Consumption in the arts.—In
1883 the value of the gold and silver consumed in the United States in
the manufacture of chemicals, watches, jewelry, instruments, plate,
etc., and in repairs, was stated at $14,223,448 gold, and $5,392,777
silver; total, $19,616,225. In 1884 the corresponding amounts were
estimated at $14,500,000 gold, $5,500,000 silver, and $20,000,000
total. This consumption has attracted much attention, in view of the
heavy draft upon the coin circulation of this country, and in
consideration of the similar absorption of the precious metals,
especially of gold, which is going on abroad. If the figures are
correct, the apparent consumption of gold in the arts is nearly
one-half of the total gold product. It should be remembered, however,
that a considerable portion of the gold and silver temporarily absorbed
in this way returns again into circulation as coin, and that of this
total consumption only about one-half is domestic bullion produced in
the same year. Thus in 1884 the industrial consumption of new bullion,
produced by mines of the United States in that year, is estimated by
Mr. Burchard to have been only $G,000,0'00 gold, $4,500,000 silver, and
$10,500,000 total.
The world's production of gold and silver.—The
annexed table, compiled by Mr. Burchard, shows the total output of the
precious metals in the world, as nearly as can be estimated. For
several of the countries there are no official figures, and in some
cases it has been necessary to repeat earlier statistics, in the
absence of fresh reports. The yield of gold appears to be steadily
declining, while that of silver is increasing. The annual contribution
of the United States to the world's stock of the precious metals is now
about one-third of the total gold supply and about two-fifths of the
silver.
