The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1894-06-23
GOLD PRODUCTION.


The Worlds supply of tho Precious Met
al for Coinage.
Production of egold and silver has al
| ways had a remarkable influence on
the trade and prices of the commercial
world. Except in remote ages or in
partly-civilized countries, these two
metals have ba en- the source of money.
Even the coin In existence at any ono
time was continually disappearing.
It was lost from the pocket, melted
up into plate, or exported to the dense
ly-populated regions of Asia, the
whole stock was diminished by the
minute wear and tear on each coin.
The opening of new mines has there.
fore always had striking influences,
through its effect on the total money
supply.
1t was from Africa that the largest
supplies of gold came in the early days
of civilization; and the greatly in
creased production of gold in Africa is
now exciting attention and interest
among all the students of the none
tary question.
For many centuries after the fall Of
the Roman empire gold production, as
we'll that of silver, ceased almost en-
tirely. Then came the discovery of
America, and of the enormous boards
of precious metals in the cities of Mex
leo and Peru.
1t was in those days that the treas
ure ships,' bound for the European
coast. fell constant prey to the rowing
English war-vesscls of Queen Eliza beth.
and to the still more famous and dam
gerous buccaneers OF the Spanish
main.
At last, in 1s47, well in season for the
revival of the worlds commercial in
dustry, came the discovery of the great
California gold mines. Those of Aus
tralia were discovered about four years
later, and the annual gold production
rose at once to u total the largest in
the worlds history.
Even now, in our days Of improved
and scientific mining, the worlds year
ly yield of gold, in the exhaustion of
the richest western mines, is scarcely
two-thirds of the vast yearly produc-
ton of the ''fifties.''
At the very time when the gold pro-
duction of the world at large was
showing signs of decrease. another and
very remarkable area for gold mining
was discovered. Twenty-six years ago,
some explorers in South Africa discov-
cred gold in what is now the Transvaal
enough was found to pay prospectors
for their labor, and for eighteen or
twenty years the gold production of
South Africa remained almost cipher.
Then between 1885 and 1SSS new dis.
coveries of far richer mines were made
in the same region. Companies were
formed at once in London and other
! money centers to work the mines: i'm
| migrants flocked to the new district to
| make their fortune, as they did TO
California in 1S49 and to Australia in
1852.
The results were most re1na rl>a bic.
Africa's gold production in 1887 YVES
valued at less than three-quarters OF Il
million dollars. The next year FIVE
millions worth was taken out. In
1890 the produ was ten millions, and
| last year South Africa contributed to
the worlds stock of gold no less than
hirty-three millions-as much as the
United States had produced in the
preceding year, and an amount ex-
| ceeded in 1928 only by this country and
by Australia.
1t is not supposed that the full ca
pacity of South Africa's gold mines has
| covered other gold-felds in districts as
yet unvisited by explorers.
This possibility played it's part in the
African ''partitiou treaties of the Eu-
ropean states in 1890. 1t has influenced
, still more powerfully the recent
Matabele war, undertaken chiefly for
; the purpose of protecting the pioneer
miners and settlers of a British COM
! mercial company from the raids of
savages.
Nor are there lacking signs that this
years gold production in other nations
| will be larger. The great fall in the
! price of silver. measured by gold,
which has forced many silver mines in
this country to shut down, has turned
the attention of miners to long desert
ed gold fields. The result has been
seen already in considerable incrca Sc
| of our own gold production of 1898
Youths Com r)a N ion.