The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-11-25
Thursday Evening, December Ist.
Matthews & BuIger: ''By the Sad Sea Waves. "

remaining under conditions which put
them at a disadvantage in the keen
rivalry that statesmen find in every mar
ket.
Reviewing the efforts of the Wolcott
international bimetallic commission, the
director says that the sentiment in ia
vor of bimetallic monetary standard
supported by international agreement
had found expression not only by legis-
lative bodies of France and Germany,
but of Great Britain and it had, there
fore, seemed opportune that a confer
ence should be had with view to as
certaining what concerted action might
be agreed upon.
Mr.. Roberts adds:
"A single nation. acting alone, is GER
tain to lose the dearer metal entirely
standard. Thus, in any country under
present conditions to open its minis to
the unrestricted coinage of both gold
and silver at 16 to 1, or any thereabOut
ratio, would be for It to lose what gold
it possessed, because that metal would
surely go where it was rated higher. If,
however, there was no country in the
world where it was legally higher there
would be no place to which it might go
for monetary use. Allowing that the
ratio originally agreed to was approx
mately the market ratio, the valua ton
thus coinciding with the judgment of
the commercial world there seems ev-
cry reason to believe that such an inter-
national agreement would accomplish
its purpose"
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 considers the
failure indirectly due to a growing feel
ing that the rapidly increasing product
of gold has radically changed the situa-
ton from what it was ten years ago,
when the gold product seemed to be at
standStill or declining. 1t has changed
to Indifference or opposing the attitude
of many who then feared an appreci-
ating standard, but who are quite as
much opposed to depreciating one.
Great as was the worlds production
of gold in 1897, continued the director,
amounting to the value of $237, 504, 800
and exceeding that of 1896 by $34, 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 Africa for
ten months show that at the present
rate of production it's yield will exceed
the yield of 1897 by S21, $50, 600. The re-
turns from Australia indicate that its
product in 1898 will exceed the product
of 1897 by $1O,335,0O0. From July Is
last, to November Is, the receipts of
gold at Seattle and San Francisco from
the Canadian Yukon aggregated about
$10,000000 and on this basis the in
creased production from Canada in 1898
is estimated at IS, 500, 900. The increase
in the United States can hardly fall be-
low Sc. 900 00O The total of these esti-
mates is S45, 6S7 900, which added to the
figures of 1897, would indicate a worlds
product in 1898 of s2s3, 1872 500, if the re-
naming countries in their aggregate
are unchanged. The production of 1891,
$3.50. 600. 900 will be more than doubled,
and the combined value Of the gold and
silver product ten years ago exceeded
by gold alone.
Stocks of gold in sight in European
banks and government treasures from
December 1892 to December 1897, in
creased about $3.50 OOO, 900 or over 40 per
cent. The stock of gold in the United
States increased in the five years $685.
457, 000 The increase in the gold hold
ings of the banks of Australia, Canada
and South America was about $4,000
600. Total gold thus accounted for
$3.50, $4,000.