Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-09-10

IL. y.
Mr. Roberts, just before concluding,
referring to the recent increase in the
value Of silver. said he believed tina;
silver had seen its worst days AN
that it would before long reach and
maintain standard of value
This statement was received with
great applause.
This reference by the director Of the
mint to silver led a Deadwood dele
gate to submit a resolution against
any further legislation by congress
tending TO restrict the further coin
age of silver as real money, or to de
press Its value on the market"
The resolution. the reading of which
elected some applause. was referred II
the committee on resolutions.
Hon. George E. Roberts Speaks.
Mr.. Roberts said In part:
The output of gold, which received
a temporary check by the war in the
transvaal, will amount this year to a
new record and next year In all prob
ability, to another new one, for the
Transyaal will not fully recover its
position until then and all Of the i'm
portant gold producing regions of th.
The ore deposits In sight. the advance
made in metallurgy and the abundanc.
OF capital seeking investment in th-
industry. combine to give assurance
that the yield will not decline for a
long time to come. Down to twenty
years ago the worlds supply of gold
came mainly from placers. Professor
Suess. the Austrian geologist. based his
famous argument for bimetalism in
1874 upon the theory that placers were
and always would be the chief source
OF supply and that as the world hal
nearly all been explored the annua,
yield of gold in the future must he
9 diminishing one The metallurgical
discoveries of the last twenty years. the
new processes or reduction, are to be
credited with the new golden stream,
People who are counting on stagna
ton and liquidation to follow the pres.
ent era OF prosperity may not be Civ
Ing que importance to this annual adj
dition of the monetary stock Of the
world. A period of enterprise and free
investment exhaustS the fund OF liuui6
capital and q halt is ordinarily nee
essary until the fund is replenished
by savings. The process may be iden
tilted by rise OF interest and a fal,
IN the value OF investments that yiei1
a fixed rate. and its influence. OF course
is to put stop to the latter. Every
addition to the bank reserves at such
a time has a direct bearing on tbe
situation, and a flow Of $3.50. 900. 600 az
new gold every year into the financial
centers of the world will be a factor
ha ,nrI<
latlon IN the banks will naturally force
interest," rates down, which in turn
FORCES the value of fixed investments
up and the result is stimulus to en-
terprize until the new supplies are
absorbed. when the process is re
peated.'
E. w. Parker's Remarks.
Mr.. Parker in part said.
The address of Mr.. Parker. which
had nothing to do with gold, seemed 10
be somewhat of a novelty to the ma
jority of The members, but was followed
with evident interest.
How many of you are aware that in
1901 the United States produced prac-
tically 40 per cent of the entire worlds
supply of pig iron, and per cent of
the entire output of steel? In 1902
this country added nearly 100000 tons
to the pig iron product of 1901, and
reached total of nearly 100000 long
tons. How many of you are aware
that in 1902 we produced almost double
the amount of pig iron made in this
country in 1892. tens years before, AMI
about four times that made in 1882?
How many of you are aware that in the
hn1f nf fur
United States turned out pig iron equal
in amount to that produced in all th.,
other countries of the world in a SIM
liar period for 1901? This great de-
velopment is due In larger part to
coal. Our vast deposits of iron ore
would lie unprospected and undevelop-
ed but for the coal which reduces them
to workable iron and steel. Without
the coal the steel would not be made
for our railroads nor would there be the
locomotives to draw the trains. 1t is
coal which moves the world today, not
gold. Gold lubricates the wheels, and
that is very important, | grant you, but
coal makes the power.
Now, what are we doing in the de-
velopment of that power? We look at
the statistics and we see that our coal
mines produced in 1902 a total of 29S,-
100000 short tons of coal. We are ac-
customed to talking in millions now-a-
days, and consequently these figures
may not sound impressive, but let US
see what sized mass this product rep
resents II this one years product were
gathered in one heap and measured. It
would make a mountain containing
1860. 900, 900 cubic feet. If put into =
column with a rectangular base LOCO
feet on each edge nearly fifth OF a