The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1876-03-24
NUMBER 80.
Supply OF Precious Metals.

1t is estimated that the supply Of gold
and silver obtained from the surface of
the eaith since il has been inhabited by
man is S24.OO0.OOO. 900. There is no
satisfactory way OF verifying this sti-
mate, hut il We admit this to be an ap-
Proclamation TO the actual amount, il
follows thai nearly one-haIf Of this
amount has been lost, for the estimate Of
the world'- supply at the prrsent time il
only SI3 POO, 900. 900. The way in which
losses occur are chiefly by abrasion Of
coin, and by FIRE and shipwreck. These
losses seem trininR. but when we conSid.
er the length Of time that gold and sill
yer have been used as coin, a small an.
nnal loss will amount TO large sum-
The loss by abrasion of coin in circula-
tion is computed At one per cent. in ten
years, 70 81 100000. 900 Of coin would IN
ten wears lo-e Sl000O.OOO; in century
Sl00O00.0O0, aud in ten centuries il
would entirely disappear. The loss by
fire and shipwreck will probably average
about sl,0O0,OO0 per annum, which rate
amounts to SlOO,OOO,OOO in century.
Al the beginning Of the Christian Era.
it is estimated that there was in exi-tence
about 81 300 100000, with an annual
production Of $5,00O,OOO. hat the pro-
dncti0n gradually decrpased, until, IN
1892. it was only S25O,OOO per annum.
and the worlds supply had then dimin.
ished to $l95. 100000 The productions
then gradually increased until, in the
year 100, it amounted to S23, 1000, 900
per nnnnm, aud the supply then wa.
Sl,760,000000. la 1900 the supply was
estimated at S4.75O.OOO. 900, aud the an
nnal production at S52 100000 In Is43
the extensive working Of the Rn--ian
gold mines brought the annual prndac-
ti"n mp to S73.O00.OOO. and 10 1913 the
iisrovery "f gold in California, and IN
1851 the discoveries in Australia, and
the working oi the Nevada silver mines.
rapidly increased the annual prodnc.
lion. so that IL reached S2S5 OOO. 900 in
1853, ut which time the world = -uppIv il
r"mput' d at SS,175, 100000. Since 1863.
At which time the production reached it,
highest point, the average annual addi-
Iion To the supply il estimated at S243..
100000. less what has been lost. and the
estimate of the total now in exi-iencc j.
S13 200. 100000, as before stated. ,.rI
which $6, $4,000, 900 is gold. and SO $50.
100000 is silver. The production Of
silver increased less rapidly than that Of
gold until 1853 The amount Of ,ilver
produced in 1900 il estimated at @37.-
100000, and Of gold at only $l5 900, 900.
In 1853 there had been an increase Of
only Sl2,000.000 in the annual produc-
tiOn of silver, while the increase in gold
was 1921 100000 per annum. Since then
the average annual production has con-
sisted Of about three.qnarters gold and
one-quarter silver, bat during the last
few years the proportion Of silver has
been much larger, owing chiefly n the
progress made in developing the mines
in this country and Mexico. In 1875
the United States produced total Of
SSl 100000 OF precious metals Of which
over $54, 800, 900 was silver; Mexico pro-
duced s27 100000 Of gold and $4,000,
900 Of silver, while all other countries
furnished only S26, coo 900 Of silver aud
100000, 900 of gold.
In this country the yield OF gold in
1873 was about the same as in 1874, and
equal to the average for the last ten
years, while there was an increase in 7.
silver of nearly $1,000 ,O0O-the exact
totals being s2G,349.476 Of gold aud
S54 ,539, POI Of silver, making the aggre.
gate $50, ,8s0,037.
1t is estimated that the silver mines
will largely increase their production
this year, and the total yield Of gold |
and silver in 1876 will he 500, 900. .O0O.-
There seems to be no prospect Of mater
tally increasing the production Of gold |
in this country. i Commercial Reporter,
Portland, Oregon.