People's Pilot, Volume 3, Number 13, Rensselaer, Jasper County, 15 September 1893 — THE PRECIOUS METALS. [ARTICLE]

THE PRECIOUS METALS.

The Quantity of Gold and Silver Shows That the Ratio Should Be Decreased Instead of Increased. Mulhall, the London statistician, has compilled and published statistics on the quantity of gold and silver in the world, and the amount of each in the years 1600, 1700,1800,1848, 1880 and 1890. Taking the total quantity of both gold and silver in the world (coined and uncoined) for the years named, and omitting the fractions we get the following result as to the proportion of the two metals: In 1600 there we re 27 tons of silver to one ton of gold. In 1700, 34 tons of silver to one ton of gold. In 1800, 33 tons of silver to one ton of gold. In 1848, 3i tons of silver to one ton of gold. In 1880, 18 tons of silver to one ton of gold. In 1890, 18 tons of silver to one ton of gold. The proportion of silver to gold coined into money was, in 1600, 40 ton*

of silver to one ton of gold; in 1700, 41 tons of silver to one ton of gold; in 1800, 40 tons of silver to one ton of gold; in 1848, 40 tons of silver to one ton of gold; in 1880, 14 tons of silver to one ton of gold; in 1890, 15 tons of silver to one ton of gold. , The ratio of silver to gold as fixed by law, in using them as measures of values, has been never to exceed 16 to 1. Until silver was denied free access to the mints, at this ratio, there was no trouble to maintain the parity of the two metals. There is less silver in the world now in proportion to gold than there was in 1848, 1800, 1700 or 1600, or at any time in the past, and if any change is made in the ratio, based on the proprotion of the two metals, it should be less than 10 to L rather, than more. From the years 1600 to 1868, there were from 27 to 34 tons of silver to one ton of gold. While now there are only eighteen tons of silver to one ton of gold. The total amount of gold in the world in 1848 was 8,575 tons and of silver 113,000 tons. In 1890 the gold had increasd to 8,820 tons, a little over double; and silver had increased to 165,000 tons, or less than one-half more than in 1848. The two together (both gold and silver) in 1848 amounted to 116,575 tons, while in 1890 their aggregate quantity was 173,820 tons or about 48 per cent increase. I‘iis increase in the precious metals is far less than the increase in population. Business and commerce and the necessities for money z require now probably five times £& much money as was necessary in 1848, and yet the quantity of pecious metals (gold and silver) has not doubled since 1848. > If the ratio between gold and silver is to be changed, it should be less than 16 to 1. Legislation against silver, and the attempt of the money power to make it unpopular is the principal cause of the apparent surplus, of silver. The United States in the last thirty years has become the principal producer of silver, and the gold and silver mines of the old world have been practically exhausted. It is more than probable that the new world will some day be exhausted of its precious metals, and in this respect will not differ from the experiences of the old world.—Chicago Coin.