The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-12-20
The Deierminsblc suppl, OF Gold.

To THE EDITOR or The SvN-Sir Adop-
ton of u sin gle gold standC I'd by nearly all
civilized nations precludcs the possibility of
a return to n binetallc standard excepting
AZ a comparatively remote period
That II will again be employed by govern
ment~ now using gold standard j. GER
tain however. as that they -hall yo, he in
existence OF course, such diversion from
present methods in finance will not occur
voluntarily. bu, alto gether throuy h stress of
necessity
II j. not difficult TO imagine time when
all the gold now secreted in the earth will
have yielded up it, treasures TO tho industry
Of man The determination OF such An event
il II possible 10 estimate A. the final endn g
Of the supply OF coal. and the latter has al
ready been Ngured out by economic experts
a. only few generations hence in each
case merely question OF time
Your contributor, : Il Farley estimates T. e
yearly product ot the cold mines of the world
NJ $500 OnN eco Statistics from authentic
sources show that 10 be substantially cor
rec, Like coal-hcarng earth. that OF an
auriferou> character has it, limitations Gold
mines that have long been worked are be-
coming exhausted and new fields discovered
arr being rapidly depleted Unlike ayri-
cultural products. which are. each comm z
season renewed with new growth. every
ounce OF gold extracted leaves one ounce less
to hc dug. and the mine worth that much
less
With the yearly supply Of newly mined gold
thus become an impossible factor in the
monetary system of civilized countries the
only other noble metal nation, have hitherto
agreed on as medium of exchange il silver
and silver will thus perforce resume its former
province OF money OF standard value This
iics - not Organism or silver heresv. but Is
>imply u deduction based on probable facts,
or. in other words in anticipation OF date
that shall have measured tho supply OF gold
Values that depend upon supply and de-
maud amply TO gold n well a. to other things.
and Il Il easy to contemplate radical en-
hancemcnt in value to metal that, can no
longer be obtained from II. natura source
ncrcnsa in value. gold could no longer re-
a.. IN in the category OF money metals, and
silver would naturally tx It, place n..,;,,,
% an exhaust ion %; the supply of silver, as
n" 9%"n,nay ~ 20 rrs, n 1%mrhnTt-pm Mn
lenninm might ovcrtake humanity before
the cnd of silver WI, reached of course,
money would b" out Of business were the mil
In the meantime. during tho long interval
bet veen the present and the termination Of
gold minins We VEGA are roo to co. have yearly &C
months fresh supply is not insignificant to
contemplate. hut decade would present an
awe Inspiring spectacle OF three billions OF
new basic money
II is only necessary to refer to the late
attainmontS by our leading inanciers TO con
line OF superstructurcs OF paper and credit
possible to erect on this foundation OF gold
on distention- and imitation, il H. unnecessary
to dwell They probably will come, which
T. the more TO be regretted but with any
reB sonahe conservatism $500 OO0, 900 Of new
money each wear ought to diS>ipate the pes
simis,ic predictions of tho-e who delight
In cloudng the future sky with the murki-
ness OF calamity prophecies
Tho history of great and widespread
financial disasters has almost invariably
shown that collapse followed periods Of
inflated credits and trading ON wind Present
commercial methods are largely on n cash
basis and that basis gold. the latter "A con-
ditiou widely different from the former
NEW loBK. Dec ~ T THOMAS.