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GOLD AND SILVER.
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165
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probably
to totals slightly higher than the actual figures, for the reason that
the precious metals in ore and bullion pouring into this country from
north and south lose their identity and are mingled with gold and
silver from domestic sources. By painstaking effort by the
establishments they are usually correctly separated, but experience has
shown that in some cases no such effort has been made. It may happen,
for instance, that a Mexican mining company ships bullion to a bank in
Arizona. The bank may forward this bullion to a refinery where the
bullion is erroneously credited to Arizona.
In
1908 the mint report has $94,560,000 in gold, while the mines report
gives only $91,914,891. As shown by the data collected by the mint the
refineries drew on their stock of gold of previous years to the amount
of about $520,000; there were also smelter cleanings, etc., worked to
the amount of at least $150,000, which is not included in the mines
report; adding these two items to the latter, for purposes of
comparison, the two reports stand, respectively, at $94,560,000 and
$92,584,891. The Geological Survey is confident that its reports from
all the States and Territories are accurate within 1 per cent, except
Alaska, where the special difficulties of collecting statistics
indicate a possible error of 3 per cent, or about $500,000. The year
1909 will offer an opportunity to compare the two methods by five-year
periods.
In
1908 the mint report has 52,440,800 fine ounces of silver, while the
mines report gives 50,878,140 ounces. In 1908 the refineries drew upon
their stock of previous years to the extent of 383,000 ounces and
smelter cleanings, etc., aggregated at least 150,000 ounces. Adding
this to the mines report, for purposes of comparison, the two reports
stand, respectively, 52,440,800 and 51,411,140 fine ounces. The
principal source of difference seems to lie in the State of Colorado.
UNITS OF MEASUREMENTS.
Gold
and silver are measured by the fine ounce. In the computing tables
prepared by the Bureau of the Mint and the Geological Survey gold is
counted as $20.671834625323 per fine ounce. The average commercial
price of silver in New York in 1908 was 53 cents per fine ounce. The
monthly average price of the metal fluctuated between 56 and 48.77
cents.
The standard unit for ore production is the short ton of 2,000 pounds.
PRODUCTION OF GOLD AND SILVER REPORTED FROM THE MINES.
The
following table gives the quanthy and the value of gold and silver
reported from the producing mines in 1908 to the officers of the United
States Geological Survey. The last column in the table gives the
increase or decrease in value as compared with the mines report of the
preceding year as recorded in Mineral Resources for 1907.
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