Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-05-19
THE pEARrH OF SILVER AND GOLD.

|
| time the minis of the world have required
and consumed solely for coinage into
money 2,131. 920,919 fine ounces, or more
than the entire product of all the earth's
mines within that period by 1,523,72s fine
| ounces. All this coinage, except the few
| millions struck I'M Japan and Mexico, has
| been at a ratio of less man 16 ounces of
| silver to one of gold, and much of 1t at a
ratio of less than Is Of silver to Of gold.
| Hence we see that, although silver has
| been degraded in many countries from
| it's position of standard money of final
| redemption and denied coinage as such
money since 1873. the world has been
driven by Its actual needs to coin many
tons more of silver in the years since 1872
than all human energy skill and science
have been able to extract from all its
mines. This excess of consumption over
the production of silver is entirely in
dependent of the large amounts of that
metal consumed In the arts and indus
lstries over and above the amount of re-
coinages. The world has been unable
during the last twenty-five years, with
all the wonderful improvements in min
ing and metallurgy. to supply its needs
of silver for coinage alone, to say moth
ing of its immense requirements for other
purposes How. then. can it be said with
any truth that there has been any-ever-
production Of silver or that the world or
any part of 1t is in any danger from its
overproduction or its free coinage?
From 1873 to 1894 inclusive the world
produced 1872 235,63S ounces of fine gold.
Within the same time it's mints coined
into money 164,702 527 fine ounces. The
total production of gold for the whole
world, it will thus be seen, has fallen
short of meeting its demands for coinage
alone by the enormous amount of 42,466,-
$3.50 fine ounces. This amounts In dollars
to deficiency in the supply of 1887. $685.
$50, or more than $3990O000 per annum
for the whole period, without taking into
account the demand for any other pur-
poses These shortages have grown
within the last few years, despite the
great increase in gold production, under
| the stimulus of the fierce struggle of the
nations for it. The fact that the world
| has not produced or had enough gold to
| supply its coinage demand alone for
| twenty-five years past stands out in the
| history of those years like Ararat above
| the waters of the deluge. That it cannot
produce as much gold in time to come as
| it will imperatively need for coinage
| alone is as certain as anything in the
future can be, if we may rely upon the
| light of past facts and experiences.
If we now take the two metals together,
both silver and gold, we find that the
| worlds coinage of them both from 1873
| to 1894, inclusive, has exceeded its entire
production of them both from the mines
| by 1,523,7S2 ounces of fine silver, of the
coinage value of $1,97O,115, and 42,466,SS9
ounces of fine gold, of the coinage value
| of $877 1868 $50; and that there has been in
| that time an excess of the coinage of both
metals over and above their total pro-
| duction of $S79, 1886, 6S4, or, In round num-
bers, an excess Of the consumption of the
| two metals for coinage only over the total
production of $40 100000 every year since
| 1872, drawn, of course, from the stock
produced before that time.
| Let any thoughtful man study these
| facts and comprehend their ominous i'm
| port If he can. He will see that every
/ ounce of silver and gold that the world
| can produce Is not too much-indeed, is
not enough-for its monetary necessities
alone He will understand why 1t Is that
| silver, despite the war waged upon 1t,
has maintained it's value relatively and
| in comparison with all other valuables,
except gold, and has been appreciated in
| value with respect to many of them. 1t
has been simply because its supply has
| been less than the actual needs for it. He
cannot fail to discover why gold has ap-
preciated in comparison not only with sill
| yer, but every other known valuable. 1t
is because for more than a score of years
there has been a growing demand and
need for it far in excess of its production
"a demand and need increased and ag-
gravated by the war on silver and the i'm
position upon gold largely of the moneta-
ry work done by silver through all ages
past He will not be at a loss then to
account for the concerted, persistent eff
forts of money-lenders and bondholders
to strike down silver as real money
more than half the worlds stock-and to
impose upon the gold of the world, al
ready unequal to its own peculiar bur-
dens, the task of bearing also. those which
| silver had sustained up to 1873
Mr. J. P. Mudd of this city is in re-
~.<t-.