The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-12-25

Equally Remarkable Statistics in
Behalf of IrOn-Why Wall Street
Says Gold Is the Most Precious.
Pittsburg's Answer-We Are Ahead
of All Competitors in Pig Iron and
steel, but Australia the Worlds
Leading Producer of Gold.
By Terence ]. Kelly.
New York, Dec. 24.-Which is the
worlds most precious metal?
Wall street would say gold. Pitts
burg would say iron. So many rea-
sons and figures could be given in
favor of either that the average man
would be as puzzled to decide as ever
was any reader of Stocktons 1.-THE
Lady or the Tiger"
1t is certainly one of the two. No
other metal approaches either of them
in monetary value of worldwide i'm
portance, although the electricians
might have a word to say in favor of
copper. on the same principle that the
cobbler declared there was nothing
like leather.
So far as the actual money value of
the mined material is concerned, gold
undoubtedly takes the lead not only
in the United States. but throughout
the world. On the other hand, the
production of iron ore is increasing at
a much greater rate than the produc-
ton of gold. But gold Wall street
would say, vitalizes all the worlds in
dustries, including iron and steel.
How could you develop your mines
and your steel making plants if we
didn't put up the money!" the kings
of finance might ask.
You could not work your gold
mines at all without our machinery
of STEEL" Pittsburg might well re-
tort.
Gold Made Possible by Baser Metals.
1t would be true The great mod
ern developments in gold mining have
only become possible through the
progress of the iron and steel indus
tries. Deep-level mining could not be
practiced without the help of COLDS
greatest rival among the metals. With
out iron and steel gold-Washing and
gold-mining would have to be carried
on in the primitive ways of the Incas.
Pittsburg might urge, further that
gold is only medium of exchange
which is of small practical value in
itself to the world at large. Another
medium of exhange might be found,
iron and steel. There are other metals
which might be made to serve their
purposes, but those metals are too
rare and therefore too expensive, for
anything like common use.
The Worlds Industries.
Without iron and STEEL bridges, rail-
ways, steamships, skyscrapers,. all the
things we have grown to depend on in
our daily lives and have grown to re-
gard as Indispensable, could not exist
The sewing machine, the reaper, the
steam engine, which has revolutions
lied the worlds industries and trans
portation system none of these
things would be possible but for iron
and steel. The age of machinery
would never have come into being at
all without them; the inventors occu-
patton would never have existed, for
no matter how ingenious the machine
he contrived. it could not be built to
operate properly without the strong,
yet cheap metal of which nearly all
modern machines are constructed. The
modern industrial arts of peace could
not be practiced without iron: neither
could modern war be waged, since
nothing but steel is strong enough and
cheap enough to make into huge
power guns.
Gold or Iron in Mars.
1t is commonly said that money
resources-which means gold, or the
ability to get goodwill decide the
Far Eastern war. But is not steel even
more necessary to the fighters, al
though the days of the redeemed blade
made have almost past? And the very
surgeons who attend to the wounded
men on the battlefield could not do
their work without the finely tempered
instruments that mark the apotheosis
of STEEL
You must have our goods" Pitts
burg would conclude. There are no
substitutes, but gold is only a token,
and you could get something else in
place of it."
Wall Streets Argument.
10 this very reasonable argument
Wall street would retort by asking
Where another medium of exchange
as good as gold is to be found. There
are other mediums. but gold has to be
at the back of them, in the greater
part of the civilized world, at all
events. Look at the people who use
otner tokens-the savages with their
beads and cowries and elephant tusks.
Are we to return to their condition?
ana so the controversy would go
on, until the average man was hope
lessly bewildered
But whether gold or iron deserves
the palm, 1t is at least certain that the
production and treatment of both
metals are industries of the highest
Importance to the United States. In
regard to both of them, this country
plays leading part in the world. We
are now far ahead of all competitors
IN the production of pig iron and steel,
out we have lost our former premier
place as the worlds greatest pro-
Queer of gold.
Americas Gold.
An estimate has been made that the
amount of gold raised from the earth
from the year 1892 TO June 80. 1881,
was worth $12,S60 ,SS0066 Previous
10 1892, the value of all the gold raised
was $5,257. 374000. This large figure
taxes account of the vast treasures OF
gold brought from the land Of Ophlr
ny the servants Of King David and
klng Solomon for the building of the
Iemple. OF course, these figures are
simply wild conjecture; So also, is the
theory that about half of the gold
from the time OF the discoveries Of
columbus down to the year 1881 came
from the American continent But
When we come down to more modern
times, We get exact and interesting
figures.
IN 1851 the United States enjoyed
undlsputed superiority over the rest
OF the world IN regard TO gold produc-
ton. It's output was worth $4,000 900
OUT of total OF $4,000 COO while
al Il a.