The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-08-17

IN u 8
q, and city addresses. 55 r.
N The Gold Supply.
ss Now that the gold standard has been
81 firmly established and now that the the
question Of the free and unlimited coinage
n 81 silver Ii,ts been aband oned there are
/ prophets abroad III the land who 81 say
4 TINT there is danger ahead of gold sinfla-S
II ton They base their pred tons upon
II The Enormously increased and increasing
s. supply OF the gold metal In order TO
I. study tho situation ntellligently 1t IS
# Necessarily TO have the figures before U.S.
and We give the following ia bulated5
I Sta tenlen &! Of the worlds proc ton Of
h gold from time to time, beginning with
n the year 1851: ! s8S3 Ssg.s s9 NH :ss
Total ounces. Value. "A
SitTronl 1851 to 1855 5o7 500 59s
IRON 1856 to 1890 % COL, e 549, 9s6 1eS
FROM 1891 Ito 1856 ..S9, S10,51s ST., 019, l6o5
From 1896 to 1900 .63, 1852 S1,9Q6, 9S2,
;411 q y. :. IL S94S56 266, 559, sSt
9C2 z. 4. . 14,437669 229S, 352. Go
1903 (estimat ed IL, 4541 SS22S ,56S,774
II viii be seen from this hat the in-S
q crease IL, production from 1856 to 1880 was
d onlv d little more than Q 900. 900 ounces In
M excess CT the production Of the previous
five Isl rs But for he fly years ending
with 1896 the increase over five n years
IS ending with 1890 wa u, 706,S 46 unces,$anu
s88 from 4 SOC to 1900 inclusive the increase
of the product over the five years Pc
q tween 1881 and 1885 was 2a914, 664 ounces
Tie production OF gold for the ten years
& ending with 1880 was in round numbers
81 100000 ounces; the; prod ton OF gold
FOR the ten years ending with 1900 was In
round H numbers 71O2, 0O0, 900 ounces. The
) spiodu Of gold from 1881 y to 1880 IN
elusive vas 81, 900. 600 ounces the produc.
SSs.t ton OF gold for 100, 1902 and 1908 was
b more than 4s, 0o0. 900 ounces. The produc-
toni of gold from 1851 to 1885 inclusive
q, period Of fifteen years, was something
Il more than 90 0oo, 900 ounces. The produc-
ton Of old from 1896 to 1903 inclusive,
! q period Of eight years, was more than
10, 100. ooo ounces y Since 1891 more than
4 s. ooo. oco zoo Of gold have been taken out
Z 2of the mines OF the world. and in the
last century near ". 81, ooo 900, 600 of gold
have been produced. III
2It Is to be remembered that gold Is
B not like wheat or corn or cotton which,
p is consumed from year to year Gold 's
practically indestructible and the supply
Of past years abides, the stock being
4 added to from year to year and In
creased without any apprec iable decrease
in the entire volume. s5y Il 53
These figures and these facts have set
flnancicrs to thinking and recently two
distinguished fInanciers, one I'm London
and one in, the United States, have dis
crssed the question from opposite points
of3yiew. The london man Is Mr. ". r.
II lawson, OF the Financial Times, of that
u city. who says that while the final
N uuietus given to bimetalilsrn has rid us
jof the silver standard, 1t has done more
than that, for IT has shaken the old
ifaith in monetary standard as scien-
y .tiflc and indispensable necessity.
We will give both sides OF the ques-
~ YIon--upon the dangers from an excess
q Five production Of gold. MI. Lawson
says: 555
nThe functions attributed to gold, are
q undergoing as great a change as the cur
4 rency theories which suggested IT. what
chiefly concerns bankers at the present
s day lis not the conyertibility of the bank
note, but the volume OF metallic money.
ss It Ia the gold reserves which they ought
to hold as security for their huge de-
slss nosits i'he future of gold. therefore. ID
bound mp with the vast credit system
n which has been built up by the joint
stock banks. In this connection he COM
II pares the scramble between the different
q great banks Of the principal countries
for every parcel OF gold that comes into
1ht MARIE with the spectacle Of the
# great powers competing With each other
Il; In the creation OF ornaments Of war. He
IA thinks that a scientitlc plan OF regnlat-
81 ing the worlds gold reserve is possible.
/ and that IL Is not beyond the power ot
The leading banliing institutions to de-
wise a central gold reserve that would
~ Fcrpe all nations. Mr. Lawson says
II that the eGtimate made by our dIecto,
NJ Of the mint, that The per capita circula.
tonso money In the world is S9.47, Us un,
douotedly q prodgal allowance of money
$3.50 THE full effects Of excessive circu'a
tlon II, necessitating large stocks of gold
& 81 Mr. la son says, are to be most clearl,
II seen In tbs United States. The bigges
and most costly of all American trusts
~ he thinks. Is the currency, In the pas
b seyen years Il has been inflated 10 th
amount OF $780, 900 This has hecom
ss an embarrassment OF riches. For
4 country which makeh very little use o
rold In its daily business. this 81 ESQ, ON ~
ss ~ gold 40 the UniAsd States. hn declares