The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-11-25

stress and chances of war has ceased
to affect its paper currency.
Thus in the year 1876 when no ques-
Jlon OF the stability of our resources
OF the government could have been in
NolVeo, the range Of our paper curren-
cy 10 gold was S per cent, in 1870 Is
per cent and in 1868, is per cent 1t IS
apparent to any one familiar with mod 20
ern business affairs, tina; such huctua-
ions in their money as these are a
purdensome handicap to the efforts of
many people to build up a foreign
trade.
The business man who bids on a con-
tract over his country's border, does
NOT want TO add is per cent or 13 per-
cent or per cent or even one per cent
70 allow for possible variation in the
relations Of the two systems of money.
Even one per cent thus added might
InroW the contract to a competitor who
aid not labor under this disadvantage.
ne enterprising peoples of the world
are not voluntarily assuming or re-
naming under conditions which put
lhem at disadvantage in the keen
rivalry that statesmen fnd in every
market The enlightened judgment of
the Time condemns such a meaningless
ana purdensome restraint upon the eX-
changes
MI Roberts discusses the argument
Lhat II country produces on a silver
OASIS and sells on \ gold basis. it gains
the difference between the money ra-
tlos. He points out that in his opin-
ION such system would be adverse to
me wage Garner who was also a con
sumner OF the things dealt in.
reviewing the efforts of the WoIc0tt
International bi-metallic commission
ehe director says that the sentiment in
ldgor Oh a bi-metalic monetary stand
dfo' supported by International agree
ment, had found opposition not oniv
oy the legislative body Of France and
germany but also of Great Britain.
ne theory that a fixed ratio between
sodd and silver could be maintained bv
al International agreement is based
upon the assumption that the monetary
use Oh these metals is d factor of their.
value. II this is true, the concerted
exclusion Of each one from the minis
OF all the more important countries OF
me world would have an influence to
appreciate It's value. If then an agree
ment should be reached between such
nations to coin only at d certain ratio.
ana one metal should rise slightly
above that ratio, It would pass out Of
monetary use entirely. The cession Of
phat demand upon the dearer metal.
the redoubling Of 1t upon the cheaper.
would tend to bring them together
again.
A single nation, acting alone. is Ger
tam to lose the dearer metal entirely.
ana retain only the cheaper as its STAN
dard Thus, for any country, under
present conditions, to open it's minis
to the unrestricted coinage of both gold
ana silver at is to l, or any other
ratio, would be for it to lose what
gold 1t possessed, because the metal
would surely go to where 1t was rated
higher. If, however there was no
country in the world where it was le-
gaily rated higher, there would be no
place to which it might go for none
tary use. Allowing that the ratio Or
lgtnally agreed to would approximately
be the market ratio, the valuation thus
codnciding with the judgment of the
commercial world, there seems every
reason to believe that such an interna-
tional agreement would accomplish its
purpose.
Even though one metal should become
established in a value above the legal
ratio and become merchandise, the
currencies of all countries would retain
their fixed relations to each other. No
shock or distress would enSue. no nation
'
would be altogether IN a common plane,
with a common measure of value. Thsse
are the considerations which have led
many scientific students of finance and
sagacious publicists to favor open
minis TO both metals under an interna-
tional agreement, although both is
alternatively opposed to such policy
by his own country acting alone.
One of the chief ends for which, since
1n Loo "A 81 1tc.Ees e h.
world have persistently sought an in
ternational agreement, has been to
bring all the power to one standard of
value That end is not merely ignored,
bur contemptuously abandoned by
those who insist that each country
should have a standard all it's own, or
act without conference and without re-
gard to the policies of other countries.
All the forces of commerce, industry
and civilization are moving the nations
to more intimate relations with each
other and the demand for a common
standard Of value becomes steadily
more imperative. Those who advocate
monetary anarchy oppose forces that
are irresistible,
Although the efforts of the commits
sion were brought to an end by the re-
fusal of the government of India to
Join the movement, the director consid-
ers the failure indirectly due to grow
ing feeling that the rapidly increasing
product Of gold has radically changed
the situation from what it was ten
years ago, when the gold product seem
ed to be at a standstill or declining.
1t has changed to Indifference or oppo-
sition the attitude of many who feared
an approaching standard, but who are
quite as much opposed to a depreciat-
ing one.
Great as was the worlds production
of gold IN 1897 continues the director,
amounting to the value of $237 504, 800,
and exceeding that of 1896 by 1874. S22, 500.
it is. Judging by the returns already at
hand, certain that the product of 1898
will be still greater.
The returns from South America for
ten months show that at the present
rate of production it's yield will exceed
the Weld of 1897 by $21, S52 900. The re-
turns from Australia indicate that its
product in 1898 will exceed the product
Of 1897 by $40, $4,000. From July Is
last to Nov. 10, the receipts of gold at
Seattle and San Francisco from the
Canadian Yukon aggregated $40 400 400.
and on this basis, the increased pro-
duction for Canada IN 1888 is estimated
at IS. 900. 600 The increase in the Unit
ed states can hardly fall below $1,000, =
O00
The total Of these estimates is S45,
$751; $50, which, added to the figures of
1897 .,-ou'd 'ndicate a worlds product
in 1898 of $3.50, 49,, 800, if the remaining
countries in their aggregate are un-
changed The product of 1891, $780,
900. 900. will be more than doubled, and
the combined value of the gold and sill
yer product ten years ago exceeded by
gold alone.
Discussing the increased yield of gold
in recent years. the director traces its
disposition as follows: The worlds pro-
duction of gold in the last five years,
according to the annual estimations of
the bureau of mint, has amounted to
S977. 622 100 The industrial consump-