Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1900-08-08
THE GOLD STANDARD.
ALL COUNTRIES ARE RAPIDLY
ADOPTING 1T.
Russia Japan and India, with Their
Population of 465,OOO,OOO People,
s Have Fallen Into Line Since the
Campaign of 1895.

The currency question was so thor
oughly discussed in 1896, and the asser-
lions Of the adAerents Of silver as a
standard money metal have been so
thoroughly disprosen by the events
since that date, that detailed discus
sion Of the question seems now snnnec-
essary. 1t is not improper, however, TO
call attention to some great facts which
account in some degree, at least, for the
course of the great nations in one by
one abandoning the double. fiuctuating
standard and adopting the single and
now almost universal standard-gold.
The general movement among nations
for the adoption of the single gold stand
ard began about 1870 except in the case
1876, and since that time all the nations
of the world, excepting Mexico, China,
Korea, Siam, Persia, and some of the
smaller republics of Central 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
toms service. This, if accomplished,
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 sim
gle gold standard Even in the short
four years since the campaign Of 1896
the gold standard has been adopted in
Japan, with population of 40,OOO,OOO;
Russia. with a population of 125,OCO,-
600; India, with population of 0OOUO,-
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 $1O,
100000 per annum; in the fifty years
since 1850 the gold production of the
world has averaged $135,OO0,00O per an
mum, and in the year 1899 was $315,U CO,-
900. In the four closing years Of the
nineteenth century the gold production
will be greater than that of the entire
J.
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 1888, then by later discoveries
in Colorado 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 have
been supplemented, and their results
multiplied meantime, by the develop
ment of new means of extraction.
through which mines formerly aban
doned as worthless again became val
liable. These discoveries and develop
ments account for the fact that the
gold production Of the world in the la&t
fifty years has been more than twice as
great as that of the preceding three
hundred and fifty years.
AS a consequence, the gold in exist
ence to-day, accepting the statistics of
such eminent statisticans as Tooke,
NeWmarch and Munhall and adding to
these the later statements of the Direc-
tor of the Mint, is more than three
times as great as in 1850. During that
time the population has increased so
1oi,,
eminent Statisticians, 1,015, 100000 in
1880 and 1.500,000,000 at the present
time. This would give twice as nuch
gold for each person to-day as in 1850.
III addition 20 this, however, Mulhall
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-
bles 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 1850
Of the worlds silver, according to the
same authority N1ulhalD, 40 per cent
was coined in 1850 and 53 per cent. in
1890
Gold, unlike most commodities pro-
duced, is for the most part retained
permanently-not eaten, or worn out,
or destrOyel-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, Is to 20 per cent. of the
worlds product Keeping this in mind,
it will be seen that the result of the
last half-century Of gold production in
the total amount mined is more than
twice as great as that in three hundred
and fifty years preceding, has enor-
mously increased the worlds perma-
nent stock of this accepted money
metal, and seems of itself to offer an
important if not a complete, explana-
ton of the fact that during that half
century in which the product has SO
greatly increased. practically all the
nations of the world have abandoned
the double standard and adopted this
rapidly increasing and generally ac-
oaptod O1oa SlIro of va