, 1875-04-20

coinage III Germany. snys TINT 1t Inns caused
apprehension ~ to tho supply for future TO-
u'ands, md llas turned attention to tho rate
ofrfotluetion Of tho gold-yieltling countries.
It asserts, as MI ascertaned fact, that tho a1,-
ns,al wastage Of gold is equal to .c:', ',0oo,0
or 1000, 900, anil TINT, in addition to Ger
many, Japan md Holland faye begun gold
coinage. This wastagc IL in tho wear, tenr,
friction, anl casunl losses. Tho London
EtoHomtst states that tho aggregate protluc-
tion Of NIL tho gold mines since 1913 lns
amounted to 81, 5000, GOO, md tho stock of
gold existing Mt TINT timo wns 81, ,s0o, ,O0o, 600,
Tie product Of the last twenty-sevcn years
las, therefore, bcen a fractiou over the stock
tl,on On lnnd If, however, The estimate Of
M annual loss of 5,000, 900 be a just one,
then the present stock is less by ?i0', ,000, ,000
than tho seeming stock on hand. The result
may bo thus stated:
f1la-Stock thud 10 Goo
ls75product in twenty. seven 5cars.... o0so,xo
Aggregate. IS, 74o' oa,wo
Less, loss by wear. tear. etc..."...... Au'.t0J01o
Stock Of gotd Ia ..$',l35 oooooo
tin not possible to estinlato how much Of
this gold is iu tho Shape Of coin. The gold
product Of 1856 was S1Go,ooo, 600, which the
English paper says WIS tho largest over pro-
dnced in ono year. In 18Th the Same paper
estimates tho yield Of tho mines ut $oG, ,250.-
600, OF which It npportions $t3, 900 to
Australia, e3a, 600 to tho United states,
md 22,500,000 TO Russia This is, how
ever, SO far as tho Unitod States aro con-
cerned, great mistiko for that year. Tho
product of gold in tho United stntcs in 1871
was 100000, MI increase Of mill
ion md half over 1873. It IN stated
TINT tho Australian mines havo fallen off,
whilc tho product Of tho Russian mines Inns
increased. Assuming that no fresh mines
yielding lnrga quantities aro discovered, and
that tho reduction Of tho product Of the PRES
ont mines bo permanent, thon the rise in
prices since 1878, due to tho Increased supply
Of gold, Inns now reached its maximum, anl,
indeed, if tho producsivcncas Of tho minaa
does not increase, o slight decline in prices
will probably tako placc. This assumption,
however, resting as it does Oh tho nlistnlte NJ
to proluctivcness Of the American mines, IL
greatly weakened. If the greatest product
was that Of 1856, when 1t reached $1bG, ,00O,-
QUO, tho product Of 1871, including tho cor
rectcd figures for tic United States, was
s14O, ,e5o, 600, aud tho reduction in tho aggre-
cato product il not, therefore, Of such mng,
nituao aa to threaten any revolution in prices.
It ia tr,le TINT since 1913 tho business Of
the world has had more than tho uatural or
ordinary extension, requiring groatcr
amount Of gold for exchanges. Still, tho
decrease in tho product of gold must be por-
mancnt and large, to have the effect Of re-
ducing prices.
Another fcaturo of this matter Of gold Bup-
ply is TINT in tho United States, Italy, Austria,
1sussia, Turkey, and Spain, gold is Displaced
for internal commerce by paper, md ID, to n
grcnter or less extent, boarded or otherwise
held in reserve. Tho nmount thus held in tho
United States, including tho amount on deposit
in tho Treasury, is put down at Sl50, 900, 900,
and the stock of gold hul silver in coin aud
bullion at $3.50, 100000. OF this sum, ex-
clutling tho manufactured metal, about $780,
Ooo, ,00o is available for money.