Daily capital journal. (Salem, Or.) 1896-1899, 1899-06-16
DIRECTOR OF MINT
-
Gives His Theory as to the Plentiful
ness Of Gold Money.
Stock Of Gold in the Banks Of Europe
and America Is Inereas-
ing.

Mr.. Geo. +. Roberts, Director Of the
Mint, sends The Journal the following
report Of an interview had by a Mr.
Dawes in the Chicago Record:
I asked George +. Roberts, the di-
rector Of the mint, what new phases
would be presented in the silver ques-
tion II the old issue was forced 10 the
front in 1900:
"The most striking new feature will
be the great increase in the output Of
gold, " he said "In the year 1896 the
gold produced in the world amounted to
about 1901 100000, and the silver,
counting sixteen ounces Of the latter
equal 10 one ounce Of gold, $2l7, 600.
The industrial consumption in that year
was estimated to be about $4,000, 900 Of
gold and $4OOOO,OOO Of silver. The
net amount OF new gold and silver
available for monetary use was conse-
quently about $500, 100000. The
worlds prodsction Of gold in 1898 was
about 5000 900, 600, and it can be fore
seen that at the present rate the yield
in 1899 will reach $3.50, ,OOO,O 600. We face
the extraordinary fact that tho new gold
available for monetary use in the year
1900 will equal the amount Of both gold
and silver available from the product Of
1896 And OF course considerable
amount Of new silver will continue TO
enter into use the world over.
"When it is considered that the total
product OF both gold and silver in 1873
was only $l7S,OOO, 900, it will be seen
that the product of gold alone has be-
come practically double the output Of
both gold and silver in that year, when
the worlds supply OF money is said to
have been cut in two. Indeed, the an
nual gold output has now reached pro-
portion relative 10 the present stocks of
money equal to the increase in the sos,
when the placers OF California and Aus.
tralia startled the world. The worlds
stock Of gold and silver coin is estimated |
10 have increased from 1850 to 1850 hy 40 |
per cent, and by the present production |
Of gold, the worlds stock of coin will |
increase from 1900 to 1910 fully 10 per
cent
Laying aside all considerations as 10
effects Of changing the stand
lrd OF value to which the business OF |
his country is adjusted" continued
Mr.. Roberts, "it is 10y no means clear
hat the stock Of money in the world
'ould be increased by the universal free
'oinage Of silver any faster than it is
iow being increased The fall in the
'alue Of silver is itself largely response
Die for the increased product Of gold.
\ large part OF the present product Of
,old IL obtained from low-grade
res, which yield only small
'rotit above the cost Of treatment. II
raise in the price Of silver should turn
miners from the gold 20 silver it would
educe the OUTPUT Of the former. IT,
Is the silver men claim, there would
'c such an increased coinage OF silver
$ to reduce the value OF gold, it would
ertainly check the production OF the
after. Every miner in the world now
aid by the gold standard would then
d avoid being worse off require to have
is wages increased, all the supple.
scd in gold mining and prospecting
ould have to cost correspondugly d
lore and'thc effect would inevitably ,
T. 10 reduce the product. So it cannot
e said that We might have our present
icld Of gold and also such an increased
mount Of silver as to reduce the value
gold. To increase the supply from
ne source is 10 decrease il from the
.her. There is an equilibrium here rs
other affairs that nature, maintains. I
"rhe stock of gold in the hands of Ii
urope, in sight and counted, increased
per cent from Jan. /, 1873, 20 10 Jan.
1895 Nor is it true, a. sometimes
id, that stocks in bank are money not 4
use, for money Is used nowadays
keeping il in bank and checking
ninst H. The stock of the gold in the I'd
lited states was about S6OOOOO,O ,OOO
the lst day Of July, 1896, and is