“Our task is to determine what is the world’s necessary consumption of gold; that is, what should be the annual supply for maintaining a steady standard of values. Solve that problem and our work is done. The gold production of the world during recent years has averaged little more than twenty-five millions sterling ($125,000,000). In 1852 it was thirty-six millions sterling. The latter yield was too great, no doubt, for the world’s financial needs at that day; but most of us will agree, I think, that the vastly increased trade of the end of the century demands much more than the comparatively meager supply of recent years. In fact, the world was suffering from the first stages of a gold famine when Mr. Brent landed his cargo of treasure in New York. “I beg you to remember, gentlemen, that I represent a creditor country. It would be greatly to the advantage of England if every ounce of Mr. Brent’s gold could be buried in the bottom of the sea. But England is unselfish and honest enough, I believe, not to require the payment of the debts due her in coin of enhanced value. Give us a solution of this problem which will maintain all obligations at their original value, actually as well as nominally, and England will be content. “My suggestion, therefore, of a general basis for a settlement of our problem is this: Establish a fund out of this gold in charge of a small international commission. Estimate carefully the sum which may safely be added to the present average gold production of the world. Let the fund be large enough for twenty, or at most twenty-five such annual additions. Charge the commissioners with the duty of expending the agreed sum annually upon great international enterprises, as Mr. Brent has suggested. Then let the remainder of the gold be loaded upon a ship and thrown into the sea at the earliest possible moment.” It was not long before the entire discussion of the conference was devoted to this proposition. Its general policy soon received the unanimous approval of the delegates. But when it came to details there was much difference of opinion. There was no certainty that the ordinary gold production would remain $125,000,000 yearly; in fact, a considerable increase was probable. South Africa was making enormous additions to her annual contributions. British and Dutch Guiana and other South American states were developing new and important fields, while Australasia was gradually increasing her production. On the other hand, the mercantile, as distinct from monetary consumption of gold was steadily increasing, and it was estimated by most of the delegates that this demand would absorb practically all the natural increase.