The gold supply and prosperity . itself tends to demoralize—as dis-tinguished from an intelligent perception of wrongs tobe righted, that is the mainspring of political main reason for this will be the comparative slow-ness with which wages will overtake prices. (i) The effect on Society will be toward increasein the class of spendthrift parvenus, and increased de-pendence of the less capable among wage earners. Incomparison with other causes working toward thesame end, and counteracting forces that are also act-ing, I cannot, however, believe that any probable in-crease of gold pro
The gold supply and prosperity . itself tends to demoralize—as dis-tinguished from an intelligent perception of wrongs tobe righted, that is the mainspring of political main reason for this will be the comparative slow-ness with which wages will overtake prices. (i) The effect on Society will be toward increasein the class of spendthrift parvenus, and increased de-pendence of the less capable among wage earners. Incomparison with other causes working toward thesame end, and counteracting forces that are also act-ing, I cannot, however, believe that any probable in-crease of gold production is of serious import on thisscore. And when all is said, the last word should beone of caution not to over-estimate the effect of in-creased gold supply in any of the directions noted. Thecounteracting forces are such as in the nature of thingswill become constantly more effective. There is nodanger that the fortunes of humanity or the course ofcivilization will be seriously affected by any cheapen-ing of gold L. CARROLL ROOTEx-Secretary of the Monetary Commission Effects of the Increasing Supply Uponthe Investor By L. Carrou, Root TT seems to be generally agreed, by those most com-petent to comment and prophesy thereon, that weare destined to witness a continuance, for some time atleast, of the rapid increase in the production of goldwhich has taken place during the last few years. The effects upon wages, prices, etc., of this greatflood of gold are interesting topics for speculation, andmay be watched and studied with profit by our econo-mists and business men. But the direction where theinfluence of this movement most vitally affects theinvestor is in relation to the rate of interest. Gold may now be said to be the monetary stand-ard of the entire world. And if the testimony of metal-lurgists can be relied upon, the present increased pro-duction of this metal will continue, and its influence incheapening the value of gold in relation to everythingelse will
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