The Portland daily press., 1898-11-25
ARGUMENT FOR GOLD STANDARD.
Annual Report of Director of Mini
Roberts.

Washington, November 24.-In his an
nual report Mr.. George e. Roberts, the
director of the mint. says:
The most important events of the fiscal
year in the world Of government finance
have been communications long planned
the resumption of specie payments by
Russia in gold. the reorganization of the
system OF Japan with gold as the stand
ard and the refusal of the government of
of the United States and France in an
effort to establish bi-metallism by inter
national agreement. The gold coinage Of
the world in 1897 was the largest recorded,
amounting in value to $437, 7i9, 342,
against Si95, s99, 557 in 1896. OF the former
sum s148, 622. 1874 was recoinage, and ap.
proximately 1891, 097. 148, net addition
to the. stock of gold coins. The principal
coinage was by the United States, Great
Britain, Russia, Germany, Austria I'll I'M
gary, and France. The extraordinary
coinage of the year is accounted for by the
preparations OF Russia, Austria HI hungary
and Japan for their monetary referments.
Throughout the world, among all peo-
pies who are sufficiently civilized and
am bilious to have international inter-
course, there is manifest a desire to bring
their own currency into definite and
stable relations with the money OF the
peoples with whom they trade.
If the monetary systems of these coun-
tires have no common unit IF each ma
ton in ignorance or misled independence
prefers an independent system of its own
they will inevitably vary In value to each
other and the profits OF the international
transaction we are considering are subject
to these variations.
1t is for this reason that the govern
ment of France while friendly to an in
ternational agreement upon blmetaii1c
money standard, Will not entertain any
proposition that involves possible sop
aration of her own currency from the
standard used by the other important
commercial nations of the world. That
these fluctuations are inevitable to a cur
rency not held to the International stand
ard and convertible on demand into the
metal of that standard, is evidenced by
the experience OF the United States long
after the stress and chances of war have
ceased to affect it's paper currency. Thus,
in the year 1876 when no question of the
stability or resources of the government
could have been involved, the range of
our paper currency to gold, was per
cent, in 1870, IS per cent and in 1856, IS
per cent. 1t is apparent to any one
familiar with mouern business affairs
that the fuctuation in their money is
a burdensome handicap to the
efforts of any people to build up for
eign trade
Mr. Roberts discusses the argument
that ii country produces on silver
basis and cells on a gold basis it gains the
difference between the mo ey ratios. He
points out that in his opinion such sys-
tenn would be adverse to the wage Garner
who was also q consumer Of the things
dealt ill., He then says:
"A single nation, acting alone, is GER
tain to lose the dearer metal entirely and
retain only the cheaper as its standard.
Thus, for any country, under present
conditions, to open its mints to Che un-
restrictsd coinage Of both gold and silver,
at l6 to or any thereabout ratio. would
be for it to lose what gold it possessed,
because that metal would surely go where
1t was rated higher. If, however, there
were no untry in the world where it
was legally rated higher, there would be
no place to which it might go for none
tary use. Allotiug that the ratio origi-
nally agreed to was approximately the
market ratio, the valuation thus coincid.
ing with the Judgment of the commercial
world, there seems every reason to believe
that such an international agreement
would accomplish its purpose. Even
though one metal should become estab-
lished in value above the legal ratio and
become merchandise. the cnrrencies Of all
countries would retain their fixed reIa-
lions to each other. No shock or distress
would ensue. no nation would be isoated
or sacrificed. They would be altogether
on common plane, with a common
measure of value.
"Great as was the worlds production Of
gold in 1897, - continues the director.
amounting to the value OF S237, 504, 800,
and exceeding that of 1896 by..S34, S22, 500, it
is. judging by the returns already al
hand, certain that the product of 1898 will
be still greater.
s'These estimates indicate worlds pro-
duct in 1898 of 1888, 1872. 800. The product
of 1891, $130,CO0, 900 will be more thar
doubled and the combined value OF the
gold and silver product ten years ago ex
ceeded by gold alone. -
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