The gold supply and prosperity . ITY cated by the yellow metal. For the net increase innotes based on bonds in the month of October, 1905,was $8,249,280. He who will study these subjects most closelyand deeply will be least dogmatic in his will be inclined to end his most positive sentencewith an interrogation mark. For he will try to esti-mate justly the contending forces. The clearer hisvision the better he will see that a real battle is arrayedbetween mighty antagonists. He will have his con-victions and his desires, yet he will recognize thatevents are the resultant not of a
The gold supply and prosperity . ITY cated by the yellow metal. For the net increase innotes based on bonds in the month of October, 1905,was $8,249,280. He who will study these subjects most closelyand deeply will be least dogmatic in his will be inclined to end his most positive sentencewith an interrogation mark. For he will try to esti-mate justly the contending forces. The clearer hisvision the better he will see that a real battle is arrayedbetween mighty antagonists. He will have his con-victions and his desires, yet he will recognize thatevents are the resultant not of a single force, but ofmany factors, often subtle and from different these factors are which act against the effects ofthe increase of gold to modify the monetary and indus-trial and social structure, have been indicated ratherthan fully described. Sometimes it happens that thefairest and best verdict which can be rendered on areview of evidence is not proven, and it may be thatgold is not so bad a culprit after HORACE WHITE Ex-Editor New York Evening Post How Gold Operates By Horace White T AM asked to give my opinion as to the effects ofthe rapidly increasing supply of gold upon (a)prices, (b) wages, (c) rents, (d) interest, (e) securi-ties, (f) industry, (g) business ethics, (h) politics, (i)society. The only way in which an increasing supply ofgold can affect the prices of commodities is by increas-ing the demand for them. New gold taken from theearth by the miner is not usually hoarded. It is eitherexpended by him for commodities, or partly expendedand partly invested. The part invested is expendedfor commodities by somebody else. If deposited in abank it is expended by the person who borrows it fromthe bank. If invested in a railroad or governmentbond, it is expended by the seller of the bond. Thereis no stopping place between the new gold and thecommodities—food, clothing and other necessariesand luxuries—unless the gold is hoarded. In the lattercas
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