Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-08-16
SILVER PRODUCTION
Quite Discrepancy Between Mr.. Leeoh
and Mr.. Preston's Estimates.
Unusual Method Employed by the
Former Director of the Mint
and It's Effect.

There is a serious discrepancy in the es-
Innate of the production of silver in the
United States for the year 1892 as made by
MIR. Leech, the former director of the mint
and as subsequently made by Mr.. Preston
the present director. An interesting feature
of this matter is that MIR. Preston was Mr.
Leech's assistant when the original estimate
was made ard protested against 1t at that
Time The subject is one of considera BILE
moment. The increase or decrease in the
production of silver means q greater or
less increase in the worlds visible supply OF
that commodity, and as this supply regu-
iates the price of silver, 1t naturally has an
Influence On its coinage value. The esti-
mate made by MIR. Leech was accepted by
the international monetary conference at
Brussels, and had an influence on the pro-
ceedings of that body. Mr.. Leech followed
an entirely new course IN making his esti-
mate. the result being that the production
appeared to be S6.ODU,UO0 less in 1SJ2 than in
lH,1. Il recent recalculation by Director
Preston indicates that the production of
1872 was only about s2.GJ00UO less than for
the previous year. AS the last estimate
must be accepted as the true estimate, all
computations based on Mr.. Leechs estimate
will have to be revised.
The Method Employed.
The method OF ascertainng the country's
production of silver is an interesting one
No one can tell exactly how many ounces
of silver were taken out of the ground In
any one year any more than he can demon
strate the exact number Of bushels of grain
that were produced in the world within a
certain period. The method employed by
the mint bureau prior to Mr.. Leechs ad-
ministratlon, and since followed by MIR.
Preston, is as follows:
The director of the mint makes up one es-
innate by adding together the output of the
private reilners of silver as reported to the
mint the amount of unrefined domestic sill
yer deposited at the minis and assay offices
and the exports of silver in copper matte
and ores. Then he makes a second estimate
by adding the total deposits of silver at the
mlnts and assay offices classified as do
mestic, the exports Of domestic bullion lex
cept mint or assay office bars) the silver
exported in copper matte and ore the bars
of domestic production furnished by private
reflHers to manufacturers and jewelers. and
the stock of bars exclusive of mint and as
say Office barsD held by banks and private
rehneries al the close Of the year, and de-
Quoting from the total the silver in foreign
ores and bullion smelted In the United
states and classified at the mints and Gus
tom houses of domestic production TAX
ing the mean Of these two estimates the
director OF the mint has Lad his official
hSures. Mr.. Leech did not follow this
method. He took the reports of the agents
OF the mint in the various states as the
foundation OF his estimate. Now, it had
happened invariably before 1892 that the
aggregate reported By the agents of the
mint exceeded the aggregate reported by the
private retineries. The reports for 1872
were reversed. The agents reported a
smaller production than was reported by
the rehneries. This suited Mr. Leech's pre-
conceived estimate better than following the
old rule SO he accepted the statements of
the agents rather than the statements of
the retineries. Mr.. Preston is prepared to
maintain his position that the estimate of
the retinertes Is more accurate.
Falling on I'm 1893.
The production of silver In the United
States for 1893, as compared with Mr..
Preston's figures for 1892 shows falling
eff of 3.JOO.00 ounces, the aggregate pro-
duction being about 60,0N.OO0 ounces. As
the silver repeal act was not passed by Con-
gress until November of last year. 1t had
comparatively little effect on the production
Tor mat year The remarkable difference
which IL has made to the silver industry to
the country, however, is shown by Mr.
Preston's recent estimate that the falling of
IN the production of silver i'm this country
In 1874 Will be from 81 to ~ per cent Mr.
Pres tor. is credited with the belief that the
production of gold before 1897 will exceed
the worlds production of both gold and sill
yer In the period Immediately preceding the
beginning or the depreciation of silver In
case this Is so. 1t will have an important
bearing on the future consideration of the
question of international bimetallism.
Old Material.
People who hesitate about taking old
jewelry to the jewelers. to sell for it's coin
value will be surprised to learn what an
enormous amount of odd material is used
by the manufacturers of the United States
in making articles of gold and silver The
amount of old material of gold used in the
arts In 1888 was 81, III l65: of silver IL was
81 .222.S'6. The total was just $4,000 on
The aggregate of gold and silver used in the
arts was s.b"o,n0. and OF this only Sl5,OOO-
900 was domestic bullion The remaindsr
vas domestic coin. foreign coin and bullion
and old material