The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1894-06-28

the value of the worlds production O
both metals (s1o0, 1881 ooo) 20 years age
This is most momentous fact and on
which must have much influence on th
monetary policy Of all civilized States ii
the future
The great probability is that the valu,
of the worlds output of gold in 1894 vii
equal that of both metals in the year
1S6l-1s65, and in 1895 or 1896 that O
the years immediately preceding the be
is, the average Of 1866 1876 inclusive
it will be greater in 1897 than such aver
age.
OF the $14,941, 400 Of gold needed tx
mines of the world in 1894 up to that o1
the worlds average output of both golc
and silver in 1S61-1865, it is oven now
will furnish at least s8,574,0S5, leayinp
piled by other countries.
The results reached above will be made
clearer from the following tabular view
Average yalae Of the worlds output 'ie'''0'00,
OF gO1u ana silver, lSbl-65 ....... 17O473, 1885,
| Average value of the worlds output
Of gold and silver, 1866 7s.. 1M,s31, ,OOt
Value Of the worlds output alone.
Estimated minimum value Of the i''''0|'00'
worlds output of gold alone 1894 16s, ,299, ,oOC
Estimated minimum value Of the
nv. worlds output ef gold alone 1885, ooo
Of gold alone 1895, nearly :. 100000, ,OoC
But what was the amount of gold en-
ployed in the industrial arts in 1898?
Perhaps as fair way Of calculating it as
can be imagined would be to take the
average of the estimates made Of it, in
recent years, by this Bureau, and by
competent precious-metal statisticians.
This Bureau has estimated in the pres
ent report at 75,5OO kilos.; Ottoman
Haupt, in 1894, at 10000 kilos; DR.. Soet-
beer placed it in 1891 lat from 100000 to
10000 kilos. Professor Lewis believes
it cannot exceed 100000 kilos. DR.. Soet-
beers estimate may be taken at the mean
OF his maximim and minimum. The es-
Inmates Of the amount Of gold used IN in
dustry, therefore give us an average esti-
mate of 9l.l25 kilos., or in round mum.
bers &c, 900 kilos., representing $59,814,OOO
or in round numbers $6O,0OO,OOO. The
net imports Of gold into India in 1898
amounted to 4,575.7 k1los., of the value
of $3,039,0O0. The product of the Rus
sian mines was 1897 kilos. of the value,
in round numbers, of S25,O0O,O0O. The
sum Of tnese items is S88.OO0,O00, which,
deducted from the value of the worlds
output of gold IN 1893 -S155, ,522,OOO--
leaves an amount of gold available for
the new coinage of civilized countries
(Russia excepted) of $67,522,OOO.
How does this value Of the amount Of
gold available for coinage purposes, in
1893, compare with that of both gold and
silver available for the same purpose IN
the years 1866-1873? 1t will be seen
from careful calculation that there is at
present little difference between them.
The average total output Of gold in the
world in these years was 187,1O5 kilo.
Ihe net average amount of gold con-
sumed in the arts in 1871-1873, accord
ing to DR.. Soetbeer, was $4,000 kilos.
The average defnit1ve export of gold to
India, 1866-1873, was .S3O,478 kilos., or
$2O,255615. Thus the total gold devoted
to other purposes than coinage III 1871
1873 was 1l4,478 kllos leaving 72,627
kilos., of the value of $48, ,267 ,9O4 gold, to
be employedsin the coinage of civilized
countries. The average total output of
silver in the world in the years 1866-1873
was $780, 1852 kilos. The net average
amount Of silver consumed in the arts,
l871-1873, was, according to DIR. Soet-
beer, 471 600 kilos., or in round numbers.
100000 kilos.
The average net export of silver to
India, 1866-1873, was 809,647 kilos., of
the value of 1888, ,648,925 The total silver,
therefore, employed otherwise than in
the coinage of civilized states, was l,279,-
SAT kilos., leaving for the latter purpose
an average Of 295, ,815 lilos. Of silver, of
the value Of S12,294,O71. Adding this
to that Of the gold available for
new coinage in 1866-1873 gives an aver
age total value of the two metals that
might have gone to add to the monetary
of civilized countries in the !
years just previous to the depreciation
Of the white metal, of $6O,56 1916, as COM
pared with $67, $4,000, the value in 1898
Of the gold alone, showing available for
coinage purposes in the latter year an in
crease Of $7,000,O0o. The production Of
gold in the near future will increase this
difference in favor of 1894 and the follow
ing years, thus giving larger amount Of
gold for the coinage purposes of civilized
nations Except Russia) to keep pace, to
some extent at least, with the growth of
population.
There is another point to which atten-
ion must be called here, It is this: gold
1T present exported to Russia is, to a
very great extent, like the gold exported
n years past to India. It is largely de.
inltive expectation, and is boarded, not
20 much by individuals as by the Imper-
al Government and by the Bank Of the
State. Russia withdraws from clrcula-
ion not only the product Of its own gold
mines, but the foreign coin and gold bars
which it imports. The net import of gold
oars and coin into Russia in 1891 and
1892 amounted to s55, ,3O1 ,O98 and s89, ,3Ol,-
)98 in those years respectively. AS the
!o-called balance Of trade is favorable to
russia, and has been for a number of
.ears this excess of imports of gold bull
ion and foreign gold coin into Russia,
ike the gold output of its own mines,
erves no monetary purpose, and to the
'xtent of the excess of the imports of
orelgn gold, at least, 1mpoverishes the
!Old monetary circulation of soma othar