The silver star., 1897-08-12
ALASKA GOLD DISCOVERIES

dred thousand dollars of gold in
Alaska is in harmony with the gen.
eral habit to exaggerate the impor-
tance OF gold discoveries. Gold has
been known to exist in Alaska for
many years, and some progress has
been made in mining for gold in
that region, but no results have
been attained and no prospect can
be reasonably imagined which will
make the output Of gold from Alas
ka material factor in the worlds
volume of money.
Supp0se they have in the last
year taken out million or two of
gold from Alaska. 1t is not a drop
in the bucket when compared with
the accumulations of all the ages.
California and Australia produced
tor time at the rate of from one
hundred to one hundred and seven
ty-hve millions a year, and such
was the power Of absorption by the
commercial world that 1t did not
materially initiate prices or produce
the slightest injury. 1t raised the
prices, in twenty years, perhaps 10
per cent, but it stimulated industry
enormously, and benefited the hu-
man race more than any other
event, discovery, or circumstance
which has occurred in modern times.
Alaska can never take the place of
Colorado and Australia, because it
would take more than twice as much
gold per annuin now as it did then
to produce the same effect that the
California and Australia discoveries
produced on the finances of the
world. The metallic money of the
world was more than doubled in
twenty years, and to double it now
would take about four times as
much as it would have taken to
double the supply fifty years ago.
The success Of few miners on ]
the Yukon will produce a great deal
of misery. Many hardships must
be endured by the gold hunters who
will rush to that inclement region.
Not one in hundred will take a
prize. The great mass must suffer,
and many die in the effort. We can
not advise any man to go to the new
gold fields unless he has sufficient
money to sustain himself until he.
has a reasonable opportunity to
make money in the mines. If he
goes there empty-handed, the
chances are that he will die rather
than he will become rich. What
ever we may Say, however, will
have very little effect upon the
great mass Of gold huntets, as many
will cd as can Eet there, no matter
how pefilous the prospect. The
very fact that the mines are long
way off, situated in the Arctic re-
gions, where 1t is most difficult to
sustain life. has a charm for the i'd
venturous, and will attract those
who would not work mines in Cali
fornia, Nevada, Montana or Colora-
do, notwithstanding the chance of
success is ten times as great for
those engaged, there, as III the far
off regions Of Alaska.
We do not pretend to doubt that
there is much gold in the frozen re-
gions Of the north, and that it will
be pursued as business for an In
definite time, but we do doubt that
Alaska furnishes equal opportuni.
ties for success in gold mining with
the with the mineral states Of the
West. These new discoveries, and
the new developments in the old
mining regions of North and South
America, are very encouraging and
tend to show that the use of both
metals would relieve the country
from its present distress. What is
known ofthe gold and silver mines
Of the world, and the present means
Of extracting the precious metals,
Constitute a very stong argument in
favor Of continuing to print money
on gold and silver. The usc Of the
two would would certainly give
lpresent relief, and meet necessary
demands for an indefinite period Tin.