The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-08-24
GOLD AND SILVER.

The report of the Director of the Mint
upon the production of the precious
metals in the United States and in the
world at large has just been issued from
the Government Printing Office. The in-
dleations are that the recent rise of 81
cents in silver at New York is the be-
ginning of the turn of the tide. 1t may be
useful TO keep in view tbs facts which sus-
tain that belief
The worlds product of gold in 1893 was
valued at S155. 52l, 700, of which gold
valued at S35, $4,000 was produced in the
United States. Twenty years ago the
product was, as nearly as possible. $780,
100000, and twenty years before that,
when California and Australia were at
the height Of their output, it was in round
figures $50, 100000 Thus it may be SAID
that the gold crop. after declining 33 per
cent between 1853 and 1873. did not show
signs of recovery till quite lately, but has
now reached a figure higher than it
touched when the two great gold dis
cOVeries of modern times led Michel
Chevalier to doubt whether the precious
metal would not lose its purchasing power.
A simple inspection Of the figures explains
the past decline in silver and points the
probable future course of the white metal.
The worlds output of silver in 1898 was
valued at S125 SOC. 400 OF which the United
States produced SAG. 500, GOO worth. Twenty
years ago the worlds product of silver
was about $50, 000, 600, of which the United
States produced about $50, 000000 worth.
In 1878 the product Of silver began to in
crease with giant strides; in 1889 it reached
S64. 100000 10 this western country alone,
while simultaneously, as we have seen,
the gold output. after a decline of SO per
cent, showed but feeble indications of re-
cOvery. Thus the two metals played see
saw, the supply of the one declining as
that of the other increased, and their
relative value fuctuated accordingly. If
the same law holds good, when the gold
limb of the seesaw again rises in air the
gold value OF silver must advance proper
tionately. Comparing the silver product
of the United States in 1898 with that of
1892 the reduction in ounces is 100000,
while the gold product in ounces shows an
increase of IA, 223
The Director of the Mint gives South
Africa credit for all. or nearly all, the in
crease in the gold product. But his own
figures show that other localities have con-
tributed their share. Colorado alone
showed in 1893 en- increase of s., 200, 900 in
gold over 1892, and the increase will be
still greater in 1894 Australia is going to
exhibit marked advance over recent years,
and California ought to do something in
the same direction. 1t is reported that
the Venezuela yield, which has been grow
ing TO very pretty figures, will exhibit a
similar tendency.
Whenever a demand arises for an arti-
Gle of merchandise it generally turns up.
When the value Of gold rose to such a
figure that 81 cents in gold would buy
silver ounce 1t was manifest that gold
the demand. We see it coming from a
number OF widely separated quarters at
once. And the wonder is not that it
should be coming, but that it should have
been so slow in coming. Hardly any sub
stance, unless it be common aluminium, is
so widely distributed over the surface of
the earth as gold. 1t is everywhere, in
the rocks of the mountains, in the beds of
rivers. in the soil of arabic fields, in the
sands of the seashore. In the opulence of
our splendid resources we do not consider
it worth while to wash for gold in places
where it is not abundant enough to enrich
the washers. But in other localities men
are doing well on very lean gold deposits
In the reef round Johannesburg ores which
carry II pennyweights to the ton are re-
gardiDg as fair working ores. 1t is only
when the ore runs below 9 pennyweights
that it is thrown on the dump. They have
brought things TO a fine point in that
country