The San Francisco call., 1901-11-11
FUTURE GOLD SUPPLY.

was reported to have said in lecture that i'm
- proved processes of working gold mines of all
sorts have cheapened the cost of producing the
metal that it would ere long be abundant to be
hardly available for monetary Professor Shaer
promptly denied having made such statement, but
at the time declined to inform the public OF his
views the subject. He has now contributed to the
international Monthly an article on "The Future of
the Gold Supply" which, while not SO sensational
the statements attributed to him. is nevertheless
something like confirmation of the essential features
of the report
The professor points out that gold is of the
most widely dfused of metals 1t exists almost every
where but rarely in paying quantities Thus he says:
While it may be said that wherever person may
be the surface of the EARTH or on the ocean, there
is likely to be enough gold within mile of his feet
to make him millionaire, the places where gold can
conceivably be won at profit relatively few.
There three situations in which gold is found
under conditions that render it profitable to work
the fields First the lcdes Or veins in which gold has
been deposited commonly in association with other
metals second, the accumulation of detrtus arising
from the decay of rocks containing god and, third,
the deposits containing gold formed like the second
class, but which have been brought beneath the sea,
deeply covered by strata, and have thus been sub
Jected to influences that have greatly changed their
character.
Professor Shaler discusses the prospective output
OF each Of the three kinds of gold fields in turn. He
notes that in working the lodes and veins of gold in
the rocks there have been such Improvements in the
methods that at present it does not cost one-third
as much to win and treat given amount of
from an>underground mine as it did in 1850. By
son of the increased efficiency of the processes of
such mining, and making no allowance for future i'm
provements, he estimates that the yield from that
group of gold deposits is likely within twenty years
to exceed $5ooooo,ooo per and to be main
tanned at that a greater rate for many decades.
In the working of the gravel alluvia deposits
equally great improvements have been made, notably
in New Zealand, where dredge has been devised
which renders it profitable to work alluval graves
that were wholly improbable few years ago. In
addition to the aluval fields already being exploited
it is believed fields will be found and opened
up along the whole Pacific Coast from Alaska to
Patagonia n.the northern part of South America in
the Carolinas Georgia and Alabama, in Siberia and
in many parts of China. The professor says: "It is
indeed improbable that in twenty years from the
present time the annual production from this source
may exceed that which is contributed from all
the existing mines. He adds: This, be it said is
but opinion, and is of no value as an estimate"
The third group of gold deposits is found mainly
in California and South Africa The professor says:
Owing to the fact that such deposits may have
horizontal extent vastly greater than that of any
vein their possible importance as source of supply
becomes evident That of the Rand if such it be- is
fairly reckoned certain to yield than two
billion dollars. AS nature repeats itself with what
seems to be love of doing, may fairly assume
that the discovery of other like deposits will reward
those keen-eyed and indefatgible searchers for the
treasures of the under earth who are now afoot in
all lands
AS to the result Professor Shaler holds that the
output of gold will continue to increase until the
metal becomes so cheap it will no longer pay profits
on the operation. He adds: at is clear, however,
that much disturbance of values would be brought
about before this automatic brake could be operated
All debts though their face value would be un-
changed, would be effectively scaled down as
though despot had for his profit debased the coin
age of the civilized world"
Professor Shaler has no remedy for what he calls
this apparent danger" The world however we be-
leve will hardly be alarmed by the professors views
Should the supply of gold become so abundant as to
materially lessen its value, there would grow up an
increasing demand for it in India and China and in
South America. In short, there seems no reason to
fear that the world will have occasion to regret
having adopted gold the standard of value
Mr. Winston Churchill in addressing his constit-
uents few days ago said the South African war "has
ceased to be supreme issue and become an unmiti-