The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1900-08-08
THE GOLD STANDARD.
ALL COUNTRIES ARE RAPIDLY
ADOPTING 1T.
Russia, Japan and India, with Their
Population of 465,OOO,OOO People,
; Have Fallen Into Line Since the
Campaign of 1895.


Campaign of 1895.
The currency question was so thor
sOughly discussed in 1896, and the asser-
lions Of the adherents of silver as a
standard money metal have been so
thoroughly disproven by the events
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, 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 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 ali 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 a population of 100000 900;
Russia. with population Of 125,0OO,
GOO; India. with a population of 800, OUO,-
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 S1O,-
100000 per annum; in the fifty years
since 1850 the gold production of the
world has averaged $135, 100000 per an
mum, and in the year 1899 was $315, UUU,
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
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 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 laSt
fifty years has been more than twice as
great as that of the preceding three
hundred aud fifty years.
AS a consequence, the gold in exist
ence to-day, accepting the statistics of
such eminent statisticians as Tooke
Newmarket 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
per cent, being, according to equally
eminent statisticians. 1,075, 100000 in
1880 and 1,5OO,000,000 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 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 (AIulhalD, 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
permanently-not eaten, or worn out.
or destroyed 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 complete, explana-
ton Of the fact that during that half
century in which the product has so
greatly increased, practically all tha |