The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1880-01-10
The Supply Of Gold and Silver.

The Edinburg ReUieio recently contain.
ed an article which attempts to sum up
the worlds supply Of gold and silver The
estimate for the year l492 is 5000, ,0OO,-
200, one-half gold, one-half silver The
average annual product Of the sixteenth
century is estimated at 81 ,645, 1907 Of gold
and 5000, ,045 Of silver. The average Of
the seventeenth century was, in gold, So
O63, l45, and in silver sl5,964,077. In |
the eighteenth century this became an
average annual product Of 81 1928 ,064 in |
gold aud s24 ,453,7 ,7l3 in silver. The sew
enty-eight years already elapsed of the
nineteenth century exhibit an average gold |
product of s54 ,846, ,642 per annum aud
silver product of s38, ,06S, ,037 per annum.
An examination Of the tables OF the yield
for each year Of these successive centuries
brings out some salient points Taking
il by periods Of twenty years, the San
francisco Herald discovers that the silver
product was nearly double the gold product
from 1910 10 l84O-a space of 300 years.
Previous to 1910 the gold product was
somewhat the largest, but about that year
large silver mines were discovered, and
soon after the treasures Of Mexico were
conquered, making Spain for a time the
richest nation Of Europe. The financial
history Of mankind might be read in these
unassuming columns OF figures. For in
stance, from 1000 to 1920 the gold pro-
duct was to the silver product as FIVE is to
eighteen. This marks the chief period of
the influx of Spanish silver From 1920
to 1910 the ratio was five to sixteen, from
1910 to 1860 it was FIVE to fifteen, from
1900 to 1850 it became six to fourteen,
and from 1850 to 1900 it was seven to
fourteen. No language could more dis.
tinctly set forth the fact that an influx of
silver about the beginning of the seven
teenth century made that for awhile the
leading metal, but that gold began at once
to recover its relative Importance. II the
same relationship be carried through tho
five periods Of the eighteenth century l. is
seen that the ratio Of the gold supply to
the silver supply was successfully eight to
fifteen, twelve to eighteen, sixteen to
twenty. two, thirteen to twenty-seven, and
eleven to twenty.seycn. Here gold, though
gaining at first, begins to lose relatively K.
ward the close Of the period; and, follow
ing the same inspection into the next ceu.
tury (nineteenth) We find that the relative
proportion of gold supply to silver supply
stands as follows by ten year terms =
Eleven to thirty.eight, seven to twenty
three, nine to nineteen, thirteen to twenty
FIVE. This brings US to 1910, the silver
product being vastly ahead. California
and Australia come in, and the proportion
of gold TO silver becomes thirty.six to
thirty-tbree. In the next ten years it is
one hundred and thirty-four TO thirty
eight, then one hundred and twenty. FIVE
to ffty-two, and lastly, 1870 to 1878, one
hundred and twelve to eighty These
proportions represent in all cases the re-
spective products in millions Of the pre-.
cous metals for the given periods. The
product of 1879 Ia estimated at s65 900.
900 gold, of which the United States will
furnish S35 100000; silver, $4,000, 900,
of which s45,OO0,0 600 will come from the
United States. Summing up the entire
| products of gold aud silver for the whole
! period under oonsideration--379 years
it cannot but be observed how in the long
run the relative supplies of the two metals
are virtually equal. In round numbers,
the gold yield of the world during that
period was 81 $50, ,000, 600; the silver yield
was $3.50, 100000. Another point is
worth mention, as showing that improved
methods of mining aud eostlier appliances
Of inventive genius have tended to increase
the gold yield more than the silver yield.
1t appears that the gold yield for the last
seventy-nine years has been 81 800 900, :
900, or nearly tioice as much as it was for
the whole previous period of thee hundred
years. The silver yield, if examined in
the same way, is shown to have been for
the last seventy y-nine years SO, ,000, 900, 900,
as against total product of s5,031 ,000,.
900 for the previous three hundred years,
so that the silver yield Of the seventy nine
years Of this century is three-ffths as
great as that of the whole previous three
centuries. II must be remembered that
not all, nor near all, Of these vast sums
are now in circulation. The annual waste
of the coinage in passing from hand to
hand is something appalling in the nggre-
gate. Immense quantities Of the precious
metals are locked up in the form of plate
and ornaments, or are used In the arts and
industries for gliding, colors, photography,
and an endless array Of matters chemical
or mechanical. Then, also, the ocean,
through shipwreck and FIRE and piracy,
holds countless treasures, which slowly
wasted away under the action Of the sea
water. Millions have doubtless been bu-
ried in the earth, and is never recovered.
In all these ways the money supply of the
world wastes away, and needs constant
renewal from natures great storehousc.