Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-12-18


Total supply for years............. sS77 500 900
Exports Tor 393 100 900
Gain in supply for years ......... SlsS, 800 coo
1t thus appears that, within the last
seven years, our supply Of gold has ex-
ceeded our importations by $lS4, ,000,-
900. We must acknowledge consid-
erable surprise at this result, but can
conceive of no way in which its sub
stantial accuracy can be impugned.-I
There are considerations which justify
the expectation that the precious met
ais would have accumulated during the
period under review. Our gross expor-
tation of coin and bullion during the
last seven years hes been almost exact
ly the same as for the preceding seven
years the shipments being for the re-
spectiye periods 1898, 200, 900 and $685.
SOC, 900; but we have received from for
eign countries. during the seven years
since 1860. $l25. .000,0 900, while during
the preceding seven years, we imported
only S62.5OO, 900. It thus appears that
since 1860, our net exports have been
S64, 300, 900 below the amount for the
like number of years next previous
Concurrently with this decline in the
ratio of our net exports, we have had
an increase in the domestic pFoduc-
ton. As the record of receipts at San
Francisco was not kept with much pre-
cision previous to 1860, we cannot
compare the movement since that year
with that Of the preceding seven years
with strict accuracy. From a compsEi-
son of estimates, we take it to be quite
safe to conclude that the receipts at
that point for the last seven years
averaged fully s., ,000.O 900 per annum in
excess for the seven years ending with
1860.
The overland receipts at the Allan
tic ports from the new gold fields,
which we have estimated at $50,
600 for the seven years, also form an
important item in accounting for the
large increase Of supply. Putting to-
gether these several items-the de-
crease in net exports, the enlarged re-
ceipts at San Francisco, aud the pro-
duct of the new mines arriving at 9th
er points-we are enabled. from these
considerations alone, to account for
$50. 900, 900 Of the SIS4, 200, 900 gain
above exhibited.
The taxation upon the assays of bull
lion afford an important criterion Of
the current production of the precious
metals in the country. 1t IS to be as
sumed that in this, as in other depart
ments of taxation, q portion of the
duty upon private asssysl fails Of be-
n r~arnrFa1 70 et,, ,fT
that the official returns cannot be ta
ken as representing fully the produc-
ton. 1t appears. however, from the
last report on the finances, D, 266, thst
for the fiscal year 1866, S4SS, ,337 of tax
was collected upon assays Of $S1, $780,
54l of bullion. Allowing for certain
amount assayed without paying the
tax, it IS scarcely suppossb.e that the
product of that year was less than
$50, ,00O, 900. which is So, 900. 900 in ex-
cess of the net exports of the year Ia
year of much the largest specie ship
ments in the history of the country
and SAT 200, 900 in excess Of the aver
age net exports for the last seven years.
This fact shows that we are producing
the precious metals at a rate vastly in
excess of our expectation. and taken
together. with other considerations
previously adduced, confirms the credi-
bility of the result to which the above
statistics has led as.
These facts show that so far from the
supply of gold having been lessened
during the war, it has been largely in
creased. 1t cannot, therefore, be urged
against the resumption of specie pay
ments that we have not an adequate me-
tallic basis. Precisely where, or in what
condition, this targe amount Of the
precious metals is held it is not peril
nent to our present purpose TO enquire.
The proof is incontestsble hat it is in
the country and it is reasonable to
suppose that upon gold being again
brought into regular use, considera-
die portion Of this increased stock
would find its way into circulation, so
as to supply the monetary wants of the
country.