The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-11-25

the stimulus to enterprise which these
countries have enjoyed has been pre-
ciseiy such . stimulus as the United
states would have II the wage earners
OF this country would agree 70 accept
a % TO 80 per cent. reduction In their
9 That may truly Stimulate the
export trade for . time. AS g matter
OF age reduction a depreciating cur
rency may be accepted as effective. AS
a policy to stimulate exports IL II, IN
some cases. effective: but temporariiy.
for. TX II ceases to depreciate, wages
and other expenses will graduaiIy ao-
Just themselves to II. the exporter ios-
ing his premium while. " II contin-
ues to depreciate. Il will eventually be-
come worthless and all its influences.
benehcent or otherwise, VIII perish
with II. AZ q policy upon which TO
build q nations trade and prosperity II
begins In fraud and ends in failure"
Reviewing the efforts Of the bimetai-
lie commission. the director says the
sentiment In favor Of a bimetaliic
monetary standard. supported by inter-
national agreement. had found express
sion. not only by the legislative bodies
OF France and Germany, but OF Great
Britain. II therefore seemed opportune
that a conference should be had with
a view of ascertaining what concerted
action might be agreed upon.
Mr.. Roberts y
"A single nation acting alone IL GER
tain to lose the dearer metal entirely,
and retain only the cheaper as its
standard. Thus, In m country under
present conditions to open its mints 20
the unrestricted coinage Of both gold
and silver. Mt is to ]. or any ~thereapout
ratio. would be for IL to lose hat gold
II possesses. because that metal would
surely go where II was rated higher.
IL. however. there was no country IN
the world where II was legally higher,
there would be no place to which II
might go for monetary use. Aiiowing
that the ratio originally agreed TO was
approximately the market ratio, the
valuation hus coinciding with h
judgment of the commercial world,
there seems every reason TO believe
that such an international agreement
would accomplish its purpose. Although
the efforts of the commission were
brought to an end by the refusal of the
government Of India to Join the move
ment, the director considers the failure
indirectly due to n growing feelng
that hi rapidly increasing product or
gold has radically changed the situa-
ton from what at was 10 years ago.
when the gold product seemed to be
at a standstiIl or declining. 1t has
changed to indifference or opposition to
the attitude of many who feared a de-
preciating standard. but who are quite
as much opposed to a depreciating on
them.
Great as was the worlds production
of gold in 1897" continued he director,
amounting TO the value OF $23i .5o4. 500,
and exceeding that OF 1896 by S3f s22 500.
II is. judging by the returns already at
hand, certain that the product or 1898
will be still greater. The returns from
South Africa for 10 months show that
at the present rate OF production Its
Yield will exceed the yield OF 1897 by
S21, s52. 900. The returns from Australia
Indicate that its product in 1898 Will ex-
coed the product of 1897 by $40. 1900.
From July Is last to Nov. Is the re-
ceipts of gold In Seattle and San Fran
cisco from the Canadian Yukon aggre-
gated about $40, 900. 900. N on this
basis the increased product for Canada
In 1898 Is estimated at $500, 600.
THE increase in the United states
can hardly fall below 5000, 900. The
total OF these estimates Is $45,6S 900,
which, added to the figures OF 1897,
would indicate a worlds product In 1888
Of $3.50, 1872, 500, II the remaining coun-
tries in their aggregate are unchanged.
The product OF 1891, $3.50. 0oo. 900, VIII be
more than doubled, and the combined
value of the gold and silver product 10
years ago exceeded by gold alone.
Stocks of gold In sight in European
hanks and government treasures from
December. 1892, TO December, 1897, in
creased about $3.50. 900. 900. or over 40
per cent. The stock of gold in the
limited States increased in the five
years sos, 457, 900. The increase in the
gold holdings OF the banks OF Australia.
Canada and South America was about
SIS. 900. 900. Total gold thus
for, $3.50, 450. 00o."