The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-11-25

and the other things, which, in any
country, are certain to rise as the local
currency declines? 1t is evident that
the stimulus 60 enterprise which these
countries have enjoyed, has been pre-
cisely such a stimulus as the United
States would have if the wage earnerS
Of this country would agree together
to accept a rs to so iper cent reduction
in their pay. That might truly stimu
late the export trade for a time. AS a
matter Of wage-reduction, a depreciat
ing currency may be accepted as eff
fective. As policy to stimulate ex
ports, it is, in some cases, effective,
but temporary; for, if it ceases to de-
preciate, wages and other expenses will
gradually adjust themselves to it, the
exporter losing his premium" while,
If it continues to depreciate, it will
eventually become worthless, and all
its influence, beneflcent or otherwise,
will perish with it. AS a policy upon
which to build nations trade and
prosperity, it begins in fraud and ends
in failure.
WOLCOTT'S FAILURE.
Reviewing the efforts of the Wolcott
international bimetaliic commission,
the director says the sentiment in favor
of metallic monetary standard, sup
ported by international agreement, had
found expression, not only by the leg
islative bodies Of France and Germany,
but of Great Britain, and it had, there
lore, seemed opportune that confer
ence should be had with a view to
aScertaining what concerted action
might be agreed upon.
MIR. Roberts adds: "a single nation
acting alone. is certain to lose the
dearer metal entirely, and retain only
the cheaper as its standard. Thus, for
any country under present conditions to
open its minis to the unrestricted COIN
age of both gold and silver at 16 to l,
or any thereabout ratio, would be for
1t to lose what gold it possessed, be-
cause 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 none
tary use. Allowing that the ratio orig
lnally agreed to was approximately the
market ratio, the valuation thus coin
Gliding with the judgment of the COM
mercial world, there seems every reab
son to believe that such an interna-
tional agreement would accomplish it's
purpose"
Although the efforts of the commits
sion were brought to an end by the
refusal of the government of India to
JOIN 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 it was
ten years ago, when the gold product
seemed to be at a standstill or declin-
ing. 1t has changed. to Indifference or
opposition the attitude of many who
feared an approaching standard, but
who are quite as much opposed to a
depreciating one.
GOLD PRODUCTION.
Great as was the worlds production
OF gold in 1897, continued the director,
amounting to the value of S237, 504, 800,
and exceeding that Of 1896 by $34, 1922, 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 its
yield will exceed the yield of 1897 by
S21, S52, 600. The returns from Australia
indicate that it's product in 1898 will ex-
! coed the product of 1897 by $40, 1885,, O0O
From July Is last 10 Nov. Is the re-
ceipts of gold at Seattle and San
Francisco from the Canadian Yukon
aggregated about $40, 600, 900, and on this
basis the increased product for Can
ada, in 1898 is estimated at SIS, 500 Co.,
The increase in the United States can
hardly fall below $1,000 O00 The total
of these estimates is S45, 6S7, 600, which.
added to the figures of 1897, would in
dictate a worlds product in 1898 of $685.
| l92,S00, if the remaining countries in
their aggregate are unchanged The
product Of 1891, $50, coo, 900; viii 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 $55O,0OO, 900, or over 40
per cent. The stock of gold in the
United States increased in the five
years S95, 457, 900. The increase in the
gold holdings of the banks of Australia,
J Canada and South America was about
$15,000,O0O Total gold thus accounted
for, $3.50, 450, 900.