on the
market as bullion and aid In Its further depre.
citation.
On page 81 Of the same repor. DR.. Lin.
derman says:
The gradual adoption of the gold standard.
and consequent demonstration Of silver. will,
Of course be followed by an increase in the
value Of gold. or what is the same thing, .
decrease In the price of articles measured b.
1t. Indeed. 1t is quite certain that this effect il
already perceptible in some portions CT Eu-
rope. Be that as il may. however, il is safe TO
assume that Germany viii soon have substi-
tuted three hundred millions of gold for silver
heretofore used as standard money. and that
Denmark, Sweden. and Norway will require
nearly as much more, in Consequence CT chang
ing their standard from silver to gold. Now
add to the foregoing the requirements of
France and the United States in the near fu-
ture, and It will be readily understood that
gold must appreciate IN value.
Here, then, we have the statement IS to
the then existing conditions by 9 deter
mined advocate Of the gold standard and
q prediction as 10 the consequences which
would ensue in the future-a prediction
which has been absolutely verified BY
events.
But our friends say that the production
Of gold has increased and that this increase
will do away with the difficulties created
by the gradual discontinuance Of The use
Of silver. Now, let us look at the condi-
ton of the gold stocks OF the world to-day
with Q view to determining whether or no
this appreciation Of gold is likely to con
tinue or is likely to be diminished. And
I propose for my statistics. to rely en-
tirely upon the report Of the Director o.
the Mint appointed by Mr. Cleveland
Mr.. Preston and certainly no one will &c
cuse him OF making statistics In the inter
est OF silver or in the interest Of bimetAl
Ism.
In his report, based upon statisticI
gathered from the most eminent statistic
ians OF the world, he says that the tota
gold stock OF the world is 81. 1000. 000, 900
Now, II Ia an uncontested and an incon
testible fact that this "a, DOC. DOC, 900 Of golt
could be put into q cube Of % feet.
space 40 feet long. 20 feet wide. and "a fee
high will contain ell the gold in the worlt
mot the production Of Q single year, bu
the accumulation Of the ages. And VI
question is now, Where 10 that cube o
gold2 In what countries are the difsren'
portions OF II located, and what encour
sgemens is there for countries that are a.
tempting TO introduce fully the gold stand
ard 10 expect an increased amountf VIVA
encouragement 10 there for those that Or
now about entering upon this hazardou
experiment. According to ths mint di
rector, 90. 900, 000, 900 Of this gold, one
half Of this cube OF 20 feet. Is actually 10
Gated In England. France and Germany
the creditor nations Of the world. occupy
Ing the small space marked upon this nal
by this line 10 red.
Now. I ask you. II one.hali the gold stool
OF the world 10 absolutely required for tn
reserves Of those three countries for thei
domestic exchanges, for the reserves whicl
constitute the basis Of their credit system
I ask you II the other half 10 enough 40
the rest OF the world? But where 10 tn
rest Of this money! Why. we fnd thu
about $500. 900. 900 10 In the United State
and about $500, 600. 900 in Russia. Thi
makes England. France and Germany
Russia and the United States the posses
sors OF three.fourths Of the intirs golt
stock Of the world.
Now, what necessity 10 there for mor'
gold? Are there any other natiouI
that are seeking for gold2 Why
you ell know that we have not goI
gold enough yet In this country. W.
have been stranded three or four timei
within the past three years because OF the
deficiency Of gold. The Barring Brotherl
failed in England In 1890. They invested