The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-08-05
GOLD STANDARD IN RUSSIA.
II by the Agricultural Cong
hich Recently Met ~ Orel.

Gold is to-day being produced in the
greatest quantities in the history of
the world. The rate OF production was
never SO great before, and il is steadi-
~ growing. Within ten years the aver
age annual production of gold has
more than doubled, and the produc-
tion of gold this year promises TO be
quite double the production of gold IN
the heyday of the California and Aus
tralian gold discoveries of half a cen
fury ago. The average production OF
gold in the five years $4,000 was Sl34,-
Os3,O0O; this year it is quite certain
that the production OF gold will reach
$4,000, 900 worth.
OF this immense sum almost half will
come from two fields, both unknown
a few years ago, the fields of South
Africa turning out gold at the rate OF
$4,000, 900 a year and the fields of
western Australia producing about
two-thirds as much. And of the gold
from these two fields hearly all finds
its way TO the London markets. But
the demand for gold is such that ii is
picked up at a remium-that is, at a
price in advance over the Bank of Eng
land price, as soon as it is put upon
the market.
The Bank of England is required by
law 10 purchase all gold that may be
offered and on accoun of the British
mint at the fixed rate Of II shillings 9
pence a standard British ounce 1t is
-lrn,,-b thn hnnI aud fhrntanh the
bank alone, that gold reaches the Brit
ish mint for coinage, for though the
coinage value of an ounce of gold,
British standard. or % carats fine, is
II shillings 10h pence, and the coinage
is nominally open free TO all, it pays
men with gold to sell much better to
accept the bank price and get pay
ment at once than to await the delays
OF coinage at the mint before getting
payment. The bank can well afford TO
buy for issuing. as il is supposed. notes
on the gold bought. and before coinage
it does not have to await the delays of
coinage before getting payment for
the gold ii deposits at the minis, and
so avoids losses Of interest consequent
on the delays of coinage and such as
the individual cannot avoid.
But il happens at present that,
though much new gold is flowing into
London, no man Is selling ii TO the
bank. for so anxious are some govern
ments to get it that a better price can
be obtained. And one of these govern
ments is the Russian. a second is the
Japanese, both of which are striving
strenuously 70 establish the gold
standard, to make money dearer and
prices lower in their realms. to the in
finite detriment of their people. The
demand of these governments, and es-
pecially Russia, is such that all ew
gold coming on the London markets is
promptly snatched up at a price as
high as II shillings IL pence an ounce.
or two pence above the bank price.
Russia" we read in a recent number
of one of the leading financial journals
Of New York. Bradstreet's. lis still
steadily carrying out the preliminaries
necessary to the completion of its
plans for a restoration Of the currency
TO a gold basis. in which the %accumula-
ton of a farther heavy gold reserve is
a very necessary feature" And this
on top of the fact that the imperial
bank of Russia already holds Tor held
May 30) a gold reserve Of S567 100000.
We would further remark that II is
quite incorrect 10 speak of Russia com
pleting its plans 'for a restoration OF
the currency 10 a gold basis" 1t can
not be restoration. for the currency
was never on a gold basis. but before
suspension of specie payments, back in
the Crimean war. on q silver basis.
We had supposed hat the new gold
standard. unjust and oppressive as IT
is. had been accepted in Russia as an
established fact; that those who had
opposed its establishment had with
drawn their opposition in despair. But
in this we were mistaken. The terri
BILE ruin caused in Russia by the estab.
lishment of this new standard does not
permit those in Russia who have the
welfare of their country at heart to
withdraw opposition. OF this NJ. Bout.
my, of Odessa, Russia. apprises us. The
agricultural congress of the nine gov
ernmcnts of Russia. a body ofinfluence
and power. met in Orel on May 25 and
&c. IL took pronounced ground against
she new standard; demanded thatit he
abandoned before Russia is ruined. OF
the proceedings of this congress NJ
Boufmy sends us the following report
At the session Of May 25 and 26 NJ
Georges Boutmy, vigorously seconded
by NJ. a. Stachowitch, marechal dc
noblesse; A. Polinow. economist; Il
Oil. statistician; S. S~charapow. editor
OF the Rousski Troud. took up in dc
tail and debated the monetary ques
ton. The falsity of the arguments In
defense OF gold monometallism wa
demonstrated. the theory Of cverpro
Guction refutcd. the undeserved gains
Of creditors and the gross losses o.
producers resulting from the rise in
gold were put In evidence.
The discussion was brought 10 2
close by the following discourse Of NJ
Boutmy:
You have been shown. gentlemen, whaN
Immense and CROWNS debts Cypress
the economic life ~ great nations. The in