Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-07-11
THE GOLD: STANDARD
All Great Nations Now on
W
That Basis.
eff Isl
PRODUCTION Is NORMAL
INCREASE IN THE YIELD IN
SOUTH AFRICA.
Dizziness on the Stock Exchange
Enormous Cost Of the Building
Strike to the Unions.
Special Correspondence Of The Evening Star.

NEW YORK, N. T., July IL, 1908.
All the great nations Of the world are
now upon gold basis. When the silver
craze Of a few years ago is remembered,
this is fact hard to realize, but there
would now seem to be no chance whatever
OF the white metal again threatening the
stability Of values. The worlds produc-
ton OF gold Is reaching the normal amount;
that Is to say, the average amount which
for some time was yearly produced before
the Transvaal war closed the Rand mines.
The Rand product for June showed large
increase over May, and the production In
the first six months Of this year indicates
that the output for the whole year will
aggregate about $50.O00OO0. The latest
statistics available for the worlds gold pro-
duction are those of the calendar year,
1901, when the value of the gold product
was $263. 100000. This included 1000, 900
produced in South Africa. So far as is
known, the gold production outside of the
Transvaal mines has continued at about
the same rate as that Of 1901, SO that the
worlds production in 1903 should be that of
1901. plus the increase in the Transvaal
yield. Those who are keeping a watch
upon this matter estimate that the output
10000
There is no reason to believe that there
Will be any material reduction In the
worlds gold product for some time. The
output of the Rand mines should increase
rather than decrease and the enterprise
OF man Is constantly at work to open new
sources Of supply. There seems to be cause
to believe that the future gold mines Of
largest production will be found far in
side the Arctic Circle. Difficult as it is to
penetrate those frozen regions, and more
difficult yet to construct lines of transpor-
tatfon there, no difficulties are too great
and no obstacles too high to stop the cour-
age and enterprise Of men in search of
gold: The more gold there is. the less will
be the talk about free silver. Some of the
former advocates of silver now freely
acknowledge that they were in error, which
is very hopeful sign for the country.
China to Establish Gold Standard.
Even China Is considering the practical
bility of establishing the gold standard. It
it proposed to establish a national bank
at Shanghai which shall mint a new gold
tael coinage and issue paper notes against
reserves thereof! Gradually in the course
Of two or three years all other currency
will be called in, and its further issuance
or circulation be prohibited. The importa-
ton Of silver will be, forbidden, and thus
finally China will be placed upon the gold
basis. with currency as fixed and stable
as that of other powers. China's eyes
were opened w hen she found that the
amount Of the indemnity she had to pay
cent more in silver than 1t would have
been II paid in gold. The probability is
that silver will never again be on a parity
with gold, owing to the great increase in
production Of the yellow metal
The extreme dullness the stock ex-
change has its humorous side. The room
traders spend most, Of the day lounging
around the outside lobbtes and joking each
other about the amount of money they are
making. Most of the two-dollar brokers
admitted that they had not made a single
cent One broker said he had not received
single order to execute for three days
h0 NJ of he wits
are almost entirely deserted. The manager
Of one of the largest commission houses
in the street made the statement that his
firm had not bought or sold single share
of stock between 10 and IL o'clock, usually
the busiest part of the day. Some houses
did not sell share all day 1t has been
years since such conditions prevailed in
Wall street Many large brokerage houses
have reduced their office forces from 20 to
80 per cent Others are adopting the policy
of enforced vacations on half pay. AS a
result there are many margin clerks book
keepers, markers-up. telephone boys, stock
clerks etc, out of employment in the finan-
cial district. The expenses of many COM
mission houses amount to over $500 day.
The Williamsburg Bridge.
The second or Williamsburg bridge over
the East river is nearing completion It is
a stupendous structure, much larger than
the Brooklyn bridge, and much more costly,
although it is said that 1t will not relieve
the disgraceful crush on the latter to any
appreciate extent 1t had been supposed
that the Williamsburg bridge would cost
New York city from $15OO0.00O to $1S,OOO,-
900. but the actual cost will be in the neigh
borhood of $25,OOO,OOO. The land which
had to be acquired In order that the bridge
might be constructed was said to have cost
more than was anticipated, but of course
there must have been many fat jobs in
the contracts The next bridge to be
stretched between Manhattan and Brooklyn
will be known as the Manhattan" The
estimated cost of this bridge Is only $16,-
1000. although the Brooklyn approach is
very long and much land will have to be
bought It will take probably five years to
construct this bridge. and in the meantime
the people living to the eastward and south
Of the Brooklyn terminus of the old bridge
will be subjected to worse crOwding, punch
ing and discomfort than ever. The con-
tracts for the Manhattan bridge are open
to foreigners, and 1t Is reported that three
foreign steel companies may put in bids
The contract for steel will call for $4,000
TONS and the amount involved will be over
$4,000 900. Eye-bar cables will be used in
the construction.
Two Kinds Of "Graft."
Politicians seldom tell how they get rich,
but Senator George w. Plunkett, Tam
many sachem of this city. is an exception
and has given some interesting information
on the subject. He divides graft into
Two KINDS, nOHcSI 81 alt anu ulIly mOu-
ey" Dirty money. he says. is that which
comes of levyingt blackmail on various kinds
of forbidden business or, in other words,
criminal business, He insists that no polite
ian of prominence and standing gets any of
this: but he does not deny that there Is
plenty of it for those who cannot do better.
Honest graft'sis the profit politician
makes by getting tips on plans for public
improvements, enabling him to buy land
cheap and sell tethe city. or to others, at
large advance: also the profit to be derived
by having inside information Of the sale
Of material, at which sale perhaps he may
be the only biddsr. the sale not having been
advertised. All such means OF making
money at the loss of the city he reckons as
honest graft" n Plupkett won't worry II a
panic occurs in Wali street or any other old
place. He is we'll fxed, but Is recognised
as a good fellow" ,11j
PerfunAed Joss Sticks.
The mosquito pest fl New York and tho
surrounding codntry lis unusually severe
this season. The joss stick. or perfumed
punk; has come into general use for pur-
poses of self-protection. The Chinese have
faith in the efficacy OF the joss stick for
driving away devils Painful as 1t is to
ciyflizod r,rldo that faith Ia gaining ground