The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-01-31

this that the cost came In small sums
from very large number OF persons,
and while actual wealth was too widely
dinused TO have any perceptibe effect
upon the money market or the indus
trial world. while the addition OF fifty
million pounds to the worlds potential
| money must have very great effect.
This argument wouldihave had good
deal OF force In the days OF placer min
Ing. when the cost OF mining was con-
tributed BY the miner whose little capt.
tai had no effect upon the financial
world. while the product OF his pick
and his pan had great deal In those
days the total production of gold might,
from strictly fiscal point Of View. have
been regarded as 4 net addition to the
worlds wealth.
But gold mining Is now. for the most
part q concentrated and capitalized
business like the manufacturer OF pig
iron o.. boots and shoes or cotton cloth.
The circulating capital of the world is
Invested In mines, and mine machinery.
and mine labor. Whether the clrcula-
ting capital OF the world Is depleted or
not by this process depends on the out
put of the mines. II Is notorious that
great many mines are not paying; II
Is probable that many others pay only
moderate profits. The addition of fifty
million pounds sterling of. gold may
increase OF the worlds ability to inves.
was very much less than this sum; a
large amount OF capital was absorbed
in getting that amount of gold out Of
the ground and. for the most part. could
rot be transferred to other forms OF
production.
IL We regard last years gold pr0auc-
tioa as an addition 10 the worlds cur
rency, it Is not likely that SO large an
amount was necessary 10 make the in
vestments of last yea:, or that there
will have to be 4 proportionate produce
ton OF gold this year ito carry on the
numerous industrial developments Loom
Ing ahead" The money that was In
circulation last year. aud will be n per-
malent addition to the worlds stock
Of money. is in circulation this year.
Whether 1t will be invested freely in
shares and bonds depends on whether
money already invested yields a profit.
and this. for two reasons: The profit
supplies the means of making the IN
vestment, and as every man walks
good deal by experience, the fact that
investments have been profitable Is
reason for making more investments,
and the fact that they have not been
profitable is a reason for withholding
money from Investments even though
the money be on hand and available for
the purpose.
1t is entirely profitable for the bust
ness of the world to be remunerative. In
which event there will be Increased cap
ital seeking investment, even though
there should be no material addition to
the worlds stock ofprecious metals.
Thnrp fniuht in no cit
illus to speculation There might be
small advances on the stock exchanges
OF the world. But the world would be
richer at the end OF the year than at
the beginning. and that additional
wealth would be seeking Investment, for
IN the occidental world Eo large number
OF persons are going 10 take out their
profits In coin and put that in safe de-
post vault. They may deposit their
funds in i bank, in which case the
amount of loanable funds Is increased
to the advantage of the more active and
aggressive business men who are al
ways readS' to develop something IL they
can get the capital on sufficiently easy
terms: or they may invest their funds
in securities, in which case the amount
Of money is not reduced at all, but Is
somewhat TuickeIed in its circulation,
~ Ht'y NhSe. we iucSllOI whether tIlc
world will invest in the numerous in
dustrial developments looming ahead"
depends very much more on the profits
of last Years business than on the
amount of gold produced on the Rand.
in Colorado, in WestraIin or in the Ural
mountains. II the world takes out more
than IL puts in 1t mas the means and
disposition to invest more. If 1t takes
out less than it puts in its means of in
vestment are reduced, and probably its
courage to invest is impaired even more.
In any case The money flows from hand
to hand. faster Jr slower. but there is
no less OF II though investments may be
large, and shares rapidly bought and
the ownership OF properties frequently
changed.