The Hawaiian gazette., 1885-07-01
Production of Gold and Silver.

The entire gold yield of the United States from
the foundation of the government TO the close of
lo4T according to the estimate of Prof. j. D. Whit
ney, the eminent geologist, mineralogist and sta
tstioian, was only S13, ,243, ,475. On the 10Th day
of January, lS4S the first of California's gold
deposits was discovered on the American branch
of the Sacramento river by James w. Marshall
Then began the prodigious growth which culmi-
mated In the production of $65,00000O in value in
1858, which marked the maximum gold yield of the
United States IN single year. Immense as this
aggregate was however, it was surpassed by Aus
tralia, the product of whose gold mines in 1852
reached the stupendous sum of $102 100000, a re-
cord which stands without parallel in the mining
annals of any singel nation in the world The
volume of production in the United States since
1858 has huctuated, although 70 a comparatively
limited extent 50 far regards any two or three
consecutive years, but the tendency has been gen
erally downward While the average Weld of Tho
pasttventy-six years has been about $4,000, 900,
the average Of the last five years has been little
less than $50, 100000. "a,
The remarkable growth in the production Of
silver in the country is also clearly and impres-
siTeiy shown in the tables referred to. The Weld
was 50 insignificant that statistics of its o1tDut
we're not kept until 1919. and not until ten wears
later did the annual production exceed $4,000 in
value. The discovery of the Comstock lode in
Nevada took place in 1859, and from that wear on
ward the increase in product has heen steady and
rapid. Bounding from yield of $I5OOOO in 1860
70 oneof $2p000O0 in 1861, its, ANNUAL growth in
the succeeding three years was in a qeometricaI /
ratio. The output in 1884 was the largest yet
mined How long this increase is to continue is of
course impossible to predict at present with any
hope OF accuracy but it is reasonably certain that
the Limit OF growth in yield has not yet been
reached. The average production of the past
tNenty-six years SO 600 000 while the average
OF the last three years was nearly twice as great
From an industrial and commercial point of
view the discovery Of silver in Nevada was, of
course, of much benefit to the United States and
In lesser degree TO the world. But this has been
Eeuiralized in some degree by Its evil effects on
the worlds finances 1t enormously increased the
supply without leading to a proportionate growth
IN the demand Prices Of silver fell, aud The ratio
between that metal and gold which had subsisted
practically unchanged for over half n century, was
broken, to the great injury of nations using the
silver or the mixed silver and gold monetary stand
ard As 3 consequences Germany demonetized Sill
Tef in 1872, and the Latin union nations soon after
ward closed their mints to its coinage. The United
Staies N l5a5 attempted to sustain the price By
passing Law compelling the government to pur-
chase 100000 worth of il every month. Just
how well It has succeeded may be shown by stating
that while IN lS1, fl07 grains Of standard silver
al It's market value In London would be equivalent
TO 81 OF the American standard OF Aneness, it
would require about 4S1 grains of silver 20 pur-
chase the same amount Of gold in the same mar
ket today.
II woald not be'easy, however, b, overestimate
the elect on the worlds trade and civilization by
the imme1se increase in gold production which
1.n VITA the discoveries Of the rich deposits Of
Ca1tornia and Australia. In the period which has
elapsed slice that time tie output Of the mines Of
those euo places alone According 10 the most rIi-
able data has reached s., SO 10000 a sum much
larger than was possessed By all the nations Of the