Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1900-08-08
THE GOLD STANDARD.
ALL COUNTRIES ARE RAPIDLY
ADOPTING 1T.
Russia, Japan and India, with Their
Population of 46o,OO0,oOo People,
Have Fallen Into Line Since the
Campaign of 1896.

The currency question was so thor
oughly discussed in 1896. aud the asser-
tons of the adherentS OF silver AS
standard money metal have been SO
thoroughly disproven by the events
since that date, that detailed discus
SION of the question seems now unnec-
essary. 1t is not improper however, to
call attention to some great facts which
account in some degree, al least, for the
course of the great nations in one by
one abandoning the double. fiuctuating
standard and adopting the single and
now almost uniyt - standards gold.
The general movement among nations
for the adoption of the single gold stand
ard began about 1870 except in the case
of England, which took this action in
1876. and since that time all the nations
of the world, excepting Mexico, China,
Korea, Siam. Persia, and some of the
smaller republics of entral and South
America, have adopted the single gold
standard Recent statements indicate
that China is pushing for the introduc-
ton of the gold standard in her Gus
will doubtless be the initial step toward
similar action with reference to the
currency of that country Consular
statements recently published indicate
that Siam is preparing TO adopt the sin
gle gold standard. Even in the short
four years since the campaign of 1896
the gold standard has been adopted in
Japan, with d population of 100000;
Russia with a population of 125,000,-
600; India. with population of 100000
600, and several of the Central and
South American republics.
In the three hundred and fifty-seven
years prior TO 1850 the gold production
of the world averaged less than Sl0,
100000 per annum; in the fifty years
since 1850 the gold production of the
world has averaged $l35, 100000 per an
mum, and in the year 1899 was S3l5,OO0,
600. In the four closing years of the
| nineteenth century the gold production
| will be greater than that Of the entire
first half of the century. In the single
year 1899 the gold production was as
great rs that of the first thirty-three
years of the century.
This enormous Increase In the pro
| duction of gold as compared with that
| of previous centuries began with the
| discovery Of gold in California in 1917.
| followed by similar discoveries in Aus
| tralia in 1858, then by later discoveries
| In Colorado a few years later. then by
! the enormous discoveries in South AT
| RIGA, which have proved the greatest
| gold-producing mines ever known, and
| within the past three years the great
| discoveries in Alaska All these nave
| been supplemented, and their results
| multiplied meantime, by the develop
| ment Of new means of extraction.
/ through which mines formerly aban-
doned rs worthless again became val
liable. These discoveries and develop
ments account for the fact that the
gold production of the world In the last
fifty years has been more than twice as
great Us that of the preceding three
hundred and fifty years.
As a consequence. the gold In exist
eDce to-day, accepting the statistics of
such eminent statistieians as Tooke.
Hewmarch and Nuuhall, and adding to
| these the later statements of the Direc-
tor OF the Mint, is more than three
| times is great as in 1850. During thai
| time the population has increased 80
| per cent, being. according TO equally
| eminent statisticians. 1,0T5,000,00O in
1850 and 1.500,0O00O0 at the present
| time. This would give twice as much
| gold for each person today as in 1880.
| In addition to this. however, Muhall
| shows that two-thirds of the gold of
| the world to-day is coined and used as
money, while in 1850 only one-third Of
| the gold was coined. This again dou-
| bes the amount of gold money, max
| ing. therefore, more than four times as
much gold currency for each individual
in the world to-day as in 1880.
OF the worlds silver, according to the
same authority (MulhalD, 40 per cent.
was coined in 1850 and SO per cent. In
| 1890.
Gold, unlike most commodities pro
! duced, is for the most part retained
| pcrmanently-no eaten, or worn out
or destroyed and each years addition
| from the mines thus Increases the
| worlds permanent stock of the money
metal, excepting the small proportion
| which is used In the arts, which aver
ages. perhaps. 10 TO 2n per cent. of the
worlds product. Keeping this "a mind
| IL will BE seen that lie result of the
| last hllf-century of gold production in
| the total amount mined is more than
| twice as great rs that in three hundred
| and fifty years preceding. has enor-
| mously increased the worlds perma-
nent stock of this accepted money
metal, aud seems Of Itself to offer an
/ important. if not complete. EXPLAIN
/ ton of the fact that during that half
century In which the product has so
/ greatly increased, practically all the
nations Of the world Lave abandoned
| the double standard and adopted this
rapidly increasing aud generally ac-
| cepted measure of val2p.
There has been also an enormous in
! crease in the production Of silver dur
| ing the same period, the total Of the
! last fifty years being in round NUM-
| hers. 5000. 900 OG0, against $4,000 oOD.-
| o00 in tie three hundred and fifty years
preceding. This silver has also gone
/ largely into use IS a money metal. and
( the amount u silver monov in circula
/ tioD as n full circulating medium has