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GOLD AND SILVER.
CALENDAR YEAR 1893.
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51
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PRODUCTION OF SILVER IN THE UNITED STATES IN 1898.
The
former Director of the Mint (Mr. Edward O. Leech) says with respect to
the production of silver in the United States in the calendar year 1892
(see Production of Gold and Silver in the United States, 1892, p. 15):
"From
all the reports and data in the possession of this Bureau, I have
estimated the silver product of our own mines for the calendar year
1892 at 58,000,000 ounces (troy) of fine silver, worth at the average
commercial price of silver during the year ($0-875 per fine ounce),
$50,750,000, and of the coining value of $74,989,900, against a product
for the calendar year 1891 of 58,330,000 ounces of fine silver, worth
at the average price of silver during the year ($0-988 per fine ounce),
$57,630,040, of the coining value of $75,416,565-"
And on page 16 of the same report he continues:
"
In all prior years the aggregate silver product reported by the agents
of this Bureau has exceeded the finished product reported by private
refineries. This year it is less, but I believe that the product
reported by the agent of the Bureau from the different mining States
and Territories more correctly represents the product of our mines for
the calendar year 1892 than the finished proditct reported by private
establishments, much of which was obtained from ores mined prior to the
calendar year 1892, as well as from foreign ores and bullion."
If
the Director of the Mint, in 1892, had followed the method in
accordance with which the Bureau's estimate of the silver output of the
country had been made for several years prior thereto, his calculations
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