MONEY AND INTEREST.
moment the desirability or the possibility of dispensing with a standard of value. If others think that a standard of value is a delusion, let them say so by all means; but let them not say so in the name of the financial theories and projects which the original advocates of mutual banking gave to the world.
ANARCHY'S NEW ALLY.
[Liberty, June 18, 1892]
Natural science and technical skill, which have revolutionized so many things, may yet revolutionize political economy, and in a way little dreamed of. It has long been known that the water of the ocean contains gold and silver. The percentage of these metals, however, is so very small that at first thought it hardly seems worth noticing. And as a matter of fact little notice has been taken of it, but principally for the reason that the extraction of the metals by any advantageous method has been deemed an impossibility. Now comes the Fairy Electricity, whose wand has already achieved so many wonders, and promises us a new miracle, which, though possibly less strange in itself than some others, will be more far-reaching in its results than all the telegraphs and telephones and railways imaginable. She proposes, by stretching long series of iron plates across channels and through various parts of the seas and ocean and running an electric current though them, to precipitate the gold and silver from the water upon these plates. It is estimated that one-half of one horse power is all that is needed for the purpose, and that it will consequently be possible to get gold in this way at a cost equal to but one per cent. of its present value.
But where does the revolution in political economy come in? some one may ask. Does the connection seem remote to you, my thoughtless friend? Then think a bit and listen. Every ton of sea-water contains half a grain of gold and a grain and a half of silver. Has that an insignificant sound? If so, let us appeal to mathematics. We shall find that, at the rate of half a grain of gold and a grain and a half of silver to each ton of sea-water, the entire seas and oceans of the world (I take the figures from a scientific journal) contain 21,595 billion tons of gold and 64,785 billion tons of silver. As good fish in the sea as ever were caught? I should say so, and much better! Why, this means, to speak at a venture,