The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-10
DIRECTOR OF MINT
SPEAKSAT DEADWOOD
Tells the Mining Congress
What Increased Output of
Gold Means.

LEAD, S. D., Sept. 9.-Today the
American Mining congress moved over
into Lead and after receiving well
come from Mayor E. F. Irwin on behalf
of the city, proceeded to transact the
business of it's sixth annual session,
where it left off at Deadwood last
night. Three sessions were held to-
day. A day off will be taken tomorrow
to enable delegates, members and other
attendants at the congress to inspect
the mines and mining plants in and
near Lead and to visit Bald mountain,
Ruby basin and Spearfish canyon.
Three more sessions will be held in
Lead on Friday and then the congress
will go back to Deadwood, where it
expects to conclude it's work Saturday
afternoon.
The principal speakers of today's
three sessions were George E. Roberts,
director of the mint; John L. Webster
Omaha, and E. w. Parker, of the
United States geological survey, Wash
ington, d. c.
Each was given a rising vote of
thanks for honoring the congress.
Mr.. Roberts, just before conclusion
referring to the recent increase in the
value of silver. said he believed silver
had seen its worst days and that it
would before long reach and maintain
staple standard of value. This state
ment was received with applause. This
reference by the director of the mint
to silver led a Deadwood delegate to
submit resolution against "any fur
Their legislation by congress tending to
restrict the further coinage of silver as
real money or to depress it's value on
the market"
The resolution, the reading of which
ELECTED some applause from the dele
gates, was referred to the committee
on resolutions.
Words of the Mint Director.
THE output of gold, which received
temporary check by the war in the
Transvaal. will amount this year to
new record, and next year in all prob
ability to another new one, for the
Transvaal will not fully recover its po-
sitfon until then and all of the impor-
tant gold producing regions of the
world are promising enlarged yields.
The ore deposits in sight, the advance
made in metallurgy and the abundance
OF capital seeking investment in the in
duStry, 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. Prof. Suess, the
Austrian geologist based his famous
argument for bimetallism in 1874 upon
the theory that placers were and al
ways would be the chief source of sup
ply and that as the world had been
nearly all explored the annual yield of
gold in the future must be a diminish
ed one. The metallurgical discoveries
of the last twenty years, the new
processes of reduction, are to be cred
tied with the new golden stream.
The people who are counting on
stagnation and liquidation to follow
the present era of prosperity may not
be giving due Importance to this an
nual addition to the monetary stock
of the world. A period of enterprise
and free investment exhausts the fund
of liquid capital and halt is ordina-
rily necessary until the fund is replen-
ished by savings. The process may
be identified by a ruse of interest rates
and fall in the value of investments
that yield a fixed rate, and it's influ-
ence of course Is to put stop to the
latter. Every addition to the bank re-
serves at such a time has a direct
bearing on the situation, and a flow of
$350,000,000 of new gold every year
into the financial centers of the world
will be a factor not to be overlooked.
It's accumulation in the banks will nat
urally force interest rates down, which
in turn forces the value Of fixed in
vestments up and the result Is a stimu-
lus to enterprise until the new supplies
are absorbed, when the process is re-
peated."
Mr.. Parker's address was full of sta
tistics and dwelt largely upon the min
ing exhibits at the st. Louis worlds
fair.
Other addresses at the afternoon ses-
sion were delivered by c. w. Merrill