The gold standard had become
universal, and business all over the earth had adjusted itself to that
condition. The wheels of industry ran smoothly, and there seemed to be
no possibility of any disturbance or interruption. The common monetary
system prevailing in every land fostered trade and facilitated the
exchange of products. Travellers never had to bother their heads about
the currency of money; any coin that passed in New York would pass for
its face value in London, Paris, Berlin, Rome, Madrid, St. Petersburg,
Constantinople, Cairo, Khartoum, Jerusalem, Peking, or Yeddo. It was
indeed the "Golden Age," and the world had never been so free from
financial storms.
Upon this peaceful scene the south polar gold discoveries burst like
an unheralded tempest.
I happened to be in the company of a famous bank president when the
confirmation of those discoveries suddenly filled the streets with
yelling newsboys. "Get me one of those 'extras'!" he said, and an
office-boy ran out to obey him. As he perused the sheet his face
darkened.
"I'm afraid it's too true," he said, at length.
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