Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-12-27
nsmands Of Business World are
Totally Unified.
CAUSED BY SPECULATION.
,.,u,p.e Gold Yield Promised by the
Mines In the GATED states
Next Year.

washington, Dec. 2G.-Nr Roberts,
director OF the mint. was asked today as
10 whether the present monetary strin-
seney In his opinion slgnined an actual
scarclty OF money TO meet the present
requirements OF trade. He said:
mo possible supply OF money can
preyent stock exchange panlcs or pc
Rods Of monetary stringency. because
ejaculation and rising prices will abb
,orb any possible increase until the
measure for ready cash Is just as great
"a upon the new plane as 1t was upon
the old.
.The cry for more money Il as unap-
peasable as the demand for more
wealth A new supply instead OF de-
,rand stimulates II. Men want money
10 buy things wlth-good things that
they think are going higher. Give easy
money In the banks and we have bank
.fs encouraging borrowers. As a re-
suit stocks 40 up. and rs they 10 up
more people want to buy. and 10 the
demand for money increases.
You cannot furnish money fast
enough to meet the demand OF all who
would like to borrow while prices are
going up. nor could all the gold and
silver mines In the world together keep
prices going up forever.
"a marvellous era Of Increasing
money stocks began In 1850 and started
a period OF speculation and ended In a
world wide smash In 1851, when even
The Bank Of England had 10 suspend
payment without amy decline IN pro-
ductlon and with the mlnts everywhere
open to both gold and silver.
"'rhe real secret OF these reactions Is
80 Is.st tsaaN afHIF flfhnaA
pie who are crying that they have
been forced to throw away their prop
orty had never paid for their holdings.
They borrowed money on call TO make
small payments. hoping that right
turn In the market would give large
profits.
come as easily as profits. That y one
Of the conditions OF the game. When
they have profits they call 1t pros
pcrty. but when they have Losses they
think the country has come To stand
stu and want to know who II to blame.
Nothing has happened except that
they have been asked 10 pay what thcy
owe II Is impossible TO do away with
such speculation by any Increase In inc
money supply
'in short. it IL not legitimate busl-
ness that causes the enormous imitation
Of credits, multiplles the bank reserves
required, and thus abs0rbs any posi-
bic money stock. STRAIGHTFORWARD
will Inevitably do II. and as II IL OBJ
ylously impossible to satisfy that nppe-
lite Il II absurd to point to tight
money market NJ a proof OF an lnsuiii-
Client supply OF money.
Undoubtedly the war In the Trans
yaa has had Influence upon our money
inarkct.' Anything that disturbs nor
NAL conditions. which turns the cur
rents OF business out OF the course they
have been expected to'follow. viii affect
business. with trade balances as they
ufe our bankers early IN the season
had reason to expect gold Imports TINS
fall, and probably directed their buai-
ness accordingly. The war has not only
cut on remit OF about y2,OOOVO0
week from london to South Africa, but
compelled heavy shipments the other
way. Such n reversal OF the regular
and anticipated order makes money
tight In all centers until affairs are
feadiusted. TO the new condition.
The world does not depend upon the
Trnnsvnnl for Its stock OF gold. Colo
fGdo Will produce more gold In 1900 thnn
all North America yielded ten years
ago, and this continent VIII Yield more
next year than the whole world did ten
years ago. Cripple Creek II up 10 the
record OF the Transvnnl Ave years ago.
and Cripple Creek, with Alaska ana the
Klondlke. Will next year exceed the
Transvaai production OF 1877. me
golden tide. though checked for mo-
ment, IL not going to subside.