New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-08
TEN YEARS, SILVER AND GOLD.

The Wells Fargo annual statement Of the
production Of precious metals has been issued
and discloses surprising increase In the out
put Of gold, as President Valentine says
more than 10 per cent greater than he estimated
six months ago. The Mint is not yet ready 10
| report and the change Of directors may result
in some modification Of the estimate, which has
recently been placed by Mr.. Preston at about
SCI, 100000. But the Wells-Fargo report makes
the output west Of the Missouri River $685.
go, 59I, and is entitled TO the more credit as
its estimate Of last year was S53,0l5.24 and
Is closely confirmed by the volume, Just issued
from the United States Geological Survey, Civ
ing the yield for that year at 900. In
such circumstances it seems proper to give
more weight to Mr. Valentines report for this
year than to other estimates confessedly IN
complete, and he makes the increase S10O0-
355 for the year, or 10 per cent. This ap-
pr0aches the great Increase from 1893 to 1894
according TO the Wells Fargo statement, which
then differed widely from the statements Of the
Mint though that increase and more Is now
recognized in the long delayed official reports
The gold production has more than doubled
In five years. In 1892 It was less than $50 00O-
900, though Mint reports made IL 10 per cent
larger The commercial value Of silver pro-
duced was then officially recorded rs S555 63-
600, and the quantity was the greatest ever
reported 63,5000O0 ounces fine Since
that time, according to the Wes-Fargo report
the production Of silver has decreased to about
- 900 600 ounces, while the output of gold has
more than doubled The total commercial value
Of the production OF both metals has increased
from about $50. 900 to nearly sos 900 600 and
is much greater than ever before. though instead
of $50 in silver for every $50 In gold the pro-
duction is now over 500 in gold for every S34
in silver. The great fact, 10 which attention has
repeatedly been called, that a large share of
the silver now produced comes as a by-product
explains the continuance Of an output not 10
per cent below The greatest ever known in guam
tity Notwithstanding a remarkable decline in
price, while the enormous increase in output of
gold almost seems rs If designed to make good
and more than make good, any deficiency In
aggregate supply of the monetary metals
The history Of the United States has in this
particular been in perfect accord with the his
tory of the world. 1t is now estimated by "The
Financial Chronicle" that the worlds output of
gold has risen TO S251 .626, 721, although it in
cludes the rough estimate OF the Mint instead
of the figures from Wells-F Fargo. which are
States still leads. but South Africa which pro
duced practically no gold ten years ago. IS now
a close second with yield Of S5S,40O.OOO. sur
passing Australia. whose yield is about SjG-
100000 Russia Is credited with nearly $780,
100000 little more than IT produced twenty or
thirty years ago. but Mexico has risen to
SS500.00O, instead Of 100000 ten years ago
India is producing nearly $4,000 O0O an Increase
Of more than 80 per cent In two years and
Canada over 100000, which is an addition
to the worlds supply. Australia as well as the
United States has more than doubled It's output
In ten years, and the production from other
countries has more than doubled. Thus, in
stead or 5O61.490 fine ounces In 1887 II Is est
mated that the worlds product is r. 172.463 fine
ounces, reckoning the United States about 1Oi
600 ounces less than the quantity reported bv
Wells-Fargo. The plain fact is that the world
IL now producing In value over quarter moro
goid alone than 1t produced ten years ago OF
gold and silver both
silver production also has been greatly in
creased in quantity in other countries Ms VOL,
as In the United States. The aggregate outnut
according to "The Financial Chronicles" est.