New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-26

Facts of importance In the discussion of the
silver question and Of monetary problems in
general are found in the annual circular by
Wells. Fargo & Co.. showing the estimated pro-
ductIon of the precious metals. With accus-
toned modcsty Mr.. Valentine notes that the
movement by express may not in recent years
give so close an indication Of quantities pro
duced as il formerly did; but his figures have
for long time been recognized AS closer ap-
Proclamation to the truth than can be elsewhere
obtained, unless. after nearly years delay,
from the official reports and II yet remains in
doubt whether that delay with prolonged inves-
tieation serves to render the official statement
really the more trustworthy. Mr. Valentine
puts the total value of gold. silver. copper and
lead produced last year ar S17I022666 and
after deducling receipts from British Columbia
and the west coast Of Mexico $3.50. 359. 466 from
the States and Territories west Of the Missouri
River Roth amounts greatly surpass the out
put IN any previous year. the gross product 10y
about 500 100000 and the net product by S16,-
100000. The gold output is placed at S6'- 1885,
202. an increase of s., Sso,G05 over any prevoT,
year. that Of 1897 having been the greatest ac-
cordng 10 previous records The silver output.
$50. 0S1 800 in commercial value. is far below
the maximum in value but Is SLOT 33l larger
than in 1897. and about S6.30o.ooo larger than
in 1894. The copper output, S4os9I ,64S. is
S9,5OS,954 greater than in any previous year,
but includes, il will be remembered. only the
product west Of the Missouri River; and the
lead output with the same restriction IS Sl1.s9i.-
251, and IS smaller than in 1889 or 1891.
II is no longer novel information that the
worlds output of gold has become greater than
the output of both gold and silver was in com
paratively recent years. The gold output has
more than doubled since 1891, and nearly
doubled since 1892 But this fact makes II the
more interesting that the product Of the United
States, not including bullion coming from the
Kondke or Mexico. continues TO increase,
though not quite in proportion TO that Of the
rest of the world owing TO the new and rich
fields opened in South Africa. Australasia and
British Columbia. Since the supply Of metal
used as money has so greatly increased it be-
comes problem, which nobody cares to tackle,
how il can he claimed with any appearance Of
truth that the purchasing power Of gold has
been increased by its scarcity. If the worlds
gold production has considerably more than
doubled since 1873, when silver Is said To have
been dcmonctized. and if half as much more
silver has since been added as the whole world
then possessed, and also considerably over half
as much gold as the whole world then pos
sessed, with the quantities which had sufficed
for in 1873 remaining almost wholly still
In use somewhere II would seem an extremely
violent supposition that scarcity had made
either metal dearer. In fact. the problem
which will have most interest in the future is
whether gold has not declined In purchasing
power 10y reason OF the enormous new supplies
and II not, why not.
The quantity of silver now being produced in
the world is apparently larger than ever. and in
this country nearly RS large as II ever was.
Notwithstanding the great decline in it's price
This shows once more, as The Tribune pointed
out years ago. that silver has become essen
tally by-product, no longer taken out in