Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-11-04
SILVER AND GOLD.
Onae Facts About Production and
Values.

Values.
The annual report of the director of
he mint, which has Just been submit
ted to the secretary OF the treasury,
shows that of the silver bullion pur-
chased under the Sherman silver law of
| 1890 115.43s. 461 fine ounces remained in
| the treasury at the beginning of the
present fiscal year, July l.
This bullion cost $104, 1886, 312. If
| coined it would make las, PSI 1928 silver
| dollars and the gain or seigniorage to
the government would be $44.925, GIG. If
it were sold at the present market price
it would fetch only S66,577, la and the
government would lose $37. 959, 19s. Yet
there are those who would have the gov
eminent sell this bullion at the market
price, which would be still further de-
pressed by offering so large mass for
| sale.
The difference to the government re-
sulting from sale instead of coinage
would be at least $50. 000. 900. Seeing
| that this bullion is now being made into
coin at the rate of more than $40, 0o0, 900
year without harm to anyone, it
would seem to be foolish in the extreme
to sell the bullion at such an enormous
loss. The government is not likely to
have money ito burn" at such a rate
very soon.
The whole quantity of silver bullion
purchased under the Sherman law was
los, 674, 682.53 fine ounces. The total
cost was s155, 1871 .002.25, giving an aver
age cost of 92.44 cents per ounce. Of the
whole quantity purchased 53,172.650
| ounces had been coined into 6s, 74s, ATT
silver dollars down to the end of the last
fiscal year, and the seigniorage or profit
to the government was ST, 1910, 1922. The
bullion still uncoined is represented in
| circulation by Sherman notes of face
| value equal to the cost of the bullion.
At last years rate of coinage this bull
ton will all be coined in little more
than seven years and Sherman notes
will be a thing of the past except in
cabinets and as pocket keeps.
The press synopsis of Director Pres
toms report does not give the produc-
ton of gold from our minis during the
last fiscal year, but it shows that in the
original deposits at our minis during
that year was domestic gold bullion to
the value of $60.61s, 23o. This does not
necessarily mean bullion. produced
from our mines during the year, but
there is not much doubt that our output
is now at that rate.
The largest yield in the history of the
country was sos. 900. 900 in the calendar
year 1853, when the California output
was at its maximum. In each of the
years 1852 and 1854 the output was $780,
100000. During the % years from 1873
to 1898, inclusive, the average yield of
our mines was only $50. 49, 900 annually
and the largest output in that period
was $51, zoo, 900 in 1878.
The director estimates the worlds
product of gold for the calendar year
1896 at 500, 1896, 600 and of silver, coin
ing value, S215, 242, 700; commercial
value, sos, 4O6, 800. The gold product
was the largest on record. The worlds
record was broken, in fact, in 1898,
when the output was 1851, 2s7, 600, and
since then there has been rapid in
crease. The increase last year over the
year before was not great, but there is
every prospect that the current year
will witness another large increase, not
only from the new Yukon fields, but
from our western states. The South
African fields, however, do not seem to
be increasing their output to the extent
expected, though they are keeping
their contribution well up to the front.
Considering that the average yield of
the worlds mines was less than $780,
000, 900 year from 1881 to 1885 the pres
ent output is most gratifying.
The coinage value of the worlds out
put of silver was less last year than the
year before, when it was S226, 900,
and less even than the year before that,
when it was $216, $4,000. But it is still
enormously greater than it ever was
until ten years ago. An average of
500, 100000 a year was never reached
until the period of 1876 to 1880, nor was
an average of 100000 ever reached
until the period 1866 to 1870. During
the first ten years of the century the
average was about $50, 100000 a year,
but from 1921 to 1880 it was only little
more than 100000.
During all that time, however, the
world was producing fully three times
as much silver as gold, coming value.
AS matter of fact, according to the
best information obtainable, the
worlds output of both gold and silver
was comparatively very small for CEN
turtles before the great discovery of
gold in California and people had some
reason to complain that the volume of
metallic money did not keep pace with
the worlds commercial needs, which
increased enormously as the settling of
this western hemisphere progressed.
But now the output of both metals is so
great that we would not have much
need for paper currency if we would
make use of both metals the world over.
Chicago Chronicle.