The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-26
rHE WORLDS ooLD PROD U0TION
Interesting Information which the Report
ofthr Director of tho Mat VIII Furnish.

ofthr Director of tho Mat VIII Furnish.
A Washington special says. The forth
coming annual report Of the Director Of
the Mint on the production OF gold and
silver iu the world viii bc of more than
ordinary interest on account Of the light
30 VIII throw ON the question raised by
tnc advocates OF silver coinage during
tHc recent extra session Of Congress as
t1 whether either metal alone exists in
sufficient quantities 10 serve as a sole
standard of value without causing
great disturbance I'm the ldyel OF prices.
DO was one of the favorite contentious
of the silver men that the supply Of gold
was entirely inadequate 20 the mainte-
nance OF standard OF value. and that
there was mos prospect of any substantial
increase in the supply
Tho statistics gathered by the DreC-
tor of the Mint as to the production Of
the precious metals are regarded as 10y
Jar the most Trustworthy compiled boy any
authority in the world. as great care
ig taken a. get the most exact figures
attainable from every source of supply.
Tor this purpose the services OF the
United states Ministers and Consuls in
every part of the world are called into
r.4nsition TO verify and forward
the statistics Of the various countries 10
watch they are accredited.
The statistics are made up for the
calaudar year. and consequently it VIII
bo some time before the report is issued.
or the exact figures can Doe given a
large number of preliminary statements
aad statistics covering parts of the year
hgEc been received, however ana = am
aIls TO state thar there haas been very
considerable increase in the production OF
Gold this year as compared with any re-
cent year.
The total production OF gold in the
world tor tho year 1892 amounted TO
S13OSi1.O0O. This was am Increase OF
more than Sl00n10OO over the production
Tor 1871. The increase for this year Will
Doe stu larger than for last by S2.0O,OOO
g. S3O0o.O0u. and possibly even more so
that the total production of the yellow
metal for the world viii amount TO Sl@2,-
100000 at the very lowest calculation.
The United States contributed $33,000OOO
toward making up the worlds total sup
ply last year. and This year the product
OF the mines of this country viii amount
10 at least S3G0OOO0o.
The greatest increase in any one locality
VIII be reported trom the new gold
fields Of South Africa. The production
of these fields during 1892 amounted TO
SD 0o..78 being am increase of about
$4,000 over the year before The ln-
crease tis year win he about as large.
bringing the total South African product
for the year up To- about $50 10000.
There win Doe "a slight increase in the
production of the Australian mines. and
Russia win also in am probability report |
slight incrcase. The other gold pro-
Cucine countries win report about the |
same product as last year, with pos |
sibIHty that some of the Central and |
South American countries viii show in- |
crclsos. owing to the fact that the con |
tnuc1 fan ln the price OF silver has |
caused more attention 10 De given 20 |
the mining of gold.
IN there were any indications that the |
increase in the annual production of gold |
was of temporary nature, and that IA /
tho course of year or two there would /
De a decrease Bon the production. there |
might Doe some reason 90 fear that the ]
supply of ro.d might De found inadequate
ot some time in the future 70 form
standard of value for the growing
commerce of the world.
ItfIe BIS, however no reason 10 look
for any such reduction for am the re-
pores seem to show tAat there will be an
ANNUAL inrrease-ior some time TO come
az any rate The largest increases are !
looked for in the South African fields.
the extent and richness of which are |
only just beginning 10 Doe thoroughly
understood and appreciated
in considering the question OF the ado
ouacy of the worlds gold supply 10
the necessities Of a monetary standard |
some comparisons with the period before
the discovery of gold IN California viii
be OF interest Prior TO that time the
sntire annual production Of both gold
lnd silver in all the countries OF the
world since the beginning of the present
century had averaged less than S2000.-
01 Per year. The production Of gold
ilore Tor the year just ending win amount
o more than three times that amount.
Ind 80 may well be questioned. taking
nto consideration the enormous increase
n the commercial power OF money by
he enlarged use of checks and drafts
I'D the rapid transfer Of credits by
nan and telegraph, whether there rs
my necessity for The annual addition 70
he monetary standard OF the world OF
more than three times as much annually |
.s was added prior 20 1879
lt IS urged. however. that q very large
ercertage % the gold produced to-day
3 used in the arts. but there Is no reason
% believe that the proportion "a any
aixer Than was thc proportion Of the
id ana silver 50 used prior 10 1Sg9.
He advocates OF the adoption Of gold
p me standard Of value The world over
WI rot hnd anything 10 discourage
rem in comparison n the statistics OF
o'd production for this year with the
iauslics Of former years