GOLD 65 



GOLD 



By THEODORE F. VAN WAGENEN, E.M. 



DENVER, COLO. 



MUCH of the romance and glamor that in former times attached 

 itself to the mental concept and the actuality of gold has 

 passed away, partially because the yellow metal is becoming so common 

 among civilized people, but mainly because in the hurry of modern 

 life we have so many other things to think of. We take it much as a 

 matter of course, just as we do our electric lights, telephones, wireless 

 telegrams and other modern marvels. Yet there is a potentiality 

 and uniqueness in gold that is possessed by no other natural or artificial 

 product in the world, not even diamonds; namely, its apparently un- 

 changeable value. 



So far as words and terms go, an ounce of fine gold has been worth 

 among civilized people, and at any time during the last one hundred 

 years, just $20.67, or its equivalent in English, German or French 

 money, and no less, though at times a little more. No other substance 

 that the reader can mention has acquired this characteristic. Violent 

 fluctuations have occurred in the price of every commodity or product. 

 Wheat has ranged from $1.00 to $3.00 per quarter, -wool from 4 cents 

 to 20 cents per pound, copper from $200 to $600 per ton, etc. Even 

 diamonds have ranged from $10 to $50 per carat. 



But through all these changes gold has been steadily at one price. 

 At least one could always get the equivalent of $20.67 per ounce for 

 it in coin. Why? Because, by legislative action, all the great nations 

 have agreed to accept it from any source and in unlimited quantity, 

 at their mints, and to transform it into coins of definite weight and 

 purity, at a mere nominal charge to cover the expenses of the operation. 



This is what is meant by the free and unlimited coinage of gold. 

 Each civilized nation works up the metal into coins in a way of its own, 

 but all upon the same fundamental principles, and from the same start- 

 ing point. The result is that the gold coins of the world have a defi- 

 nite and unvarying value in terms of themselves. Thus, the English 

 sovereign always contains just so many grains of chemically pure 

 gold, and so also does the French louis the American eagle, and the 

 German 20-mark piece, the balance being a base metal (usually copper) 

 that is added because gold is a soft metal and would quickly suffer 

 loss in weight if put into circulation in a pure state. 



Even the resulting alloy is not so hard as the mints would like it 



vol. lxxii. — 5. 



