The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-11

Consul General Guenther sends from
Frankfort. Germany. to the State Depart
ment translation of an article published
editorially in Berlin periodical on the
production of the precious metals. The ar
ticle says:
The year 1sg9 would have been record
breaker in the production OF gold had 1t not
been for conditions in South Africa, but at any
event il can be estimated that the production
will amount TO $4,000 Kilograms, 06S,OD) pounds
.lvordupois-
The Nitwatersrand will probably, after peace
has been restored. produce 100000 ounces and
the other districts in Africa another 10000
ounces or approximately double the production
OF 1897. The United States, Australia, and Can
ada also contribute an increase so that the
twentieth century will commence with yearly
production OF about l,0li,1l6 pounds. at value
Of sos .le4, Op0 which means that the output Of
gold alone win exceed by sll9 10000 the average
production Of gold and silver combined in the
wears between 1866 and 1870. the very years when
the harmony OF the open mints Of the Latin Union
had not been disturbed by any policy OF demonc-
tization. The fairy tale Of the insufficiency Of
gold OF the appreciation OF the value OF gold and
corresponding decrease oil other yalrHS has there
fore to be consigned to the lumber room Of hi
metalist arguments Nobody who has eyes To-
sec and who notes the figures viii believe that
the present high price Of goods s IN tonse-
qucucc OF q gold deficiency. \ comparison with
more remote periods j. even more striiiiug. The
worlds total production since l-7l-,he date
when Germany determined 10 abandon its silver
basis amounts TO 10, i2O03j pounds up TO and
including 1899.
From the discovery Of America in 1892 TO 1871
there were produced 1910 .s2-i pounds ayoirdu-
pois Of gold Within the last twenty-eight years
the worlds production therefore equal to
two-thirds OF tie production Of nearly four cen
turies preceding. Nevertheless, from 1892 70 ISL
fear existed OF insuffciency in the S'.ply
Of gold, although in the period from ISL to 1sgs
which produced in twenty eight years two-tnirds
much gold as was produced in the previous
$40 years, this fear has grown constantly. From
1892 10 ISL the annual average production was
0,4sj pounds During the years Of fear OF an
insufficient supply the annual production Of gold
462. 9tG pounds
From the discovery OF America up 10 tie end
II 1899 there will have been produced 32.5li.329
pounds Of which 20 per cent is 20 the credit
Of the wears when the bimetallistic cries az dis
tress were raised. Is it therefore not per
and that the depreciation in the price Of goods
had no connection whatever with the changes
in the monetary systems when, during the time
Of the discovery Of gold in California and Aus
tralia from 1856 to 1900 the supply Of gold in
creased . 32s 673 pounds Chevalier in all serious
ness preached decentralization Of gold. From 1894
to 1899 there has been 8 stream Of i6H5. S2l
pounds and still the bimetallists talk OF scar
city Of gold. II gold Is now, one is forced
10 ask: When was it ever not scarce?
The officially predicted decrease in the produc-
ton Of silver also does not msteriaize. Enormous
quantities OF silver still come from the two chief
producing countries-NeHico and the United
States-and Mexico especially seems TO be mex
hsustible; how, then can the price Of silver
increased Competent authorities expect for 1899
more than 110, 600 ounces fine Of silver.