From this table it will be seen that from 1801 to 1820 the average yearly yield of gold was $9,710,500; of silver, $36,847,500—four of silver to one of gold.
From 1821 to 1840 the average yearly yield of gold was $11,466,000; of silver, $21,964,000—two of silver to one of gold.
From 1841 to 1860 the average yearly yield of gold was $85,150,000; of silver, $34,826,500—two and a half of gold to one of silver.
From 1861 to 1880 the yearly average yield of gold was $117,991,850; of silver, $68,043,900—nearly two of gold for one of silver.
From 1881 to 1889 the yearly average yield of gold was $105,500,000: of silver, $122,540,388—one-sixth more silver than gold.
From those figures it is plain that no continuous, extraordinary yield of silver, such as might warrant the slightest fear of an unnecessary addition to the money volume, is to be expected. On the other hand the continuous drain of gold for use in the arts, as dentistry, gold plate, jewelry, gilding, and articles of decoration generally, is seriously encroaching upon the annual supply.
Both metals possess in common, and neither in any different degree from the other, all the qualities which are recognized as necessary in a commodity money. Silver enjoys in an equal degree with gold the quality of indestructibility, of divisibility, of malleability, and of resistance to chemical changes. The stock of both existing in the world (the product of all time) is estimated to be about equal, the production of the past 500 years being set down as—
| Gold | $7,240,000,000 |
| Silver | 7,435,000,000 |
That silver mining has not proved exceptionally profitable in this country is proved by the comparatively small number that have engaged in the business. This country has been thoroughly explored in the search for additional mines without any of great value being discovered. The allurements of the business lie in its uncertainty; and for the occasional prize that is drawn thousands of blanks are found. There is always enough hope of results to induce continued effort, but there is also sufficient doubt and discouragement to deter an undue number from engaging in the business.
The mines of Mexico have been worked for hundreds of years; and up to 1873 the business of silver mining in that country had all the stimulus that a parity at 15½ to 1 could give to it. It is not, therefore, probable that any material increase of output can be expected from that quarter.