Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-12
THE PRECIOUS METALS,
south African War Prevented the
Year From Being a Record Breaker.

Consul General Guenther at Frankfort.
Germany, sends to the State Department
from an article In the International EcOno-
mist published at Berlin, under the title
The Production Of Precious Metals" the
closing remarks, translated into English
The year 1899 would have been record
breaker In the production of gold had it
not been for conditions in South Africa,
but in any event it can be estimated that
the production will amount to 10000 kilo-
grams (9fs, 600 pounds)
The Witwatersrand will probably after
peace has been restored produce 5000 900
ounces and the other districts in Africa
another 25oU5O ounces, or approximately
double the production of 1897. The United
, states, Australia and Canada also con-
tribute an increase, SO that the twentieth
century will commence with a yearly pro-
ducton of about 10000 kilograms 1,014,-
Ito pounds. at value of ,lS:5, 900, 900
marks ts5o1,56i 900, which means that the
output OF gold alone will exceed by $1l9,-
VoVo the average production of gold and
silver combined in the years between 1866;
ana $50 the very years when the har-
mony of the open minis of the Latin Union
mad not been disturbed by any policy of
| characterization
The fairy tale of the insufficiency of
| soid' OF the appreciation of the value of
Soid ana corresponding decrease of other
| values, has therefore to be consigned to the
lumber room OF bimetallist arguments No
| body who has eyes to see and who notes the
| hsures Will believe that the present high
| price OF money represents enhancement
| OF the price of gold in consequence of a
| god dehciency. A comparison with more
| remote periods is even more striking. The
world s total production since 1S11-the da te
when Germany determined to abandon its
| silver basis-amounts to 6,0S7 2SS Kilograms
| Ij,l2o,o3J pounds up to and including 1899
ron: m, the discovery of America in 1882 up
| to 1871 there were produced S,65S,175 kilo-
| grams 19,OS1,S25 pounds. Within the last
tWenty-eight years the worlds production
| vas therefore equal TO two-thirds of the
production of nearly four centuries preced-
ing. Nevertheless, from 1892 to 1871 no
fear existed of an insufficiency in the sup
| ply of gold. while from 1871 to 1898 in a
| period which produced in twenty-eight
Years two-thrds of what was produced in
three hundred and seventy-nine years this
| fear has been growing constantly. From
l492 to 1871 the annual average production
was 2230o Kilograms go, 4S5 pounds). Dur
| ing the years of fear of an insufficient sup
ply, the annual production of gold was 30
600 kilograms 4G2,966 pounds
From the discovery of America up to the
| end of 1899 there will have been produced
| 14.14S 4o3 Kilograms t32,514 800 pounds, of
| which 40 per cent is to the credit of the
| years when the bimctalIstic cries of dis
trCss were raised.
is it not therefore perfectly clear that
| there has existed no lack of gold, and that
the depreciation in the price of goods had
| no connection whatever with changes in the
monetary systems? When during the time
| OF the discovery of gold in California and
| Australia from 1856 to 1860 the supply of
] gold Increased 1,O0S TO Kilograms (232S 673
pounds) Chevalier in all seriousness
preached iemonetiZation of gold: from
| 1894 to 1899 there has been a stream OF
| 20SS. 461 kilograms (4,6O5,321 pounds. and
still the bimetaIlists talk Of a scarcity of
gold. If gold is scarce now, one is forced
| u ask. When was it ever not scarce?
The oft-predcted decrease in the produc-
| ton of silver also does not materialize
| Enormous quantities of silver still come
| frcm the two chief producing countries
| Mexico and the United States-anG Mexico
| especially seems to be inexhaustible; how
| then, can the price of silver increase?"