Republican news item. [volume] (Laport, Pa.) 1896-19??, 1900-08-30
ADOPTING GOLD BASIS.
GENERAL. MOVEMENT OF NATIONS
FOR THE SINGLE STANDARD.
Rusain, Japan and India. With Their
Population Of 465 200, 900 People, Have
Fallen Into Line Since the Cam paign
of 1896-The Production OF Gold.

| Fallen Into Line Since the Cam paign
of 1S96-The Production OF Gold.
| The currency question was so thor
! oughly discussed in 1896, and the as
/ sertiOns of the adherents of silver as a
, standard money metal have been so
thoroughly disproven by the events
,, since that date, that a detailed discus.
sion of the question seems now un-
necessary. 1t is not improper, how
, ever, 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, fuctuating standard and
adopting the single and now almost
universal standard-gold. The general
movement among nations for the adop-
ton of the single gold standard began
about 1870 Except in the case of Eng
land, which took this action in 1861,
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-
tion of the gold standard in her GUS
toms service. This. If accomplished,
will doubtless be the initial step to-
ward similar action with reference to
the currency of that country. Con-
| sular statements recently published
indicate that Siam is preparing to
adopt the single gold standard. Even
in the short four years since the cam
paign Of 1896 the gold standard has
been adopted in Japan. with popula-
ton of 4O,OOO,000; Russia, with pop
ulation of 125,OOO,0OO; India, with :.
population of 30O,000,OOO 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 S1O,-
100000 per annum; in the fifty years
since 1850 the gold production of the
world has averaged $135, 100000 per
annum, and in the year 1899 was S3l5,-
100000. In the four closing years of
the nineteenth century the gold pro-
duction will be greater than that of
the entire first half of the century. In
the single year 1899 the gold produc-
tion was as great as that of the first
thirtythree 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
1S47, followed by similar discoveries
In Australia in 1853, then by later dis
coveries in Colorado few years later,
then by the enormous discoveries in
South Africa. 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 meanwhile, by
the development of new means of ex-
traction, through which mines form
erly abandoned as worthless again be-
came valuable. These discoveries and
developments account for the fact that
the gold production of the world in
the last fifty years has been more
than twice as great as that of the pre-
ceeding three hundred and fifty years.
AS consequence, the gold in exist
such eminent statlsticians as Tooke,
Newmarch and Mulhall and adding
to these the later statements of the Di-
rector of the Mint is more than three
times rs great as in 1850. During that
time the population has increased fifty
per cent, being. according to equally
eminent statlsticians, 1913 600, 900 in
1850 and l.500, 0,OO00OO at the present
time. This would give twice as much
gold for each person to-day as in 1850.
IN addition To this, however. Mulhall
shows that two-thirds of the gold of
the world to-day Is coined and used as
money, while i'm 1850 only one third
of the gold was coined. This again
doubles the amount of gold money,
making. therefore. more than four
times rs much gold currency for each
individual in the world to-day us in
1850.
OF the worlds silver. according to
the same authority tMuihalD, forty per
cent. was coined In 1850 and iifty-three
per cent In 1890.
Gold, unlike most commodities pro-
duced, is for the most part retained
permanently-not eaten. or worn out.
ar destroyed-and each years addi-
zion from the mines thus increases
the worlds permanent stock of the
money metal. excepting the small pro
portion which is used In the arts,
which averages. perhaps. fifteen 10
twenty per cent. of the worlds prod
uct Keeping this in mind. IL will he
aeen that the result of the last half
century OF gold production In the total
amount mined is more than twice ms
great az that In three hundred and
nifty years preceding. has enormously
increased the worlds permanent stock
of this accepted money metal. aud
seems Of Itself 10 offer an important.
II not complete, explanation of the
fact that during that half century la
which the product has so greatly In.
creased. practically all the nations of
the world have abandoned the double