Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1908-03-06
THE RISING TIDE OF
GOLD PRODUCTION


broad views keeps a iiUger on the pulse
Of the worlds industries Hmh IL close
watch on the financial conditions winch
SO materially affect the euucrss II nus
operations. Twelve NarI tg", When
the battle ui the money standards WAS
fought to all apparent Finish with the
friends 1T silver enrolled on one SIDE
and the advocates Of gold Oh the other,
no elemen! Of the country ropuIatiur
erercIsed u more decisive Influence than
or lender, the farmer kucw TINT the
value OF the money circulated IN the
country was n matter Of the utmost ia
p%ortance to him. As Il producer, too,
he realized that the price OF his market
able products would depend Oh the
money standard which the voice OF the
people should decree as leg ilimate.
The battle WIS fierce and determined.
The gold standard won. The friends of
silver and those who proclaimed them
selves in favor - bimrinllizm or the
double standard were ]gueyun.ly disar-
pointed and anticipated tL.A', ow:ng to
the. relative scarcity Of gI!J, - period Of
currency famine, low prces and Dus.
mess depression wou!d follow. Just
then, Or very sOon the ~rrHftcr. something
happened which revolutioGi2ed the
entire none arr situation Of the world.
1t wae something that neither side co.
pected, at leasl in the degree in winch
il occurred.
The change which took place was an
enormous Increase in the production OF
gold, resulting i'll Turt from the dis
coyery Of new mines. bus mninly from
the discovery Of new processes 10y which
gold III paying quantities could be pro-
duccd oy the reduction Of low or grade
ores than could Formerly be worked.
The event was o merely of tempor-
airy effect and import. 1t wa ono Of
the great historic changes wn.ch radical
ly affect the w~ell-being OF mankind
generally, somrw hat rs it was influenced
by tbe discovery Of America, though OF
course to II much less extent. And the
change, to all Appearances, has only
begun.
Tho figures stntmg the worlds gold
production at intcrvale Of one hundred
years for L little over two centuries past
Will give our readers an idea Of the
tremendous forces involved III this mar
vcIoua Increase IN the output Of the gold
,t,,a, q Il., u.-- n
year 100 was only a7,o}9,nuC; in 1900 it
was only 80, 600 ,OOO; in 1904 il had re-
Gently suddenly lc1ped to $40 COZ, 900
and in 1907 tic total wac the enormous
sum Of si25 200, 600,
Gold is pri2 ri co highly and boarded
30 carefully whether used as currency
or employed in The arts that Tie worlds
stock is practically ulI saved and carried
forward aud each ycar's output Of the
mines added 20 NIL lha, has been accu.
mulnted eince the world began. There
Ia u loss by abrasion Of coma aud other
vice, but it is probably smaller than that
resulting from the USE Of any otie, staple
commJdiiy. Ia tho light o: this Tact,
1t Ia startling to ue Informed, on good
authority, that nj the present rate II
accclera;iop, Tho wurli's siocf of gold
viii again be doubled IN less than twelve
ycars!
II 's needless to Say to any student Of
political economy aud The theory Of
prices .iint the foregoing facts mean a
further Htcndy AMI rapid iucsrasc in the
products Of the farm, forcs', mite aud
factory. With such an incrc assc almost
inevitable, there can be no hard times
Of long duration, Tor rising pri"cp speed.
ily SET tho whccls oi iuduair, gong.
Other consequence, economic and
political, are inevitable. Already there
is ihlk OF a gold commit sion, 10 he a,.
pointed 10y corgrss, to investigate the
probable cifcCis Of ,bia radically beg
dc velopmeHt in the financial world. Per.
baps. before ten years shal! hive cii psod.
ticrc will 10 tnlR Of ~dcm0nciizing golJ,
10 silver wa d~cmonciizcd IN ls7g-
Farmer md SIC COLEMAN.
western civilization