The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-11-25

country. under present conditions. e, open Re
mints TO the Unrestricted coinage OF, both gold
S %obt sdIl gs fat at ~ 70 to lose !: or T Sn{ Sofd E pSsso Tss,G.
because that metal would surely go where lt
was rated higher. II. however, there was no
might go Tor monetary use. Allowing that tho
coincidlnG with the judgment Of the com
mercial world. there secms every rens
son 10 believe that such an International
agreement would accomplish It's purnose.
M ES6 though ono metal sh9 ioW oT ,yStin aS edt bn-
come merchandise, the currencies Of all, coun,-
tries would retain their fixed relations TO- each
nation would he isolated or sacrificed. They
would all be together on n commnnn plane, with
Considerations which have led many, scientific
students OF finance and sagacions publlclste TO
favor omen mints TO both metals under an In
! ternntional agreement, although each unalter-
ably opposed to such a policy by his own coun-
one OF The chief ends for which. since 1879.
the leading bimctallists Of the world have per-
sistCntly sought an International agreement
has been to bring all tho world TO one standard
Of value. That end Is not merely ignored, but
contcmntiously abandoned bythose who insist
that each country should have a standard al
its own. or act without conference and without
regard to the politics OF. other countries, All
the forces of commerce.. industry and civilian
tion are moving the nations TO more intimate
relations with each other. and the demand Tor
| more imperative. Those who advocate none
tarv anarchy oppose forces that are irresistible.
Although the efforts Of the commission were
brought to an end by the refusal OF the Gov
ernment OF India 10 Join the movement, the
director considers the failure indirectly due to
a growing feeling that the rapidly increasing
product OF gold has radically changed the sit
uation from what it was ten years ago. when
the gold product seemed to. be at a standstill or
opposition the attitude of many, who then
feared Gmi,s "a an nrPr DGnninS IS stSngS snrsci bit who S1s are
Great as was the worlds production, Of gold
In 1897, amounting to the value OF S23l,5Ot.-
100. and exceeding that of 1898 by S34,S22,oO9i,
It +. Judging by the returns already at hand
certain that the product OF 1898 Will be still
greater. The returns from South Africa for, ten
months show that at the present rate OF produc-
ssS22I..sS522.6G9o.' The Thg returns from australia indi:-
cate that its product in 1893 will exceed the
product Of 1897 By sl0,3350o From July 10
sssregated above s1I0,QO0,0o0, and, on this
1 3sSss IS .h est insnsede al g gs,5Sc.o oo. fG The sp inerSaa ls
in the United States cnn hardly fall below
$3!000,000, The total Of these, estimates l.
S539 Sa;"I4h in which; = sd wnrI,, to n the nEHi " eis6 81
of S2S3. 1o2, 800. ir the remaining countries in
their aggregate are unchanged. Tho product
doubled, and the combined value of the gold
and silver product ten years ago exceeded by
gold alone.
Discussing the increased yield Of gold in re-
cent years, the director traces its disposition
as follows: The worlds production of gold in
the last I've ., y ear bn acsOrdipg to tho the %in annual ESs
amounted to SS77. 500. 100. The industrial con-
sumption has been about S300.00O.OO0. Stocks
treasures from December, 1892, to December;
1897, increased about ,S550.00Q,00O, or over 40
per. cent. The stock Of gold IL. the United
The gold holdings of the banks Of Australia,
Canada. and South Africa Increased about S15.-
ol00.0gg04. Total gold thus accounted for, $780,