Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1897-09-10
PRESTON OF THE MINT.
THE DIRECTORS WILD PAR
TISANSHIP VENTILATED.
ais Declaration That the Nations VIII
Go to the Gold Standard Is Equiva-
lent to Saying That They Will Sink
Into Barbarian.


that outside of the United States all
nations want to go to gold standard;
That Mexico would do it to-day IL she
could, and, further, that the country
would fall into line with the rest of
the world, coming, as it did, from
public official whose business 1t is to
deal with nothing but the cold, hard
facts that come before him, has at
tracted much attention and called
down upon him the censure of the sill
yer men. The advocates of free coin
age believe that Mr.. Preston has gone
out of his way when he seeks to rep
resent Mexico as contemplating any
thing like an adoption of the gold
standard.
In discussing this interview, Senator
Stewart, who is familiar with con-
ditions in Mexico, and understands the
financial question thoroughly, told the
Washington Times that he could not
account for the alteration of mind of
the person who could talk such nom
sense. "The declaration that all ma
tons will go to the gold standard"
said Mr.. Stewart, sis declaration that
they are prepared to go into barbar-
ism. 1t is estimated that there are
$4,000, 100000 of silver coin still doing
duty as money. If all this silver coin
Is to be discarded and all the vacuum
filled by gold, it will take many gen.
erations before the amount of metallic
money of the world will be equal to
money. 1t would be rash estimate
to suppose that there could be $4,000
100000 of gold added to the present
stock Of gold in a century to come,
because it has taken all the period
since prehistoric time to accumulate
$4,000, 100000 Of gold and $4,000, 5000
of silver. If all nations discard silver
and adopt the gold standard, humanity
must wait for relief until the silver to
be discarded shall have been replaced
by gold from the mines and enough ad-
ditional added to keep pace with popu-
lation and business.
"Nr. Preston, it is true, says that the
output of gold Is increasing. He says
that the worlds product this year will
be $240, 10000 If this were true, and
We wish it were, 1t would not alter the
case. There never has been one year
in the worlds history when $780, 0O,-
900 of gold were produced. About $780,
900 900 was the maximum in the palmy
days of California and Australia, and
the like of which we shall probably
never see again. But suppose that
$240, 000,0 900 per annum OF gold could be
produced, more than half of that will
be consumed in the arts. If hundred
millions of new gold could go into cir
culation it would be condition I'M
paralleled in the history of the world,
and a result entirely improbable. But
IL a hundred millions year could be
produced, it would take forty years to
supply the place of the silver coin now
doing duty, which the director OF the
mint says is to be Immediately dis
carded.
HE refers to the Klondike mines OF
Alaska as a source from which this
enormous supply is about to come.
There may have been two or three
millions produced in Alaska, but what
ever has been, or can be, produced
from that region will not be drop in
the bucket compared with the demand
IL silver is discarded If both silver
and gold are used the supply will not
be too great. The only danger Is 1t
would be deficient. If to the eight
thousand millions Of gold and silver
now in existence there could be added
two hundred millions of new gold and
silver coin, the downward tendency OF
prices would probably be checked, but
there would be no imitation.
when Mr.. Preston says that Mexico
will fall into line he predicts the con-
quest of Mexico, more cruel and disas-
trous than the conquest by the ma
rauding Spaniards 400 years ago. MeXl-
co is enjoying to-day degree OF pros
perity never before known in her MIS-
tory. Her manufacturing establish
ments are increasing every day, her
coffee, tobacco, and sugar plantations
are increasing every year. Her mines
of all metals, gold, silver, copper, and
iron. are being rapidly developed. 1t
is embarrassing for the Mexicans to
buy imported products on account OF
the difference of exchange, and they
are consequently compelled to do their
own work, and they are doing 1t, as
the condition of her agricultural,
manufacturing, and mining pursuits
must amply warrant.
1.-THE 1ntimation that Mexico cannot
nav the interest on her foreign debt
while she keeps free coinage is an init
nation that she cannot pay that inter-
est at all. Mexico pays the interest
on her foreign debt with her products.
Her productions are stimulated by free
silver and her minerals, her sugar, her
tobacco, and her coffee will buy as
much gold to pay interest on her
foreign debt as If she were on gold
basis. On the silver basis she can
nroduce. but on the gold basis she
could not produce enough and would
retrograde into barbarism and repu-
80. tow foreign debt