The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-11-05
THE BIG GOLD OUTPUT.

II is estimated that there is two bill
lion dollars worth of gold in sight in
the kaffir district. which in a very few
years will be added 10 the worlds
stock of that metal. Every other gold
producing country is increasing their
output 1t is estimated that the Colo
RADIO mines will next year double the
output of last, and so on. These facts
or conditions are unwelcome TO the
gold bug creditor who was absorbing
the world through the rapid apprecia-
ton of gold. 1t looks now as if gold
islef would settle the silver question.
Gold left to itself and without the pro-
lection of law could not hold its own
against silver at 1 to 16. This new
condition which confrcnts the world
has set many men TO figuring again on
the probable absolute and relative
amounts of gold and silver now in ex
istence, how much silver was bought
under the Sherman act and so forth.
We find by reference to a work on
the worlds gold and silver that at the
time of the discovery of America the
amount Of gold and silver in Europe
in use as money was insignificant, be-
ing estimated by Humboldt at not
more tina S15O0O0.00O, the larger ac-
cumulatiOns made during the rise OF
the Roman Empire having been almost
entirely dissipated. Three hundred
million of dollars is considered TO be
very liberal estimate of the whole
stock of gold and silver in existence in
the discovery of America. The pro-
duction of gold and silver in the world
since 1893 is given on pages ia and
10 Of the Report of the Directors of
406, 306, 476 ounces Of gold of coinage
value of $S,339. lO1 900, and 1864 .O23.-
10 ounces of silver of coinage value
of $9,909,041 900.
How much of this gold and silver is
still in existence is problematical, for it
is impossible even TO approximately es-
innate the actual loss in use and the
waste of the precious metals in manu-
featuring and the arts. The approx
mate amount of gold and silver in use
as money in the world are, however,
given by Mr.. Preston, director of the
mint, at $780, 100000 gold, and ST.
of 16 Q5:9S) to 1, from which it is APP
parent that there are almost exactly !
sixteen ounces of silver in use as |
money to one of gold. The balance of |
has, of course, either been absorbed in |
the arts or lost. But as affecting the |
supply of gold and silver available for |
coinage we have little occasion to spec |
yer used in the arts and still in exist
ence, for gold and silver SO used is as
withdrawn from the stock |
of gold and silver for use as money as
if it were lost, for the labor expended |
on gold and silver used in the arts, |
gives it such an enhanced value that !
the melting down of such gold or silver
used as ornaments and plate for sale
as bullion is out Of the question.
The total amount of silver purchaS-
ed under the act of July II, 1890 Ghe
Sherman acO, from August 13, 1890,
the date the act went into effect, TO
November 1, 1893, the date of the re-
peal Of its purchasing clause, aggre-
gated 16S,614,6S2 ounces fine pure sill
yer without alloy, costing S155.931,
1922 or an average of .9244 cents per
ounce, the coinage value of the same in
silver dollars being S21S,0S4. AIS. OF
The amount purchased there was used
up Co November 1, 1894, in the coinage
II 3S,531.143 silver dollars, 29.SO1,-
BOSS fine ounces, costing $50, 7G6.-
u. Thus it Will be seen that little
more than one-sixth of the silver pur-
,haSed under the Sherman act has
,een coined. (See pages l.. Is and Il,
Report of the Directors of the United |
states Mint for 1891 OF the treas
Try notes issued TO purchase this sill
-er. costing S155, a31 OOPS, as above,
'144.000,000 are still outstanding.
Under the act Of February %. 1878. i
,nown as the Bland act, POI "a, DIS ;
unces of fine silver were bought ar .
OSt OF S30S. 279. 260 and coined into
as, 166.TS3 silver dollars, against an
quail portion Of which 3;}S.0O0.O0D OF t,
liver certificates have been issued,
80. 10000 of which are still out
landing l.,