The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-12
NOT AN ORIGINAL DISCOVERY.

The only ground for the demand for inter-
national bimetallism is that not enough gold
can be produced to make 1t the basis of the
worlds money. There is reason to believe
that most intelligent men who have con-
sidered this subject candldly have come to
the conclusion that at the present time and
under existing conditions the supply of gold
is ample for that purpose. 1t must be re-
membered that when the narrowness of the
gold standard was urged the annual output
of gold was not half as much as it will
be this year or was last year. Gold produc-
ton is now a great industry. and will go
on in an increasing volume. There is one
other thing to be considered in respect to
both gold and silver, which is that the an
nual output is almost a net increase to the
existing stock. 1t is different with grain,
lumber, and even iron. They perish with
the year or go into a consumption from
which they cannot be taken. When any
considerable quantity of each of these COM
modities fails to go into consumption or use
the market rs glutted, the price falls and
they become a drug. 1t is different with
gold and silver. The uses to which the bulk
of it is put are few. Gold is used for money
and ornaments Very little of that which
is put into money is lost annually, so that
the new coinage is an increase of the money
stock of the world. For the four years
which will close with 1897 the worlds ag-
gregate output of gold-the present year
estimated-will exceed $225. 900, 900, more than
two-thirds of which will go into use as
money. The output of the worlds gold
mines this year will reach $3.50, 100000. In
a few years the yield will be $SOO,O00O00
year 1t is idle to assume or to attempt
to argue that when $3.50 OOO.OOO of gold can
be added, if needed, to the stock of gold
money annually, there is going to be an
insufficiency for the basis of money when
the money markets are offering it at lower
rates of interest than have ever been
known
Silver has quite ceased to be a precious
metal The methods of silver mining have
been revolutionized in thirty years. Only
small and constant quantity could be pro-
duced by the old methods Now. if pro-
ducers could be sure of 65 cents an ounce,
the output would be greatly increased; yet
65 cents an ounce means a fraction over
50 cents worth of silver bullion in a standard
silver dollar. To make a coinage ratio
which would make the coinage value of the
dollar twice as great as now would mean
an almost limitless output of silver bullion.
For this reason international bimetallism,
meaning the free coinage of both metals
on a fixed ratio, would be well-nigh i'm
practicable, even if desirable. Silver can
be used largely as token money or as
limited legal tender. but no ratio can be
made by law which will cause it TO circulate
side by side with gold. Intelligent silver
ties. the mine owners, do not expect it, and
those who are silverites because they desire
cheap dollar do not desire it.
Under these conditions il was not neces-
sary for the Sound-money League to de-
clare international bimetallism dead with
such flourish of trumpets as it has.
----4-<-e----
Pittsburg papers contain the proceedings
of convention held in that city few days
ago of the bituminous miners of that dis
trict. The object of the meeting was 10 de-
wise ways and means to continue the strike
at the De Armitt mines by contributing
funds to the strikers. The convention was
the Pittsburg district and President Ratch-
ford, of the national miners union. Both
of these officials urged the delegates to be-
stir themselves in raising funds for the
strikers at the De Armitt mines, and
sured them that if that strike failed there
would be a general reduction to the De
Armitt scale of wages. The miners did not
seem to take as much interest in the con-
tribution plan as the officials did. In the
course of his speech President Ratchford
said:
In less than sixty days our present scale
of prices Will expire. When we meet the
operators the prices will rest upon the pow
er that is behind us. We are organizing
the miners from the anthracite miners in
| the East to the miners in Wyoming, and
/ from Lake Erie to Alabama The miners
are satisfied with the result of the last
strike, and are organizing.
So 1t seems the officers Of the miners or
] ganizations are organizing another strike