Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1898-12-03
LARGE INCREASE
IN COINAGE OF GOLD
The Past Two Years Were Record
Breakers, Mint Director
Roberts Says.
INTERIOR DEPARTMENT REPORT
Progress I'm Pension, Indian and
Territorial Affairs---Tncrease
I'm Business of the Post
Office Department.

Washington, Nov. 26.-1n his annual
report, George Il. 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
reorganization Of the monetary sys-
ten of Japan, with gold as the stand
ard, and the refusal Of the govern
ment of India to cooperate with the
governments of the United States and
France in an effort to establish BIZ
metallism by international agreement.
'The gold coinage of the world in
1897 was the largest recorded, amount
ing in value to S437,719,342, against
$195, S99,517 in 1896. OF the former
sum, STAG, 622, 1874 was recoinage and
approximately 1921, O97,14S a net addi-
ton to the stock of gold coins. The
extraordinary coinage of the year is
accounted for by the preparations OF
Russia, Austria-H hungary and Japan
for their monetary reforms.
'"rhe completion of Russia's plans OF
monetary reform and the opening TO
the uses Of Of her great gold
reserve, Systematically gathered year
by year until il is the greatest single
hoard of treasure the world ever saw,
is i'm itself u most notable event.
Throughout the world among all
peoples who are sufficiently civilized
and ambitious TO have international
intercourse, there is manifest Il desire
- l.,--. .I.;.. $50, .1trranntpG into def
mite and stable relations with The
money Of the peoples with whom they
trade"
Reviewing the efforts of the Wolcott
international bimetallic commission,
the director says that the sentiment III
favor of a bimetallic monetary stand
ard, supported by international agree
ment, had found expression, not only
by the legislative bodies of France and
Germany. but of Great Britain, and IT
has. therefore, seemed opportune that
q conference should be held with q
view TO ascertaining what concerted
action might be agreed upon.
Mr.. Roberts adds:
"a single nation, acting alone, is GER
tain to lose the dearer metal entirely
and retain only the cheaper as it's
standard. Thus in any country un-
der present conditions TO open its
mints TO the unrestricted coinage OF
both gold and silver at 16 to !, or any
t%hereabout ratio, would be for 1T TO
lose what gold IL possessed, because
that metal would surely go where 1t
was rated higher. If, however, there
was no country in the world where IL
was legally rated higher there would
be no place to which it might go Tor
monetary use. Allowing that the ra-
Ito originally agreed to was approx
mately the market ratio, the valuation
thus coinciding with the judgment OF
;hc commercial world. there was every
reason to believe thar 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
ioin the movement, the director CON
siders the failure indirectly due to a
growing feeling that the rapidly in
| creasing product of gold has radically
| changed the situation from what 1T
was ten years ago., when the gold prod
| ltI NuS Sulu W DS ~ a oNhiib''''' -
clining. IT has changed to indiffer-
cnce or opposition the attitude OF
many who then feared an approaching
standard, but who are quite rs much
opposed to n depreciating one.
The Years Gold Product.
Great as was the worlds production
of gold i'm 1897" continues the director,
amounting to the value of 1927 ,5O4,-
500, and exceeding that of 1896 by $34,-
S22, 500, it is, judging by the returns
already at hand, certain that h prod
net of 1898 will be still greater"
The returns from South Africa for
ten months show that at the present
rate of production its yield will ex-
coed the yield of 1897 by SCI $685. 900.
The returns from Australia indicate
that its product in 1898 will exceed the
product Of 1897 by $10,335,OOO. From
July Is last to November Is the re-
ceipts of gold at Seattle and San Fran
| cisco from the Canadian Yukon ag-
gregated above $10,0O0,000, and on this
basis the increased productic for Can
ada in 1898 is estimated at ) S,50O,OOO.
The increase in the United States can
hardly fall below $5,000,000.
The total Of these estimates is $45,-
6s7,OOO, which, added to the figures of
1897, would indicate n worlds product
in 1898 of 1888, 49,, 500, if the remain
ing countries in their aggregate are
unchanged. The product of 1891, $780,
| 600, 900, will be more than doubled,
and the combined value of the gold
and silver product ten years ago c
ceeded by gold alone.
Stocks of gold in sight in European
banks and government treasures from
December, 1892, to December, 1897, in
creased about $550,000,0 900, or over 40
per cent. The stock of gold in the
United States increased in the five
years S95, 457,0 900. The increase in the
gold holdings of the banks of Austria,
liza, Canada and South America was
about $4,000, 900. Total gold thus ac'
counted for, 5000, 450.000.