THE WORLD'S SUPPLY OF GOLD AND SILVER.
Since for thousands of years the world recognized both silver and gold as money, can anybody tell what has happened to render one of them unfitted for the money use?
No argument based on fluctuations in the current supplies of either of the metals can militate against the use of both as money. The fluctuation in the annual yield of both, taken together, is much less violent and less frequent than the fluctuation of either taken separately. By the use of both, society has much greater security against the evil of an insufficient money volume. While a large yield, now of one, and again of the other, has taken place, there is no instance in the history of the world of an extraordinary yield of both occurring simultaneously, except in the single instance of the first discovery of the mines of America. When the gold mines have been yielding largely, there has been no special increase of silver, and during the period when silver has been produced in comparatively large quantities the gold mines have been less productive.
This will be illustrated by the following table showing the yield of both gold and silver, from the discovery of America to the present time.
Annual average production of the precious metals throughout the world from the discovery of America to 1872.
[From Director of United States Mint.]
| Periods. | Gold. | Silver. |
|---|---|---|
| 1493-1520, average for each year | $3,855,000 | $1,953,000 |
| 1521-1544 do | 4,759,000 | 3,749,000 |
| 1545-1560 do | 5,657,000 | 12,950,000 |
| 1561-1580 do | 4,546,000 | 12,447,000 |
| 1581-1600 do | 4,905,000 | 17,409,000 |
| 1601-1620 do | 5,662,000 | 17,538,000 |
| 1621-1640 do | 5,516,000 | 16,358,000 |
| 1641-1660 do | 5,829,000 | 15,223,000 |
| 1661-1680 do | 6,154,000 | 14,006,000 |
| 1681-1700 do | 7,154,000 | 14,209,000 |
| 1701-1720, average for each year | 8,520,000 | 14,779,000 |
| 1721-1740 do | 12,681,000 | 17,921,000 |
| 1741-1760 do | 16,356,000 | 22,158,000 |
| 1761-1780 do | 13,761,000 | 27,128,000 |
| 1781-1800 do | 11,823,000 | 36,534,000 |
| 1801-1810 do | 11,815,000 | 37,161,000 |
| 1811-1820 do | 7,606,000 | 22,474,000 |
| 1821-1830 do | 9,448,000 | 19,141,000 |
| 1831-1840 do | 13,484,000 | 24,788,000 |
| 1841-1850 do | 36,393,000 | 32,434,000 |
| 1851-1855 do | 131,268,000 | 36,827,000 |
| 1856-1860 do | 136,946,000 | 37,611,000 |
| 1861-1865 do | 131,728,000 | 45,764,000 |
| 1866-1870 do | 127,537,000 | 55,652,000 |
| 1871-1872 do | 113,431,000 | 81,849,000 |
World's production of gold and silver for the calendar years 1873 to 1889, inclusive.
| Calendar years. | Gold. | Silver. | ||
|---|---|---|---|---|
| Value. | Fine ounces. | Market value. | Coining value. | |
| 1873 | $96,200,000 | 63,267,000 | $82,120,000 | $81,800,000 |
| 1874 | 90,750,000 | 55,300,000 | 70,673,000 | 71,500,000 |
| 1875 | 97,500,000 | 62,263,000 | 77,578,000 | 80,500,000 |
| 1876 | 103,700 000 | 67,753,000 | 78,322,000 | 87,600,000 |
| 1877 | 114,000,000 | 62,648,000 | 75,240,000 | 81,000,000 |
| 1878 | 119,000,000 | 73,476,000 | 84,644,000 | 95,000,000 |
| 1879 | 109,000,000 | 74,250,000 | 83,383,000 | 96,000,000 |
| 1880 | 106,500,000 | 74,791,000 | 85,636,000 | 96,700,000 |
| 1881 | 103,000,000 | 78,890,000 | 89,777,000 | 102,000,000 |
| 1882 | 102,000,000 | 86,470,000 | 98,230,000 | 111,800,000 |
| 1883 | 95,400,000 | 89,177,000 | 98,986,000 | 115,300,000 |
| 1884 | 101,700,000 | 81,597,000 | 90,817,000 | 105,500,000 |
| 1885 | 108,400,000 | 91,652,000 | 97,564,000 | 118,500,000 |
| 1886 | 106,000,000 | 93,276,000 | 92,772,000 | 120,600,000 |
| 1887 | 105,300,000 | 96,189,000 | 94,265,000 | 124,366,000 |
| 1888 | 109,900,000 | 109,911,000 | 103,316,000 | 142,107,000 |
| 1889 | 118,800,000 | 125,830,000 | 117,651,000 | 162,690,000 |