to keep them out. It is observed by all travellers in China
and other Oriental countries that there exists in as great a degree as in
the West a desire for indulgence in those things classed as mere luxuries
which, in all nations, absorb so great a share of its total wealth. Every
one who travels through the eastern countries marvels at the extraordinary
richness and delicacy of those things adopted by them for ornamentation,
luxury, and convenience. And they are of such a character as, far more
than in the western world, involves the consumption of the precious
metals. Along with the national desire to adopt that which is useful and
ornamental, a highly mimetic nature prompts them to seize upon and adapt
with singular readiness that which is brought to their notice as being
useful and constituting a salient feature of western civilization.

To sum it all up, we have in Asia somewhere near 800,000,000 of people,
who are certainly increasing by 10,000,000 a year, probably many more, and
these people pressed on by Russia on the north and west, by Great Britain
and France on the south, as well as by the wonderful energy of the
Japanese on the east. How much gold will all these people absorb in the
future? And it should not be forgotten that not only is the present
population to be supplied, but an increase of population is to be allowed
for, which at ten dollars per capita would alone absorb the entire annual
gold production above the amount used in the arts. If any one thinks this
forecast fanciful, I only ask him to consider what has been done in the
last thirty years, and then make his estimate. For what the possible
absorption of the precious metals by the Asiatic people may be, we need
only to refer to what has been done by India. By reason of the development
of her industries and resources caused by her intercourse with western
nations she has imported in net excess of exports, from the years 1835 to
1893, $750,000,000 of gold and $1,750,000,000 of silver, or about
one-seventh of the entire world's output of gold and about one-half of the
world's output of silver during that time. Professor Shaw is authority for
the statement that her demand for the precious metals is yet unabated and
great as ever. When we remember that the average population of India
during this time was only about 200,000,000, and that there are about
three times as many people yet in Asia who have even greater latent powers
to absorb the precious m