The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1912-08-20

States and nearly all the rest OF the
worlds supply came from the ural noun
talns, Russit, as it does still. 1t was
worth the paltry sum of S,5O0-little
more than Sc an ounce, and that at a
time when It's importance in electricity
bulbs was fully appreciated.
But note how carefully everything that
can possibly become money Is studied
throughout the world. Russia potentially
rich in its practical monopoly Of the rare
metal had already begun to mint It's
platinum in a special form of coinage.
which called for high values in small
weight and compass. Weight for weights.
the value of these coins was midway be-
tween those In silver and gold, a very
useful compromise for small pieces. like
a five ruble coin, which, worth $2.551a in
American money, would be cumbersome
eartwheel in silver, smaller than a losable
dime in gold. But the platinum. worth
then about one-fourth it's weight In gold.
gave coin between quarter and a half,
dollar, with legal tender value slightly
above s2.j0-almost ideal in its relation
between bulk and purchasing power.
Any one today who happens to have five
rubles in platinum, minted on the basis Of
10 or 10 years ago. possesses an intrinsic
cash asset of about $23. The increase has
been nearly 900 per cent. Gold now Is
worth $40 to S21 per ounce troy: platinum
is quoted at $50 to s57 per ounce, almost
three times as much.
Yet the worlds output has multiplied
in direct proportion to the enhancement
of the value a remarkable phenomenon,
and in surprising defiance of the rule that
increased quantities are ATTENDED by les
sened values. Russia hasn't done IT. no
trust has operated the change: no machl
nations of greed have pushed platinums
price a single notch higher during IFS
brief history of leaping value. 1t is on
the sound, unfailng basis of supply and
demand, with the demand steadily so
far ahead of the increased supply that
ways higher rates to get its coveted slen-
def-quota.
In the United States alone. estimated by
leading jewelers.. we now use 5000, ounces
for ornaments formerly made exclusively
of gold. and only conjecture can surmise
how much greater is the utilization of the
newly precious metal In the manufacture
of incandescent lamps and crucibles for
laboratory purposes, where it is employed
extensively because of its immunity
against acids.
OF course. no monetary expert would
dream of seeing platinum standard OF
coinage under existing conditions not
withstanding shrewd Russias promtp
employment Of the output of its own
iHiiicS LOT liidl very use. ne uFdWDdCK
is patinums relative scarcity. 1t takes
now more than s600,0oo0o9 in gold for the
specie circulation of the United States
alone, and al the platinum mined in the
world wouldn't let our millionaires have
more than a small pocketpece each to
play with IL this country were TO make
1t the standard of medium of exchange
But the astounding rise in its intrinsic
value, combined with the fact that It -
I'M in It'd,
as electric lighting. may bring about ex-
plorations for deposits and improvements
in the methods of extraction which, COM
bined. could possibly furnished volume
enough to meet the exigencies of the
worlds coinage.
Meanwhile jewelry has been absolutely
dominated by the pallid stranger, first,
because 1T Is now SO valuable and next
because goldsmiths who are artists, after
all. have found in platinum their ideal
framing for the diamond. king of gems
Two-thirds OF all the mast pretentious
diamond settings now manufactured In
the United states are In pure platinum
and gold. in that supremely important
field. is now nearly as neglected as silver
The jewelers. reason is that the diamond
calls for neutral-color background 10 set
forth its brilliancy to perfection. Years
ago that one consideration led to the ex-
tensive use of silver in preference to gold
for diamond settings. But 1t was found
that silver would insist on furnishing.
and at length gold. undesirable as II was,
became the main dependence of the craft.
II you will go to Europe and study the
platinum jewelry put out there you will
find that 1t furnishes almost like the old
silver, which antiuuarlans treasure as ex-
amples of the period when art discarded
mere value for THE sake of securing a
white background for the proud diamond.
That is because the United States is the
In European hands debase the platinum
at its best. free from the alloys which.
in European handsfi debase the platinum
settings until they afford no guarantee
of giving the perfect service their use de-
mands of them.