ALTAI 127 



standard before these coal beds can be utilised to 

 develop the Siberian silver mines. If this is not 

 done the position of America will become worse than 

 it is at present, for there is no doubt that Siberian 

 silver in the past has played an important part in 

 lowering the American silver standard and raising 

 England's gold one. The Russian nation were 

 evidently aware of the prospects of silver mining 

 and were prompted by that knowledge to adopt a 

 gold standard in 1876, which action will bring its 

 reward when the silver in Siberia is developed to 

 its; fullest extent. 



The words of Mr. Andrew Carnegie on page 40 

 of his book, The Empire of Business, should be 

 remembered by the citizens of the United States of 

 America, because the 482 millions of dollars in 

 depreciated silver — which he mentions as being held 

 by his country — will very quickly fall lower in value 

 still. France is also bound to lose heavily on her 

 reserve of 650 millions of dollars. Such a condition 

 of affairs enables us to appreciate the foresight of 

 English statesmen in adopting! the gold basis. 

 Having in view the many good reforms which have 

 been introduced into India during the last few years, 

 I hope she will also be put on a gold basis at 

 once and before the crisis comes, even though it 

 be at a serious immediate loss. It is difficult to 

 say what the actual possibilities in Russian silver 

 mining are, but with cheap fuel the production is 

 sure to become enormous, the earth up to the present 

 having, as it were, only been scratched with very 

 primitive machinery. 



The district producing the most gold at present 

 is the Yakutsk Territory, which lies between 

 54 degrees and 73 degrees north latitude, and 

 Ti degrees and 141 degrees east longitude, cover- 

 ing an area of about 2,300,000 square miles and 



