The gold supply and prosperity . est than the daily changes in the rate for call loans onthe Stock Exchange. If the increasing output of gold does not affect therate of interest, it cannot affect the price of prices of government bonds and other first classsecurities have been going up instead of down duringthe past quarter of a century. In other words, the rateof interest on this class of investments has been fall-ing, but not in consequence of the output of gold fromthe mines. This is due to the increase of wealth in thecommunity and to the competition of buyers seekingabsolut
The gold supply and prosperity . est than the daily changes in the rate for call loans onthe Stock Exchange. If the increasing output of gold does not affect therate of interest, it cannot affect the price of prices of government bonds and other first classsecurities have been going up instead of down duringthe past quarter of a century. In other words, the rateof interest on this class of investments has been fall-ing, but not in consequence of the output of gold fromthe mines. This is due to the increase of wealth in thecommunity and to the competition of buyers seekingabsolutely safe investments. The increase of wealthis due to the development of natural resources, notto an increase in the number of counters by which theresulting products are estimated. My views of the effects of the rapidly increasingoutput and supply of gold upon industry and societyhave been indicated by what has gone before. Theeffects upon business ethics and politics, if any, are be-yond my ken. My belief is that they are Hon. JOHN De WITT WARNER Ex-Congressman from New York Some Gold Problems By Hon. John DeWitt Warner pOR thirty years past we have had alternatingperiods of business confidence and business de-pression; and also a succession of events affecting toan extreme degree the visible supply of gold avail-able for currency. No one contends that the latter series is exclu-sively responsible for the former. Few believe thatthey had no effect on each other. Between these is thedebatable ground on which many congressional, and atleast two presidential, compaigns have been fought;and which, as yet conquered by neither, is claimed byall during the truce (on this issue) of the last fewyears. Meanwhile developing conditions of gold produc-tion are such as to ensure: First, that the worlds sup-ply of gold currency has increased, is increasing, andfor some time to come must increase out of all propor-tion to any growth that can be expected in normaldemand therefor. Hereto
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