The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-25
DIRECTOR OF THE MINT
The Annual Report Of George r
Roberts.
RUSSIA'S HOARD OF GOLD
Resumption OF Specie Payments In the
Yellow Metai-Ths Director Makes
an Elaborste Defenss OF Gold
standard eophistries.

report George II. Roberts. director
OF the mint. says:
The most important events of the
fiscal year In the world Of government
finance have been the contamination
OF the long planned resumption OF spe-
Gle payments by Russia In gold. the re-
organization OF the monetary system Of
Japan. with gold as the standard. and
the refusal Of the government Of Great
Britain to cooperate with the govern
ments Of the United States and France
In an effort TO establish bimetallism by
international agreement.
THE gold coinage Of the world in 1897
was the largest recorded. amounting
in value to s4s7. 71s. s42 against $685.. $685.
SIT In 1896. OF the former sum s146. 622.-
1874 was recoinage n approximately
s2s1. os7. 1ls a net addition to the stock
OF gold coins. The principal coinage
was by the United States. Great Brit
ain. Russia, Germany. Austria-Hun-
gary. France and Japan. The extraor-
binary coinage Of the year Is accounted
for by h preparations Of Russia. Aus
tria-Hungary n Japan for their mon
etary reforms. In the case of Russia.
particularly gold. which has been ac-
cumulating for years. much OF II In
bars was passed through the minis to
prepare IL for circulation. The compile
ton OF Russia's plans for monetary re-
form and the opening to the uses OF
commerce of her great gold reserve sys-
tematically gathered year by year until
Il 10 the greatest single hoard Of treas
ure the world ever saw. is in itself a
most notable event.
THE development of Russia. her po-
sition as an exporter of breadstuffs,
her policy of developing home manu-
features will all tend to protect her
stock Of gold and a use for more.
but her own gold production Is increas-
ing. and unless she Ia about to enter
a period Of unprecedented activity Inc
development, seems likely TO supply her
needs.
Throughout the world among all
people who are sufficiently civilized
and ambitious to have international
intercourse. there IL a desire to bring
their own currencies into DEFINITE n
stable relations with the money Of the
people with whom they trade. The ex-
porter desires that the money with
which he buys at home and the non
with which he sells abroad shall ave
a common unit Of value. The manufac-
turer, who Is In foreign markets, de-
sires that the money with which he
buys raw materials and labor at home
and the money In which he must quote
prices abroad shall ave a relation to
each other upon which he may rely and
calculate. II the monetary systems OF
these countries nave no common unit;
IL each nation. In Ignorance or misled
independence prefers AN Independent
system of its own'-they will inevitably
vary In value to each other and the
profits OF the International transaction
We are considering are subject to these
variations. Such variations are. there
fore. q barrier to the trade between the
countries. 1t was to escape from such
fluctuations of the Russian currency.
which. In 1892. reached 90 per cent. and
in 1891 2s per cent. that the Russian
government has fixed its paper money
at the gold standard. For the same
reason. Austria Hungary and Japan
nave lately done likewise. For the
same reaso India closed Its mint To
the unrestricted coinage Of silver and
has been struggling since to hold Its ru-
pee at the fixed value Of 16 pence. II Is
for this reason that even Peru, with
its comparatively small foreign trade.
has closed its mint to the unlimited
coinage OF silver. 1t Is for this reason
that the government of France, while
friendly to an International agreement
tleh ~ tiiAteaiht tiohty ctdIddib
will not entertain any proposition that
involves a possible separation of her
W currency from the standard used
by other important commercial nations
OF the world. The enterprising peoples
OF the world are not voluntarily re-
naming under conditions which pu,
them at a disadvantage in keen rival
~ that salemen find In every market
The enlightened judgment OF the time
condemns such a meaningless and bur.
densome restraint upon the exchanges
Nor Is there any merit In the plea
sometimes made, that inasmuch as
most Of a country's business transac-
tons are domestic and only q small per.
centage of them international. therefore
the relations Of its one to the money
OF other countries II Of small i'm
portance. The truth Ia that prices n
all domestic sales are related to prices
In international transactions and can
not be separated from them. The value
OF all goods that enter into the com
mon consumption Of mankind are in,
ternational and cannot be affected b,
monetary legislation. Legislation cal
alter the value of q local currency. bu
the owner OF goods OF worldwide de
mand simply raises or lowers his pric,
to correspond with the coinage valu'
OF h money.
Clear as these principles seem to be
ana attested by the unvarying re
sources OF all countries, there are thos'
everywhere who protest against al
measures TO enforce them. Certain mar
row objections and sophistical doc
trines become familiar. some asser
that the depreciation OF a country
money had a good effect by stimulat
ing its exports. The shipper sells hi
produce abroad for gold. converts tn
gold into the currency OF his country
and as the latter declines In value. o
course. he gets more Of IL. The ne
gain depends upon his opportunity Z
work this deprecated currency OF Of
somebody else at its old value. Ii
some countries the exporters claim Z
have succeeded in doing this and the.
are pleased and pronounce IL a goo
thing. II Is said. for instance. that 4
India. while the prices OF wheat an
tea in silver currency have advanced
the planters car still hire b a
abOut the same wages A before Eyi