The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-09-24
PRESTON Of THE I
THE DIRECTORS WILD PAR.
TlSANSHlP VENTILATED.
Ills Decla ration That the Nations Will
Go to the Gold Standard Is Euuiva-
lent to Sayin. That They viii Sink
Into Barbarism.

Into Barbarism.
Inc statement of the Director Of the
MINT Preston in an interview recently,
that outside of the United States all
Hatlons want to go to a gold standards;
mat Mexico would do it to-day if she
could, and, further, that the country
would fall into line with the rest of
me world, coming, as it did, from a
public official whose business it is to
ueal with nothing but the cold, hard
lacts that come before him. has at
tracted much attention and called
uo"n upon him the cersure of the sill
yer men. The advocates OF free coin
aye believe that Mr.. Preston has gone
out OF his way when he seeks to rep
resent Mexico as contemplating any
thlng like an adoption of the gold
standard.
IN discussing this interview, Senator
stewart, who is familiar with con-
dltlons 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 non
sense. The declaration that all ma
IONS will go to the gold standard,'
SAID Mr.. Stewart, SIS a declaration that
they are prepared to go into barbar-
Ism. 1t is estimated that there are
$4,000 DOC, 900 Of silver coin still doing
duty as money. If all this silver coin
IS TO be discarded and all the
nlled by gold, it will take many gen
eratlons before the amount Of metallic
money OF the world will be equal to
the gold and silver now doing duty as
money. 1t would be a rash estimate
to suppose that there could be 50, OOO,-
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, 900 900 Of gold and S 1000, OO0. 900
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be discarded shall have been replaced
by gold from the mines and enough ad-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-
latlon and business.
Mr.. Preston, it is true, says that the
output of gold is increasing. He SAYS
that the worlds product this year will
be $240, 900, 900. If this were true, and
We wish it were, it would not alter the
case. There has been one year
in the worlds history when $240, OOO,-
600 of gold were produced. About $780,
600, 900 was the maximum in the palmy
days Of California and Australia, and
the like of which we shall probably
never see again. But oppose that
$40, 900, 900 per annum of gold could be
produced, more than half of that will
be consumed in the arts. If a hundred
millions of new gold could go into cir
culation it would be a condition un-
paralleled in the history of the world,
and a result entirely improbable. But
If a hundred millions a 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 a 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 it
would be deficient. If to the eight
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. Mexi-
co is enjoying to-day a degree of pros
perity never before known in her his
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 it, as