The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-20
Gold aud SILVER.

ne LGNUEk VI IL elLf 1AAUeN0A Va
the mint, on the production Of gold and
silver in the United States in 1898, has
/ Just been issued. The statistics given
out by the bureau of the mint, being
founded on the most accurate data OBJ
tainable. are regarded as authoritative,
and are so cited in discussions of the
monetary question by legislative bodies,
/ commercial bodies and the press of this
and other countries; hence, the facts
contained in Mr.. Preston's report are of
value and interest.
One important fact shown by the re-
! port is that the production Of silver has
ia ken a downward turn and the
production Of gold an upward turn.
| But silver production still has a long
way to drop, or the gold produc-
tion has a long way to climb, before
the output of the two metals will
bear the relative proportions to each
other that they bore in 1878. the year
from which the free coinage people who
are sticklers for a Is to ratio date all of
their calculations. In the absence of that
kind of an evening-up, the demand for
silver must increase enormously, as will
T.
of twenty-one years ago will be re-
established
In 1873 there was produced in the
United States, in round numbers, $780,
600, 900 worth of gold and s35, $50, 900 worth
Of silver, at coinage value The value of
the output of the metals in that year was
very nearly evenly balanced In 1898 the
gold output was, in round numbers, S35,-
955, 900, while the silver output was 81
$4,000, at coinage values. Gold had
fallen of a little from the figures of
twenty years previous, while silver had
considerably more than doubled itself.
The high water mark of silver produc-
ton was reached in 1892, when,
under the stimulus of a forced market,
the silver producers turned out
63,500,00 600 fine ounces of silver, which had
a commercial value of S55, SOB 900, but the
coinage value of which at 16 to l ratio
was $50, 101 900. The difference between
the commercial value and the mint or
coinage value Of silver. at the present
ratio is the profit that some of the free
silver people are so anxious to put into
the pockets of the owners of the silver
mines.
From 1873 to 1880 the production Of the
two metals ran along pretty evenly, but
after the latter year silver produc tion
took a squirt, which it held until 1898
Improved machinery, the cheapened cost
of mining and the discovery of new silver
fields in Colorado and elsewhere were fac
tors in increasing the production. Then in
1890 along came the Sherman law and
literally doomed silver. In 1888 the pro
duction was As, $50, 600 ounces. In 1890 it
increased to "a, 800, 900 ounces, and in 1892
to $500, 600 ounces. 1t 1898 the produc-
tion was 10000 600 ounces.
That this was more than there was de-
mand for, including the forced purchases
with the demands of trade, may thus be
shown:
The average amount of silver used in
the manufactures and arts per year for
the last five years has been a little less
than + 100000 fine ounces. This amount
includes domestic and foreign bullion, old
jewelry,, etc. Prior to 1888 the average
amount used for similar purposes was
little more than 100000.
The Sherman law commanded the pur-
chase of 54,0OO.OOO fine ounces per year.
This was TO come from the domestic out
put. The manufactures and arts used in
1898, when the amount so used was greater
than usual, 1874, 167 fine ounces of silver,
of which 2,292, ia ounces were of foreign
bullion, old iewelry, old coins, etc This
would have made the amount of
new domestic silver taken by the
forced market of the government, if
the full amount had been purchased, and
the legitimate market of the manufac-
lures and arts, SO, ,053 fine ounces of
silver, nearly 100000 less than the
amount prod uced that year, and nearly
100000 less than the amount produced
the year before 1t is very clear, from
these figures, why the price of silver went
down.
In 1878 the market ratio of the metals
was 1892 of silver to of gold in 1899 the
great amount of silver produced sent the
market ratio to 1912 to /, and in 1898 the
ratio had still further decreased to 26.49
to |.
OF the southern, or Appalachian states
as they are called in the report, North
Carolina produced in 1898. So, 100 of gold
and Sl5, 1896 of silver South Carolina pro
duced S127, 562 of gold and S429 of silver
Georgia produced S99975 of gold and 1893
of silver, and Alabama produced ST, 25S of
gold ana $l02 of silver.