In
the summary statement which here follows it will be observed that I
have stated the amount of gold consumed in the arts, lor the period
considered, at $50,000,000. I am satisfied that this is in excess of
the facts. I have on several occasions made a partial investigation of
this question for my own information, and the results have always
impressed me with the idea that the popular impressions upon this
subject were very much exaggerated. Native gold is absolutely unfitted
for the arts without refining, and, with the exception of a small
amount of quartz jewelry and a few curiously shaped specimens of
placer gold, is not employed'for such purposes to any appreciable
extent. The amount so employed is, therefore, almost fully accounted
for by the deposits at the various mints, and should be considered with
reference to the entire stock of gold in the world, and not confined to
the current annual produce. The Director of the Mint, in his report of
1879, gives the results of his investigations of this question, as
shown by the operations of the United States Assay Office at New York
for the seven years from 1873 to 1879, both inclusive. According to
this statement it would ap-pear that for this period $24,780,884, or
$3,540,000 per annum, had been obtained from this office for
manufacturing purposes. By analyzing the operations of that
institution, however, it will appear that not much more than
$1,500,000 per annum is chargeable to the current annual produce of
domestic gold. Succinctly stated, these operations were as follows:
Gold
of domestic production deposited, $48,477,238 ; fine gold sent to
Philadelphia for coinage, $59,920,443 (excess, $11,443,205); receipts
of foreign gold and United States gold coins for recoinage,
$37,322,340; jewellers' bars, old plate, etc., $3,690,834. By deducting
this latter sum we have left $21,090,050 as the amount of new gold
going into the arts. Apportioning this to the total receipts, we have
$11,916,000, or $1,702,000 per annum, to be charged to domestic gold,
and $9,174,000 to be charged
